Fairfield County Business Journal recently published a piece about how, in 10 years time, LobsterCraft has gone from a one-man food truck to a franchise with global aspirations.
As director of advisory services at FML, I’m proud of the role — no pun intended — that we have played in helping founder Mike Harden and investor relationships director Tom Gordon grow their business.
Below is an excerpt that sheds some light on the partnership between LobsterCraft and FML. Click here to read the full story in the Fairfield County Business Journal.
To help accomplish their vision for financial expansion, Harden and Gordon got in touch with Connecticut-based CPA firm FML, which helped put together a pitch deck and structure the convertible note for LobsterCraft. Most of the investors during the first valuation raise were family and friends, with industry contacts also in the mix.
“LobsterCraft was looking to raise capital and expand their presence here in Connecticut and also explore other options for the business,” said Julie Gionfriddo, director of advisory services at FML. “Tom has relationships in the business, as does Mike, so there were some investors who were more strategic-type investors who know the restaurant business, who really operate a business in that space and were interested in helping to fund and lend their expertise to LobsterCraft.”
The first raise was a success thanks to LobsterCraft’s proven track record for producing quality lobster rolls and its future plans for expansion and vertical integration winning over investors.
“The raise itself was oversubscribed, which I found incredibly heartening,” Gordon said. “I think it speaks to the quality of the product. Mike’s product has won regional and national awards since he launched it.”
FML continues to provide its services to LobsterCraft in accounting and taxes and, crucially, preparing for another pitch to investors.
“Right now, we’re actually helping them put together that next-round investor communication,” Gionfriddo said. “We’ll continue to help them in any way that they need to support their growth.”