What does a passionate, gregarious first-generation Italian do to feed his family and the citizens of Minneapolis and St. Paul? Start a bakery of course! Armed with a winning smile and his family’s enthusiasm for good food, Tony Sisinni, the founder and CEO of Sisinni Food Services, Inc., quickly grew sales beyond the company’s sustainable working capital.
Sisinni’s customers were very pleased with the quality and service of Sisinni’s goods, but getting those happy customers to pay was another matter. And while the company was growing, the accounts receivable were growing faster. Pressed for cash to make payroll and buy raw materials, Tony turned to North Mill Capital for help funding his sales, collecting his cash and credit approving his new customers.
North Mill Capital, along with a local community bank, provided Sisinni Food Services immediate cash flow relief by extending the company a revolving line of credit, making soft touch follow up calls to collect the payments, and reduced the Sisinni’s bad debt risk by establishing customer credit limits based on quantifiable third party credit information.
It was back to baking bread and not worrying about their dough. With his accounts receivable funding in place, Tony could re-focus his energy on growing sales with his existing customers, adding new customers, new products, and new employees. Sissini Food Services, Inc. has grown from its humble beginnings into a major competitor in the commercial baking business.