Main Street Partners, Inc.
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711 Atlantic Avenue, Lower Level Boston, MA 02111 |
[P] (914) 3191705 [F] -- |
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www.mainstreetpartners.org [email protected] Molly Testwuide |
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INCORPORATED: 2010
Printable Profile (Summary / Full) EIN 27-3574083 |
LAST UPDATED: 04/14/2015 |
| Organization DBA |
Main Street Partners |
|---|---|
| Former Names | -- |
| Organization received a competitive grant from the Boston Foundation in the past five years | Yes |
Summary
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Mission StatementMORE »Main Street Partners' mission is to empower, improve, and support the urban small businesses that create jobs and provide financial security and independence for families in low income areas.
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Mission StatementMain Street Partners' mission is to empower, improve, and support the urban small businesses that create jobs and provide financial security and independence for families in low income areas.
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Financials
| Fiscal Year | June 01, 2013 to May 31, 2014 |
|---|---|
| Projected Income | $200,000.00 |
| Projected Expense | $200,000.00 |
Programs
- Business Consulting
Revenue vs. Expense ($000s)
Expense Breakdown 2013 (%)
Expense Breakdown 2012 (%)
Expense Breakdown 2011 (%)
For more details regarding the organization's financial information, select the financial tab and review available comments.
Overview
Mission Statement
Main Street Partners' mission is to empower, improve, and support the urban small businesses that create jobs and provide financial security and independence for families in low income areas.
Background Statement
Small businesses are the heart and soul of America's economy, and the backbone for many of the families that they support. Yet all too often they fall victim to the types of challenges that large corporations pay experts substantial sums to identify and avoid. The failure to identify cost saving or revenue generating opportunities can hurt a large corporation, but for small businesses it can mean the difference between long-lived success and failure.
This became quite clear to Main Street Partners' founders Bryan Solar and Alex Russell. As young professionals working for prominent consulting companies, they were dismayed to learn that Bryan's aunt, who had taken over the family's restaurant business, was about to go out of business. Rallying their professional expertise and that of their family members and peers who were also involved in professional services, Bryan and Alex were able to come up with strategic and operational changes for Bryan's aunt to turn the restaurant around, keep its workers employed, and be sold for a significant profit.
Encouraged by the business's success and inspired by willingness of friends to donate their time and talent to save a small business, the idea for Main Street Partners was born. Intuiting that many small businesses were in need of similar resources, and that many young professional colleagues were seeking meaningful outlets for their professional skill, Bryan and Alex created an organization that would match small, struggling businesses with the compassionate, committed, and talented services necessary to success.
Main Street Partners incorporated in 2010, and conducted its first beta project with a small karate studio in Eastern Mass. With proof of concept confirmed, MSP approached the City of Boston with a proposal to provide its services to businesses within Boston's urban areas. Main Street Partners has since partnered with the City of Boston's Main Streets programs and directors to identify and partner with small businesses locate in Boston's critical urban communities.
Impact Statement
Over the past year, Main Street Partners has helped turn around over a dozen struggling small businesses in urban areas, representing over 50 much-needed jobs in these communities. A third of these businesses have added jobs within three months of completing a Main Street Partners project.
In 2014, Main Street Partners is on track to help turn around over 30 struggling small businesses in low-income communities throughout Boston.
Needs Statement
1. Funds for operations.
Our volunteers provide over $20,000 worth of consulting, completely pro-bono, to our small business partners for each project. The level of quality and scope of consulting that MSP provides is unattainable to most small businesses, which is why we are committed to providing these services free of charge. However, we need $200,000 to meet our budget goals for 2014 to continue our organization's operations.
2. Business Partners.
We hope to provide pro bono consulting services to more than 30 businesses in the Boston metro area in 2014. We are looking to help businesses that:
◦Have revenues under $1.5 million dollars.
◦Have been operating for six months.
◦Have at least two employees.
◦Operate as a for-profit business
3. Office Space
Main Street Partners is seeking a strategic partner with which to share office space and intellectual capital. Ideally we would like to share space with the professional service providers that employ the majority of MSP volunteers to create a flow of ideas and resources for small businesses.
