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Last Update: Thursday July 2, 2020

Key Idea: Decide To Grow

Host Hattie Bryant points out that with a solid plan, these two owners had no problem finding the cash they needed to expand and reinvent their existing business.

Key Question:

A: 

Decide to grow and set goals to make the growth a reality. Here we learn about  two men who were willing to take their idea to the bank, the SBA and the Main Street Program. When Mickey Finn's was doing $500,000 in sales, these two signed personally on five large loans. Today, with over $3 million in sales, this brewpub is proof that with an infusion of capital for a well-researched idea, entrepreneurs can grow a business and create jobs. Pat Elmquest and Bill Sugars have realized their dream of providing a meeting place for Libertyville and bringing nightlife to a once-quiet downtown.

Q: Why did Bill and Pat have to personally sign for the bank loans?

A:
The cash flow from the existing Mickey Finn's Pub was not big enough to take on this large debt. Think of it this way: a company has a net worth and individuals have a net worth. To qualify for the $2 million, Bill and Pat had to put their houses up as collateral and use most of their personal savings for a down payment on this loan. If the business fails, Bill and Pat are still liable to pay back the bank. If the business had enough net worth to qualify for the loan and the business failed, Bill and Pat could legally walk away from the debt.

Think about it

Could you grow with an infusion of cash?

Clip from: Mickey Finn

It is hard to imagine at one time this downtown was bleak.

Libertyville, Illinois: Discover how two men changed the face and the fortunes of a town. Pat Elmquest and Bill Sugars invested in their local community when no one else would. They dared to dream an impossible dream. The old downtown was virtually abandoned -- over 60% vacancy -- with pawn shops and the like.  Pat had bought a little pub; then with a $2 million loan, they expanded to make a brewery and restaurant... and the old downtown transformation was underway.

They were true pioneers ...the visionaries.  Today, Libertyville is an award-winning historic business district.

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Mickey Finn's Brewery

Brian Grano, Today's Owner & CEO

Founders: Pat Elmquest & Bill Sugars
412 N. Milwaukee Ave.
Libertyville, IL 60048
8473626688

Visit our web site: http://www.mickeyfinnsbrewery.com

Office: 8473626688

Business Classification:
Restaurant

Year Founded: 1990

Decide To Grow

HATTIE: Here are two men who were willing to take their idea to the bank and the SBA and the Main Street program. When Mickey Finn's was doing under $500,000 in sales, these two signed personally on five large loans. Today, with over $3 million in sales, this brew pub is proof that with an infusion of capital for a well-researched idea, entrepreneurs can grow a business and create jobs. Pat and Bill have realized their dream to provide a meeting place for Libertyville and to bring nightlife to a once-quiet downtown. Because of small-business owners who have courage and vision, Main Street projects everywhere are thriving and changing the face of America.

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