University Of Alaska Anchorage: Keep Calm And Macaron

Press release from the University of Alaska Anchorage:

July 26, 2021

Evoking the British government’s World War II motivational messaging to boost public
morale amid an era of uncertainty, UAA finance alumnus James Strong’s email signature
reads, “keep calm and macaron” — a play on words that serves as the perfect encapsulation
of his time navigating his own uncertainty regarding careers.

Long before Strong opened his macaron patisserie, Sweet Caribou, he had a successful
career as a financial advisor, albeit one that deviated from his original intent to
teach people how to save money and plan for the future.

“I really liked the idea of what I could do with finance,” said Strong. “My goal was
to help 20-somethings and 30-somethings who have no money and no idea what they're
doing. But I realized to make money in financial planning, you have to focus on people
who are already retired and have money. So I realized that wasn't for me and I crashed.”

Deciding that a career reboot was in order, Strong chose to apply his financial background
to another one of his passions: fisheries. After rounding out his B.B.A. in finance
from UAA with an M.S. in fisheries from UAF, he began exploring Ph.D. programs while
writing a book about fisheries economics until a familiar feeling greeted him.

“I was working on my second chapter and the same thing happened where my brain just
shut off,” said Strong. “I had questions about if I was on the right path. At some
point, you invest so much time into something that you push yourself to do it one
way or another. But my brain said to me, ‘This is not what you're supposed to do.’”

During his next period of soul searching, Strong developed an interest in baking with
his sister, calling back to a family tradition of showing affection while cooking
and eating together. On a whim (or entrepreneurial instinct), the siblings decided
to sell some cupcakes at the Anchorage Market in the summer of 2014. Their entire
inventory sold out the first day. 

Still, for fun, Strong and his sister spent the following months transitioning their
baking operation to a kiosk in the Midtown Mall and began renting out a commercial
kitchen to meet the growing demand. Most importantly, they pivoted from cupcakes to
macarons to differentiate themselves from other Anchorage bakers.

“Most people had no clue what [macarons] were, but we just kept selling out of them,”
said Strong. “Our mom comes over at some point and says, ‘The cupcakes are good, but
everyone does cupcakes. The macarons are fantastic and what you should be focusing
on.’ So we started doing that, and it was like it was meant to be. This is what I
was supposed to do.”

When demand began to outpace output, Strong decided it was time to fully commit to
the idea of a macaron patisserie. Again relying on his finance education, he secured
opening expenses while minimizing debt and interest payments. And in August 2016,
the doors to Sweet Caribou’s home in midtown Anchorage opened to a line around the
block.

Since then, every facet of Sweet Caribou has grown, from having three employees to
26 — many of whom are UAA students, considered a “safe bet” by Strong thanks to their
training — to expanding the menu to include salads, which now accounts for two-thirds
of their income. Even a delivery model was added, which would prove to be a saving
grace for business much later down the line.

That time, of course, being the COVID-19 pandemic, which impacted all businesses,
but none more so than the restaurant industry. During the first month, Strong was
forced to lay off 50% of his employees and keep the business afloat thanks to the
support from customers who went out of their way to make purchases and tip generously.
Additionally, Sweet Caribou was able to rely on what had become a fine-tuned delivery
model when other restaurants struggled to establish their own to supplement the loss
of dine-in income.

When assistance finally arrived via the Coronavirus Aid, Relief and Economic Security
(CARES) Act, Strong knew exactly what he wanted to do with it: reinvest back in his
employees by hiring them back and paying them whether the work was there or not.

“Funds from the Paycheck Protection Program were designed to stimulate the economy,
take care of employees and provide new employment opportunities,” said Strong. “So
I felt like it was incumbent upon me to reinvest it back into doing what it was meant
to do.”

Now that his employees have come back and business operations have somewhat returned
to normal thanks to COVID-19 vaccinations now being widely available and restrictions
on indoor gatherings being laxed, Strong is optimistically looking ahead. Sweet Caribou
will be moving to a bigger location next door to their current one and will serve
more customers and hire more employees. 

Most importantly, Strong is happiest to be able to see his customers’ smiles and faces
again — the very customers who supported the business when they were just getting
started and again throughout the pandemic.

“It's important to be able to give back because the community has given so much to
us,” said Strong. “What I missed more than anything was seeing people smile. I love
the kids coming in getting all excited. I love the grown-ups who come in a bad mood
because I can bring a smile to their face with a 30-second interaction. How many jobs
let you do that? It’s amazing what the macaron can do.”

This press release was produced by the University of Alaska Anchorage. The views expressed here are the author’s own.