New owners of Bibbentuckers look to clean up as they expand
The Dallas Morning News
12:00 AM CDT on Thursday, October 4, 2007
Kirk Dooley
John Palms and Kip Sowden found they were quite a coaching team. They led their kids' Orange Longhorns YMCA football team to an undefeated sixth-grade season two years ago and went out on top.
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| REX C. CURRY/Special Contributor 'What's nice is that we were friends first, and we saw how we each conduct our lives and handle our business affairs,' said Kip Sowden (right), with partner John Palms. |
Both businessmen were busy and had to carve out time to coach. It was especially difficult for Mr. Palms. He lived in Highland Park but spent much of one season in Tampa, Fla., as a hired financial gun to help struggling companies turn around.
"He was out of town all the time," said Mr. Sowden, a partner in the Realty America Group. "I wound up coaching the team by myself, which was fine, but I told John that he needed to spend more time in Dallas enjoying his family."
The two coaches had mutual respect for each other, not only on the football field but as friends and business professionals.
Their brainstorming sessions over cold drinks and cigars in Mr. Sowden's back yard culminated in a business venture.
Mr. Palms knew of a business that was generating $10 million a year and was up for sale. He's now president and chief executive officer of Bibbentuckers, a high-end dry-cleaning company with two locations in Dallas and one in Plano.
A light went off in Mr. Sowden's head when he realized that the company was the perfect "platform" he had been looking for, a small but solid business that had unlimited potential for expansion.
Jeremy Trevino, general manager for the McKinney Avenue Bibbentuckers, said the location cleans 2,500 to 3,000 garments a day, grossing $3.7 million per year. More than half of the 35 employees have been there more than five years.
"Each shirt has its own bar code so we can track its history," Mr. Palms said. "We inspect every button on every shirt and replace missing or cracked buttons at no charge, without the customer asking us to do it. We do the same thing with loose threads and stains."
Company leaders say Bibbentuckers' concierge style of customer service sets it apart. Among other things, they offer full-time seamstresses, free lemonade for drive-up customers and their kids, and treats for their dogs.
They have owned Bibbentuckers for just a few months but have already signed a letter of intent to buy a 10-unit dry-cleaning operation in North Carolina and are negotiating to buy a smaller dry-cleaning company in Dallas.
"We nave no interest in owning just three locations," Mr. Sowden said. "We want to leverage each other's expertise and become the largest high-end dry cleaner in America.
"This is John's baby. He runs it, and I'm a consultant. What's nice is that we were friends first, and we saw how we each conduct our lives and handle our business affairs."
The two also share philanthropic goals. They have both chaired the YMCA partners campaign and been chairmen of the Children's Education Foundation for Our Lady of Perpetual Help Catholic School.
"I like the colors, blue and gold," Mr. Sowden said. "Bibbentuckers, Realty America Group and the Highland Park Scots share those colors. And now we share with HP, giving 5 percent of our profits to Mad for Plaid."
Kirk Dooley is a freelance writer in University Park.