SCORE Helps Retiree Start a New Online Venture

Chicago Condos Online
SCORE Helps Retiree Start a New Online Venture
While editing magazines and books for Dr. Norman Vincent Peale, Ric Cox learned a lot about “the power of positive thinking.” That power helped him start ChicagoCondosOnline.com. But it was “the power of positive doing,” which Ric learned about from his counselors at Chicago SCORE, that helped transform his struggling business into a more viable one.
ChicagoCondosOnline.com is a subscriber-only Internet service that provides access to comprehensive information on more than 4,200 condominium buildings in Chicago to more than 250 agents and loan originators and hundreds of their customers.
"I’ve had a dozen sessions with counselors, not counting phone calls and emails. We focused on strategic planning and marketing. It was all free! Who knows what this counseling would cost on the open market."
—Ric Cox, owner, ChicagoCondosOnline.com
Ric first came to Chicago SCORE in 2005. He had retired after 32 years as a magazine editor, 20 years with Reader’s Digest and 12 with Dr. Peale. Ric says, “In my editing career, I learned to gather, organize and disseminate disparate data.” Those abilities, coupled with his investments in nine condos, led him to create ChicagoCondosOnline.com.
“My Web site offers what I call DDT—data, documents and tools,” Ric says. “When I went to SCORE, I had what I thought was a great idea, but I needed help turning it into a profitable enterprise.”
In his first meeting at Chicago SCORE’s downtown office, Ric was matched with SCORE counselor Elaine Waxman. She had owned her own real-estate firm and—after selling it—had held senior sales and management positions with one of the giants of the Chicago real-estate market.
“What a connection!” Ric says. “Elaine’s first recommendation was to complete the Web site. It was a multi-thousand dollar risk, but it helped land Fifth Third Bank as our first lender marketing partner, creating a new revenue stream.”
“At SCORE, I also learned of a web developer who saved me tens of thousands of dollars in development costs,” he adds. “Tough criticism by a second counselor, Jerry Hicks, drove me to re-examine and adjust my strategy. The improved business plan won me a $1,000 award from the City of Chicago and strategic advice from MBA candidates at the University of Chicago.” Ric hopes to partner with a local multiple listing service soon, then take the concept to other cities.
“I’ve had a dozen sessions with counselors, not counting phone calls and e-mails,” Ric says. “We focused on strategic planning and marketing. It was all free! Who knows what this counseling would cost on the open market.”