Local business leaders spoke to Rehoboth Dewey Young Professionals about the lessons learned starting and operating their companies. Shown are (l-r) Ramsey Schrader, Arena's; Preston Schell, Ocean Atlantic; Dave Repass, Meineke; Mike Rebarchik, moderator; Craig Beebe, moderator; and Mike Meoli, Meoli Companies.
Four local business leaders chaired a panel to inform young and aspiring business people in the area about the lessons learned starting and operating their companies.
The panel included Preston Schell of Ocean Atlantic, Mike Meoli of Meoli Companies, Dave Repass of Meineke Lewes and Ramsey Shrader of Arena’s Deli. Rehoboth Dewey Young Professionals hosted the event at the Starboard Bar and Restaurant in Dewey Beach.
The panel addressed a wide range of topics relevant to the successful operation of a business. One topic addressed extensively was cash flow management. Schell emphasized being cautious and planning growth to avoid outgrowing cash flow. Schrader pointed out the importance of tracking numbers right away and staying on top of them.
The panel also addressed whether expanding into different lines of business was a good idea or not. Meoli, who is a McDonald’s franchisee and was involved in the hotel business, advised that it’s best to stick to a core competency when considering expansion as a direct operator.
When answering a question about developing a company’s culture, Repass advised that his company’s culture reflects the type of friendly and honest company he wanted to run years before opening his doors. He thought it was important that he hire employees who share those values and bring that culture to his customers.
Kyle Morgan, chair of the Rehoboth Dewey Young Professionals, thanked all four panel members for volunteering their time to help develop new business leaders in the community. For more information like Rehoboth Dewey Young Professionals on Facebook.