Swanson’s Fish Market has been serving Fairfield, Connecticut locals with fresh fish and excellent service since 1973. Gary Swanson Jr., the store’s current owner, acquired the thriving firm from his father, “Gerry” Swanson, who established it soon after arriving in America from Sweden. Swanson’s Fish Market had an exceptional client base of devoted followers and a great reputation for most of its life, and it seemed like Swanson’s Fish Market would be a permanent Fairfield fixture. Nature, on the other hand, had other ideas: in 2009, an attic fire damaged their brick-and-mortar facility, forcing Swanson’s to shut after almost 40 years in business, while Gary Swanson, Jr. raced to come up with a strategy to preserve the family company.
Gary Swanson Jr. racked up almost $1 million in debt in an effort to repair the building and reopen the market. With mounting indebtedness and family strife, was on the brink of shutting its doors for good.
To rescue the failing Fairfield favorite, the Swanson Family turned to The Profit.
Swanson’s Fish Market is featured in Season 2 Episode 11 of The Profit.
Marcus’ first trip to Swanson’s Fish Market revealed a lot about him. The establishment was in a great position, with lots of foot traffic. Their seafood was obviously of excellent quality. Despite these significant advantages, the firm was failing in several important areas: the shop was sold out of some of its most popular items, which was obviously losing the company money – even your most loyal consumers will go somewhere else if you are out of stock. To make things worse, Marcus discovered that the workers were significantly overdue on their salaries and that the company was squandering what little money it did have to remain afloat — with employees often using personal cash to buy goods for the shop.
Marcus congratulated Gary on the excellent location and gorgeous building when they first met. Gary stated that he was the building’s true owner. He said that the building’s mortgage was slightly around $4,000 dollars. Gary leased space in the building to two other companies, charging rent that was more than enough to meet the mortgage payment. While Gary should have been in a profitable position, the money had been mishandled, and Gary was having trouble paying the bank on time.
Swanson’s Fish Market took in about $150,000 each month from the sale of fresh and prepared meals, according to Gary, and the company should be making about $50,000 per month in profit. Marcus was perplexed as to why the business was still in trouble. Marcus, on the other hand, heard a different version of the tale when he spoke with the rest of the family. Marcus could see debt in every way. Gary couldn’t keep up with the invoices from his vendors. He confessed to using the money from the deposit to cover personal expenses. Susan’s vehicle was purchased using money provided by the business. The firm was bleeding cash due to severe cash mismanagement in every area of the organization, and it was losing thousands upon thousands of dollars per month due to cold, hard financial ineptitude.
Marcus set about finding out how he might assist the Swanson family in resurrecting their company. Gary was offered $1 million to purchase their building, which he accepted. The building acquisition would enable the family to control 100% of the business while also providing sufficient funds to pay off debts and provide operating capital. The $1 million, on the other hand, would be placed in an escrow account, with lawyers engaged to ensure that everything was in order before he gave Gary a check. Furthermore, all of the freed-up cash would be used to pay off obligations and expenses before Gary could get any money.
Marcus offered many ideas for Gary on how to run Swanson’s Fish Market more efficiently, including several ways the family might improve their earnings. He recommended that the company include additional prepared meals since it would be very beneficial to the company. Customers will find it convenient, and the profit margin is twice that of fresh fish. (A short discussion with a few of the consumers backed up this idea.) He also encouraged Gary to capitalize on the devoted customers’ appreciation of Swanson’s prepared meals by opening a restaurant in a different part of the facility.
Marcus supplied new equipment, freezers, and a vegetable area for Swanson’s Fish Market’s storefront, as well as samples from the new prepared foods menu to consumers. The enthusiasm in the community was growing, and it seemed like everything was on track for a successful outcome.
Swanson’s luck, however, ran out there. Marcus got into a financial dispute with Susan on his next visit to the shop to check how the firm was managing the adjustments. This disagreement led Marcus to go further into the building’s records, where he discovered that it was now in foreclosure. He quickly pulled out of the agreement, much to the astonishment of no one.
After the Profit, Swanson’s Fish Market goes belly up.
Gary’s daughter, Larissa, went to the company’s website after the event to complain about the television show procedure. Marcus and the program were accused by the family of manipulating video to make the company appear bad. A snapshot of text conversations between her and Marcus, in which she alerted him about the foreclosure before he allegedly learned about it on the program, was included in her tirade. This was on a website that is no longer accessible. (Ouch.)
Swanson’s Fish Market is said to have retained the equipment Marcus bought on their behalf. They continued to sell about equal quantities of fresh fish and prepared meals while still in operation. So, even though they didn’t have the complete restaurant or the other elements of Marcus’s offer, they were still able to operate a profitable company utilizing the blueprint he provided.
Swanson’s Fish Market, which had been in operation for 45 years, closed on New Year’s Eve, 2018. Gary claims he shut down the business in order to retire. A new neighborhood deli has taken its place.
Royal Pitch is not connected with Swanson’s Fish Market, The Profit, or any of its subsidiaries, and the information given in this article is only for educational purposes.
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