"I have a tremendous amount of
confidence in my vision for the company and in
their vision for my company. Bartolomei
Pucciarelli is completely invested in my
business and wants us to succeed as much as we
do."
According to the U.S. Small Business
Administration, less than half of all new
companies survive beyond four years. That would
be enough to scare off many prospective
entrepreneurs, but not Stephen Itak,
founder/owner of Victory Selections, a wine
distributor and importer based in Cranbury, NJ.
He relished the challenge of building his own
business and sold the company's first bottle of
wine on July 14, 2005. For fiscal year 2007,
Victory Selections anticipates over $3 million
in sales.
Mr. Itak attributes the successful start to a
multitude of factors, including hands-on
experience with the largest wine retailers in
the country and an ability to anticipate and
quickly respond to customer needs.
He also cites a firm belief in surrounding
oneself with the most talented professionals,
which led to his partnership with Bartolomei
Pucciarelli, a CPA and business advisory firm
with offices in Lawrenceville and Ocean
Township.
"I knew that building a company is very
difficult and wanted to align myself with an
accounting firm that understands what small
businesses go through... the unexpected hurdles
that pop up along the way," explained Mr. Itak.
"I wanted a firm that could oversee the finances
and allow me to focus on what I do best
— running a company
and selling wine. Bartolomei Pucciarelli has
done that exceptionally well."
As the only Mercer County affiliate of RAN-ONE,
a worldwide network of independent accountants
specializing in the growth of small-to-medium
sized businesses, Bartolomei Pucciarelli has
counseled dozens of start-ups, navigating the
vast risks, considerations and opportunities
associated with launching a viable entity.
"Even small businesses are very complex
organizations that need to be carefully guided
and managed," stated Douglas C. Smith, CPA, CVA,
partner, Bartolomei Pucciarelli. "Often times,
there's not much difference between a business
that succeeds and one that fails. If you don't
drive it well the business can run out of gas."
Right from the start, Victory Selections
encountered several obstacles associated with
the unique regulatory environment of the alcohol
industry. With financing hard to come by,
Bartolomei Pucciarelli was instrumental in
securing a non-traditional loan that was not
readily available. "They believed in us, not
only finding the capital to get us through our
first year but also ensuring that we didn't give
away the company in the process," said Mr. Itak.
In recent months, Bartolomei Pucciarelli
brokered a second deal that transferred the loan
to a banking institution and greatly reduced
interest payments.
The
two companies also worked collaboratively on
Victory Selections' business plan and governance
documents. After acquiring an intimate knowledge
of the marketplace and company focus, Bartolomei
Pucciarelli developed financial projections and
helped to restructure an operating agreement
that incorporated additional partners while
addressing the organization's objectives,
interests and long-term goals.
Furthermore, with expertise in information
technology, Bartolomei Pucciarelli evaluated
accounting software for Victory Selections and
customized a bookkeeping system to meet its
needs and budget.
"We consider Doug to be our off-site CFO. He's
at our company Christmas party and in our
company picture," asserted Mr. Itak. During the
initial few months of business, Mr. Smith was an
invaluable resource, providing daily counsel on
all financial matters as well as their impact on
strategic and operational decisions. As the
company matures, Bartolomei Pucciarelli
continues to monitor the business closely,
reviewing monthly financial reports, overseeing
tax compliance and planning, and frequently
assessing the fiscal health of the organization.
"I have a tremendous amount of confidence in my
vision for the company and in their vision for
my company," stated Mr. Itak. "Bartolomei
Pucciarelli is completely invested in my
business and wants us to succeed as much as we
do."
"One of my favorite quotes is by Albert
Einstein: Try not to become a man of success,
but rather to become a man of value," he added.
"Those are words I try to live by and clearly
reflect this company's philosophy as well.
Bartolomei Pucciarelli has given me more value
than I ever expected from an accounting firm."
Thriving under this mutually beneficial
partnership, Victory Selections is well on its
way to building a multi-million dollar business
and its reputation as one of the nation's
premier wine distributors.
