If you're a regular listener or a reader of the material we create at “I’m a Millionaire. So, Now What?” you know that our core focus is on the best business strategies for a cash-rich exit. Specifically, we have stories of a number of entrepreneurs, co-founders, and business owners who have sold and moved on either to create a new business or to mentor others.

And today, I'm excited actually, to share with you an update from a couple of recent guests. The guests in question are what I’d call the ‘next generation of entrepreneurs’. They are a young brother-sister partnership. Jacqueline Marquis and Nicholas Marquis. They owned the Almonte Ice Cream Shop.

In my interview with them, I asked them about whether or not they might be open to selling if the right opportunity crosses their path. And they said, Yes, of course they would consider that.

Today, I get to do one of my favourite things: share their announcement of sale.

“We have news, we've passed the cone. Our family embarked on this adventure to provide the opportunity for a teenage entrepreneurial experience and found immeasurably more. With a mission to uphold the tradition of ice cream at 27 Mill Street atop the foundations of the iconic Peterson's Ice Cream Factory. Our opening days came amidst the global pandemic, and it became evident that our community needed even more than premium ice cream. We responded and made every effort to pivot, serving happiness in a cone or a bowl. Our community responded by giving it right back. There are no words to express our gratitude to our partners, local businesses, local artists who found us in their muse or regulars or staff or friends and family. And most of all, you, please join us in welcoming the Dewey family who will take the cone in the footsteps of the Petersons family and ours and all the families in between serving happiness in a bowl or cone.”

Their announcement after Thanksgiving in Canada.

It makes me incredibly happy. There's nothing more satisfying than seeing the next generation take the leap, take the risks, and test the waters!

As an investment for them, this venture not only got them return in the form of an ROI on their money, but also a massive return in experience from a foray into the world of entrepreneurship.

Meet Jacqueline Marquis and Nicholas Marquis, previous owners of the Almonte Ice Cream Shop, or what I’d like to call: A lemonade stand on steroids.

Here is origin story of young entrepreneurs

“Between us, we had six years of ice cream experience,” Jacqueline related. “Nicolas was working at the Almonte Ice Cream Shop and I was working at a different establishment. And my dad proposed the idea by asking: ‘What if you had the chance to work for yourself?’ That's not something that we've ever even thought of at that age. He helped us figure out a PowerPoint, and we ran the numbers and looked at the opportunities and said, okay, let's take the risk. Why not?”

When they bought the place, Nicolas was 15 and Jacqueline was 17. Currently, Nicolas has one year left of high school and Jacqueline has finished her first year of university. The two are no strangers to hard work. Both have been working since they were 11 and had set aside a generous portion of their pay into a savings account for their college tuition. When the opportunity came up to purchase the ice cream shop, they decided to make the investment.

With support from their parents (who, as they were minors, handled their contractual obligations), Nicolas and Jacqueline divided the front and back-end work according to their individual strengths. And the rest is history!

These two next-gen entrepreneurs:

• Managed during the pandemic through partnerships and building community

• Benefited from business lessons like the importance of being adaptable and improving their time management

• Utilized a young, lively, and passionate employee base of fellow students pursuing an education

• Innovated with new flavours and vegan/gluten-free ice creams, introduced slushies, doughnut ice cream sandwiches and Equator coffee shakes to target new audiences

From forming relationships to building a sense of community, these two have learned a lot. Looking back, they wouldn’t choose any other path. As Nicolas related: “I would have just jumped on things a little faster, like forming the partnerships we did right at the start.”

Jumping in headfirst

“We were new to this. None of our family members have ever owned a business. We were in school, and I just had this title, and I was like, ‘What do we do? Like, what am I supposed to do with this?’ So, I think we were hesitant at first to incorporate new products or to post things (on social media) or to just excel, because we were stuck in this place of: ‘what do we do actually?’ It did go smoothly once we got out of this rut of being new and scared, where we said, ‘let’s add products, let’s partner and things like that’.”

Fun, frank advice

“I would say don't be scared and just take the risk. I'm not going to lie, it took a little bit of convincing for them (our parents) to be like, ‘yes, we're taking your entire savings and we're putting it into something else.’” Jacqueline related. “But I took the risk. And I have no regrets about that.”

“And don’t sweat the small stuff either,” Nicolas added.

Have a listen! 
Want to know more about Almonte Ice Cream Shop? Visit their Facebook or Instagram page for more or pop into the bright blue ice cream shop on Mill Street, Almonte.

If you have something to share with the Self-made Nation, do reach out and connect with me. I’d love to hear your story, whether you’re at the helm of a thriving business or startup, looking to exit, or simply want to recommend yourself or someone else as a guest.

Note: This blog post is an update that includes part of the story from an earlier post here.