A Big Bank Helping a Miami Grocer in a Big Way

Nov 01, 2011

How a Family's Market Feeds the Economy

Allen Milam, President, Milam’s Market: My father was in the wholesale grocery store business. I was twenty-one years old. My father and I were sitting together and we’d share with each other that we each had a dream of one day owning our own store. And the plan was, well… you get in there and learn retail and then we’ll open up a store together. Eight years later, in 1984, we formed a company and opened up our first store here in Miami. I still remember putting the key in for the first time, and the jitters I had… it was nerve wracking. We didn’t have enough people. We thought we knew what we were doing, and found out we didn’t understand what was ahead. We worked our way through it… hard work, dedication and twenty-seven years later we now have four stores.

Tyler Milam, Store Manager, Milam’s Market: You know, my dad is my role model. He’s a family man, but he’s a workingman. He’s put a lot into this company and I respect that. I enjoy working together as a family… as a team. Building something from the ground up… we want our costumers when they come in… they don’t have to look at dates… they don’t have examine the piece of meat. We want them to grab it off the shelf and go home with complete satisfaction… that when they shop at Milam’s, they’re buying quality. It’s pretty much all about the customers.

Allen Milam, President, Milam’s Market: Each store caters to a little bit different clientele. We offer a little bit different product in that store than we do others.

Angie Herrera, Data Processing Manager, Milam’s Market: For example, store number four, which is on the Isle, is a great community and is a great area for Central American items. And we bring that to the store and it’s right there for them. We give them the opportunity to have everything in one place.

Allen Milam, President, Milam’s Market: When we were looking to expand, we needed a big bank to help us in a big way. And, Bank of America worked out a deal for us, which made growing a lot easier.

Sig Birriel, President, Senior Client Manager, Bank of America, Merrill Lynch: When we first starting doing business with Milam’s, we assisted them with some financing, with some leasing as well. That allows them to grow the number of stores that they have, create employment… create better opportunity for folks within the community and deliver their services and product to the neighborhood.

Allen Milam, President, Milam’s Market: Bank of America has always been there for us. They made sure we had the money that we needed to build our business to grow our business… to expand… to remodel… to do whatever we needed to do. We’ve never lost that excitement about building relationships with our customers, with out associates, with our each other. It’s a family business and we work and live like a family. And for twenty-seven years it’s worked.

Family-owned businesses are the engine that drives the American economy. They comprise 35% of Fortune 500 companies, account for 50% of U.S. gross domestic product and generate 60% of the country's employment and 78% of all new job creation. To keep this record of success going, family businesses, like all families, rely on their tight-knit relationships.

Allen Milam’s first job was a grocery bagger when he was 16 years old. His father was in the wholesale grocery business and, when Allen was 21, the two of them shared a common dream of one day owning their own grocery store. His father told him to learn the retail side of things and then they would go for it. Eight years later, their dream became a reality.

In 1984, the Milams opened their first store in Miami. Allen was confident and thought he knew what he was doing, but it was still a nerve-wracking process getting the business going. Through hard work and dedication, he was able to guide the fledgling market into a successful grocery store. Recognizing the rise in demand, Allen had a vision to expand to other locations throughout the city, but the hardest part of expanding the business was funding.

“When we were looking to expand, we needed a big bank to help us in a big way,” said Allen Milam, President and CEO of Milam’s Market. “Bank of America worked out a deal for us which made growing a lot easier.”

Bank of America assisted Milam’s with financing and leasing, allowing the grocer to expand into other parts of Miami and open up new stores, create employment and offer better opportunities to people in the communities they served. In turn, this support also helped Milam’s Market deliver better products.

“Milam’s is a small business with impact in Miami-Dade County. That was important for us to partner with them,” says Sig Birriel, a Senior Client Manager with Bank of America. “They have a strong team that produces results. I look for companies with a strong management team that know the market they participate in. They have discipline.”

Twenty-seven years later, there are four new stores in Dade County. Allen Milam has never lost sight of the importance of building relationships with customers, associates and with each other. It’s a family business and they work and live like a family. And for 27 years, it’s worked.

“Bank of America has always been there for us. They’ve made sure we had the money we needed to grow our business, to expand, to do whatever we needed to do,” says Milam.

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A Big Bank Helping a Miami Grocer in a Big Way

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