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Episode #508:  
THE BUSINESS OF LUXURY GOODS

 

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ROADSTARR IMPORT
Twin brothers Hussein and Hassan Iddrissu moved from Ghana to the United States at age 10. They enjoyed a privileged upbringing, eventually making their way into corporate America. Friends often commented on their fine cars, inspiring the brothers to found ROADSTARR IMPORT, a customization company for exotic luxury import cars. Upon developing a business plan, Hassan requested a $100,000 SBA loan, which was rejected. The rejection only motivated the brothers, who consequently financed the company from family support and from their personal earnings from their corporate jobs. Hussein works diligently to promote the company, attracting wealthy rappers and basketball players. The brothers hope to expand their company in Moscow, which is home to the world’s largest population of billionaires.

LA PLATA CIGAR CO.
Victor Migenes, Jr. inherited LA PLATA CIGAR CO. from his father, Victor Migenes, Sr., who grew up in the tobacco fields of Puerto Rico. Given the choice of maintaining the company or selling it, Victor Jr. continued the tradition that his father founded in 1947. He struggles to increase the company’s profit margin because of the high tobacco taxes in California, but he keeps the company because of his love of cigars. In 2003, he relocated to the 2nd Street Cigar Art Gallery, a unique venue that combines a traditional cigar lounge with an art gallery.


In Secrets of Success, Pam Adams (949-756-0353 x235) of A.G. Edwards and Sons, Inc. is a financial planner who encourages small business owners to invest in themselves, especially in the form of real estate.


Studio Guest Kwame Granderson (www.equityispower.com) of Equinaire discusses the power of equity to leverage into other assets.



 

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