How Three Young Entrepreneurs are Finding Success
Allen Ricca, Will Rivkin and Mike Keiser explain how they tripled sales by selling locally.
- Duration 11:34
- Date May 30, 2012
Allen Ricca, Will Rivkin and Mike Keiser explain how they tripled sales by selling locally.
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We're now gonna have a big focus on today show about entrepreneurship.
-- Pleased to be joined by a number of entrepreneurs are gonna start in the world of coffee -- -- touch on greeting cards and then we're gonna get a banking plus.
On top of all that with all -- this sea of -- out there's -- a buying opportunity or -- selling opportunity where top portfolio management with Doug -- that's all coming up.
Ahead in this half hour action packed half hour if you will.
But right now we're gonna start with Winchell coffee and old.
What the founders here.
And we're seeing well we were seeing a quick look we have a couple of the bags here on sell -- this anyway and now we're gonna.
Start right up -- with Alan and Alan wanna talk to a little bit about how you get the -- -- you jets got into.
The coffee business you both come from a background of.
The family being in the food and beverage businesses.
How did you get together did to form your own coffee company and that's appreciate usual and -- undertake it it is not done out of school that.
I did say that it's -- -- about getting older like twenty not you know things.
So it's it's been an idea that's been made for a long time we'll have known each -- through fifteen years old and like he said both of Baghdad's there in the food and service industry my dad owns this -- Distribution company her new York and we'll fed owns she appears coffee -- Which is our roadster and you know who's kind of two kids -- always joked around.
You know we've got we get -- so coffee and seafood and while we're not doing that just yet we are there are a lot of overlaps and and it's made for an instinct story and a great product.
Of course -- one of the co -- and -- written the other co-founder and well what's the biggest hurdle you guys have.
Have found to -- you had some in so you.
Obviously you grew up on understanding the resting business and I had some knowledge -- of the futures -- went in in creating your business what's been the biggest hurdle.
For getting you know off the ground and getting to store shelves but I think the main thing -- -- is.
Net profit -- -- so much competition out there -- green mountain Starbucks since over the particulars of the world that we realize that.
You're really going off directly against that really wasn't an option for us so we teamed up with sandy point.
Get ourselves and our niche in the especially coffee world and beyond notice -- -- -- of course centerpoint and he -- at a children's author musician.
The entrepreneur herself in her own right there and and if you take a closer look at the labels them as people recognize some of these whimsical.
-- characters there are we're seeing some video of -- in her artwork at issue we have covered.
Couple years against -- for greeting cards and we'll we'll follow this connection to the greeting card world in just a moment there but -- -- -- -- -- -- my personal favorite.
Credit many times to my children but.
And Alan talked to us a little about.
Did you have trouble getting financing -- -- able to tap into independent businesses to help get that off the ground that's something that we hear a lot about from our small business.
No we've been very fortunate in the sense that we're fully self funded we haven't taken on any.
Anybody's money except for our own.
It's something that we've we've.
Really planned to to keep doing moving forward to think it's important for us the opportunities -- there.
Both of our our parents and their companies have been extremely generous in their time and allowance and the knowledge and and just.
Really I think everything that comes in and going business other than money so.
-- and certainly we tell us any -- we -- for -- some of -- of a certain age you think before they have -- -- preserved there -- the greeting cards and now we bring in a Michael -- here he is on -- dozens -- ratings and I hate you does anybody in the broke again as that made her name actually with -- can't recycle greetings -- you know well because your father started before a solid.
Off and so you're basically recycling the idea and bring -- back into the family -- talk was about.
Getting off the ground in and obviously see any point in playing a role but in sort of -- You've said -- you went back and and got some of the original employees to help these sort of circle the wagons.
Yeah when so -- my parents started the company with few friends in 1971 and they sold it about six years ago and the company that ended up with control.
And firing a number of the members of the recycled enough families we've been -- we're number one priorities is -- is to bring these.
Stars back into productive work and we're we're doing good job.
And clearly had a you know I headline grabber in Boynton with the cards so to re launch with some of the of the classic titles plus new -- that she's that created.
Especially for -- -- -- -- on the copyright two was able to do that.
Are you looking for sort of a niche in the -- world are you looking well that's what sort of sport and has her own niche she's such a superstar that people know her and she hasn't had our our business interest really.
Service we like -- shall not be focused on small independent retailers.
And besides having great product what's most important of them is service.
These cards are turning you know weekly monthly and you know our biggest hurdle and that's something that we're really coming into our list is identifying.
Partnering with the best service.
Around the country and in Australia and Canada to give our customers it's -- Always seem to be one of the biggest hurdles as the fact that a lot of parts -- are disappearing even -- India changed the hallmarks they're disappearing again here in New York City and elsewhere.
Are you is that.
One of the reasons you guys are teaming up in in in sort of -- partnership here.
Yeah there are you know when when -- years ago there were 50000.
