Friday, December 21, 2012

Another One Bites The Dust

Muddy Waters Closes After 25 Years

Just another sign of the local economy? Changing drinking and driving laws? Changing traffic patterns? Competition in the market place? Poor business management?

Perhaps none of the above, but in any case a long time Nanaimo institution will be closing it's doors as the Muddy Waters Pub and Liquor store on the Stewart Avenue waterfront has to pack it in.

The restaurant/pub business is one of those extremely high-risk crap shoots when it comes to picking a business segment to go into, with a failure rate that has always topped the charts. Bloomberg Business Week says studies show a 25% failure rate in the first year rising to 60% in five years. Of course there are lots of local examples of eateries and fine dining establishments that have beaten those odds, and until this week Muddy Waters, having operated for 25 years most definitely beat the odds.

Something else often overlooked by none business types, is the fact many business owners 'retirement plan' includes selling their business to a new owner. That doesn't always happen.

allvoices

5 comments:

  1. This comment has been removed by a blog administrator.

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  3. Stones Marina has been sold to a major development company. This closure is probably part of that sale.

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  4. They are turning the old muddy waters location into a much nicer Irish Pub - considering the rep of Muddy Waters I think this is a good thing !

    I am however sad to hear Swiss Chalet is closing on the 17th of October. The cost of dining out and the Laws around drinking and driving are the main issues for the closures. Wages stay the sames, costs triple and the laws get more strict, sad but true.

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  5. Stones marina wasn't sold to anyone, still owned by the same family!

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