Journal
Notes from the operator's side
Teardowns, numbers and lessons from buying and building hospitality businesses.
24 October 2026 · 3 min read
Twelve questions to ask before you make an offer on a café
The questions I put to a seller or broker, grouped by what each one protects you from.
23 October 2026 · 3 min read
What multiple should you pay for a café?
How to turn an asking price into a multiple of real profit, what range I'm comfortable with, and how to push back when it's higher.
20 October 2026 · 3 min read
You can't earn your money back on a lease that ends first
How to compare the years left on a lease with the years it takes to be repaid, and why options aren't the same as certainty.
16 October 2026 · 3 min read
Why rent above 15% of revenue kills most cafés
Rent is the one cost you can't flex in a bad month. Here's the arithmetic of why 15% is the line.
13 October 2026 · 3 min read
Prime cost: the one number that decides whether a café survives
Food cost plus wages, as a share of sales. Under 65% you have a business. Over 70% it rarely survives a slow quarter.
9 October 2026 · 3 min read
The add-back that flatters almost every café listing
If the owner works the floor for free, the stated profit includes a wage nobody paid. Here's how to take it back out.
6 October 2026 · 3 min read
Don't pay for revenue you can't prove
Every number in a listing hangs off revenue. Here's how to check it against the POS, the bank and a simple customer count.