4. Volunteers
MSP is currently recruiting business professionals to serve as volunteer consultants on business projects. We are looking for young professionals who are team players with high-level skill sets to work with people from different background committed and create social change. Business projects last 8-10 weeks and require a commitment of 1-2 hours per week.
CEO Statement
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Board Chair Statement
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Geographic Area Served
City of Boston- Allston/ Brighton
City of Boston- Charlestown
City of Boston- Chinatown/ Leather District
City of Boston- North Dorchester
City of Boston- South Dorchester
City of Boston- East Boston
City of Boston- Hyde Park
City of Boston- Jamaica Plain
City of Boston- Mattapan
City of Boston- Mission Hill
City of Boston- Roslindale
City of Boston- Roxbury
City of Boston- South Boston
City of Boston- West Roxbury
City of Boston- Citywide (Indiv. neighborhoods also listed)
Main Street Partners focuses on serving low and moderate-income urban areas throughout the greater Boston area.
Organization Categories
- Community Improvement, Capacity Building - Management & Technical Assistance
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Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)
Under Development
Programs
Business Consulting
| Volunteers from top-tier service firms such as McKinsey and Bain consulting, JP Morgan banking, and Deloitte financial work together with a small business partner to complete a business consulting project over 10-12 weeks. Volunteers work with the business owners to implement strategic and operational changes that will enhance the sustainability and profitability of their operations. | |
| Budget | $200,000 |
|---|---|
| Category | Community Development, General/Other Small & Minority Business Development Programs |
| Population Served | Adults Families Minorities |
| Program Short-Term Success | In the short term, the success of business consulting projects is measured in terms of profit improvement and the number of jobs created or sustained as a result of project recommendations. |
| Program Long-Term Success | We believe that giving business owners the skills and tools to improve their businesses will help make their business more profitable and help to stabilize the families that they support. These stronger families and businesses will build in turn lead to more economically robust neighborhoods and communities. |
| Program Success Monitored By | Business assessments and project evaluations are administered via MSP survey to business owners on profitability, jobs, and business performance. |
| Examples of Program Success | A local restaurant located in East Boston provides Pakistani and Indian cuisine in adherence to Halal standards and is the only such restaurant in the area. Due to the restaurant’s inability to be financially self reliant, the owner split his time between running the restaurant and driving a cab 50 hours a week. Project and Impact:
Main Street Partners volunteers created a website and mobile application that dramatically increased the restaurant’s visibility with potential customers, resulting in significant increases to the restaurant’s delivery business. Volunteers later worked with the owner’s son to understand how to edit site and run online advertising campaigns for the restaurant moving forward.
As a result, the restaurant doubled its delivery sales, increased its profitability by over 10%, and the owner was able to quit driving a cab to support his family.
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CEO/Executive Director/Board Comments
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Management
| CEO/Executive Director | Ms. Molly Testwuide |
|---|---|
| CEO Term Start | Sept 2013 |
| CEO Email | [email protected] |
| CEO Experience | Molly is the Executive Director of Main Street Partners. Prior to joining MSP full-time, Molly worked as an Associate Consultant at L.E.K. Consulting, where she focused worked with large corporations to develop their strategies and assess various business problems. Molly worked with clients across sectors including basic industries, retail, aviation, and private equity. Molly initially became involved with MSP during her time at L.E.K. as a volunteer consultant. She believed strongly in MSP’s mission and continued to get involved with the organization in a greater and greater capacity. Molly graduated from Boston College with a BA in Economics and a minor in Mathematics. |
| Co-CEO | -- |
| Co-CEO Term Start | -- |
| Co-CEO Email | -- |
| Co-CEO Experience | -- |
Former CEOs and Terms
| Name | Start | End |
|---|---|---|
| Alex Russell | Sept 2010 | Sept 2013 |
| Bryan Solar | Sept 2010 | Sept 2013 |
Senior Staff
| Name | Title | Experience/Biography |
|---|---|---|
| -- | -- | -- |
Awards
| Award | Awarding Organization | Year |
|---|---|---|
| -- | -- | -- |
Affiliations
| Affiliation | Year |
|---|---|
| -- | -- |
| Member of state association of nonprofits? | Yes |
|---|---|
| Name of state association | -- |
External Assessments and Accreditations
| External Assessment or Accreditation | Year |
|---|---|
| -- | -- |
Collaborations
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CEO/Executive Director/Board Comments
We manage risk by using best practices in the field, having in-house and outside counsel we call on frequently, and having top tier insurance coverage.
