Hello all,My second post got a lot of replies and 1000 upvotes so I figured I would be back for another.First Post. - https://ift.tt/337lTW5 Post - https://ift.tt/3i7fUVe I am back for another update. Lets call update 3 Covid until now and lets call update 4 the beginning of new plans.As you can see in the other posts my formating sucks so let me just say what comes to mind and you can ask away like last time. please excuse me as I am literally just sitting down and writing freestyle till I run out of things to say.From last update until covid we grew to having 7 employees and were at around 6x bigger than when we started. We had an hour wait on Weekends for pizza and wine, we had begun selling bread to other coffee shops and restaurants, we started making actual money and with that came plans to expand. No giant changes made, we started functioning better, profiting more but no crazy updates to our business model, Just a shock of seeing an almost dead place become incredibly popular.I think the most important thing is how well my partner and I learned to communicate. I also think its the most important part of our success... So anyways.With those plans came our first real roadblocks. In order to expand we needed to spend about $25,000 when my initial investment + loan only equaled $27k. We needed to do 3 or 4 different things at the exact same time in order to make it work and so we had a clear roadmap of 6-9 more months and then making all these changes....And then covid hit. We immediately lost 40% of our business.. and then each month it got worse... so we went from making money to spending almost every penny we had trying to stay afloat. We paid every single employee full wages, we closed down the inside and did take out and delivery only, we shortened our hours to only the morning so the entire staff could come and leave together and made every other change we could to adapt. We lost money until we started breaking even and all the while we tried to pivot to some other options.Because we had been so popular we were turning down wholesale accounts because we could not produce enough bread. With retail getting cut in half we were able to take on some new wholesale clients, we started making sandwiches and focusing more on delivery of pizza, and we also started a line of food products, jams, hot sauce, spreads etc.We quickly got to the point where we were breaking even, paying our staff in full, and then slowly growing and that was more than enough for me considering how bad it could have been.So I guess that was the end of update 3 I will go into the beginning of update 4 which is...We had a list of people over the past year who wanted to invest in us! We never needed those people because we were ok doing ourselves but given the current world we decided to look for an investor that could offer us some of the things we did not have. The obvious would be money but more importantly we wanted a partner who had connections in the food business, who had built up a success big company before and who would fit well with us.We had a list of 10-15 people who had expressed interest and out of one of them we made a deal!It took us about 2 months of talking and figuring out plans but we sold 20% of our business for $75,000. Just a reminder I bought 50% for $15 about a year and four months ago.This partner owns multiple food businesses, is taking over all the accounting, marketing and behind the scenes and we are in the process of expanding with a focus on wholesale bread, a second location, pizza full time, breakfast, our food business and soon chocolate and roasting our own coffee.By the end of the month we will be up to FIFTEEN! employees, two locations, a baking facility 10x what we had at the beginning and truly all the tools we need to succeeed.I still own 40% of the company. I am happy with my employees, my partner and the direction of the company but I am also well aware that the risks have just gone up exponentially!I think it will take us the next 3 months to fully expand with the help of this new partner and I really can't imagine where we will be in 6-12 months with his connections.I love doing these updates. I hope they are useful or at least entertaining for everyone.I wont proof read this but I will diligently answer any questions like before. see hubwealthy.com/wealthy
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