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Preparing SC business for recession

Thomas Anderson
Wells Fargo
Thomas Anderson

The recent increases in inflation and interest rates, and the continued tight labor market have created an operating climate that many current business leaders have never experienced. And now with a potential economic slowdown on the horizon, our next guest says some creative financing solutions may be necessary to help some of these companies meet their goals. Mike Switzer interviews Thomas Anderson, a commercial banking executive with Wells Fargo in Charleston, 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.