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Back to the Future 213
Failing that, says Brett, the only option is to continue to grow
and open new stores to stay competitive. But with margins already
squeezed, it is hard to convince a bank to lend. He doesn’t want
to be forced to sell, like so many others before him, to a cash- rich
investor that would likely discontinue many of the benefi ts and
practices that make the Kimberton stores an attractive place to
work and shop. That’s got Brett thinking about other alternatives.
“How can you create a partnership with investors that is not solely
about money, where you get the participation and buy- in from the
local population?” he wonders.
LanX, he thinks, may be a solution. “It’s a wonderful idea. It’s
another way of supporting your regional economy. Investors and
local stockholders would be less likely to vote their neighbors out of
a job. I’d much rather see something like this than an equity group
looking to buy up 300 stores and then selling them to an even bigger
investor,” all the while exploiting the fact that they are “local,” he says.
A Working Model
Back in Lancaster, Trexler Proffi tt is quixotically pursuing a complex
feat of modern capitalism with a staff of student interns and
no real budget to speak of. On the day I visited in September,
a new group of interns had assembled for their fi rst LanX staff
meeting. Sitting around a classroom in fl ipfl ops and shorts,
MacBooks propped open in front of them, the half- dozen or so
students updated Proffi tt on their fi rst assignments—researching
securities regulations, writing a business plan, contacting local
government agencies, coming up with a fundraising list.
When I asked them why they applied for this particular
internship, their answers were heartfelt and informed by current
events. One student, Annie, explained that in her city and state
government class, the context of all the discussions had been how
so many cities—such as Harrisburg—and states are struggling
fi nancially. “You should to be able to invest in the place you live in
and make a tangible difference.”
For Erin, it was about creating a level of self- suffi ciency and
not having to depend on government bailouts. “People can put