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Local Stock Offering Part 1: Saranac Lake & Quimper Mercanic

About the topic: A Local Stock Offering, more commonly known as a Direct Public Offering (DPO), is similar to an initial public offering (IPO) in that stock is sold to investors to raise capital, but unlike an IPO, a company uses a DPO to raise capital directly and without the assistance of an investment banking firm or broker-dealer. Small to medium size companies can sell shares directly to anyone, including customers, employees, suppliers, distributors, family, friends and others. The advantages of a direct public offering include: broader access to investment capital, the ability to utilize stock to complete acquisitions and stock options to attract and retain employees, enhanced credibility and providing early investors with liquidity.

Learn how two community stores on opposite coasts are using this model to build capital, create ownership and keep their communities local. Quimper Mercantile in Port Townsend, Washington and theCommunity Store in Saranac Lake, New York are locally owned by community members in contrast to the distant, corporate shareholders of national retailers. Community-owned stores are designed by residents to meet specific local shopping needs at fair prices. Everyone in the community is given the opportunity to invest in the store by buying shares. Buying shares is voluntary and the store is open to everyone, whether they are share holders or not. About our speakers:

Marty Gay

Marty Gay is partner at consulting group, In Sight: Community Wealth Solutions, CFO of Quimper Mercantile Company, and founding member of EDC/Team Jefferson, the county economic development organization in Port Townsend, WA. Marty is also serving as executive of Olympic Finance Development Authority, a regional economic development initiative to help small businesses find capital for start-up or expansion. Marty is a co-owner of Windermere RE Port Townsend, a former public school teacher, an award-winning chef and restaurateur, and author/co-author of 19 books. Melinda Little Melinda Little is a serial entrepreneur with a focus on socially responsible and innovative business models, Little recently led the successful effort to establish The Community Store in Saranac Lake, the first community-owned department store in the Northeast. She is the cofounder of Independent Means Inc (IMI), the leading provider of family-centered financial education programs and products in the United States and currently directs IMI’s Camp $tart-Up program. Prior to IMI, Little was the CEO of The Company of Women, a national for-profit mail-order catalog company, owned in part by a nonprofit battered women’s shelter.

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