Buyouts can be a significant chunk of change for some restaurants, especially in urban business districts. There is a lot of nuance to properly organizing these events, ensuring you don’t alienate other customers and just as many ways to handle a buyout from a financial perspective. However, many of those ways end up skewing your financial reports. In our webinar, we’ll cover buyout contracts (yes, you should have one), setting up payment ahead of time, and then closing out a check at the end of the night.
What is a “buyout”?
A buyout is when a guest chooses to rent out the entire restaurant, rather than have an offsite event. The economics of these events are much different, and should be handled as a different type of revenue altogether.
How much should I charge for a buyout?
Great. Question. It depends on how much you would bring in on a normal night of business. What the client wants to eat and drink comes second. Are you looking at that number thinking “there’s no way they will pay that.” Well, then that night shouldn’t be available for buyout.
When is the webinar?
Tuesday, February 28th at 10AM EST!