17. Having Failed Restaurant Dreams
Sixty percent of new restaurants fail in the first year, and 80 percent close by the fifth year, CNBC reported last year. Those failures leave a lot of people broke, and owning an empty restaurant building makes the failure a greater financial disaster, said Tarpey.
A Pennsylvania police officer bought a pizza restaurant for $450,000, Tarpey recalled. He tried to run it with his family, but it failed. In addition to losing all his money, he had an empty building that didn’t sell until years later — and only for a fraction of the cost.
“I’ve seen this mistake repeated a lot over my career,” said Tarpey.
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