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Entrepreneur offers inside advice for future restaurateurs - June 2001

Career Mirror -- by Mark Sproxton

The lunch-hour rush has a steady stream of people walking in through the front door. All customers, be they a young couple or a group of seniors, receive the same warm welcome and are quickly taken to a table to dine.

The dark-haired mustachioed man doing most of the seating also answers the phone, deals with questions from staff, conducts this interview and jokes with close friends seated at table nearby. His hectic pace doesn't go unnoticed. "It takes a young guy like me to do it," jokes Nick Petros, owner of Nick's Steak House & Pizza. "I work all the time. That's what keeps me so young."

"If you go golf all day and you're not there, it'll be a failure."

Nick Petros,
Owner, Nick's Steak House & Pizza

With over 45 years experience in the industry, Petros said it is that kind of hard work that has made his family restaurant successful. And anyone considering becoming a restaurant owner should be prepared to put in similar effort. "The first four or five years here I worked around the clock and never left the restaurant," he said. "You have to work there to make sure it runs properly. If you go golf all day and you're not there, it'll be a failure."

In addition to daily dedication by the owner, staff play a key role in the success of any restaurant. At Nick's, no matter how long someone has worked in the industry, they receive the same training as those with little experience. "I train most of the people here," Petros said. "Everyone here, no matter how much experience they have, has to learn our system. They come in with education, but I teach them people skills." Only those willing to listen and learn are hired at Nick's.

The effort given to providing exceptional customer service must also be devoted to the food, he added. Over the years Petros and his head chef, who has also been there since Nick's first opened 23 years ago, have developed, refined and recorded every recipe and sauce for the restaurant.

"It doesn't matter where you are. If you serve good food and good service, people will find you."

"It's all standard so people get no surprises. Any rich guy can put a restaurant together, but to maintain the consistency is the biggest obstacle people face. You must serve good food and have good service. It doesn't matter where you are. If you serve good food and good service, people will find you."

Now, Nick's attracts quality employees because they know there is good money to be made at the restaurant with a long-established clientele. Perhaps, when Petros first moved to Calgary from Greece in 1955, he too somehow knew the industry would serve him well.

"When I came from Europe, I was supposed to go to SAIT to go to school and become an electrician," he explained. "But I, forgot, to go. I found out it's more fun working in a restaurant." He started at a confection/burger stand flipping patties, washing dishes, mopping the floor and doing just about everything else.

"From there I moved to Hy's Steak House and got my PhD and commerce degree by working there. I went from dishwasher, waiter, maitre d' to manager and learned how things run." After a decade or so there, in 1973 he and three others opened a restaurant, but Petros sold his shares a short time later before trying to come up with the money for Nick's.

"You don't do it because you want to make money or whatever. You do it because you love to do it."

"Twenty-three years ago it was difficult for any institution to finance a restaurant," Petros said. "They weren't helping me at all. We couldn't raise enough money to get in, but we mortgaged the house and car and everything else to raise enough money to get a loan. That was the best thing I have done."

While he admits at today's prices it may be hard for an entrepreneur to start off buying a stand-alone building for a restaurant, but if the option is possible, Petros recommends following that route. "The secret to the restaurant business is never rent from a landlord. We are paying rent to ourselves and we have lots of equity here. If business is a bit slow, the bank won't worry about it."

To overcome the gagging price tag of $2 million or $5 million for a stand alone building, Petros suggests start by owning a small business and build up equity in it, before selling and establishing something bigger while at the same time gaining a thorough understanding of the industry. But money alone won't guarantee success, he admits. "You don't do it because you want to make money or whatever. You do it because you love to do it."

Finding good suppliers for ingredients and hardware are important as well. But Petros, who still works 14 hour days sometimes, said being sincere and truly enjoying people will help increase anyone's chances in the industry. And even with 45 years experience under his belt, Petros has no plans to slow down any time soon. "My wife tells me not to quit working or I'll get fat, sassy and die."



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