Vol 2: Opening Your Dream Restaurant, Closing It & What Comes Next
Graham Boswell, chef/owner of Littleburg, shares how to know when it's time to move on from the restaurant you created.
Welcome to Nu Business, where we share features of some of our favorite food and beverage people and resources specifically for food business owners.
The Rise, the Close and How They’re Kind of the Same
Meet Graham Boswell (formerly) of popular pop-up-turned-permanent, Littleburg. Graham went from working as a cook at Oleana while simultaneously doing countless pop ups leading up to 2020. He then worked his way to opening one of Boston’s hottest brick-and-mortars, during the pandemic, to then closing it in about two years despite its success. A classic pipeline, right? Stick with us. For he and the Littleburg crew, that impossible decision to close was the right one. Graham shared with us what it took for him to close that chapter— both literally and figuratively.
TL;DR
Graham Boswell opened Littleburg after years of running pop ups, to much success,
As Littleburg’s lease was ending, Graham decided to run the financial and emotional numbers on the restaurant’s future.
After careful time, thought, and resource (which he shares below), Graham decided to close Littleburg and focus on future opportunity.
“I think failure is a big part of that learning process.” Graham recalls as he talks about the early days of Littleburg. It started with doing up to 12 pop-ups a month, “I was really excited about doing vegan food with really high quality ingredients that brought in a lot of the techniques and flavors that I was learning working at Oleana.” Turns out, a lot of people were excited about his Mediterranean driven vegetarian vision. Despite the doom of early March 2020 (i’m sure you know it well), he continued to be successful throughout the pandemic with meal delivery services. Next thing Graham knew, he was signing a lease for a brick-and-mortar and planning to run a NuMarket campaign to help fund his opening.
Starting a NuMarket campaign allowed Graham to continue doing Littleburg his way. “I think being able to retain your ownership and having enough flexibility in terms of cash on hand allows you to make better strategic decisions that reflect what you want to do with the business rather than being at the whims of investors or being tied to a bank.” Graham also shares “I didn't really know how to evaluate the finances of NuMarket vs. a bank loan, like how does the expense of the cash upfront that you get from a NuMarket Campaign compared to the expense of the interest that you pay a bank? I don't think you really can evaluate that 1:1, but you actually see the benefit of the NuMarket approach when folks are coming to to visit you when you open because they have credits to use.” We promise we didn’t make him say this 👀
Graham raised $20,585 and went on to opening Littleburg without a hitch. They were dubbed by Eater and the Boston Globe as one of the best new restaurants to open in 2021… but two years later Graham decided it was time to close. We asked Graham what it took to realize that it was time and he shared that evaluating the end of Littleburg made him ask the same questions he asked himself before he opened.
Has what I’m doing now served me enough to even consider what’s next? Graham asked himself, “Have I gotten enough out of where I am right now to be thinking about the next step? That next step usually includes quite a bit of risk. My recommendation…don't take that risk until what you're currently doing feels like it's not a challenge anymore and you've been successful with it.” This was relevant when going from pop up to permanent and relevant again as Graham was thinking about what was to come next.
Do I have the resources in place? “I had the wisdom to know that I didn't have the excitement in the gas tank to expand the business further or keep doing what we were doing…and set myself up for for more burnout. I had to ask myself is it worth giving up the equity in the business in order to take some time off and explore other opportunities.”
Have I thought about my exit? “Thinking about your exit is hard to do especially when a place isn't even open… but an exit could be selling the business. You think to yourself, are there going to be enough assets here to ultimately sell this business? Am I going to be able to be patient enough to sell the business at a price that makes sense for me? It could be expanding the business…or could be moving to another location when the lease is up. I didn't want to lock myself into something when I was still kind of at this phase of learning and experimenting and testing the market.”
Am I ready to walk away when something isn’t the right fit? “We went through two rounds of negotiations to get into (Littleburg’s potential new) space and it was not a good deal. Some parts of the deal were really attractive and other parts were just things that I could not get behind…It's so much better to turn something down and walk away from something that you're excited about than to set up your business in a location that doesn't set you up for success… We've learned so much, we've had a really great impact, but the right move right now is to quit while were ahead.
Do I have the right people around me to say goodbye? From the right realtors when you’re starting something new, to HR professionals who can help you maneuver how complicated it is to break the news of closing to your beloved team (and the Littleburg team was beloved), having a community of supporters is key. “The most concrete resource is other people. For me that was my bookkeeper who also served as business planning consultant and being able to have conversations with someone who is a little less emotionally involved in the business, but knew the business really intimately...That could be your friend in the industry…Just don't be afraid to reach out and find that support system because your colleagues have been through it too and the people who want you to succeed will be there for you.”
Closing a business that has been your entire life for more than five years is not an easy feat. No matter how right the decision for Graham and Littleburg to close up shop and hit pause was, he was left with a lot to process.
“When we did close, it gave me the bandwidth to pull back, and reflect on all we had accomplished and everything that I had learned. I completely changed as a person. My goals have clarified and the vision for what I want out of life is much stronger. I did something really challenging, and it was pretty damn successful. I know what I'm capable of and have a higher baseline of confidence. I have a talent for food, but also learned that I have a talent for business operations. That may ultimately be the most valuable thing for me in my career.”
It’s not all positive retrospection that you’re left with though. It’s difficult to shake running a business and accounting for every single one of your employees at all times. Graham recalls “The week after our last service, I was out to dinner with my wife and a friend of ours and I noticed this reflexive thing in my brain, thinking ‘oh my god what's happening at the restaurant right now? Should I be there? I'm worried about what's going on, are things going well, is everyone doing ok?’ It took me a moment to remind myself the restaurant's not open, that's not a worry anymore— but also damn, I have this habits around letting the business take up a lot of space in my mind, and that gets in the way of relationships and being present outside of work. There's a tough balance there because you want your business to be personal, but you also need to have enough space in your life, and particularly in your mind, for relationships that ultimately make you a full person.”
That moment has played a big part in shaping how Graham is approaching planning his next steps. “How am I going to prioritize that mental space. What skills are there that I can apply around mindfulness so that my business doesn't take over my mind and therefore take over my family and my whole life… I think that if I do undertake another restaurant project in the future, I would try to do it in a way that is really sustainable for me and my goals around building relationships, which I believe to be the the recipe for happiness.”
What has Graham been up to since closing shop? “This summer I made a lot of trips to the beach, I had a lot of relaxing warm baths in the afternoon, I’ve done a lot of cooking at home, learning about cuisines that I hadn't been focused on. I made a number of rounds of mapo tofu and a lot of pizza has been coming out of my oven. It's been really nice to have a break.” It’s not all beach trips and pizza for post-Littleburg Graham though. He’s working toward what’s next for him and that includes sharing everything he learned as a chef and business owner over the last five years with other food entrepreneurs like himself. His hope is to help set them up for success, but also understand what it takes to sustain it.
Want to hear more about sustainably funding your restaurant? Join Graham Tuesday, Jan. 9 to find out!
We’re teaming up with Graham for a webinar on “Financing Your Dream.” Restaurants are tough. High operating costs, thin margins, and a lot of heartache. Graham will be covering everything he’s learned as a food entrepreneur, from detailed planning, having a long term vision, and a strong grasp of your fundamentals.
We'll cover the basics of operational budgeting, as well as pre-opening financial planning for restaurants and cafes. If you're dreaming of opening or growing your own food concept, this baseline of knowledge is crucial. Or, if you're a restaurant lover, the topics we touch on will help you understand where your hard earned money goes when you dine out.
Register for our Jan. 9 webinar here.