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| Benefiting from a Series of Fortunate Events |
| By Katherine Gould This article appeared in the Feb. 11, 2005, edition of the Crescenta Valley Sun. |
Standing behind the antique register in Once Upon a Time bookstore, Maureen Palacios greets customers by name and enthusiastically recommends books for children and adults. She doesn’t look like someone new to the bookstore business. But it has been a nearly two-year journey to get to this point, and Palacios has experienced the strains, joys and challenges of both being a new business owner and making a dramatic mid-career change. Before buying the business, Palacios was a longtime customer of Once Upon a Time. She visited the corner bookstore every weekend with her daughters, Amelia, now 9, and Jessica, 10. Palacios worked for a company that was hired by other corporations to create employee handbooks, train workers and, her specialty, terminate them without humiliating them. She was good at the work, but it was draining. When they learned Once Upon a Time owner Jane Humphrey was closing the store and retiring, the Palacioses, like many other loyal customers, were distraught. Jessica, then 8, went so far as to write a letter to the editor begging someone to buy the store. After seeing the letter, Humphrey suggested Palacios buy the store, and—when Palacios balked that she didn't know anything about running a bookstore—Humphrey offered to train her. After much discussion with her husband, Jorge, Maureen Palacios quit her successful career in human resources and bought the store. The first year, even with three months of training from Humphrey, was a struggle. “In 2003, we did not know what we were doing,” Palacios admits with a laugh. The biggest challenge came immediately on the heels of Humphrey’s retirement. Unsteadily at the helm of the store, and still a bit overwhelmed, Palacios faced the June 2003 release of the fifth Harry Potter novel. Humphrey had placed advanced orders for the book, but because of the change of ownership, the distributor wouldn't honor the contract. Palacios scrambled to get the books that had been promised to customers. When the store opened to sell Harry Potter at midnight the first day of its release, Palacios had the books. She demurs when asked how she acquired the books, saying only that she did what she had to do. Although Once Upon a Time had a dedicated customer base, Palacios knew she had to keep those customers and attract new ones if this business venture was going to thrive. In the next few months, Once Upon a Time benefited from a series of fortunate events. The Coffee Bean and Tea Leaf opened across the street, bringing the bookstore a steady stream of browsing customers. New restaurants opened down the street, and the Coffee Bean drew foot traffic from established restaurants. “It’s almost a triangle,” Palacios said. “People go to the restaurant, get coffee, look at books.” To take advantage of the foot traffic, and to cater to working parents, Palacios extended the store's hours. Once Upon a Time was not just surviving, but thriving. But with more customers came more work. Humphrey had taught her how to order and keep inventory, but Palacios had to learn what books her customers expected to see in the store every day, and what items would sell well. “It took me a while to know what the standard books are,” she said, noting that because Humphrey had always carried Beatrix Potter books, customers expected them to always be in the store. While keeping those books in stock, Palacios has added her own personality and her own favorites. She carries sock monkey cards because they make her laugh, every version of “Peter Pan” because she loves the book, and every book by her favorite illustrator, Lisbeth Zwerger. She continues to carry books for both children and adults, and has started advertising the grown-up books more. “I’m willing to try anything,” she said. “Perhaps after 30 years, I won’t try as much, but now I’ll try anything.” Palacios quickly replaced Humphrey’s microfiche inventory system with computer records, and had to learn the system herself and teach it to the workers who had stayed with the store through the change of ownership. As a new owner, Palacios had to establish her own credit with suppliers, who did not continue the credit they had offered to Humphrey. One big supplier refused to grant Palacios any credit at all, and another granted her only a tiny amount. “Without a credit upgrade, I would be sending them checks every few days, because we were doing so well,” Palacios said. Finally, she attended a trade show and introduced herself to the credit manager of one of her suppliers. “That was the best thing I ever did,” she said. “He gave me credit right there on the spot.” Like many new business owners, Palacios found the store needed relentless attention. Palacios worked seven days a week, sometimes with her husband and daughters by her side. “My husband is more of a nurturer,” she said. “I've got more of an entrepreneurial spirit. Which is good until it comes at the expense of your family.” Eventually, the stresses of learning and building a business took their toll. “I’m a very high-energy and creative person. I’m definitely not an organized person,” Palacios said. “I learned there isn't a never-ending supply of energy. You have to set some boundaries, which is not something I’m good at.” Eventually, the stresses of learning and building a business took their toll. “I’m a very high-energy and creative person. I’m definitely not an organized person,” Palacios said. “I learned there isn't a never-ending supply of energy. You have to set some boundaries, which is not something I’m good at.” Now Palacios closes the shop on Mondays, and in the afternoon picks her daughters up from school and enjoys “baking day” with them. No matter what, Monday is their afternoon together. After the Christmas rush—during which she hardly saw her children at all—Palacios closed the store for two weeks. “People say, ‘How can you do that?’” Palacios said. “I say, ‘How can you not do this?’” Coming off the best December in Once Upon a Time’s history, Palacios has not lost what she calls her entrepreneurial spirit, or the long hours. She still works seven days a week while she tries to get the bookstore and herself better organized. She still wants to try new things, even as she realizes she must be more careful about controlling costs. She wants to revamp the shop’s Web site, but knows the physical store must be strengthened first. Nearly two years after Jessica wrote a letter that changed their lives, Palacios's two daughters are often seen behind the counter. Maureen may be the owner, but this is definitely a family business. |
Katherine Gould - (818) 635-2886 - keg@katherinegould.com