Ernie’s on Gull Case Study

Oct 3, 2023

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We cover all these topics and more in our video series, Making Cents. Our knowledgeable associates break down a variety of banking topics, offering viewers education and clarity. Each video will leave you feeling empowered to make smart financial decisions that fit your needs.

In this edition, SVP – Senior Commercial Banker Scott Bender is joined by Chris and Mike Foy, the owners of Ernie’s on Gull, Main Street Ale House, and Dough Bros., all in the Brainerd Lakes Area. Together, they answer some rapid-fire questions about business banking from our host, Marketing Director Hannah Willis.

Here’s what we learn:

Chris and Mike purchased Ernie’s 12 years ago, with the help and guidance of Scott at NBC. That success led to more success, with the launch of Main Street Ale House 5 years ago, and Dough Bros. launching a few years after.
Mike has known Scott since high school, and that personal relationship mattered. They needed someone they knew and trusted, and Scott helped them feel comfortable about the whole process.
Scott helped with negotiations with the seller, with utilizing the Small Business Administration on the purchase, and working through a large number of business lending programs.
There was a lot of jargon there, but they didn’t bring the jargon jar all the way to Brainerd, so Scott’s off the hook.
Working with your brother is great, but maybe working with NBC is better? They all agree that their relationship has grown stronger and stronger over the course of a dozen years and it’s become more of a partnership than a banker/client relationship.
The sound from the Brainerd raceway carries a long way. Like five miles, all the way to Ernie’s and our camera’s microphone.
Chris and Mike’s biggest piece of advice for entrepreneurs is to find a banker you can trust.
Scott’s biggest piece of advice for entrepreneurs is that everything comes down to trust, communication, creativity, and honest relationships. You need to find partners who are always there for you, no matter whether it’s business hours or not.
Scott suggests that a banker should be your first call, over a realtor, lawyer or any other kind of partner. Chris and Mike agree. In fact, he was their first call on the new restaurant project they’re working on now. Spoiler alert: tacos and tequila. Yeah. See you there.
Oh…and one more spoiler alert. NBC will be opening a Baxter branch in 2024!

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