In 2015, passionate bakers Jennifer and Paul opened their own restaurant. Jennifer, an expert in cakes, had successfully run a business in Richmond from 2010 to 2015. Paul, with 25 years of bread baking experience, developed his skills at esteemed Sunshine Coast businesses like Persephone and The Butcher. He also started a kefir business called Coastal Cultures, later sold to Persephone.
When they learned that Lonewolf Baking Company was for sale, it felt like destiny. Knowing the previous owners and always dreaming of owning a bakery on the Sunshine Coast, they seized the opportunity. Their dream was supported by Community Futures, which provided quick, helpful, and supportive funding.
For Paul, bread is a living thing, constantly changing and something that challenges him every day. Their journey is a testament to passion, perseverance, and the joy of baking.
Taking over Lonewolf Baking Company offered Paul and Jennifer not just the chance to work with their passion but to do so with a foundation that was already established. This decision underscores why buying an existing business can be an excellent strategy for entrepreneurs, especially in tight-knit communities like the Sunshine Coast.
“When buying an existing business, that’s already been through its initial bumps and hurdles, you’re provided with an existing and supportive infrastructure from day one!” says Morgan Beall, Executive Director of Community Futures - Sunshine Coast.
Key Reasons to Buy an Existing Business:
Established Customer Base: Buying an existing business in a small community provides immediate access to a loyal and established customer base, ensuring steady revenue from day one and saving time on building trust and brand awareness.
Proven Business Model: An existing business comes with a proven business model, operational processes, and infrastructure, reducing the risks and uncertainties associated with starting a new venture from scratch.
Community Integration: Acquiring an established business means inheriting its local reputation and relationships, facilitating smoother integration into the community and benefiting from existing networks and goodwill.
For Paul and Jennifer, these advantages have been key to their success, allowing them to focus on what they love most—creating delicious, artisanal bread that brings people together.
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