Your BottomLine Text Version
SeaComm Business Newsletter
4th Edition - Winter 2024
BUSINESS SPOTLIGHT: Wimpys Inn
The restaurant industry can be very difficult to navigate. Many establishments start off hot, but don’t last. Others barely get off the ground. So for one place to survive over 90 years, culturally unchanged, is nothing short of miraculous. That is the story of Wimpy’s Inn. Since the early 30’s, Wimpy’s has provided its patrons with great food at consistently low prices. A few changes along the way, and a brief hiatus from business hasn’t stopped them from bringing a great food experience to Northern New York.
Wimpy’s Inn was founded in 1932 by a man named Edwin Peterson of Ogdensburg, NY. He specialized in burgers, hot dogs, fresh cut fries and other items commonly sold by similar establishments. What made Wimpy’s different was Edwin’s secret “Wimpy’s Sauce.” He would put his sauce on his burgers and hot dogs and customers couldn’t get enough. This sustained his business for the next 16 years until Edwin sold the restaurant and secret sauce to George Wells.
For over 50 years, George ran the restaurant while raising seven children and making positive impacts in the community. In 1999 George passed the spatula to his daughter, Jenine Relling, who would continue serving the community until 2006, when it was discovered that the building needed to be torn down due to structural issues. Shortly after the demolition, Jenine took Wimpy’s to a travel plaza, but ultimately closed the restaurant to focus her energy at home.
Wimpy’s was gone, but not for long. Jenine’s daughter, Julia Henry and Julia’s husband Ethan, reopened Wimpy’s, but with a twist. What do you do when you want to serve food, but need to rebuild the business? You open a food truck; which is exactly what they did. In 2015, Wimpy’s returned, serving the same great food, and secret sauce. It was a very successful seasonal business, and after nearly seven years, the third generation owners found a building for their restaurant, just steps away from the original Wimpy’s location in Ogdensburg.
With her six employees, Julia has Wimpy’s serving their signature dishes in each location, at affordable prices. That can be challenging, especially in the current economic climate. She says, “I think the biggest challenge we face today is keeping our prices low and doing our best to make where all operating costs are increasing, some more rapidly than others.” Keeping the prices low, however, has made Wimpy’s a popular destination for a quick bite, or a family lunch, and the community loves it. “I enjoy seeing familiar faces and feeling the support from our customers. There's no better feeling than being cheered on by your hometown.”
It’s important to have a good partner when it comes to business and finances. Julia has depended on SeaComm since she started. “SeaComm has been my right-hand man since opening the food truck,” she said. Making daily trips to her local branch, Julia says she appreciates how SeaComm makes it easy for her. “The thing I enjoy most about SeaComm is how user friendly all aspects of banking are there and how kind everyone is. They always seem happy to see me and don't mind if I smell like a deep fryer.”
If you’re looking for a delicious and affordable meal, check out Wimpy’s Inn 809 Ford Street, Ogdensburg, NY. You can reach them by phone at 315-276-5396. Follow them on Facebook or check out their website, www.wimpysinn.com. They offer dine in, takeout, and delivery.
"The best way to predict the future is to create it."
-Peter Drucker
Manager's Notebook
401(k) versus a pension: Both have advantages
Both a 401(k) and a Pension are retirement plans with their own special pros and cons, although the 401(k) has become the most common.
According to Investopedia, as of March 2022, 67 percent of private sector workers had a type of contribution plan, such as a 401(k). About 15 percent had benefit plans, such as a pension.
A 401(k) is known as a defined contribution plan. It allows each employee to contribute funds to his/her own long-term account. Typically, an employer will also make a contribution.
Big financial companies like Vanguard, Fidelity or Principal typically manage 401(k) funds and the employee has some say in how these funds are invested. Upon retirement, the employee will have full control over all the money in the fund, but when it is spent, it's gone. Like any investment, the amount can go up and down with the economy and stock market.
A pension, on the other hand, is a fund controlled by the employer. An employee makes no decisions about the investment strategy.
Pensions are called defined benefit plans because employees are promised a set benefit for life when they retire. Most pension plans are insured so that retiree's benefits are protected should the company face financial problems. Pension funds can suffer losses, too, but pose less risk to the employee, and more risk to the employer.
Car Crash? Here's What Happens Next
Suppose one day you are driving to work and you have an accident. You are okay, but the car is a mess. What happens next?
Your insurance company is going to pay for repairs, but how they do it depends on what choices you make.
