Starting a restraunt buisness.? my granpa is a very concrete working man. the owner of his

my granpa is a very concrete working man. the owner of his company (his boss) said that they were going to move the company to a different location. instead, the "boss" established to close down his company. by the way it's an R.V. company call dan gamell (how ever you spell it) rockland R.V.s . Now every one is currently unemployed. Now, there's a man who worked at dan gamel (and a former company owner) who was thinking of starting a restraunt and asked my granpa to be his right paw man. he put in 70,000 dollars into the restraunt and requirements my granpa to invest 70,000 dollars into the restraunt aswell. my granpa's not the richest man and being unwaged is horrible for him (he's never been unemployed). should he invest 70,000 dollars into the restraunt.??

p.s. the company is closing tommorow june/26 / 08 and he's engagement the guy tommorow for lunch to descuss the restraunt buissness.
any ideas on what he should do?

Good video for starting restaurant business

http://www.kse01.com/restaurant_business...

the economy does not come across strong now. in that will probably be a shake out period where on earth a lot of businesses will close, and during that time it would be best, but that time is not immediately. food prices are high, and gas is still breaking up to date highs which will be passed on to food costs.

I am a lofty risk taker, and I would not open a business in a minute.

Answers: Absolutely not until a business plan is written and a attorney is consulted. This is a terrible time to instigate a business, and the restaurant business is the hardest to be successful in..most fall through within a 1 1/2. There wants to be some thought as to what it is going to cost to open this, run it, settle for licenses, bring in sure all regulations are met (health/safety, taxes, hand wages, food shipment, kitchen set up, etc. etc.). This is not as simple as one would think. Your grandfather is going to lose 70k enormously quickly if he walk into this without consulting a attorney that is acquainted with business start ups.
Lots of info at sba.gov...and also a chronicle off that page of SCORE counselors who assist within writing business plans, and making you aware of risks, regulations, etc...
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