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Ann’s Beauty Parlor: What Does A Small Business Owner Do With A Dying Business?

4332 words - 18 pages

Ann’s Beauty Parlor: What does a small business owner do with a dying business?

Written by: Partha Ayyanger Linda Fang Jodie Hirsch Debbie Lew Lennix Lewis

Table of Contents I II III IV V VI VII VIII Executive Summary …………………………………………………………………… Background ………………………………………………………………… .. Current Situation ………………………………………………………………………. SWOT Analysis ………………………………………………………………………… Critical Issue / Feasible Alternatives ……………………………………………….. Recommendations ………………………………………………………………….. Contingency Plan ……………………………………………………………….. Implementations ……………………………………………………………………..

Appendices ……………………………………………………………………………………..

I. Executive Summary
Ann’s Beauty Salon is an old-fashioned, ...view middle of the document...

When he retired in 1980, Seranno sold the business to one of his operators. The business then changed hands two more times—first to another operator, Dave Thomas, who later sold it to one of his operators (and cousin) Rita Quillo, in 1993. Quillo operated the salon at a profit until three years ago, when, for the first time in 50 years, it began to lose money. Furthermore, in February of this year, Quillo’s lease expired. Simultaneously, Williamsburg, which is one subway stop from Manhattan, emerged from the sleepy neighborhood it was, to an extension of Manhattan. An influx of artists and trendsetters poured in and the real estate market skyrocketed. As a result, Quillo’s proposed new rent increased almost four-fold, from $1,200 to $4,200 per month. Unable to cover the cost of the new rent, Ann’s relocated to a new space that was two blocks away for $1,400, but it was at less than half of the original size. Rita Quillo Quillo, a 58 year-old mother of two and grandmother, has owned the salon for 13 years. Quillo has been a hairdresser since graduating from the Eli Whitney Vocational High School and obtaining her cosmetology license. For 25 years prior to acquiring the salon, Quillo was the only breadwinner in her family, and was therefore less able to take financial risks so she worked at other salons. Then, while working at Ann’s, her cousin wanted to sell the business. Quillo’s children by then, ages 22 and 24, no longer depended on their mother financially. Thus, Quillo,

who was now able to take a risk, welcomed this a golden time to achieve financial independence. She paid $6,000 for the business name, its chairs, and supplies and took over the business. She financed the business through a loan from a “local’ money lender. Business was good for a decade after acquiring it. Quillo was able to pay her rent and build a small savings with the profits. In addition, there were non-monetary benefits. The salon served as a hub for the community and for family gatherings because of its central location and large space. It was used for birthday celebrations and life-changing event gatherings like after her husband’s funeral, as well as a baby shower when she was about to become a grandmother. It was also a community social hub. Still today, there is a small table at the front of the salon where she has Entenmann’s pastries and a coffee machine. Staff and clients are welcome to indulge.

III. Current situation
Operation Ann’s provides hair services to both women and men, but the vast majority of its clients are women. Quillo and her staff provide haircuts, coloring, frosting, color touch-ups, styling, washing, perms, and eyebrow shaping. (Exhibit II) Ann’s is a walk-in, no appointments operation. It does not accept credit cards. It is located on a bustling main street in Williamsburg, Brooklyn where grocery stores, cafes, and other retail businesses also reside. The salon is two blocks from third stop on the L train, one of only two subway lines...

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