Foundation Comments
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Staff Information
| Number of Full Time Staff | 1 |
|---|---|
| Number of Part Time Staff | 2 |
| Number of Volunteers | 150 |
| Number of Contract Staff | 0 |
| Staff Retention Rate % | 100% |
Staff Demographics
| Ethnicity | African American/Black: 0 Asian American/Pacific Islander: 0 Caucasian: 2 Hispanic/Latino: 1 Native American/American Indian: 0 Other: 0 Other (if specified): 0 |
|---|---|
| Gender | Female: 1 Male: 2 Not Specified 0 |
Plans & Policies
| Organization has Fundraising Plan? | Under Development |
|---|---|
| Organization has Strategic Plan? | Under Development |
| Years Strategic Plan Considers | N/A |
| Management Succession Plan | Under Development |
| Business Continuity of Operations Plan | No |
| Organization Policies And Procedures | Under Development |
| Nondiscrimination Policy | Yes |
| Whistle Blower Policy | Yes |
| Document Destruction Policy | Yes |
| Directors and Officers Insurance Policy | -- |
| State Charitable Solicitations Permit | Yes |
| State Registration | Yes |
Risk Management Provisions
| -- |
Reporting and Evaluations
| Management Reports to Board? | Yes |
|---|---|
| CEO Formal Evaluation and Frequency | Yes N/A |
| Senior Management Formal Evaluation and Frequency | Yes N/A |
| Non Management Formal Evaluation and Frequency | N/A N/A |
Governance
| Board Chair | Mr. Bryan Solar |
|---|---|
| Board Chair Company Affiliation | Brookside Consulting |
| Board Chair Term | Jan 2010 - Dec 2013 |
| Board Co-Chair | Mr. Alex Russell |
|---|---|
| Board Co-Chair Company Affiliation | -- |
| Board Co-Chair Term | Jan 2010 - Dec 2013 |
Board Members
| Name | Company Affiliations | Status |
|---|---|---|
| Vinay Badami | BR Venture Fund | Voting |
| Alex Russell | LEK Consulting | Voting |
| Bryan Solar | Brookside Consulting | Voting |
| Molly Testwuide | Main Street Partners | -- |
| Rachael Weiker | Brandeis University | Voting |
| Owen Zidar | Stanford University | Voting |
Constituent Board Members
| Name | Company Affiliations | Status |
|---|---|---|
| -- | -- | -- |
Youth Board Members
| Name | Company Affiliations | Status |
|---|---|---|
| -- | -- | -- |
Advisory Board Members
| Name | Company Affiliations | Status |
|---|---|---|
| -- | -- | -- |
Board Demographics
| Ethnicity | African American/Black: 0 Asian American/Pacific Islander: 1 Caucasian: 5 Hispanic/Latino: 1 Native American/American Indian: 0 Other: 0 Other (if specified): 0 |
|---|---|
| Gender | Female: 2 Male: 5 Not Specified 0 |
Board Information
| Board Term Lengths | 1 |
|---|---|
| Board Term Limits | -- |
| Board Meeting Attendance % | 100% |
| Written Board Selection Criteria | Under Development |
| Written Conflict Of Interest Policy | Yes |
| Percentage of Monetary Contributions | 0% |
| Percentage of In-Kind Contributions | 100% |
| Constituency Includes Client Representation | No |
Standing Committees
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CEO/Executive Director/Board Comments
Our working board is comprised of the founding members of the organization. These individuals volunteer their time and talents to the administration and development of Main Street Partners, management of client projects, and strategic planning for achieving our mission.
