If you’ve ever wanted to open your own business, I have a bit of advice for you: don’t look too closely at the odds of success.
While every entrepreneur has their own version of the story told through the lens of their experience, studies show the success rate of small businesses — and they are enough to scare anyone off.
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Among private-sector businesses in the U.S., 21.5% fail in year one, per a study from Lending Tree. And after five years, the news gets even bleaker: 48.4% have faltered by then.
And just one more stat to drive the point home:Â After 10 years, 65.1% of those businesses have closed.
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It’s enough to put a permanent lump in your throat if you’re hoping to go into business for yourself. It also makes businesses that survive past the 10-year mark especially impressive.Â
It’s clear they’ve figured something out that the average business didn’t, or simply had a rock-solid strategy and grasp of the market they were operating in.
Now, an award-winning restaurant in Miami with an impressive 18-year history is declaring bankruptcy, and it’s an unfortunate path to see a famed restaurateur going down.
The story of chef Adrianne Calvo
With five restaurants, six published cookbooks, a million-plus Instagram followers, and an Emmy-nominated YouTube series, it seemed as if restaurateur Adrianne Calvo had it all.
After the heartbreaking experience of losing her sister to cancer, Calvo decided to chase a dream and open her own restaurant at the age of 22.Â
Chef Adrianne’s Vineyard Restaurant and Bar, located in Miami, went on to win scores of accolades, including the Floridian Culinary Award for Best Chef and Zagat’s Top 6 Restaurants Worth a Drive.
Related: Beloved local family diner closing after nearly 40 years
The restaurant was also inspired by Calvo’s trip to Napa Valley at age 20, and the famous wine country’s influence showed in the menu, making it a local favorite.
In the wake of her success, Calvo opened another brick-and-mortar location, Cracked, in South Miami, and expanded a second Cracked location to Hard Rock Stadium in October 2024.
She also opened two other restaurants, Red Fish by Chef Adrianne and Forte by Chef Adrianne, which have both since closed their doors.
Beloved restaurant files for bankruptcy
On June 2, Chef Adrianne’s Vineyard Restaurant and Bar filed for Chapter 11 bankruptcy in the Southern district of Florida, South Florida Business Journal reports.
Filed under its LLC name Terra Dolci, the filing states that the company has elected to proceed under Subchapter V of Chapter 11, which provides streamlined reorganization options for small businesses.
The bankruptcy request lists several obligations to creditors, including $150,000 to The Lazarus Capital Funding, $137,000 to Kapitus, $91,000 to food distributor Sysco, and $90,000 to landlord KRCX WRI Holdings.
According to the filing, the company reports having assets under $50,000 against liabilities between $1 million and $10 million, with no funds projected to be available for distribution to unsecured creditors after administrative expenses.
The restaurant has yet to formally announce news of its bankruptcy on any of its social media platforms.
A report from 2023 signals that the restaurant may have been struggling for years in other ways. Live roaches and other unclean areas were found in the kitchen during an inspection by the Florida Department of Business and Professional Regulation.
Related: Popular local Dairy Queen rival suddenly closing, no bankruptcy
