VIP Dining, LLC
The client was referred by their commercial banker for business plan assistance. Francisco Petinga, or “Chico” as he is known by his customers, was referred to us by a local bank who knew that he was financially prepared to open the business, but there were serious concerns about the business plan, according to Elizabeth Binning, Director of the Illinois Small Business Development Center at Illinois State University in Normal, Illinois. The business plan’s financial statements were not considered to be practical and because the client’s first language is not English the plan was poorly written.
Francisco Petinga was only 9 years old when he moved from Portugal to Canada. As an adult he worked in restaurants in Toronto for 9 years and owned his own small restaurant for a year. In 2003 he met his future wife. Francisco moved to Bloomington, Illinois in November 2004 with his wife who was born and raised in the central Illinois community.
Petinga had dreams of owning his own restaurant in the United States, as he had previously in Canada. Petinga went to local banks to get the financial assistance that was needed and came to the SBDC due to the recommendation of the local bank. The bank found him financially prepared to open his business however there were major concerns with his business plan. Petinga states of the SBDC “They (ISU SBDC) showed me how to do a business plan because I myself don’t know how to do a perfect business plan.
Over a period of 8 months, the Illinois SBDC at Illinois State University assisted the client with over a dozen revisions to their business plan. Specific assistance included helping the client create realistic pro-forma statements, marketing strategy development and thinking through assorted roadblocks and challenges including assistance in applying for local liquor licenses.
The client had many obstacles to opening the restaurant including problems with contractors achieving milestones on time. For example, delays in receiving the openflame hearth stove and other large equipment meant that windows and doorways could not be completed. The Illinois SBDC at ISU assisted the client where possible to help solve and alleviate problems as they prepared to open.
With their help - the Illinois Small Business Development Center at ISU staff – we did a great job. Without them we actually couldn’t do this.” After multiple revisions to his business plan Petinga was finally ready to open his business. Coming to the SBDC, he received the help he needed with his business plan and was ultimately able to complete his dream. He opened Così Restaurant in December of 2006.
A franchise, COSÌ® offers breakfast, lunch, coffee drinks, dinner, and a dessert menu full of creative, fresh, flavorful foods and beverages. Their first COSÌ® is doing so well that they are in the process of negotiating a contract for a second location in Bloomington. We have the intention to open at least three more in Central Illinois. This is a far cry from the nascent client who began working an Illinois SBDC in March 2006.
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