Independent Banker - January 2019 - 54

work experience didn't include running a marine dealership,
he had accumulated a wide and useful range of skills. " Once
you have been on the executive team of a half-billion-dollar
business for 10 years, you have a set of skills, " he explains.
" You know a little finance, a little HR and a little marketing. "
That and Fink's passion for marine sports-he's a lifelong
fisherman-was enough for OakStar to work with him to
secure funding through the SBA 7(a) loan program. Fink
credits Beazley with easing him through the program.
Now in his third year running the business, Fink's
Anglers Port Marine was up 25 percent in sales in 2018.
The experience of older entrepreneurs creates strong
work habits. Karen Williams, certified mentor with SCORE,
a nonprofit resource partner with the U.S. Small Business
Administration, has noticed the discipline of her 50-plusyear-old
clients. " They have had wonderful careers and
understand what hard work is, " she says. " The older clients
always do their homework. The more mature really are
more diligent, and they're wiser, calmer and more patient. "
In addition, individuals with long careers behind them
have usually created strong networks. " The typical startup
plan we work with has more than 3,000 connections, " says
Brewing a post-career cure
After spending more than 20 years at the U.S. Post
Office, Mark Mitchell decided in 2015 that it was now
or never. " It was time to make a decision whether I
wanted to carry mail for the rest of my career or try
something different, " he recalls.
The " something different " was brewing beer, a
hobby he'd only done in his basement before. At 52,
Mitchell decided to take an entrepreneurial leap. Using
a home equity line of credit (HELOC) from CBI Bank &
Trust in Muscatine, Iowa, he opened Contrary Brewing
Co., a microbrewery.
He started modestly with two small barrels and
a taproom. As it happened, one of his regular
customers was CBI CEO Bob Howard. Howard
steered Mitchell to Rick Gosney, a
commercial lender with the community
bank, who provided him with crucial
financial guidance. " I was in the business
of making beer, " Mitchell says. " But I was
not well acquainted with the financial part
of it and the different data you need to be
concerned about. "
Gosney walked Mitchell through the
financials and helped him come up with sales
projections for his business. After a couple
of promising years, Gosney advised Mitchell
on ways to expand, ultimately funding
the expansion through a combination of a
conventional loan and an SBA 7(a) loan.
The funding allowed Contrary Brewing to
add equipment and expand to a 15-barrel
brewhouse with large fermenters that will
allow it to sell wholesale. Mitchell also hired
taproom servers and four staff members to
help with brewing and distribution.
The town of Muscatine has embraced the
Mark Mitchell
microbrewery, and Mitchell is living the life of
a brew master. " We have 18 brews on tap, " he
says proudly. " We bring in a new brew every
week or two. "
Contrary's flagship brew? The Cure for
Pessimism IPA. Cheers!
54 Q ICBA Independent Banker Q January 2019
Independent Banker - January 2019

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