Wednesday, November 13, 2019, marked a major milestone for Angela MacAuley and MacAuley's Foodservice as she officially purchased the business. Her grandfather Roger MacAuley started the business on August 1, 1969. Roger reminisced, "When I started the business it was a peddle-truck operation. It was just me and one other employee and we worked out of a cellar on Brook Street with just three chest freezers." Celebrating their 50-year anniversary in August, MacAuley's Foodservice has Angela MacAuley grown to be a $12 million business, employing 27 full-time workers and 2 parttime workers. The company dispatches eight delivery trucks out of a 30,000 square-foot distribution center headed to make deliveries to locations all over Vermont and into western New Hampshire.
Angela started working for MacAuley's and her grandfather right after graduating from high school. During her 22 years, she left the company a couple of times to explore other pursuits, only to return knowing MacAuley's Foodservice was where she really wanted to be. Roger mentored Angela and coworker Jim Gallagher suggested taking college classes to learn about business management. In 2008, she enrolled at Vermont Technical College and then transferred to Community College of Vermont where she earned an A.S. in Business.
Earlier this year, Angela and her grandfather started talking about her prospects of taking over the company and, in July 2019, they invited Community National Bank's (CNB's) Dave Rubel for a meeting to learn about financing opportunities. Angela recalls, "Dave joined us, listened to what we wanted to do and left saying he thought he could really help us out." Dave left to find the best deal that he could to help Angela continue in her grandfather's footsteps. Angela stated, "Dave made the process easy and painless for us, but I know he did a lot of leg work to make this happen. My grandfather and I couldn't believe how great the rates were, which made making this big purchase a little less scary for me. I have so much pride in how my grandfather started this business and respect our roots starting with the delivery of fresh meats. This has been my entire life, and it's important to me to make my family members proud by bringing the business forward for the next generation." About half of the workers at the company are family members. While staying true to MacAuley's established business model, Angela is hoping to increase the company's offerings from local farmers and food producers. She strongly supports the mindset of local businesses supporting other local businesses.
Finding the Best Deal
Exploring all of the best financing options, Dave reached out to coworker Thad Richardson to learn about any member programs being offered to help small businesses. As luck would have it, Angela's situation was the perfect fit for funding being offered through FHLB Boston's Jobs for New England (JNE) initiative. JNE offers FHLB Boston members below market- rate financing for small business loans that create or preserve jobs, expand woman, minority, or veteran-owned businesses, or otherwise stimulate the economy in New England communities.
Dave Rubel shares, '1\s a community banker, I consider it a great privilege to work with local, family- operated businesses. I grew up in the Barre area and strive to be a trusted resource to my clients. I've gotten to know Mr. MacAuley over the years, and respect him immensely for his hard work and integrity, not to mention his great sense of humor. When Roger (Mr. MacAuley) introduced me to Angela, I was thrilled at the opportunity to finance the Dave Rubel purchase of the business. She is street-smart and knows the business inside and out. MacAuley's, under Angela's leadership, and through the efforts of the company's capable team, is well positioned to continue to grow and thrive in the years to come."
Vermont's Community Bank-In Our Communities to Serve
CNB is committed to helping businesses in our communities grow. We have a team of experienced Commercial Lenders and support staff to accommodate businesses' unique borrowing needs. To learn more, please call a CNB Commercial Lender today.
Derby: (Main Office) 802-334-7915 • Barre: 802-476-6565 • Barton: 802-525-3524 • Derby Line: 802-873-3101
Enosburg Falls: 802-933-8500 • Island Pond: 802-723-4356 • Lyndonville: 802-626-1200 • Montpelier: 802-223-0598
Morrisville: 802-888-4633 • Newport: 802-334-7915 • St. Johnsbury: 802-748-3605 • Troy: 802-744-2287