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Last Update: Monday September 20, 2021

Key Idea: Save to Impress a Banker

Angelo DeLucia was able to save money even when he was only earning 32 cents an hour.  A banker recognized the discipline this took and was happy to invest in Angelo's ideas.

Key Question:

A: 

You can try going to a banker.  They don't make startup business loans but they may loan you money personally if you have some collateral.  You can then use the money to launch a business.

Search for more on the topic of finance.

Think about it

What can you show a banker that would demonstrate your reliable character?

Clip from: Del's Lemonade

Cranston, Rhode Island: This episode of the show is about the all-American childhood business, the lemonade stand. But here, we meet Angelo DeLucia, who did it a little differently. He took his lemonade stand global and who would think that a lemonade stand that opened in 1948 would still be serving hot, thirsty customers.

Meet Angelo DeLucia. He developed a franchise because he knew he could attract more talent by franchising than by simply hiring employees. You don't have to be MacDonalds or Burger King to franchise your business. But, keep this in mind; to be a businesses you must have a product, processes, and people. If you want to develop a franchise, the product and processes really have to be solidly in place.

Your franchisees supply the people and the management.

Angelo had his recipe, the family's old-world Del's Lemonade, and he had the processes meticulously defined. These processes are standard operating procedures so the product looks -- and in this case tastes -- the same no matter where a customer experiences it.

Del's franchise owners serve up the same delicious beverage in Tokyo as Angelo serves here in Rhode Island.

Franchising can be a great way to grow your business. It has worked for thousands of companies and can work for you too. 

Go to all the Key Ideas and video of this episode...

Del's Lemonade

Angelo DeLucia, founder

1260 Oaklawn Avenue
Cranston, RI 02920

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

Business Classification:
food

Year Founded: 1948

Save to Impress a Banker

HATTIE: At what point did you say, `OK, my future's in lemonade, or my future's...'

ANGELO: 1955. 1955. I decided--the wife decided, not me. She says, `You can't have this seven day a week, 365 days. You have no family life.' So I decided to sell the bowling alley and go into--permanently into Del's, which was doing very well. And I bought two TableTalk pie trucks and I cut the side out of both of them and painted them and sent them on the road to sell the product at the baseball, block dances, and that's how we ended up with two, four, six, 10, 12, 15, 18, 20 moving units. And I was running them all over the state.

HATTIE: Where'd you get the start-up money to even buy the bowling alley?

ANGELO: Before I was married--or before I went in the service, I worked in a place called Unker's Manufacturing Company, 32 cents an hour. When I came home from the service, I had $5,000.

HATTIE: That you'd saved by earning 32 cents an hour?

ANGELO: That I saved--that I've saved on my own. I never drank, never smoked, never ran around, never had a car. We put that money into that bowling alley and we went to a s--a bank called Centreville National, up in west Warwick and Mr. Yostin--we told him what our problem was. He says, `You look like two--hardworking Italian couple. I'm going to invest $25,000 on my name into your endeavors.' And they gave us--gave us $25,000 in 1949.

HATTIE: Wow! A banker looked at you...

ANGELO: That's right.

HATTIE: ...and liked you...

ANGELO: Me and my wife.

HATTIE: ...as human beings.

ANGELO: Right.

HATTIE: You didn't have the...

ANGELO: No collateral, no--we just put the down payment...

HATTIE: You didn't have a P&L, you didn't have a financial statement, you didn't...

ANGELO: Nothing. No, no, nothing.

HATTIE: You just walked in...

ANGELO: Walked into a little building and into his little office, and he says, `You look like two good Italian'--he made it very pointing...

HATTIE: Hard workers.

ANGELO: ...`hardworking kids, and I'm gonna invest $25,000 into you.' But it meant working 8 in the morning, 1 at midnight with the bowling alley. And then in the summer, starting 3, 4 in the morning.


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