Mainebiz

W W W. M A I N E B I Z . B I Z 15 A P R I L 1 7 , 2 0 1 7 along with Miller and Carey. Luke's has restaurants in Boston, New York, New Jersey, Philadelphia, Washington, D.C. and Maryland, Miami, Chicago and Las Vegas, as well as Japan. e Tenants Harbor location is the only one in Maine, and likely will stay that way, he says. "What's formed here is really special, and this restaurant is unique for us," he says. "It's not every day that a fairly diverse group of people come together in a partnership based on trust and it works and continues to grow." He says the co-op gives both the old guard members and younger ones a chance to diversify their revenue stream. And being part of a co-op, they can get more for their catch than fi shermen at neighboring wharfs, he says. e pounds of lobster coming across the wharf almost doubled last year, he says. When co-op members buy a wharf, they can make even more money because they own the middleman — the wharf and its landlord — who typically would take 50 cents of the $4.50 price per pound of lobster. Holden says Merritt initially came to him with the proposal to buy the wharf, but he said it didn't make fi nancial sense to him at the time. "It's diffi cult to com- pete at a 50-cents margin," he says. "We looked at the margins and realized we'd need more than 500,000 pounds of lob- ster to come across the wharf for it to be a standalone operation. ey needed to get more fi shermen and get their pounds up." at's where the idea of a co-op originated, he says. Carey says the co-op topped that poundage last year, so the members made money. e co-op now is paying to lease the wharf, and expects to take out a commercial loan to fi nance the purchase. "We'll still lease it for a couple years so our operating costs will stay the same," says Carey. But with his father and three uncles still owning landlord A&R, Miller says they are willing to keep the lease going for a while to help the co-op fi nancially until it gets its mortgage. Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create Any time you create diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the diversification, in the town's and my mind, it's good, especially in the lobster business. — David Schmanska St. George and Port Clyde harbormaster THE VALUE OF A BUCK. OF A BUCK. You understand the value of a dollar. Early mornings. Late nights. Tenacity, wit, and a work ethic that means you never quit, you never settle. Neither do we. Our team honors your lifelong effort with the same level of dedication — and the same work ethic — that it took to realize your dreams. First Advisors PERFORMANCE YOU CAN TRUST First Advisors Investment Management. Retirement Planning. Trust Services | firstadvisorsonline.com | 866-563-1900 PROTECTING DREAMS | Securities and investment products are not bank deposits, are not insured by the FDIC or any other government agency, are not obligations of, nor guaranteed by, any bank or bank affiliate, and may involve investment risk, including the possible loss of value or principal amount invested. BANGOR, MAINE • 207.947.4501 • RUDMANWINCHELL.COM Just ask our clients, and they'll agree with Ron. For 100 years, Rudman Winchell has earned the trust and respect of businesses all across the state of Maine. Give us a call and find out what we can do for you. A TRUE STRATEGIC PARTNER FOR YOUR BUSINESS Ron Dennis, Dennis Paper & Food Service: "Rudman Winchell has given us concise and accurate guidance on all of our legal issues. They listen intently and react quickly." " C O N T I N U E D O N F O L L OW I N G PA G E »

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