Foundation Comments
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Financials
Revenue vs. Expense ($000s)
Expense Breakdown 2013 (%)
Expense Breakdown 2012 (%)
Expense Breakdown 2011 (%)
| Fiscal Year | June 01, 2013 to May 31, 2014 |
|---|---|
| Projected Income | $200,000.00 |
| Projected Expense | $200,000.00 |
| Form 990s | |
| Audit Documents |
2013 Audited Financials - TSNE 2012 Audited Financials - TSNE |
| IRS Letter of Exemption |
Prior Three Years Total Revenue and Expense Totals
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Total Revenue | $60,010 | $15,000 | $1,000 |
| Total Expenses | $52,680 | $15,000 | $1,000 |
Prior Three Years Revenue Sources
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Foundation and Corporation Contributions |
$35,000 | $5,000 | -- |
| Government Contributions | $20,000 | $10,000 | $0 |
| Federal | -- | -- | -- |
| State | $20,000 | -- | -- |
| Local | -- | $10,000 | -- |
| Unspecified | -- | -- | -- |
| Individual Contributions | $5,010 | -- | $1,000 |
| Indirect Public Support | -- | -- | -- |
| Earned Revenue | -- | -- | -- |
| Investment Income, Net of Losses | -- | -- | -- |
| Membership Dues | -- | -- | -- |
| Special Events | -- | -- | -- |
| Revenue In-Kind | -- | -- | -- |
| Other | -- | -- | -- |
Prior Three Years Expense Allocations
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Program Expense | $46,210 | $1,600 | -- |
| Administration Expense | $6,469 | $13,400 | $1,000 |
| Fundraising Expense | -- | -- | -- |
| Payments to Affiliates | -- | -- | -- |
| Total Revenue/Total Expenses | 1.14 | 1.00 | 1.00 |
| Program Expense/Total Expenses | 88% | 11% | 0% |
| Fundraising Expense/Contributed Revenue | 0% | 0% | 0% |
Prior Three Years Assets and Liabilities
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Total Assets | $7,330 | -- | -- |
| Current Assets | $7,330 | -- | -- |
| Long-Term Liabilities | $0 | -- | -- |
| Current Liabilities | $0 | -- | -- |
| Total Net Assets | $7,330 | -- | -- |
Prior Three Years Top Three Funding Sources
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| 1st (Source and Amount) |
-- -- |
-- -- |
-- -- |
| 2nd (Source and Amount) |
-- -- |
-- -- |
-- -- |
| 3rd (Source and Amount) |
-- -- |
-- -- |
-- -- |
Financial Planning
| Endowment Value | -- |
|---|---|
| Spending Policy | -- |
| Percentage(If selected) | -- |
| Credit Line | No |
| Reserve Fund | No |
| How many months does reserve cover? | -- |
Capital Campaign
| Are you currently in a Capital Campaign? | No |
|---|---|
| Capital Campaign Purpose | -- |
| Campaign Goal | -- |
| Capital Campaign Dates | - |
| Capital Campaign Raised-to-Date Amount | -- |
| Capital Campaign Anticipated in Next 5 Years? | -- |
Short Term Solvency
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Current Ratio: Current Assets/Current Liabilities | inf | nan | nan |
Long Term Solvency
| Fiscal Year | 2013 | 2012 | 2011 |
|---|---|---|---|
| Long-term Liabilities/Total Assets | 0% | nan% | nan% |
CEO/Executive Director/Board Comments
Third Sector New England no longer acts as our fiscal sponsor.
Foundation Comments
Main
Street Partners started working in 2010 and was previously fiscally sponsored, from 2012 until Feb. 1, 2014, by Third Sector New England (TSNE), upon which time Main Street Partners began using its own nonprofit status from the IRS. As such, the financial
documents (IRS Form 990s and Audited Financials) posted above are that of TSNE. Main Street Partner documents will be posted as they become available.
The
financial data in the charts and graphs above is per Main Street Partners with two years, 2011 & 2012, reflecting the organization's
grassroots activity and operations prior to their fiscal sponsorship by TSNE, and during
2012. The 2013 data posted is per both the TSNE audited financial document and data per Main Street Partners.
Documents
Other Documents
| No Other Documents currently available. |
Impact
The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.
1. What is your organization aiming to accomplish?
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2. What are your strategies for making this happen?
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3. What are your organization’s capabilities for doing this?
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4. How will your organization know if you are making progress?
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5. What have and haven’t you accomplished so far?
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