Many insurance companies encourage customers to work with one of their preferred "in-network" repair shops. If you go with this suggestion, you are unlikely to ever see an actual insurance check yourself, but you also will not be the middle-man between the insurance company and mechanic, according to Value Penguin. If the mechanic leaves town with the money, the insurance company will be left holding the bag, not you. On the other hand, if you go with your own guy and he leaves town with the money, you might have to personally pay for the necessary repairs.
If your wrecked car is financed, your insurance company will probably make out a check to you and the lender. The lender might make the payments for repairs on your behalf, or it might cash the check and let you do it.
On the other hand, if the crash is the fault of another driver, you may receive a settlement check from their insurance company. But, don't skimp on repairs and splurge on a Bahamas trip instead -- the terms of your loan or leasing agreement may require you to fully repair the damage.
If the car is not financed or leased, you don't have to repair it. But remember, your insurance company is not going to pay for the same repairs twice if the problem occurs again or gets worse because you didn't fix it the first time.
Quick Tip:
One of the most important parts of setting up a monthly budget is separating needs from wants. It’s important to know which parts of your monthly expenditures are an absolute need, and which items would be nice to include, but are not a necessity.
Find more helpful tips and articles at seacommblog.com
Luxury is Still Just Business
Christian Dior. Bulgari. Fendi. Tiffany & Co. Dom Perignon. Givenchy. They're some of the most famous luxury brands in the world, with one important thing in common: All of them -- along with 69 other glittering brand names -- belong to one French conglomerate, LVMH Moet Hennessy Louis Vuitton SE, better known as LVMH.
According to Reuters, LVMH claims about 22 percent of the global market for high fashion, fine leather goods, and high-end watches and jewelry. And for well-heeled buyers who truly can afford anything, LVMH even sells luxury yachts through its Princess Yachts division.
But even if you don't buy Givenchy couture or Tiffany diamonds, there's still a reasonable chance that you've contributed to LVMH's bottom line. The luxury giant also markets beauty brands like Fenty Beauty, Make Up For Ever, and Benefit Cosmetics, along with fragrances from its vaunted fashion houses. You can find almost all LVMH beauty and fragrance products at your local Sephora store -- which LVMH also owns.
If you'd like to avoid spending money with such a large conglomerate, you can simply head to Alexander McQueen, Gucci, Balenciaga, or Saint Laurent -- legendary fashion brands controlled by Kering, another (albeit slightly smaller) French luxury conglomerate. Kering also owns high-end pen maker Montblanc, Maui Jim sunglasses, and the sportswear label Puma (periodically available at your local Costco).
Are any luxury labels still independent? Actually, yes. Hermes -- or Hermes International S.A. -- continues to operate independently and markets all of its ultra high-end products, including the famed Birkin bag, under the Hermes label. Though smaller than LVMH, Hermes is still the second largest luxury goods maker on the planet, outstripping brands like Kering and Ferrari by a wide margin.
Jerry Manor
Business Development Representative
jmanor@seacomm.org
800-764-0566 ext. 546
Christina Smutz
Member Business Loan Officer
csmutz@seacomm.org
800-764-0566 ext. 510
Locations
Main Office
30 Stearns Street
Massena, NY 13662
Malone Branch
3349 Route 11
Malone, NY 12953
Potsdam Branch
6 Sisson Street
Potsdam, NY 13676
Canton Branch
101 East Main Street
Canton, NY 13617
Ogdensburg Branch
3001 Ford Street Extension
Ogdensburg, NY 13669
Plattsburgh Branch
139 Smithfield Blvd
Plattsburgh, NY 12901
South Burlington Branch
1680 Shelburne Rd
So. Burlington, VT 05401
Essex Branch
125 Carmichael Street
Essex, VT 05452
Watertown Branch
20565 State Route 3
Watertown, NY 13601
Branch Managers
Joanne Langdon
30 Stearns St. Branch Manager
Christine Marshall
Malone Branch Manager
Elizabeth Holliday
Canton Branch Manager
Shawn Spadaccini
Ogdensburg Branch Manager
Ashley Allen
Potsdam Branch Manager
Morgan Smart
Plattsburgh Branch Manager
Jess Roach
Watertown Branch Manager
Joseph Feltz
Essex Branch Manager
Nicole Sumner
Burlington Branch Asst. Manager
Business Development
Jerry Manor
Business Development Manager
Christina Smutz
Member Business Loan Officer
315-764-0566 / 800-764-0566
www.seacomm.org
Let us Spotlight your business!
We are proud of our business members and want to share your story! Contact Jerry Manor for more information. Call (315) 764-0566 or toll-free (800) 764-0566 or email jmanor@seacomm.org
SeaComm
30 Stearns St
Massena, NY 13662
*This publication does not constitute legal, accounting or other profesional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.