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LARK IN THE MORNING: A PERSONAL MESSAGE FROM THE OWNERS |
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| Where we are today: Like many businesses today, Lark in the Morning has experienced a very significant decline in sales due to our challenging economic times. We understand that shelter, food, medical care, and transportation are the highest priorities for spending, and it is only logical and prudent that many people have adjusted their spending patterns during these uncertain times. Bill & Debbie Taylor purchased Lark in the Morning from the founder almost seven years ago. Our son Lucas (now seven) was 2-1/2 months old when we bought the business. Less than two years later we added triplets (now five) Jacob, Emily, and Ryan. Our purchase of Lark in the Morning changed our life dramatically and wonderfully, in both professional and personal ways. We have paid off the vast majority of the long-term debt (about $350,000 of the original $1,530,000 remains) used to finance the purchase. We have been very low on cash in the business for almost two years. Our cash position has become worse over the last several months, with a large decline in our sales revenue. We have several strategies we’re implementing to survive these difficult times, and position us to continue the unique services that Lark in the Morning has provided since 1974: 1) We have reduced all business spending to bare minimum, including marketing expenses. We haven’t mailed a catalog or newsletter since December 2007, and have routinely offered discounts on products. We have eliminated staff, and reduced hours for most remaining employees. 2) We have reduced our personal spending to a lower level, including an expected relocation from our home of the last seven years. 3) Bill has been looking for full-time employment outside Lark in the Morning since December 2008. He has networked far and wide, and the prospects are guardedly hopeful. In the past, he has been general manager, President, and CEO of companies significantly larger than Lark in the Morning (but owned by others). Depending on the outcome of interviews, he may get employment within the next month, or it may take several more months. Where we are going: We are confident that with continued hard work, and some luck, Lark in the Morning can survive these turbulent times. But, we must implement some drastic changes: 1) Lark in the Morning will continue to be operated by our talented, knowledgeable, and hardworking employees. When Bill secures outside employment, we will not need Lark in the Morning as a source of our personal income. Debbie has always been employed outside Lark in the Morning, and that will continue. 2) Bill will continue to provide management of the marketing and financial functions of Lark in the Morning, but will do this on a part-time basis. After his hands-on education of the last seven years, and responsibilities assumed by our staff, we are confident this can work. 3) We will make every effort to add operating capital to Lark in the Morning so that the company has adequate cash resources to serve our customers well. Since debt financing is essentially non-existent for most small businesses, we’ll be focusing on individual investors. A common name for investments in businesses facing short-term financial challenges is "vulture capital". In other words, investors will expect to pay a low price for their investment, especially relative to what we paid seven years ago. What you can do: Lark in the Morning is, for many of us, more than a business. Since its founding in 1974, Lark in the Morning has been a community of employees, customers, and suppliers all working together to ensure the availability of ethnic musical instruments from all over the world. You can take some steps to help our musical community survive these turbulent times: 1) Continue to add to your musical life by buying from us. We’ll continue the discounts that make this a good deal for you. We had hoped that providing direct discounts for customers would be as effective in generating revenue as using that money for creating, printing, and mailing catalogs and newsletters. Unfortunately, that has not been true so far. 2) If you are a "sophisticated investor" (for a definition click here), and would like to have a conversation about an investment in Lark in the Morning, let us know. If you know someone who might like to have that conversation, let us know that as well. We do not have a specific offering at this point, and can be very flexible regarding any potential investment. I hope these turbulent economic times are not having an adverse impact on you, your family, your friends, or your community. If you’d like to discuss any of the topics in this email, please reply to Bill@larkinam.com, or call toll-free: 877 964 5569 from 8am-5pm Pacific Time, Monday through Friday. Musically yours, Bill and Debbie (and Lucas, Jacob, Ryan, Emily) Taylor Owners – Lark in the Morning |
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Lark In The Morning, PO Box 799 Fort Bragg, CA 95437 USA
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