Annie and Andrew Brill had dreamt of someday owning their own restaurant, so when the opportunity arose for them to acquire The Saratoga Winery– where Annie had been the general manager for several years – they went all-in.
Here’s how two SBA loans from Pursuit helped them purchase the business, including its commercial property, as they further build it and achieve their own vision for its success.
The opportunity to realize their dream
Annie and Andrew relocated to Saratoga Springs, NY, in 2015 from Chicago, where they’d worked in the hospitality industry for years.
“When we moved, we did so with the intent settle down and start a family, which we did. But sometime during the pandemic, we realized we didn’t want to spend our lives and careers working for other people.” Annie says. “While I was working at The Saratoga Winery, which I loved, Andrew was approached about a job in another industry. I told him then that the next job he’d take would be in our own restaurant. And just a month later, I learned that the owners wanted to sell!”
After opening in 2009, the previous owners had built a solid business offering wine, local craft beer, and light bites. With its wonderful location and tremendous potential, it was just what Annie and Andrew hoped to create someday.
“I’m the risk-taker and my husband is more cautious, so when we agreed that it was an incredible opportunity, we had to find a way to make it work,” Annie says.
A business contact leads to a connection with Pursuit
Their enthusiasm was matched by a need for financing, as the owners wanted to sell both the business and its commercial property.
“I didn’t know anything about business loans,” Annie admits, “but I knew a phenomenal attorney, John Carusone, who knows a lot about small business. He helped broker the deal and put us in touch with Saratoga National Bank and Pursuit, which were incredible connections for us.”
Soon, they had a team of Pursuit’s pros working on their complex deal, which would require several loans.
Pursuit SVP Ross Pancoe guided the SBA 504 loan process to purchase the property, including the existing 6,000-square-foot restaurant and about seven acres of land.
With the SBA 504 program, small business owners can purchase property with a 10% down payment (for most properties). Small business owners also benefit from a fixed, below-market interest rate over the life of the loan and a longer repayment term, which makes monthly payments easier.
At the same time, Pursuit VP Max Sergovich led them through the SBA 7(a) loan process to acquire the business. The SBA 7(a) program includes loans from $50,000 to $5 million for startups and growing businesses in any qualified industry.
Trusting the process – and their Pursuit team
A deal this large takes time, but Annie says that actually made their transition easier.
“The loan process was very thorough and took longer than I envisioned, but that ended up working to our advantage. It gave us the opportunity to make changes as I continued working at The Winery. As a result, we had our dream business in place when the deal closed,” she explains.
The staff stayed on, too, which made the ownership transition easier, and the Brills added new team members along with expanded public and private events, a refreshed menu, and more. Today, they have 20-30 employees, including some seasonal fluctuation.
Annie and Andrew credit their entire Pursuit team, in partnership with their bank, for seeing this through.
“Our team was phenomenal,” Annie says. “We appreciated that Ross and Max believed in us and in our vision and I don’t think we could have gotten this done without them. They were supportive from the start and throughout, staying on top of everything and moving it forward.”
Bringing fresh vision and energy to a favorite destination
The Saratoga Winery is known for its creative menu and Upstate New York-style pub fare, and Annie and Andrew have built on that legacy with offerings like their popular Mimosa Flights featuring house-made juices, as well as an expanded food menu with fresh takes on old standards, such as their Falafel Nachos and Cinnamon Space Buns.
They also contribute to the community through special events and fundraisers for local organizations that include WellSpring and Saratoga Pride, leveraging their intention to make The Saratoga Winery a space where everyone feels welcomed and cherished.
Currently, the Brills work with wineries in the Finger Lakes to produce their custom wine recipes. Looking ahead, they hope to start producing their own wine while further perfecting their core operations.
Believe in your ability to succeed – and find a funder who does, too
Annie says that although they’d never owned a business, she never doubted their ability to make it work.
She offers advice for other would-be entrepreneurs who are considering taking the leap into business ownership, saying “Have confidence in yourself and your abilities – that will sustain you through many challenges – and take it one tiny step at a time. Those add up and soon, you’ll find yourself achieving huge goals, including owning the business of your dreams!”
When you’re ready to take the leap – or if you’ve already launched and are ready to grow – Pursuit has the financing you need. With loan options from $10,000 to $5.5 million, Pursuit can help you get the financing for working capital, the purchase or construction of commercial real estate, to refinance business debt and more for businesses in New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington.
Contact us to learn more.
