Scott Hoffmire knows the hospitality industry inside out. As food and beverage manager for a national management company, and then as a consultant to the industry, he worked with companies such as Ritz-Carlton, Marriott and Best Western to ensure a high level of culinary quality across hundreds of kitchens and hotels, while always focusing on their bottom line.
Nearly 20 years ago, he founded Source1 Purchasing because he saw the growing need for a group purchasing program to help these operators lower their costs. “The advantage of being part of a purchasing group is that the huge volume leads to great discounts,” he said. “We supply everything from parking lot to rooftop, with a primary focus on food and beverage items, disposables and cleaning supplies.”
As the company grew, he asked his CPA about planning for additional growth, and was referred to Vistage. That was in 2013 when Source1’s annual revenues were $4 million. Today, they’re over $8 million, in part because Vistage kept him on track for growth.
Hoffmire worked through day-to-day issues and problem solving with his Vistage peers, then took those principles back to his office with weekly 90-minute team meetings to identify concerns, determine specific actions for resolving them, set clear goals, and make team leaders accountable to each other. Setting a series of Key Performance Indicators – a priority for Chair Newell Holt – helps Source1 track the most important metrics for meeting quarterly and annual goals on a day-to-day basis. “All of our team members have their own set of KPIs so we have full participation.”
Another advantage of being part of Vistage is the nationwide network of referral sources, Hoffmire said. “I requested a referral to a marketing agency and received three great referrals, one of which is now a key resource that we’ve grown to depend upon.”
Vistage also played a vital role in developing a successful exit plan for Hoffmire, who recently sold Source1 but remains on board as president of the company. “Exit planning is a long-term strategy and Scott benefited from the counsel of his fellow Vistage members,” said Holt. “I really admire Scott’s objectivity in working through that decision-making process. He was very well prepared when a great opportunity came along, and it’s been the right fit for both of them.”