I'm looking into opening a small restaurant with 2 other partners (1 will be the chef). I was wondering if you all had any advice on how the profit shares/salary works. My other partner won't be working in house, he's more our construction guy and investor. I will be helping BOH, but mainly taking care of FOH and the books. The chef will do as a chef does (inventory, menu creation, day in/day in out in the kitchen, training new cooks). The chef will probably put in more hours than me since he is the chef.
He can't live without a salary right now. So I'm thinking of drawing up a contract where he gets a set salary, in addition to the profit share at the end of the year. My other partner will have no salary and will only take profit share. I'm thinking I'll take one for the team and just take profit share as well instead of adding a salary. I really want us to succeed. How would you go about doing this?
By the way, the restaurant is a quick-counter service restaurant, ideal for lunch.
Thanks in advance.