A Clean Hand-Off: Dana and Ray Chery’s Path to Entrepreneurship Through Acquisition
No two paths to entrepreneurship look the same – except maybe for Dana and Ray Chery’s. Dana, A06, and Ray, A06, are fulfilling their entrepreneurial dreams as co-owners of Monsam Portable Sinks, which designs and manufactures premium, self-contained mobile sinks and handwashing stations. We spoke with Dana and Ray to learn more about their journey of entrepreneurship through acquisition (ETA).
Dana and Ray met on their very first day at Tufts and kicked off their journeys as partners in both life and entrepreneurship. However, neither of those journeys started right away. Just as their friendship didn’t blossom into something deeper until their senior year, they didn’t dive straight into entrepreneurship after both graduating with a BA in Economics. Dana went on to build a Marketing career at Fortune 100 and emerging tech companies while Ray built a career in financial services and investment banking. After more than 15 years in the corporate world, they decided it was time to pursue their lifelong dream of entrepreneurship.
“We’ve both always had an itch for entrepreneurship,” Ray shares. “There’s just something special about the idea of applying your skills and knowledge to something that you ultimately control the destiny of.”
Founded in 1998 by a husband-and-wife team, Monsam Portable Sinks is as much a result of marital partnership as Dana and Ray’s own ETA journey. The idea for portable sinks originated from the wife’s experience as a food vendor at different fairs and events. They recognized a clear need for effective hand washing and sanitation while serving food, and her husband, an engineer, built their first portable sink model. Since then, Monsam Portable Sinks has expanded rapidly, now selling over 60 models that serve the needs of event venues, schools, salons, healthcare facilities, science labs, animal groomers, and more.
Dana and Ray’s interests were piqued by Monsam’s niche but necessary product-market fit, as well as their personal connection to the original founders as two sets of entrepreneurial couples. Ray’s research into the financial foundation of the business proved the acquisition made logical sense, and the fact that the original owners planned to retire led the deal to feel like a handoff from one family to another. With both numbers and ethos in alignment, Dana and Ray officially acquired the business.
The couple’s complementary skill sets – Dana’s expertise in marketing and tech and Ray’s background in finance and sales – allow them to effectively tag-team the unique challenges of being owner-operators.
“The most important thing to understand with ETA is that you’re entering into a business that already has a lot of history,” Dana explains. “We wanted to observe and learn every aspect of the operation, so we spent a lot of time working side-by-side with our employees who have been with the company for years and know it best.”
Running a business is never as simple in practice as it is on paper. The pair had to quickly bring themselves up to speed on the company’s manufacturing processes and workforce, in addition to all of the administrative aspects of the business. With no two days looking the same, a combination of strong project management skills and a flexible mindset were key.
When it comes to learning as you go, Ray says it’s all about perspective: “You might come in with all these ideas for sweeping changes, but it’s critical to appreciate all the organizational history that led to the current operational processes and understand those key workflows ahead of making incremental changes. It’s not exclusively about bringing a fresh approach; it’s just as important to be open to other perspectives as well.”
The Jumbo couple shares that their time at Tufts taught them the power of taking on perspectives different from their own.
“Tufts really emphasizes the values of being well-rounded, listening, and building community,” Dana says. “When you bring people from different backgrounds together who are all at that stage of trying to figure out life, there’s a lot you can learn from each other.”
Looking toward the future, Dana and Ray are focused on expansion. They plan to build on the foundation laid by Monsam’s founders and make mobile hygiene accessible anywhere it’s needed. Their goal is to find continued success not just for themselves, but for everyone at the company.
For those interested in pursuing a similar path of entrepreneurship through acquisition, Dana and Ray have one big piece of advice: “Be eager to learn and ready to adapt. If you go into it with passion and respect the process, you’ll set yourself up for success.”
The Derby Entrepreneurship Center will be inviting Dana and Ray back to Tufts in the coming academic year to speak with students and share their entrepreneurial journeys.