Keeping It in the Family: How 21st Century Bank Helped Carol’s Restaurant Stay Family-Owned
For more than 35 years, Carol’s Restaurant in Blaine, MN, has been a cherished spot for scratch-made comfort food, known for its welcoming atmosphere and homemade dishes. Founded in the 1980s by Carol Brown, the restaurant grew into a beloved community institution thanks to Carol’s vision and the hard work of her niece, Jackie Carlson, who joined as the restaurant’s first employee.
From its early days, Carol’s Restaurant built a reputation for serving food made entirely from scratch—freshly baked bread, vinaigrettes, and signature dishes like homemade hash browns and eggs benedict with fresh hollandaise sauce. Carol and Jackie created more than a menu; they created a space where families and friends could gather, share meals, and make memories.
When Carol decided to retire, she faced the challenge of ensuring her legacy remained intact. For Jackie, there was no question—she wanted to keep the restaurant in the family. But, like many small business owners, financing the transition proved to be a daunting obstacle.
The Challenge of Financing a Family Legacy
Jackie Carlson had spent her entire career at Carol’s Restaurant, helping build it into what it is today. From creating recipes to managing the daily operations, Jackie has dedicated her life to the restaurant. However, when the time came to purchase the business, her lack of borrowing history made securing financing difficult.
Jackie had always prioritized living debt-free, which meant she had never taken out a large loan before. This became a challenge when other banks required significant down payments and offered unfavorable terms. Despite her passion and deep knowledge of the business, Jackie struggled to find a financial partner willing to back her vision.
“I was driving down Highway 65,” Jackie recalls. “I asked God, ‘Just tell me what to do. If you want me to have this restaurant and carry it on through our family the way it has been for 35 years, tell me what to do.’”
In a moment of inspiration, Jackie pulled into the parking lot of 21st Century Bank. She picked up the phone and called to explain her situation. On the other end of the line was Todd Klingl, Senior Vice President and head of lending, who listened to Jackie’s story.
A Creative and Personalized Lending Solution
When Jackie explained her desire to keep Carol’s Restaurant in the family, Todd immediately reassured her: “We’re going to help you.”
Unlike other financial institutions, 21st Century Bank prides itself on tailoring solutions to meet the unique needs of its clients. Todd and his team dug into the details of Jackie’s situation, exploring how they could make the purchase possible. The team restructured the deal, leveraging two Small Business Administration (SBA) loan programs to provide a manageable solution.
- An SBA 7(a) loan was used to finance the business purchase, offering a 10-year repayment term.
- An SBA 504 loan was used for the building purchase, extending the repayment term to 25 years.
This combination of loans provided Jackie with the flexibility she needed to make the purchase financially feasible while preserving the legacy of Carol’s Restaurant.
“Todd took the time to listen to me and help me,” Jackie said. “This isn’t a big bank where you’re just a number.”
The process involved extensive collaboration. Todd guided Jackie through preparing her personal finances for the down payment and spent hours answering questions, including late-night calls to accommodate Jackie’s busy schedule.
“He protected us on a lot of stuff where we didn’t know right from wrong,” Jackie said. “He really guided us in the right direction.”
A Partnership Built on Trust and Community
21st Century Bank’s approach to Jackie’s situation exemplifies their commitment to small businesses. “We are creative. We are receptive. We are patient,” said Todd. “When Jackie called, we listened to her story and knew we could make it work.”
The continuity of keeping the restaurant in the family also played a significant role in the bank’s decision to support Jackie. “The continuity was a positive factor for us,” Todd added. “Jackie had essentially run the business for more than two decades and wouldn’t miss a beat in the transition.”
The bank worked closely with Jackie to finalize a deal that satisfied all parties, including the seller. “We looked at all the numbers, figured out how to utilize the SBA programs, and came up with a win where everyone felt comfortable,” said Jon Dolphin, President of 21st Century Bank.
A New Chapter for Carol’s Restaurant
Today, Carol’s Restaurant remains a thriving, family-owned business under Jackie’s leadership. The transition has allowed Jackie to continue the restaurant’s traditions while bringing the next generation of her family into the fold.
Jackie now owns the business alongside her two daughters, Alyssa and Courtney Birdsall, who are deeply involved in its operations. Alyssa has worked at Carol’s for more than 20 years, while Courtney manages human resources for the restaurant’s 50+ employees. Even Jackie’s son and son-in-law contribute to the business, making Carol’s a true family affair.
“Our customers are family to us. Our employees are family to us,” Jackie said. “I’m grooming my kids to have them take over one day.”
Despite the ownership change, Carol’s Restaurant continues to delight customers with the same scratch-made comfort food that has been its hallmark for decades. From their famous homemade hash browns to their fresh hollandaise sauce, the restaurant remains a beloved part of the Blaine community.
Supporting Small Businesses, Strengthening Communities
21st Century Bank’s ability to tailor personalized solutions is a testament to its commitment to small businesses and the communities they serve. For more than 105 years, the bank has been a trusted partner for entrepreneurs, providing the resources and guidance they need to succeed.
“Honestly, I don’t think I would have been able to do this without 21st Century Bank,” Jackie said. “I truly believe Todd was sent to me for a reason. I’ve never had another job in my life. I started here when I was 15 or 16 years old, and I felt like I had to do this.”
Visit Carol’s Restaurant
Carol’s Restaurant continues to serve the Blaine community with its homemade comfort food and family-focused atmosphere. Whether you’re craving their signature eggs benedict or their monthly special freshly made pasties, Carol’s is the place to go for scratch-made meals and warm hospitality.
To experience Carol’s for yourself, visit their location in Blaine or call (763) 757-9700 for more information. As Jackie says, “There is a family behind every successful business.
A Legacy Preserved
The story of Carol’s Restaurant is one of resilience, passion, and the power of community. Thanks to Jackie’s determination and 21st Century Bank’s creative lending solutions, this beloved family-owned business continues to thrive, serving great food and strengthening the bonds of the Blaine community.
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