In this episode, Pete and Oren discuss various aspects of opening and running a restaurant. They share personal experiences and insights into what makes restaurants succeed or fail. Topics include the importance of understanding your market, the role of business planning, the benefits and challenges of franchising, and the significance of strong partnerships. They also talk about practical steps for securing financing and choosing the right location. Oren emphasizes the value of working with experienced professionals such as general contractors and architects, and the importance of community involvement in building a successful restaurant.

00:00 New Year Beginnings and Holiday Recap

00:45 Dry January and Non-Alcoholic Beers

04:18 Smoking Meats and Holiday Feasts

08:05 Insights on Opening a Restaurant

11:59 Challenges and Success in the Restaurant Business

22:34 The Importance of Market and Location

29:42 Maintaining Success in a Transient Market

32:19 Understanding Market Demand

34:53 Exploring Franchise Opportunities

35:19 The Importance of a Business Plan

37:41 Understanding Market Dynamics

39:12 The Role of Brokers and Distributors

41:59 Financial Planning and Risk Management

44:11 Franchising Insights and Pitfalls

48:16 The Value of Local Expertise

50:34 Negotiating Leases and Financing

01:02:57 The Importance of a Strong Business Partner

01:06:06 Conclusion and Future Plans