Case Study
New Asian Tropical
New Asian Tropical leverages a blend of Silo Capital and Silo insights to Boost Profit Margins
“New Asian Tropical is a smaller company, but Silo makes me feel like we are their most important customer. I feel like a partner.”
Patricio Espinosa
Owner and CEO at New Asian Tropical Produce
Let's get to know
New Asian Tropical
New Asian Tropical is a produce wholesaler shipper importer proudly based in Homestead, Florida that brings tropical produce varieties from Ecuador, Peru, Central America, and the Caribbean to their American community. They prioritize supporting their employees, trust and honesty with their business partners, and generating lasting value for their producers. Ultimately, they seek to positively impact their community and reduce their environmental impact over time.
Location
Homestead, Florida, USA
Team Size
20
Their Goals
As they look to the future, New Asian Tropical is excited to expand and innovate. Patricio, new owner and CEO, ultimately wants to bring more products from Ecuador, his home country, to the rest of the world. New Asian is excited to develop more retail partnerships and expand the New Asian Tropical brand, as they continue to create opportunities for their employees and invest in their community.
The Challenge
During the Covid 19 pandemic, Patricio Espinosa purchased a produce wholesale business called New Asian Tropical in Homestead, Florida. Just as with every other business in the produce industry, New Asian Tropical had faced financial challenges during the pandemic that ate into their profit margins and required them to take on debt. Patricio was an experienced entrepreneur with a vision for how he wanted to transform and improve this business but to do so, he needed insights into his operations and access to the working capital necessary to take action.
The Solution
New Asian Tropical applied a combination of Silo tools to reform their business and rebrand themselves under Patricio’s new leadership. Silo Cash Advance was first used to settle old bills and reignite relationships with suppliers. Once cash flow was stabilized, Patricio used Silo Cash Advance funds to negotiate better rates with his suppliers and grow his profit margins. At the same time, Silo’s Inventory Management and Accounting software was deployed to replace an old, costly system, and deliver the essential sales reporting Patricio needed to make the right buying decisions.
"You get better rates with suppliers when you pay quickly or upfront. Silo Cash Advance gave us the ability to pay quickly and reduce our costs to suppliers"
The Results
Increased profit 9 percentage points
With Silo Cash Advance and smart sales reporting, Patricio gained the tools and funding to grow his profits confidently.
Successful reform and rebrand of a newly acquired company
Silo Cash Advance helped New Asian Tropical stabilize cash flow and free funds to grow their brand
New inventory management and reporting tools
Silo’s inventory and accounting software provided organization and insights the old system lacked.