Sean Feeney

Just like the way she cooks, keep it simple.

I wanted to do that with the finances of restaurants because I think they are simple.

And it was just getting her to feel comfortable around that management of expenses, especially variable.

The fixed expenses, very important to make sure from the get-go you make a great agreement.

The first one you ever have to make is occupancy.

And that's where a lot of restaurants in New York struggle.

It's the most important decision you make.

And it's the first one you make.

And you sign 10, 15, 20-year leases.

And a lot of people, I believe, go into spaces inspired because there's amazing spaces in New York City, depending on neighborhoods, foot traffic.

And a lot of times that inspired feeling when you go into a big space will overtake that financial diligence experience.

And understanding that a price per square foot you're agreeing to, now it could severely impact you forever, your business.

And I thought it was crazy to me that everybody did this a certain way in New York City, where you walk into a restaurant space and the person that walks you into it tells you this is going to be the price per square foot.

And then you have to do this whole financial calculation on what's that going to cost me per month.

And I was believing that, can't we do this differently?

Can't we say, this is what I think we're going to do in sales, and then we could pay a percentage of it?

Because everybody that I was going to asking, what should we pay in rent, was telling me, you shouldn't pay more than 8%.

of sales in your rent.

That was the first thing I was like, well, we're just going to tie it to sales.

And we looked at 38 places in Manhattan.