Brian Smith and Jackie Cuscuna built a $40 million ice cream empire, but it all came crashing down when they made costly business decisions and strategic missteps.
In 2020, they filed for business and personal bankruptcy, and their company, Ample Hills Creamery, was sold to a machine parts manufacturer for just $1 million.
But the couple didn’t give up. A year later, they opened a new ice cream shop called The Social. And in June 2023, they partnered with some investors to reacquire the Ample Hills brand for just $150,000.
Now, they’re rebuilding Ample Hills one scoop at a time.
How they’re doing it
This time around, Smith and Cuscuna are taking a more cautious approach to growth. They’re focusing on profitability and getting their systems down before expanding too quickly.
They’ve also brought on new investors who are knowledgeable in the food space and “laser-focused” on profitability.
What they’ve learned
Smith and Cuscuna say they’ve learned a lot from their mistakes. They’re now more mindful of their spending and more focused on profitability. If you want your business to avoid mistakes like this, then putting a big focus on your finances is a good way to go. Small things like embracing tech can also help you to steer your financial future, especially if you take advantage of things like the Ria mobile wallet.
They’re also more willing to ask for help from experts.
Lessons for entrepreneurs
Smith and Cuscuna’s story is a reminder that even successful entrepreneurs can make mistakes. But it’s also a reminder that it’s possible to recover from failure and rebuild.
Here are some lessons that entrepreneurs can learn from Smith and Cuscuna:
- Be mindful of your spending and focus on profitability.
- Don’t be afraid to ask for help from experts.
- Be willing to pivot if necessary.
- Never give up on your dream.
Conclusion
Smith and Cuscuna’s story is an inspiration to entrepreneurs everywhere. They showed that it’s possible to overcome failure and rebuild a successful business.
If you’re an entrepreneur, remember that you’re not alone. Everyone makes mistakes. The important thing is to learn from your mistakes and keep moving forward.
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