Speaker 1:
While he’s trying to survive the devastation of the pandemic. We have an update now on one New York restaurant owner we’ve gotten to know on this program over the last number of months. Who moved his business down south, trying to bypass some of the dining restrictions.
Buddy Foy Jr.:
How many people being served at a grocery store and there’s no spread? How many people being served at these mega retailers? If the big box and the retailers all perform and make their money, why can’t us, independent operators prove to you that we can operate without getting our employees sick or becoming a super spreader? Literally two weeks ago, we opened up here in Florida, this is where we will expand. In the meantime, we’re going to build our business wherever we can, wherever we’re welcomed.
Speaker 1:
Now he’s fighting for Congress to pass the Restaurants Act, which would funnel billions of dollars into the restaurant industry. And we are joined once again by Buddy Foy Jr., the owner of Chateau on the Lake and also the Chateau Anna Maria, which is the restaurant in Florida, right? Buddy, you were talking to Jackie about that right before the new year here on After the Bell. Give us an update on how things are going with the new restaurant?
Buddy Foy Jr.:
[inaudible 00:01:10], things are going great. We’ve been open for 48 days and out of those days, we had 33 sold out. It’s been chilly for Floridian standards but it’s going great, we’re following the CBC guidelines. We can operate at a hundred percent capacity. We do it safely and we’re very excited to be here and we brought, 90% of our employees are down here. They’re earning a living and we’re very excited. We love how it’s going.
Speaker 1:
Wow, you brought them down from upstate New York. I would suspect they like the weather down there in Florida, those that moved down with you. What do you notice? Just making observations in the difference, not just in the government’s attitude but in people’s attitudes towards the virus and how they go about their day to day lives, Florida versus New York.
Buddy Foy Jr.:
They take it seriously the Floridians are taking it seriously. They know this is real. I think the difference is they understand it’s a practice and a change, a dramatic change in behavior that we have to exhibit. And they’re not attacking each other when we’re in this practice mode, right? Particular, when you walk into a restaurant, if you walked in by accident and you’re in conversation, they’d nicely ask you to put your mask on. They tap you on a shoulder or from a distance, an arm’s length and it’s more of a polite help each other succeed than it is, “Aha got you.” I think when we’re in New York, it was an “aha, I gotcha” behavior. In Florida, it’s “Hey, let’s help each other and let’s remind each other.” What’s going on and let’s follow the rules together but we’re not going to put you to Guild team if you didn’t put your mask on.
Speaker 1:
Your restaurant in New York is closed for the time being, right? I assume that’s one, while you’re making this big push for the Restaurants Act, which I don’t know if they’ll ever get passed. I mean, that was a lot of money, I think they talked about 120 billion. I know the Biden relief bill, which will get negotiated back and forth a lot. Maybe has, from what I read, maybe 25 billion for restaurants. It could end up being a lot different than that but I assume you need the money because you can’t operate that New York restaurant at all, right? For the time being.
Buddy Foy Jr.:
Well, listen, we shut New York down until we can open a hundred percent. I’m on an acre of lake front, so we were able to move everyone outside. It cost me money to get ready for outside but at least I was able to pay my personal bills through our revenue. So as it is, I would not get any income or any relief from the Restaurant’s act. I’m not doing this and out here saying we need to pass it for me. I don’t qualify based on the current writing of the bill. It’s not a perfect bill but it’s going to save a lot of people that are still hanging from a cliff with their fingernails. There’s operators out there that want to open and they cannot open. I moved down to Florida. New York, I had outdoor weather that was very complementary to our business model.
We have the outdoor lake. It costs us money but I’m able to feed my kids and pay for my kids’ college education. The PPP is all about paying your utilities bill, your mortgage, your rent and your employees. It doesn’t take into account the operators in their livelihoods, the business owners in this Restaurants Relief Act. It’s not perfect but it will save a lot of people’s financial wellbeing. And it’s a generational business. If we don’t help restaurant that couldn’t open out, what’s the next generation going to do? This is a generational business, a large percentage of restaurants are multi-generational. Why would the younger generation watching this whole thing unfold ever start their own business? I think there’s a stat out there, 48% of entrepreneurs grow up in entrepreneurial families. This is about the future, as much as it is about saving lives today and they’re watching.
Speaker 1:
Well, we’re going to continue to follow your story, Buddy. Without a doubt we’ve been and we want to see how things end up. You’re an adapter, that’s for sure. Now you’ve made the change to Florida. So keep it up and check back with us in the not so distant future, Buddy. [crosstalk 00:04:59]
Buddy Foy Jr.:
Thanks for the support.
Speaker 1:
And in Florida now. We talked to him in upstate New York. You’re welcome. Now-