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Tea House Gets A New Brew For Financial Success

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Aug 19, 2009 10:04 pm US/Mountain

Tea House Gets A New Brew For Financial Success

 Form: Apply For A Money Makeover From CBS4

Written by Suzanne McCarroll
LAKEWOOD, Colo. (CBS4) ― Two new small business owners are struggling in the tight economy, now they've turned to CBS4 for a Money Makeover.

Pam Nicholson and Donna Green are crazy about tea. They serve countless fresh pots each day in the restaurant they own, The House of Windsor, in Lakewood. They bought the business in January of 2008, right before the recession hit. They are struggling to turn a profit.

"We took a second mortgage on our house to purchase the business." said Nicholson as she sipped her China cup of tea with life and business partner, Donna Green.

"I just love coming to work." said Green who runs the daily operation of The House of Windsor.

They've depleted their personal savings. Green doesn't collect a salary from the business. But they are both committed to keeping the pots full of tea and the customers coming.

"This is what I imagine nobility would experience having afternoon tea in England," said a satisfied customer.

"The house of Windsor is a place of peace and tranquility," said Green.

Certified Financial Planner, DeDe Jones, came in for tea and a money makeover. After the first sip, she poured out ideas to help.

Money Makeover:

-- Better marketing for the restaurant. Jones wants them to advertise to women's groups and books clubs. It's a perfect spot for their meetings.

-- Pay Donna a salary. The couple's finances will improve if Green gets paid from the restaurant.

-- Put Green's salary into savings. The couple needs to start paying themselves back for the money they've invested in the business.

-- Cut back on personal expenses. These small business owners are going to have to make some personal sacrifices in order to keep The House of Windsor open.

For the two passionate tea drinkers, it was all good advice because DeDe Jones is convinced they can indeed make good of the business.

And that news is worth brewing another pot of tea to celebrate!

Additional Resources

-- Lean more about DeDe Jones, CPA, CFP on the Innovative Financial, LLC Web site. Her office is in Lakewood at 355 S. Teller St., Suite 200 and her phone number is (303) 275-7170.

-- The House of Windsor is located at 1050 South Wadsworth Blvd., Lakewood, CO 80226. The phone number is 303-936-9029.

Contact Us

CBS4 is looking for Colorado families who would be willing to be subjects of our Beating The Recession: Money Makeover series. Families who are interested getting financial advice -- free of charge -- from a financial advisor should please fill out our form to be considered.

(© MMIX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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