Serial entrepreneur Miguel Fernandez always has a plan. With two successful businesses co-owned with family in the Dominican Republic under his belt, he was ready to strike out on his own and tackle a new adventure. With an eye to the stability of the industry, Miguel crafted a plan to one day own a successful liquor store.
Miguel’s plan included saying goodbye to his home country and moving to the United States. While he had significant experience running businesses, he lacked specific industry knowledge. Upon arriving in the U.S., he embarked on his plan by working for a successful liquor store for three years to gain valuable skills and master the ins and outs of the industry. Meanwhile, he continued to scout liquor stores for sale in the Warwick and Cranston areas.
When the opportunity to buy California Liquors came up in nearby Providence, Miguel was primed and ready to jump right in. He recognized the value in a stable business that already had a good reputation, with a solid client base–and with his industry experience he was now able to identify areas of improvement to establish California Liquors as one of the most successful liquor stores in the region.
Miguel came to the RISBDC in May of 2017, seeking assistance in creating a business plan and a loan package application. With the help of business counselor Amit Basnet, Miguel presented a strong financing application and closed his loan with a local lender in February 2018. Miguel was eager to take over his new business and is grateful for the guidance Amit provided.
The new owner of California Liquors has been off to a busy start! Miguel has already identified multiple areas of improvement and initiated needed changes, including upgrading POS and inventory management systems, streamlining staffing, and more. With the help of Amit and the RISBDC, he’s also considering creating a new website and an online store in addition to the brick and mortar location.
Since taking the reins, California Liquors’ sales have been increasing over the past few months. The man with the–successful!–plan couldn’t be happier to be running his own business. Good luck Miguel, and we can’t wait to see what the future brings!
Miguel Fernandez (Owner- California Liquors)
84 Union Avenue
Providence, Rhode Island