A tool for the times: build teams at a distance
Category: Client Spotlight
Every morning in Shanghai and across China, thousands of people line up to get their daily Jianbing fix. The Jianbing breakfast is iconic, traditional, and deep history in China.
Reuben Shorser discovered Jianbing living in Shanghai. Tadesh Inagaki discovered Jianbing while visiting Reuben. Together they saw a culinary and business opportunity in bringing Jianbing from the streets of Shanghai to the streets of New York.
They crafted their own recipes (street-tested in Shanghai and NYC) and in 2016 launched Jianbing Company as a weekend pop-up. A year later, they opened their first full time location at Dekalb Market Hall in Downtown Brooklyn.
They were launching new locations and then COVID-19 hit, and all restaurant activity ground to a halt.
The restaurant business is a tough place when a pandemic hits, as we have all seen.
But it is not just restaurants; stemming the spread of the virus has crushed many businesses nationally and globally. The NY Times quotes Yelp as estimating that 66,000 US businesses have closed permanently since March 1. Researchers at Harvard suggest this number is higher, 110,000, and climbing.
Human nature is to fear the change and the uncertainty that the situation brings. It is easier to blame the economy and give up. At least for a while.
In the worst possible situation, but with some money from the SBA and the PPP loan, Tadesh and Reuben conceived something new. Jianbing Company, the restaurant, wasn’t going to open soon. They realized that their kitchen and many others were sitting fallow, even as demand for their product grew. They also saw a community need to help food-insecure families.
So, they started 1:1 Foods. 1:1 Foods is a mission-driven social business focused on creating a market for local food businesses while addressing food insecurity in Brooklyn.
Their goal is to deliver the creativity and diversity of Brooklyn’s food landscape to your home. They do this by working with diverse restaurants and chefs to create unique and exciting meal kits. You order, they deliver, and you have an exceptional culinary experience in your own kitchen.
It is a tasty break from frozen pizza and Hamburger Helper for those of us ready to not cook.
They’re also working to address the food security issue. For every meal sold, they deliver one “nutrient-rich, culturally appropriate ready-to-heat meal” to a family in need.
Bombas Socks championed this business model in socks, it is great to see it applied to food.
As Tadesh describes their venture, they are developing their model “both ambitiously and thoughtfully, so that we can do real good in the community while creating a sustainable business driven by the sale of delicious, unique, and local products.”
They held their first Community Day (when the team gets together to produce and deliver our donated meals) in late June, during which they produced and delivered 364 meals to local Sunset Park families in partnership with CFL Food Pantry. Their second Community Day was just last week, an additional 536 meals to CFL.
You can also support them in the soft launch of their meal kit program by ordering food here: www.1to1foods.com/shop. Just remember that they are in beta and working out the kinks, so expect there to be a kink or two.
They will send out a survey for your feedback so that you can help them get better and turn their vision into reality.
The saying goes that you can never escape death and taxes. I’d add that you can never avoid change. And with change is the inspiring ever-present force of human ingenuity.
I look forward to seeing how 1:1 Foods develops. And I really hope that one of these meals includes a Jianbing. If you haven’t tried one, you should, they are amazing.
I am looking for more stories of how entrepreneurs are reinventing themselves as a result of COVID-19 and the economic havoc it has wrought. If you have any, please contact me with this form here. (This just helps me avoid a SPAM onslaught…).
Category: Client Spotlight
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Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.
He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.
His business experience includes:
Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.
Jeff also has a long history of helping individuals manage their taxes and plan their finances including:
Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.
Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.
Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004. After a career of public accounting and general management, Jody knows the value of good financials. Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.
He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles. His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.
He has a particular expertise in early-stage growth companies. His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.
Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller. He has experience across industries, which gives him a deep understanding of business.
Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.
In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.
He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.