BiggerPockets Money Podcast

468: ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business

Nov 13, 2023

Jon Taffer, the host of Bar Rescue, shares the secret recipe for a successful business. He discusses the number one reason why businesses fail and offers advice on taking responsibility and cutting excuses. Jon also talks about the aggressive approach his team takes in saving failing businesses and the benefits of bringing in equity partners. His crucial advice for aspiring entrepreneurs is not to be missed!

41:47

Episode guests

Jon Taffer

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Taking responsibility and avoiding excuses is crucial for business success.

Passion, belief, and surrounding oneself with the right individuals are key elements of being a successful entrepreneur.

Deep dives

The importance of taking ownership of failure and cutting out excuses

John Taffer emphasizes the need for business owners to take responsibility for their failures and avoid making excuses. He shares that the common thread he has observed in failing businesses is the tendency to blame external factors instead of accepting personal accountability. He believes that by owning their failures, entrepreneurs can learn, grow, and make the necessary changes for success.

Introduction

5min

Taking Ownership and Making Changes

15min

The Construction Process, Aggressive Approach, and Fight to Save

6min

Bringing in Equity Partners to Rejuvenate a Struggling Business

13min

Praise for the Guest and Plans for a Cocktail

3min

Bar Rescue host Jon Taffer has spent more than a decade finding the most disgusting, poorly-run, money-hemorrhaging bars in America and turning debt-ridden dumps into successful money-making businesses. How does he do it? In today’s show, this hospitality, restaurant, and bar legend will uncover the ONLY reason why businesses fail and the “secret recipe” for a successful entrepreneur.

And even if you don’t own a business or don’t plan on owning one, Jon drops some knowledge that cannot be missed and could turn WHATEVER you’re struggling with in life into a smooth path to success. Jon talks about the over two hundred bars and businesses he’s saved, the biggest mistake the owners are making, and how to get out of business debt if your business is in WAY too deep.

Lastly, Jon talks about what makes a successful entrepreneur and gives his most crucial advice for those who are about to launch or have plans to launch a business. Trust us, Jon’s advice could save your entire business!

In This Episode We Cover

The number one reason why businesses fail and what their owners should do NOW

Taking responsibility and why your excuses are STOPPING you from achieving your dreams

How Jon and the Bar Rescue team complete bar renovations in just thirty-six hours (seriously!)

Screaming, yelling, crying, and how Jon breaks through to failing business owners

The “secret recipe” for a successful entrepreneur and Jon’s biggest piece of advice in 2024

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE