Marcia Wiggins founded Cape Whoopies, Maine’s Gourmet Whoopie Pie in 2012. Located in South Portland, Maine, Cape Whoopies offers gourmet, unique whoopie pies that feature ingredients from all over the globe, such as chocolate from the Netherlands and vanilla from Madagascar. Cape Whoopies has seen explosive growth, outgrowing their space multiple times.
With so much growth, Marcia wanted to better understand the overall financial health of the business. She reached out to Raynor Large, Maine SBDC business advisor at the Androscoggin Valley Council of Governments, for guidance. Marcia and Raynor dove deep into analyzing costs, building projections, understanding a break-even point, improving margins, and cutting costs.
In response to the COVID pandemic, Raynor also helped Marcia navigate the SBA disaster loan options. Marcia applied for and received an Economic Injury Disaster Loan, which helped Cape Whoopies respond to the crisis.
Marcia now has a better grasp and control of her business’s financial health. She understands her margins and has a new outlook on the management of her finances. She continues to build equity in the business and to meet or exceed her projections as she moves more confidently into the future.
Maine SBDC Business Advisor: Raynor Large