Signing with a restaurant investor doesn’t mean ceding power
all started in the incubator program, which helps low-income food entrepreneurs, and primarily women of color, grow their businesses. And like any other restaurant founder or food business entrepreneur, the chefs of La Cocina need money to turn their ideas into real, successful restaurant spaces. Here’s what La Cocina program director Geetika Agrawal had to say.“At La Cocina, most of our entrepreneurs have to bootstrap up their businesses.
[Investors should] think about how to structure [partnerships] in a way that also lifts up the entrepreneur. So in the lease structure, what that means to me, is fronting build-out because that reduces the amount of startup capital. It reduces the amount of debt the business is in when they take the next step. So for example, can [an investor] do the build-out and then maybe have a percentage of that paid back? It’s a percentage of rent over time so that they get their money back.
So if anybody’s trying to put time pressure on you or pushing back on any of that, those are huge red flags because this should be a long-term, transparent, honest relationship. I’m always scared when someone’s trying to be high pressure. Trust needs to be there from the beginning.
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