Marcus Lemonis teams up with Phil Tadros’ Bow Truss Coffee
December 15th, 2016
UPDATED with comments from Marcus Lemonis.
“It’s a brand that has a good foundation and a great possibilities,” Lemonis told me.
He said he sent in numerous secret shoppers over the past few months to see the stores and test the product. “Operationally, I’d give it a B,” he says. “The product is an A-plus and the staff is an A-plus. Everyone who went in had a great experience.”
Lemonis, who becomes a majority stake holder in the deal, wouldn’t reveal terms of the purchase price but acknowledged it’s “several millions” and will allow the company to operate debt free. “We’ll be assured that no vendor will be owed money.”
Bow Truss is the largest independent coffee chain in Chicago with 11 shops–and growing.
Tadros is a true Chicago story. He was 19 when he dropped out of Columbia College Chicago and borrowed $13,000 from family members to purchase Don’s Coffee Club in Rogers Park. It was the beginning of a start-up career.
His Doejo marketing company has reportedly launched 500 start-up businesses–not all of them are still around. He finds investors in his companies. A few weeks ago, he filed suit against an investor in Bow Truss for breaching fiduciary duty as a company shareholder.
Lemonis is another entrepreneurial success tory. He started buying RV dealerships. He’s now CEO of Camping World, an RV and outdoor retailer, and Good Sam, an RV owners organization, both based in Lincolnshire. He juggles that with his passion for being a serial entrepreneur. Lemonis invests in small companies and helps them grow.
That’s the premise for “The Profit,” a must-watch for small businesses and up-and-coming entrepreneurs.
In recent years, Lemonis has purchased Florida-based Sweet Peet’s confectionery, which last year bought up Jolly Good Fellows Sweet Boutique in Lake Forest. Last year, he also invested in Bentley’s pet food store in Arlington Heights. In 2014, he rescued the gourmet Crumbs Bake Shop from bankruptcy. He later sold his stake in the company to partner Fischer Enterprises but retained rights to the Crumbs brand for ice cream, cookies and candy products.