Salvatore Lupoli Transfers Ownership of Salvatore's Restaurants to Key Managers
by Admin | November 10, 2015 | 0 comments
In a momentous sale of Salvatore’s Restaurants, Salvatore Lupoli announced that he is transferring ownership of each of his Salvatore’s Italian Restaurants to several key managers. Peter Ackerman a Chelmsford native will take ownership of the two downtown Boston locations. Kevin Branco, of Lowell, will take over the Andover Salvatore's. Denise Baker, of Wilmington, will own the Medford location. And Michael Agricola, of South Boston, will take over the Lawrence restaurant.
Peter Ackerman, Vice President of Hospitality for Lupoli Companies has worked with Sal Lupoli since both were young men. Ackerman has been an integral part of shaping the companies hospitality division into the success it is today. Now, 25 years later his dream of owning his own restaurant has been realized. "For Sal to give something he's invested millions of dollars in and just hand the keys over and say, 'Just start paying it back,' it speaks to the commitment that was made 20-plus years ago," Ackerman said. “Such a transition like this is unheard of.”
Denise Baker has worked in three of the five Salvatore’s Restaurants during the past five years, most recently as general manager in Medford. She has been in the restaurant industry for 20 years and has always thought about having her own business. "I always thought about having my own business, but I never knew where or how to start,” said Baker. “This is an incredible opportunity, I’m still in shock.”
Best known for creating Sal’s Pizza while in his last year of Northeastern University, Sal is a celebrated entrepreneur who has built several companies over the past twenty-five years. Salvatore’s Italian Restaurants were born out of Sal’s desire to expand Sal’s Pizza into an authentic full-service family restaurant that could serve his tenants at Riverwalk Properties, his flagship real estate asset that spans 46-acres along the Merrimack River in Lawrence, MA.
In 2005, working alongside his parents, brothers and several key employees Sal opened the first Salvatore’s Restaurant at Riverwalk. People from all around the region quickly flocked to the new family restaurant that offered a warm and inviting atmosphere with authentic Italian dishes. Sal’s hands-on approach ensured that Salvatore’s would soon become a mainstay for the Merrimack Valley. Sal who has always credited his family and dedicated employees for the success of his hospitality division continued to open additional Salvatore’s Italian Restaurants in Boston, Andover and Medford putting key managers in place at each of the establishments.
After several meetings with his advisors Sal developed a succession plan to transfer ownership of the coveted restaurants to his managers. Sal’s plan provided each manager with a buyout that included an interest free loan that would be paid over time. The buyout is internally financed by Sal to avoid high interest loans that would stifle the manager’s ability to succeed as new business owners. “I see great promise in each of the Salvatore’s managers and I wanted to give them an ownership opportunity that they would not be able to secure through conventional business financing. I felt it was time to pay-it-forward and I have complete confidence in each of the new owners who have become an extension of my own family. I look forward with a focus on my real estate division and with several new mixed-use development projects in the works I know that I am making the right decision for everyone involved”.
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