Independent retailers in the card business and other 101000 and many of whom had their -- -- out you know -- this depression itself.
We've both identified.
You know -- our best market is -- bookstores and college bookstores in particular.
Often boosters have coffee shop so when we -- we thought there'd be this natural.
Collaboration we hear some of that you know you could see their -- are affordable and secure the artwork you know we're we're we're.
We're all of that estimate again -- we see a lot of opportunities tonight you've been hiring a -- you -- you've you've brought back some of the original employees are you expanding the workforce yeah we -- and I made in America to write -- -- -- -- -- -- guys were big it's big to suffer for standards big for me to keep jobs here but it's also great business because if I have a problem.
Again my -- Chicago and I drive twenty minutes to a family -- -- And they're good people on the figure out the problem and and by the end of the day it's it's resolved if we printed in China and -- two cents a card.
Not only is that not worth it for American jobs it's -- you know I don't speak Chinese your commander and right be tough to to operation.
So Alan what's the next step here you guys are looking to partner here in in sort of -- yeah Brandon and -- expanding in in your your footprint.
Yeah I think that you know from the conversations that that.
-- -- -- -- -- Thank you touched on there -- so many bookstores that like you said that it didn't dying out into the traditional foot traffic just doesn't going to bookstores.
But there are still bookstores that -- they've taken a lot to gifting they've taken a lot having cafes that you could sit down drink your cup coffee.
And whatever the prices a dollar 52 dollars a cup.
And like Mike alluded to you know they're selling the books one outsell the coffee one -- -- the greeting cards you got yourself a great gift idea.
And you know it's good traditional business.
And then we'll talk -- to a civilian single cup has been all the rage you know so much buzz about green mountain and then Starbucks coming and you -- really stole their thunder is seemingly but.
I think it's took a lot of people by surprise when it came on exactly the price people pay for the per cup serving is that something that you're trying to.
Think on it was showing the value I guess so did the drip coffee yet we're you know we're we're it's still seen at -- -- value in.
Brewing coffee I hold myself and people are you know it's so far Americans have been -- -- big picture for you for convenience.
But actually that will subside eventually so we are you know we're focusing on you know is that -- you know trying to compete Medea.
The big boys of the world green mountain Starbucks and creating you know carving out -- own niche stage specialty coffee retail.
As out of the market that you would look to get them perhaps at one point at some points.
That potentially you know -- the main thing for our coffee is -- quality and consistency in the main thing that's coming with the with a -- -- the coffee bothered by the -- gross things that is sustain that level and equality and still have a restaurant facility a resorts are all the development pipelines -- rose.
-- 150 pounds batch.
-- -- -- -- from 1950s.
Where you can actually see went from -- for example you can see the the mountain line every day from from my house that drive up you know.
Mountain coffee every -- which that we it would.
And then just dividend hills does speak -- you're your neighbors and what not too far away and -- would became a fan first of your coffee votes and that has slowly she became her luck our Philip and -- for a long time.
There was this stream -- my father itself out clever.
Yeah and and Alan how much do you rely on on working with your your parents here this collaboration of the family is it particularly when -- Talking about futures and you're getting darted in a business it's as -- I think that it -- will and I we really my family business -- our main area of business is distribution restaurants and I think will and I did.
Have been talking a lot about getting involved in that.
My dad has been you know very receptive and I think that we're gonna have a large push for that going forward in the coming months you know going into default through the summer.
But yeah having a family businesses create if you're young entrepreneur nor its its the greatest thing that's been in our corner of the both of -- as being able to.
See how big your business operates right having the time allowance to take care of our our own stuff and having the support you know hey you know his -- has been their mind that has been there.
-- dad has been there over debts have been there and they they wanna see it grow they -- -- he would -- well and you know it's just yeah.
If we should be -- this your Father's Day yeah I'm Michael lastly to you.
How involved is your data out people that he's also a golf course entrepreneur a lot to have him back maybe Father's -- -- -- and and talk about them banded -- but.
How involved -- -- and where can we find cards on -- What he's pretty busy he's being just open to golf courses -- part three at abandoned and heavily into Nova Scotia Canada.
So I rely on him for really top level advice.
And he's introduced me to some really wonderful.
Creative people in the business.
Really important that this -- -- and her partner with the best in the business and that's where he really helps and we are getting ready to launch a new website called spot greetings SP OT greetings the cards -- free they opening clothes like traditional.
Greeting cards and their a lot of fun so if you wanna check those -- experience I think it's -- on the cartoon.
And I guess went from mountain as well -- the site there is well aware it's can people find it online if not -- yes shops you can find out you know where we are on on the website went to mountain coffee dot com or.
If you don't like to -- enjoyed W and C dot com.
Both just that you simply doesn't IRA and the dollar -- is there and our local stores -- there and find everything.
Will Allen and Michael thank you guys so much for joining us hello everybody back for an update at some point in the --