Bitter Neumann – Business Case Study

As a part of the National Exchange Bank & Trust culture, we strive to build long-lasting relationships with our business customers. You may wonder what this looks like in action. Learn about the relationship we have built with Bitter Neumann and how we helped them through their recent renovation.

The History of Bitter Neumann 

Bitter Neumann has been a family-owned retail store since 1922 when Alfred Bitter, Sr. bought a General Store in Millersville, Wisc. Over time, the store has evolved from selling groceries, hardware, appliances, sporting goods, TVs and more to focusing solely on home furnishings - appliances, furniture, mattresses and decor. During this evolution, ownership has passed down from generation to generation. Today, Dan Radue is the fourth-generation owner, and the company has three locations – Sheboygan, Manitowoc and Waupaca.

Dan Radue’s connection with National Exchange Bank & Trust began in 2005 when NEBAT purchased the bank building of the former State Bank of Howards Grove and acquired a portion of the local accounts. In 2007, when Dan purchased Bitter Neumann, the business relationship with NEBAT started to form and grow. From building the store in Manitowoc, to having a Business Line of Credit and renovating the Sheboygan location, Dan Radue has found a consistent and reliable collaborator in NEBAT. Over time, Dan has built strong relationships with NEBAT’s team, leveraging their support as true business partners. Today, his “go-to lender” is Dan Shilts, a Commercial Loan Officer in Sheboygan County who is based out of our Cedar Grove office.

Obtaining a Large Construction Loan

Bitter Neumann’s family leadership team discovered an opportunity to improve operational efficiency and enhance curb appeal at their Sheboygan location setting the stage for future prosperity. Dan Radue initially approached National Exchange Bank & Trust for a loan to replace the roof in one spot and modify their loading docks. The three buildings that form the Sheboygan store are pieced-together, each rich in history. What began as a relatively straightforward improvement loan, evolved into a major construction project aimed at expanding space, optimizing inventory storage and movement, and unlocking the full potential of the property. Dan Radue says that as they sat down to discuss the scope of the project, one idea led to another and “what started out as an eight-month project is still going on after two and a half years with another six to twelve months left.”

Our Tailored Solution

What has helped the project succeed has been the invaluable relationship Dan Radue has built with National Exchange Bank & Trust. Since some of the buildings date back 170 years, Bitter Neumann knew there would be unpredictable challenges along the way. Dan shared that “it was comforting to have the backing of NEBAT as we moved through the project without knowing what was ahead.” He stayed in close contact with his commercial lending team, including Steve Holz and Dan Shilts, which allowed them to work through those challenges along the way without cutting corners.

The Results

Why NEBAT?

Being the fourth-generation owner of Bitter Neumann, Dan Radue shared with us that “it’s all about personal relationships.” The relationships he has built with the bankers and lenders at National Exchange Bank & Trust have allowed him to make the changes needed to continue to grow and thrive as a business. 

How can we help take your business to the next level? Contact us today!
 

Meet Our Business Lenders   Learn About Our Business Loan Options