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It’s always nice to come across a story like this, especially when it has to do with rescuing a coffee shop!
The Royal Bean, referred to locally as just “The Bean”, was opened in 2008 by owner Jim Meek in Yarmouth, Maine. It quickly became a cherished morning stop and community gathering place. However, while the business was good, it simply wasn’t very profitable, and Meek wanted out. He said of the situation “The business was sustaining itself, but there was no growth and no money for capital improvements.” He decided to sell, but to much avail, no buyer came forward. So Meek decided to liquidate.
When word reach residents of the town, they couldn’t stand the thought of losing The Bean and thus launched a campaign to save their favorite coffee shop. Nancy Forsell, a local resident who stops in regularly for coffee and muffins, said “It would have been a huge loss.” Within just a few weeks, 17 investors formed the Limited Liability Company and purchased The Bean. While the purchase price was not disclosed, none of the investors put themselves at risk financially nor will they rely on profits to sustain them. Meek couldn’t be happier, and will stay on as part of the investment team and serve as an adviser.
Three of the investors will run the daily operations of the coffee shop. However, as one of the investors said “Every person who comes through the door is an investor. There are just 17 people who bought a really expensive latte.”
Happy ending for all. Would you do the same to save your favorite local coffee shop?