Tuesday, February 18, 2020

The Profit - Ideal Cheese Shop Update

Tonight on The Profit, Marcus Lemonis is in New York, New York to make a deal with Ideal Cheese Shop.  Ideal Cheese Shop is a family-run cheese shop and the father and son are at odds on how the store should be run.  The shop has debt from another location that failed which is causing money issues at their current location.  Ideal Cheese Shop has been in business for over 50 years and Marcus Lemonis needs to renew their passion and refresh their look so the business doesn't fail.

Let's take a look at some information related to Ideal Cheese Shop as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is a 10-minute preview video of the episode from the CNBC Prime YouTube page.
  • Here is the Ideal Cheese Shop website and Facebook page
  • Besides the brick and mortar store, Ideal Cheese Shop provides wholesale cheese to restaurants and hotels and also ships to customers via the internet. Their cheese selection is over 250 cheeses from 17 countries.
  • Ideal Cheese Shop has a cheese of the month club that costs $55 per month. There is a 10% discount if you sign up for 12 months. (Link)
  • Ideal Cheese Shop offers a Groupon for $25 worth of cheese for $14.50. (Link)
  • Here are ratings for Ideal Cheese Shop on Yelp and Google.
    • The reviews are mostly positive, and the few negative ones are mostly complaints about service.
  • The Ideal Ideal Cheese Wine CafĂ© in Long Island opened in November 2013. In June 2015, they moved locations and rebranded as Ideal's Element. They had an identity problem and wanted to focus more on the restaurant. (Link)
    • Just three months after the rebrand, Ideal's Element closed.  Julius Binetti said business wasn't doing as well as expected and couldn't support the price of rent. (Link)

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - Initial offer - $100,000 for no less than a third of the business.  They countered with $150,000 and eventually settled on $125,000 for 33% of the business.  Marcus would have a preferred return of no less than 15% and if business sells, Marcus would get his money back first. The money would be used to clean up payables, get additional inventory and to refresh the store. 
    • Marcus later made an arrangement to buy out out Julius a total of $400,000 over 7 years. Michael would own 85% of the business and Miguel would own 15% of the business, while Marcus's investment acts more like a loan.
  • Ideal Cheese Shop started selling Zoe's Chocolate at its store in January 2020. Zoe's Chocolate appeared on season 4 of The Profit. (Link)

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page. Also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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