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Buying Local Can Have Big Impact

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Most people know that spending money at your city or town’s small businesses does more for the local economy than buying online or at big box stores.  But our next guest says that that buying power is much more significant than folks realize. He says that for every dollar someone spends in a locally owned business, 75 cents stays in the community, whereas only 35 cents spent at a big box retailer stays local and only one penny of every dollar that is spent online.  So he’s turned that focus into a business of its own.

Mike Switzer interviews Chase Michaels, CEO and founder of Locally Epic in Greenville, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.