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Bow Truss Sold To 'The Profit' Marcus Lemonis, Phil Tadros No Longer CEO

By Ariel Cheung | December 15, 2016 4:11pm | Updated on December 15, 2016 6:39pm
 Marcus Lemonis, a business tycoon who stars in
Marcus Lemonis, a business tycoon who stars in "The Profit," is now the majority stakeholder in Bow Truss Coffee Roasters.
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CHICAGO — Phil Tadros has sold a majority stake in Bow Truss Coffee Roasters to Chicago business mogul and reality TV star Marcus Lemonis.

The deal over one of Chicago's largest independent coffee chains was only in the works very recently, Tadros told DNAinfo Chicago. Lemonis, who stars in the business investment show "The Profit" on CNBC, "moves fast," Tadros said.

Lemonis will own 90 percent of Bow Truss and spent "several million dollars" on the acquisition, he said Thursday. The deal has been in the work for months, and Lemonis said he carefully deployed secret shoppers and interviewed Bow Truss employees "to get a feel for the culture."

Tadros, who started Bow Truss in 2012 along with a string of other Chicago businesses, declined to share specifics of the deal like the price Lemonis paid.

Tadros did say that he will no longer retain the title of chief executive officer of Bow Truss, but remains its founder.

Lemonis said a large portion of his investment will go toward paying off Bow Truss's debts and "payables," making it fully debt-free and giving the coffee chain a "fresh start."

"That's something I think a business that's growing always needs," he said. "You don't want to be opening stores with a bunch of headway."

His top priority now is expanding the coffee shop's offerings and ramping up bulk sales and the baked goods menu.

"The coffee is great, but I didn't think — and my secret shoppers told me the same — that the overall experience was a 10," Lemonis said. "I thought the pairings and other offerings were a little too flat."

Lemonis said he'll be pulling from his experience with American Tea & Spice Shop, Tonnie's Minis bakery and Farrell's Ice Cream Parlor, all of which were featured on "The Profit."

All planned expansions of Bow Truss will still move forward, both entrepreneurs confirmed, including the location at Belmont and Southport avenues that will replace the now-closed BelPort Liquors.

But Lemonis plans to use one of the expansion locations to develop his new prototype before converting existing shops to the new format, he said.

He also hopes to bring in some existing business partners to enrich the company.

"Some very recognizable names in Chicago will be partnering with me that are smarter than I am and will add things I can't add," Lemonis said.

Lemonis has already begun applying his business savvy to Bow Truss, offering coffee subscriptions via his Twitter feed Thursday evening:

 

 

Tadros denied that the sale was necessitated by the scathing July report from Crain's that detailed problems he's had with other business partners — including 15 lawsuits filed against him since 2004.

"We would have scaled regardless," he said Thursday afternoon. "When you have a family group like Lemonis's around you, you want him to be in control. I'm a control freak, and giving him control makes me feel cozy and motivated."

He also said there is "no way" Bow Truss will be appearing on an episode of "The Profit," chalking the deal up to pure business and not entertainment.

The deal will free up some time for Tadros to focus on his other businesses, most prominent among them Doejo digital agency, Aquanaut Brewing Company and the Next Door coffee shop sponsored by State Farm.

He'll also will have more time for a handful of pending lawsuits he's filed against former business partners. In October, Tadros sued Budlong Hot Chicken founder Jared Leonard over the sudden shutter of the Lakeview location they partnered on earlier this year.

Weeks later, he sued former partner Alan Matthews, accusing him of making purposefully slanderous comments to Crain's and on social media and costing Bow Truss and Tadros $50,000 in lost revenue and capital investment.

While Tadros' deteriorated business partnerships were "of course" concerning to Lemonis, he said he's "no one's judge and jury" and worked through the issues prior to the purchase.

Tadros is also seeking to expunge records of his August arrest on charges of domestic violence. He was accused of biting a woman's finger and pushing her to the ground, but the court case was dropped when the alleged victim did not show up to a November hearing, court records show.

Lemonis has a roster of successful businesses, including premium footwear and apparel brand Marcus Anthony, Good Sam Enterprises and Rose's Bakery. Through three seasons of "The Profit," he has invested $35 million of his own money in small businesses, including Bentley's Pet Stuff in Chicago:

Born in Lebanon, Lemonis was adopted as a baby and grew up in Miami. Now 43, he graduated from Marquette University with a degree in political science and got his start in the auto industry.

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