A Publication of The Firm Business Brokerage
Bartender to Business Owner Amanda Ransom profits from her passion.
written by Kathy Rygg
Amanda Ransom of Stoli’s Lounge
The Firm Deal Review STOLI’S LOUNGE Reason for Sale: Moved to Colorado Days on Market: Under 120 Days Business Established: 2005 Location: 120th and Dodge Street
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manda Ransom loves being behind a bar. She started bartending at age 19, and even after exploring different fields in college, she found herself returning to bartending. Over the years she realized she finally wanted to go into the business for herself. Ransom spent several months looking for the right opportunity, and when it finally presented itself, she set things in motion.
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The Firm Deal Review
Winter 2016
Ransom approached two colleagues who had invested in other businesses within the industry, and the three agreed to form a partnership. In February 2015, they completed the purchase of Stoli’s Lounge off 120th & Dodge Street. “The location was perfect,” Ransom says. “It’s right in the middle of the city with a good mix of business and residential, and it’s easy access off of the interstate and off of Dodge. When you market right, you can pull in all that clientele.” The bar quickly underwent a renovation. Ransom says she liked the bones of the space, but it needed to be cleaned up. “The color scheme is much better now, it’s clean, classy, has better drinks, and is a place where women can feel comfortable, which is what I wanted,” she explains. “It’s a good melting pot for people, and even
if you come in by yourself, it’s hard not to have a conversation within five minutes of sitting down.” The process of purchasing the business went smoothly, which Ransom attributes to having a business brokerage like The Firm serve as the mediator between parties. She also says knowing what you want and having a business plan is key to buying any business. “You’re going to succeed if you’re passionate about it, but you also need to know the business,” she says. “Do your research ahead of time.” The partnership turned out to be the right move. The experience of Ransom’s partners is valuable when she needs to make big decisions, but she is in charge of daily operations. “They didn’t just invest in a business, they invested in me, and they trust me,” she