For Brian Smith and Jackie Cuscuna, co-founders of Ample Hills Creamery, starting an ice cream business was no easy task. They began with a simple ice cream push cart before opening their first shop in Brooklyn, New York, in 2011. The business quickly grew, reaching a valuation of $40 million with 13 scoop shops and a nationwide online store.

However, after eight years of success, Ample Hills faced financial struggles. In March 2020, Smith and Cuscuna filed for business bankruptcy, followed by personal bankruptcy six months later. Eventually, the company was sold to Schmitt Industries for $1 million.

Despite their setbacks, Smith and Cuscuna didn’t give up. They opened a new ice cream shop called The Social in Brooklyn and partnered with investors to reacquire the Ample Hills brand for $150,000.

Here’s the story of how Smith and Cuscuna built a multimillion-dollar ice cream company, faced adversity, and started rebuilding.

Opening an ice cream shop was a risky move for Cuscuna and Smith. Cuscuna was a teacher for over 20 years, while Smith worked as a screenwriter. However, Smith’s passion for making ice cream led them to pursue their dream.

\”The real impetus was just that joy that it brings when you make ice cream and you share it with people,\” Smith said. They launched their first push cart in 2010, offering high-quality ice cream flavors that appealed to all ages.

With their success, they invested their life savings in 2011 to open a physical shop. Ample Hills quickly gained popularity, attracting long lines and earning praise from celebrities like Steven Spielberg and Oprah Winfrey.

In 2014, Ample Hills faced high demand and decided to build a factory. They raised $19 million in venture capital funding, expanding their locations and opening a large factory. By 2019, they had 13 shops and $10 million in annual sales.

However, the factory brought unforeseen challenges. Oversized equipment, unique ingredients, and costly packaging decisions led to financial losses. The machine used to fill custom rectangular pints often resulted in wasted product.

Despite attempts to raise more money, Ample Hills declared bankruptcy, leaving Smith and Cuscuna devastated.

After the bankruptcy, Cuscuna sought guidance and found a new business advisor. This led to the opening of their new ice cream shop, The Social, with a small group of knowledgeable investors focused on profitability.

The couple handed over the CEO role to Lisa Teach, a board member with expertise in business coaching and entrepreneurship. Smith and Cuscuna now oversee marketing and creative processes.

In a surprising turn of events, Smith, Cuscuna, and their investors reacquired the Ample Hills brand for $150,000 in 2022. Their goal is to nurture both The Social and Ample Hills, focusing on profitability and brand building.