In 1974, Tony Stovall started working at Hot Sam’s the oldest men’s clothier in Detroit. They had been doing business in the city since 1921. He was Assistant Manager, Manager and Top Salesman. Then in 1994, he joined forces with Cliff Green and bought the store. Together they have been operating the business, meeting the payroll, juggling their customer and employee needs with community outreach and helping other entrepreneurs with their questions and dreams.
Tony said that you have to look carefully at the money you need to grow your business. He cautioned there are a lot of “loan sharks” out there – organizations that will loan you dollars with points and steep percentages. “You have to watch yourself, look carefully at the terms, and get involved with DDF. They will give you a lot of good advice.” He said that a good accountant was key for him – and that they watched their overhead right from the start.
Tony stressed the importance of being a part of circles of people – people to try on, and be a part of their organizations. The store carries top brands and they have a deep loyalty to the city. “We never left and we never will.”
“Anything is possible with hard work. Make sure the customer is king. And get a financial partner that gives you a lot of good advice, like DDF.”
– Tony Stovall