2023 Was a Year of Changes for Loam Coffee ... New Ownership, New Direction, and More
2023 was a momentous year for me personally and for Loam Coffee. When I sold Loam back in 2020, I was excited and relieved. Those feelings slowly turned to mourning and loss. Therefore, when I reacquired Loam in March, I was ecstatic … and still am. As I reflect on 2023, I can’t help but feel a deep sense of gratitude and excitement for the future. Let me share why …
First, I am grateful for Loam Coffee and being back at the helm. When I sold it, I thought I was done and out of the coffee industry. I didn’t realize how much I loved it and missed it. As I shared, I was on the front end of building a new coffee brand. More importantly, I was doing so because I felt there was unfinished business about what I wanted to do. Namely, to begin functioning more like a social enterprise. That’s part of what excites me for the future.
What is a social enterprise? Here’s a good working definition …
A social enterprise or social business is defined as a business with specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment, and the profits are principally used to fund social programs.
That definition works. Basically, a social enterprise has two bottom lines. Obviously, the first is profitability. You can’t be in business without being profitable, at least not long. I take the bottom line seriously, and that’s one of my tasks this year that will carry me into 2024. To continue to lead Loam Coffee towards greater profitability. For social enterprises, more profits mean more funding what is commonly referred to as social objectives. That’s the double bottom line.
We have a double bottom line with Loam Coffee. The first bottom line is profitability (and growth). The second is to fund economic development in struggling communities. Loam is a coffee roasting company that invests in incubating startups and creating jobs in overlooked communities. At Loam Coffee, when you buy our coffee and goods, you can feel good about your purchase, not only for the quality of our products but also because you’re helping change lives and invest in overlooked communities. How?
Loam Coffee exists to build community among mountain bikers through roasting and selling coffee, hosting and catering events, and creating space to come together. We will leverage our assets and relationships within the cycling community to increase economic opportunities and income of people in declining communities through setting up cafes, building trails and cycling infrastructure, and incubating new businesses.
Here’s what we’re working on and towards in 2024 (and beyond):
STEP 1 - ROASTING AND SELLING COFFEE TO RAISE FUNDS
We are a for-profit business, meaning we care deeply about our bottom line. The more successful we are with our bottom line, the more money we’ll have to fund our initiatives. This means selling specialty coffee and Loam Coffee merchandise and gear. We are initially roasting coffee in Portland, Oregon.
STEP 2 - ESTABLISH A COFFEE ROASTERY AND CAFE SPACE IN SOUTHERN ARIZONA
The second step in our business plan is to open a cafe and coffee roastery in southern Arizona. Why? To create space in the town for a commercial venture, hire locals, and begin roasting coffee to cater to and serve communities throughout Arizona and the Southwest. That means we’ll be roasting coffee in Oregon and Arizona once we’re up and running. Also, to have a cafe and a public face to meet more of our neighbors throughout the Copper Basin.
STEP 3 - CREATE A LOCAL STARTUP INCUBATOR
The end goal of Loam Coffee is not simply about coffee. Instead, it’s about creating jobs. It’s also more than that. We don’t naively assume it’s our role to swoop in and begin selling specialty coffee and everything will be solved. What lights our fires is helping, training, and funding everyday people (like us) who dream of starting and running their own businesses. That’s why we’ll help incubate and catalyze new startups in the Copper Basin.
I know I’ve shared bits and pieces of this throughout the year. I was also a bit ambiguous about it as well, intentionally so. There has been a lot of work regrowing Loam Coffee, building systems, and more. Now, I feel I can be more public with this. Is it terrifying? Very much so. Why? I’m putting myself out on a limb. Maybe it was turning 50 years old this year, but things are clicking into place, and I am moving forward. It’s always scary because we all have to wrestle with the fear of failure feelings. However, I’m more excited about what we’re building with Loam and the kind of community we’re finding through the brand worldwide.
I appreciate every one of you. Thank you for taking the time to read this. Also, thank you for making this a special year.