CPA and Esq. Designations Mean Little When It Comes to “Serving the Public.”

 

Last week at my health club one of the members and yours truly got into a brief but very lively conversation about the merits of going out on your own after spending years under the corporate umbrella.

My debate companion was an attorney and by coincidence a CPA as well, a partner at one of New York’s premier white shoe law firms. Money was not a concern as his annual compensation plus bonus was laughably close to seven figures, so he was able to siphon as much starter capital as needed. He revealed he was tired of the proverbial rat race and as he was rapidly approaching middle age, he wanted to veer in a different direction.

His dream was to open a restaurant with a menu dedicated to traditional recipes from his parents’ hometown in Europe. He had designed a floor plan with the help of an architect and due to the pandemic, there was a glut of potential spaces to rent.

Now as someone who toiled in foodservice roughly seven years as well as covering it for another 12 for a national trade magazine, I emphasized caveat emptor. I warned him that if he thought he currently put in long hours at the law firm reviewing tax law and writing briefs, wait until he opened a restaurant. As anyone who has ever donned an apron or toque, you are basically working when most people are not – nights, weekends and not to mention most holidays. Eighty-hour weeks are the norm rather than the exception.

And if he felt dealing with clients was often difficult wait until he began dealing with the public – they will make even your most temperamental clients appear like Casper Milquetoast. In short, they are ruthless and one bad experience will garner scores of horrendous comments on review sites like Yelp.

I also stressed the importance of conducting a thorough market study regarding the competition. For example, I pointed out that our town alone, although less than 10,000 people spread out over 9 square miles, already was host to some 18 restaurants.

Undaunted, he remained determined to forge ahead with his plan, which also had the blessing of his spouse and two children. I surmised that with both a legal and accounting background he had analyzed all aspects of a major career change and wished him luck in his soon-to-be-launched venture.

He will certainly need it. And when dealing with customers there’s no such thing as filing an extension.