Transcription
So, a ticking time bomb that I feel like not a lot of people know about is the fact that most of your favorite local Chinese restaurants that are being owned by like Chinese immigrants are probably not going to be around within the next 10 to 15 years.
And this is because, for context, my parents own a Chinese restaurant, and basically all of our friends and family in our like community also own their own Chinese restaurant. So, you know, what I know is happening is that a lot of these people who came to America, you know, a couple decades ago, um, own, opened up their Chinese restaurants. They're getting to the age now where they are trying to figure out how to retire and how to essentially, like, what to do with the business.
And so, one of the options obviously is to sell it to someone else who wants to continue operating the restaurant, you know, as it currently is. And basically, from what my parents have told me, the prices that these businesses, like these Chinese restaurants, are going for on these like Chinese communities forums where people are like listing their restaurants, these restaurants are being sold for dirt cheap because you are not getting the same influx of people coming into the US as like first-gen immigrants who wants to own and operate Chinese restaurants.
These, this is an incredibly labor-intensive line of work, and these owners, like, you could say, "Oh, like, why don't they just pass it down to their kids?" Most of the Chinese people that I know whose family own restaurants, their kids, you know, my friends whose parents own restaurants, they're not. It was not even a question whether or not they wanted to like take on the family business, right? Like, the people who own and operate these restaurants know how extremely labor-intensive and difficult it is to do this line of work, and that's because so much of the labor that goes into making and preparing your food is done by hand. It is not automated. Like, we, at least in my family's restaurant, we make every single dumpling by hand. And like the filling that goes into these dumplings, we make that by hand, too. Like, my parents literally, like, grind up the pork, they hand chop the scallions, like, hand measure all of like the sauces and everything. Like, it is so labor-intensive to own and operate a Chinese restaurant.
So, this is one of the things I've been explaining to people on the Millionaire Morning Show when they talk about owning a business. Two things to take away from this. The first thing is, when you talk about a brick-and-mortar business, it is very much labor-intensive, meaning that most of the people that are successful in an industry that are not like a corporate-owned, licensed store, McDonald's type of entity, Chick-fil-A, something like that, most of them basically created a job for themselves.
So, you, when you see these people come over here into this country, a lot of times, they're not coming over here educated, they're not coming over here to be doctors and lawyers, they don't even speak the language mostly. And so, what they do is they open up these restaurants in order to create a job for themselves.