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I was encouraged to do a thread about my family's business by @laughridge and @roblabonne
We were able to grow a business that did $90,000 in sales in the first year of business in 2011-12 to more than $10 million in 2020
Thread below
We were able to grow a business that did $90,000 in sales in the first year of business in 2011-12 to more than $10 million in 2020
Thread below
Just a bit of a back story on my dad, as he is the driving force behind our business.
In 1986, at 27 years old, my dad went to work for a guy selling commercial bakery equipment.
In 1987 my dad went out on his own. as he thought he could give customer service
In 1986, at 27 years old, my dad went to work for a guy selling commercial bakery equipment.
In 1987 my dad went out on his own. as he thought he could give customer service
In his first year in business he ended up doing $650,000 in sales
And shortly after, the guy that he had previously worked for had started to work for him
(A few years later my dad had a fire in his warehouse, and this man was a suspect, but nothing could be proven lol)
And shortly after, the guy that he had previously worked for had started to work for him
(A few years later my dad had a fire in his warehouse, and this man was a suspect, but nothing could be proven lol)
I do not want this thread to be too long, so I won't talk a lot about the family business from 1987-2011.
The business floated around $3mm in sales for most of this time
In the mid-2000's he had brought on some partners to help him, as we were going through some rough times
The business floated around $3mm in sales for most of this time
In the mid-2000's he had brought on some partners to help him, as we were going through some rough times
They put money into the business and a few years later the 2 other owners wanted to sell to another company and asked my dad to give up his shares so that they could make their money back.
My dad walked away with nothing and took a hit on his credit, bc these guys were supposed to be his friends
They ended up not even selling the business.
But now my dad had to start from scratch, at 52
He knew he needed an online presence
They ended up not even selling the business.
But now my dad had to start from scratch, at 52
He knew he needed an online presence
He hired my brother who at the time was 19 and just out of a 1 year film school program.
They spent months building a website and trying to get whatever sale they could.
I was 21 at the time and hired shortly after to help with sales.
They spent months building a website and trying to get whatever sale they could.
I was 21 at the time and hired shortly after to help with sales.
The business started in 2011 we started the business with just the plan of selling brand new equipment online.
We started focusing on SEO and online classified ads across Canada
We did $90,000 that first year
We just kept building from there and the next year we did $500,000
We started focusing on SEO and online classified ads across Canada
We did $90,000 that first year
We just kept building from there and the next year we did $500,000
The year after we did over $1mm, than $1.4 mm than 2.4 mm.
The next year we had our biggest year and the biggest year in my dad's history at $4.3 mm!
We started with just a few staff, but as online buying in Canada started to take off, we kept hiring more
The next year we had our biggest year and the biggest year in my dad's history at $4.3 mm!
We started with just a few staff, but as online buying in Canada started to take off, we kept hiring more
We moved to bigger offices and warehouses quite a bit as our in store sales were starting to pick up.
We even opened up a new location in a city 2.5 hours away and have had to quickly move out of that location as we have been growing a ton.
We even opened up a new location in a city 2.5 hours away and have had to quickly move out of that location as we have been growing a ton.
So from $4.3mm we finished the next fiscal year at the end of July 2019 with around $6mm in sales
We started to bring on a lot more staff, and were looking for for a huge year in 2020, but we had no idea what was coming
We started to bring on a lot more staff, and were looking for for a huge year in 2020, but we had no idea what was coming
My parents went on vacation in early 2020, and came back to Canada at the end of February.
They decided it would be a good idea for my dad to quarantine for 2 weeks
And then everything went crazy in the world
They decided it would be a good idea for my dad to quarantine for 2 weeks
And then everything went crazy in the world
We thought we were just starting to get going, and we had hired all of these staff.
It was now early March and my dad didn't know if the business would survive
He decided he needed to lay off some staff to keep the ship afloat
It was now early March and my dad didn't know if the business would survive
He decided he needed to lay off some staff to keep the ship afloat
He did so, from a zoom call.
I will never forget how emotional that was for him and for everyone.
He ended up laying off some more people in the coming days.
The next 6 weeks were really rough
I will never forget how emotional that was for him and for everyone.
He ended up laying off some more people in the coming days.
The next 6 weeks were really rough
Our Province was not hit all that hard so a few of us kept going into the office.
Then around mid-April sales really started to pick up
In May they exploded. We did over $1mm in a month for the first time ever.
We then did right around $1mm for the next 6 months after!
Then around mid-April sales really started to pick up
In May they exploded. We did over $1mm in a month for the first time ever.
We then did right around $1mm for the next 6 months after!
We really started hiring a lot more people and now we have more than we ever have!
Our fiscal year ending in July 2020, we did $8mm
By the end of 2020 we did $10mm for the calendar year, and we are still seeing great growth
My hope is we can do $15mm in 2021!
Our fiscal year ending in July 2020, we did $8mm
By the end of 2020 we did $10mm for the calendar year, and we are still seeing great growth
My hope is we can do $15mm in 2021!
My dad has had a lot of ups and downs the last 35 years, but we have grown so much in the last few years and I am so proud of him!
If you want to check out our website it is http://ifoodequipment.ca
If you want to check out our website it is http://ifoodequipment.ca
