A successful not-for-profit organization often starts with the vision of one person. In the case of My Money Workshop, Dick Yaffa noticed that young people were entering the working world without any understanding of personal finance. These young adults had no idea about budgeting, saving for retirement, or the dos and don’ts of using credit cards.
Personal finance is just that – it’s personal and it affects each one of us. And yet, for many of us, it is is complex and overwhelming.
So in 2009, Yaffa created a financial literacy workshop and tested it with one group of seniors at Sarah Lawrence College.
Almost 10 years later, with its team of tremendous volunteers and partnerships with high schools, colleges, and community organizations in the tri-state area, My Money Workshop has introduced thousands of people to the world of personal finance. But despite the number of people who have taken the workshop, Rob Yaffa, chairman of the Board of Directors, was frustrated by the pace of growth. As the founder’s son, he was deeply committed to his father’s vision and he wanted My Money Workshop to be able to reach more individuals.
The problem was that like many nonprofit organizations, My Money Workshop’s nimble staff wore many hats and handled all of the workshop scheduling, client outreach, volunteer coordination, fundraising and social media. The overwhelming daily workload prevented the organization from focusing on long-term growth strategies. In spring 2018, when Rob Yaffa reached out, TAP was ready to help.
What did TAP do? We listened. And we learned. We learned that My Money Workshop needed help developing their corps of volunteer instructors. They wanted a better way to get feedback from the people who participated in their workshops. They wanted more people to know about them.
TAP helped My Money Workshop by thinking about how they could accomplish these goals with their limited staff and budget. TAP provided research on how My Money Workshop could target new volunteers and wrote a Volunteer Handbook to help bring them on. TAP also created survey templates that My Money Workshop could then develop for use with their participants and identified tools to help them understand the survey data. Finally, TAP recommended ways to reach more people through social media and by using the expansive network of My Money Workshop’s board members. Net result? My Money Workshop is positioned to continue Dick Yaffa’s legacy well into the future.
Injera*. Wat*. If these words are unfamiliar to you then you probably have never tried Ethiopian food. And you certainly have not tried Lalibela in Mt. Kisco, NY. Lalibela is a small neighborhood restaurant established in 2010. Before that, it was the dream of Selamawit Tesfaye, known to her customers as Mimi, who emigrated to the United States in 1995 and began her life here as a nanny. At night, she took ESL classes and then she began the slow but steady path that led not only to Lalibela but also, in December 2018, to the opening next door of Mimi’s Coffee House, a coffee bar.
With strong reviews from the New York Times and Westchester Magazine, among others, Lalibela has become an integral part of the Mount Kisco restaurant scene. Mimi’s vision and energy got Lalibela to its current place. Lalibela is unique, certainly for Northern Westchester (If you haven’t yet sneaked a glance below, injera is the spongy sourdough flatbread served on a large tray that serves as both bread and utensil. It is used to scoop up ‘wat’ (stew) and other wonderfully spiced Ethiopian dishes that are served on top of the injera).
Mimi went to Community Capital (a non profit alternative community lender in the Hudson Valley and Fairfield, CT) seeking a loan that would allow her to to open Mimi’s Coffee House. Before approving the loan, Community Capital introduced Mimi to TAP, asking TAP to advise her on how she could both grow Lalibela and start Mimi’s Coffee House.
TAP focused on marketing strategies and financial analysis for both businesses. For Lalibela, TAP consultants worked with Mimi to develop marketing strategies that she could pursue, in both the near and longer term, to build her clientele. TAP and Mimi discussed brand development to distinguish Lalibela, increased marketing to gain a larger lunch business, advertising at the nearby Mt Kisco train station to increase takeout business, and outreach to local corporations for catering or private parties. TAP believed that Lalibela and Mimi’s could also benefit by looking for opportunities to collaborate in the community (e.g., the Chamber of Commerce, local sporting events) to help increase visibility. TAP and Mimi also went through the menu, item by item, to ensure that Mimi was maximizing her revenue.
For Mimi’s Coffee House, TAP helped put together detailed revenue and cost assumptions. TAP consultants worked with Mimi to “stress test” the assumptions under different business and financial scenarios. They even sent Mimi on a sleuthing assignment to the nearest competitor to gather intelligence on how many units were sold of drinks/food as well as peak times throughout the day. With a five year plan in hand, Mimi was able to demonstrate the viability of her coffee house to Community Capital and secure a loan.
Mimi notes that without TAP’s guidance on the financial aspects of Mimi’s Coffee House, she would not have gotten the loan from Community Capital. Furthermore, Lalibela has seen 20 percent growth since working with TAP and Mimi’s Coffee House just got a terrific write-up in Westchester Magazine online.
Both Lalibela and Mimi’s have become go-to destinations. Mount Kisco residents are delighted to have an alternative to chain coffee stores and they continue to flock to Lalibela for its food and ambience.
*injera: a spongy, sourdough flatbread
*wat: a spicy stew or curry like dish served on the injera
HudCo was born to fill a need. While co-working spaces are a common site in cities, finding the right place in the suburbs is not as easy. More than just a shared workspace, HudCo is also a shared wellness space and a space committed to creating community in the river towns of Westchester County.
HudCo’s membership runs from accountants to herbalists, from florists to business strategists, from landscape architects to leadership coaches. What makes HudCo unique is not just the diversity of its membership, nor that it offers a range of business memberships to meet individual needs. HudCo has taken the co-working model further by offering a wellness membership, which provides space for those in the business of helping others live their healthiest lives. Yes, that means you can take your Pilates class at your co-working space. In addition, HudCo offers a rich array of programming such as speakers on diverse topics, movement workshops, and author talks. In other words, there is a place for everyone at HudCo.
HudCo was founded in January 2016 by three entrepreneurs who wanted a co-working space. Friends told friends and soon thereafter the seven invested founders leased more space. In time, the opportunity arose to lease even more space in the same light-filled building, with its exquisite views of the Hudson. The founders were in a quandary. As creative types (including an architect and designer), they understand space and environment. They all liked the concept of more space but weren’t sure how they would finance it. As entrepreneurs, they had developed a business plan, but they weren’t completely comfortable with their financial projections. They also realized that as partners, their objectives (and contributions) had diverged.
Two HudCo founders met TAP at a speed-consulting workshop run by the Armonk Chamber of Commerce. They were there for their own individual businesses but quickly determined that TAP might be able to help HudCo as well. And we were --in two significant ways. The first big piece was financial, and TAP helped break it down into smaller pieces. We discussed capital needs, looked at structuring options, and identified third party lenders. We also created a forecast model for HudCo that would give them an easy way to play with their current and future growth assumptions.
The second major piece was the business relationships among the partners. The partners gave TAP the opportunity to meet with each partner individually to better understand what each really wanted. This allowed TAP to step into the role of an honest broker and show the partners where there were synergies in their thinking and where there were gaps. We facilitated a discussion on equitable strategies for ownership and reviewed how partnership documents could accurately reflect each partner’s role and profit participation. We also provided an action plan to move the business forward on all fronts.
Now positioned for growth and the future, HudCo can focus on its mission “to integrate work, life, and being well. “
About this blog
This blog features our accomplished consultants who volunteer their expertise to advise local small businesses. This blog also features some of our client engagements.