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In September 1997, Roger Savoy purchased a struggling retail business in an industry that was of interest to less than 1 percent of the population.
In two years, he has doubled the salesand the physical size--of his Hennessy Homebrewing Emporium, purchased a competitor and opened a second location in Massachusetts. Plans call for opening one or two more stores in 2000, franchising the operation a year or so later and then, possibly, a public stock offering.
"So far, everything is right on course," he said.
Savoy had been working at the homebrewing supply store for five years when Dan Hennessy, who had founded the Defreestville business in 1984, decided to retire. Hennessy asked Savoy-who just happened to have a masters degree in business administration from Rensselaer Polytechnic Institute of Troy-if he wanted to buy the business, which otherwise would close.
Until that point, Savoy had viewed his job at the shop as being for "chuckles." He worked only on Saturdays, just enough to get a good price on supplies to support his own hobby of beer- and wine-making.
But suddenly, all that changed. It was not Savoy the hobbyist who purchased Hennessy Homebrew, but Savoy the businessman who recognized a golden opportunity.
"Dan had, through a combination of new competitors and not paying attention, lost a lot of customers, Savoy said. The business "was probably half of what it was at its peak. But I thought I could revive it and grow it."
Pier Abetti, professor of management, technology and entrepreneurship at RPI's Lally School of Management, said Savoy was well-suited to the task
"He was my assistant," Abetti said. "We worked with a lot of small businesses in the [RPI] Technology Park. He also helped me set up a (small-business] incubator...