Lobster lures woman from publishing world By TRICIA NELSON
Fine Living Network
August 06, 2002Cathy Baskin entered the publishing world in 1981; 18 years later she was at the top of her game. The former editor-in-chief of "PC World" had established herself as a leader during her nine-year tenure at the magazine - collecting accolades and recognition in the process.
However, the high salary, visibility and perks of her position had come at a price. "I felt like I was losing touch with my family and friends," she says.
Baskin's demanding position and long work hours left her feeling burned out, and she seriously contemplated a career change. But when it came to deciding on her next step, she kept coming up blank ... until she took a trip to Biddeford Pool, Maine. While spending a holiday weekend there Baskin happened upon an opportunity that would dramatically alter the course of her life.
During a lunchtime outing in the small coastal town the magazine editor noticed a "for sale" sign at a local lobster company. She made a spur-of-the-moment decision to inquire about the business and, by the next morning, she was on the phone with one of her sisters, asking if she wanted to join her in buying the lobster pound. Beth Baskin's immediate response was "Absolutely!"
That was May, 1999.
By the end of that year, Cathy Baskin had quit her job, sold her house in San Francisco and moved to Maine. The sisters and a family friend, Ada Goff, purchased the P.M. Inniss Lobster Co. in March, 2000, and opened for business just one month later.
The lobster pound, which was recently rechristened Pool Lobster Co., is a wholesale supplier of crustaceans - as well as a retail business and specialty restaurant. The transition time and initial months of operation proved especially challenging for the partners. They were thrown a curve when the former owner of the business died unexpectedly, leaving them without a person to help train them in running the business. Then, less than two months after the business was launched, the company lost many of its lobsters to disease.
"It was a scary first year," says Cathy Baskin. "We made a lot of mistakes."
Fifty year-old Cathy Baskin had no prior entrepreneurial experience, although her partners did. Beth was a founder and owner of Agnes & Muriel's restaurant in Atlanta and Goff had previously been a mortgage broker. However, all three former city dwellers had a lot to learn about the male-dominated lobster business and small-town life on the Maine coast.
The lack of expertise didn't faze the women. They did a lot of independent research, received some good advice from peers in the lobster industry and relied on their complementary skills. Plus, the Baskins were no strangers to the area, having spent summers in Biddeford Pool since their youth.
"We figured we were smart partners," says Cathy Baskin.
In the day-to-day operation of the lobster pound, Cathy Baskin handles marketing, advertising, accounting and the company website (www.poollobster.com). Beth Baskin calls on her food service expertise to focus on the restaurant and takeout business, and Goff takes care of negotiating mortgages, loans and financial agreements.
According to Cathy Baskin, the transition from the boardroom to the labor-intensive atmosphere of the docks was smooth and surprisingly easy. "I used to spend 80 percent of my day in meetings, and now I have maybe one meeting per week." she says. "Now I dress in jeans, and it's such a pleasure not to have to manage a wardrobe. And I hardly wear makeup."
As the three partners move into their third year of operation, they are looking to continue growing their business and setting industry trends as they become a high-end fast food restaurant.
Cathy's new career and lifestyle brought her the rewards of time, peace of mind and the feeling that she was in control of her destiny. She also welcomes the uncertainty: "I learned to take risks. My attitude is 'well, if it doesn't work out, it doesn't work out,' " she says. "It's not too late to learn a new business."
("Radical Sabbatical" airs on the Fine Living Network Wednesdays at 8 p.m. EDT. Visit www.fineliving.com for more information. Distributed by Scripps Howard News Service.)
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