Issue link: https://nebusinessmedia.uberflip.com/i/1534934
HARTFORDBUSINESS.COM | MAY 5, 2025 19 or a hurricane or a flood or whatever. We are raising cattle or breeding cattle to come into this operation. Well, we are figuring things are going to be good going forward." Ayer, a partner in Norwich-based boutique wealth management firm Strata Wealth Partners at Hightower, said FC Development is in a phase where any profits are reinvested into the company. He aims to begin paying dividends in about five years. He said FC Development's value — as measured by online startup valua- tion platform Equidam — has increased from $3 million to $22 million. Ayer said FC Development and The Farmer's Cow LLC generated about $4 million in revenue in 2024, which is expected to double in each of the next two years and accelerate from there. The company employs 40 people, including 35 in its restaurants and five in the corporate office, he said. Fueled by farm-to-table appeal and public backing for small farmers, the restaurant could have more than 100 locations throughout New England and the mid-Atlantic five years from now, Ayer predicts. Ayer said he has personally invested about $400,000 in FC Development Corp., in addition to helping run the company without taking a salary until recently. "Just like the entire vision of this company is to help the farmer, which helps the community, we really want the public to benefit from the rise of this company," Ayer said. "We are selling common stock so people can benefit from that. We are not selling debt or other instruments. If our stock goes up 1,000%, investors will benefit from that." Brand 'megaphone' FC Development Corp. recently engaged Fayetteville, Arkansas-based marketing firm The Artist Evolution for its new push. The company is also working with North Haven-based ShelfSpace Marketing to develop new Farmer's Cow-branded products, and get them onto grocery shelves. The restaurants and retail products both reinforce each other's identity, said FC Development CEO Edwin Molina. "I see the restaurants as a mega- phone to the community with the grocery stores," Molina said. "It all ties together." Jim Smith, part-owner of Cushman Farm in Franklin and chairman of The Farmer's Cow LLC, said the cooperative hopes to eventually draw in all Connecticut dairy farmers, cutting them into the retail markup for processed milk. Smith's 2,300-acre Cushman Farm has 1,700 milking cows and 1,200 calves. Last year it produced about 5 million gallons of milk. The farm leases another 1,200 acres of cropland. "Ideally, what we want to do is market all Connecticut milk through The Farmer's Cow to narrow the gap of the higher cost of farming here and other places," Smith said. (Left) Farmer's Cow milk is sold at Walmart, Stop & Shop and other grocery locations. Cushman Farms in Franklin (right) is an equity stakeholder in the Farmer's Cow company. HBJ PHOTOS | MICHAEL PUFFER As a CT-based community bank, we've been serving local businesses for over 153 years. We offer a wide range of traditional financing solutions and specialize in SBA lending to help take your business to the next level of success. We can help build your business. TM To learn more, call our Business Banking team at 203.729.4442. Pictured L to R: Joel Mastroianni, Tracey San Angelo, and Garett Luciani. Member FDIC Equal Housing Lender SBA Preferred Lender 2014 150 120 90 60 30 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: U.S. Dept. of Agriculture Number of dairy farms in CT NO. OF FARMS