As you’re reading this, we’re sitting down with two executives at the Toledo Zoo, talking shop.
One thing this region consistently undervalues is its anchor institutions, the Zoo, the Art Museum, and a handful of others, as serious economic engines. These aren’t just “nice to have” amenities. They drive tourism, hospitality, staffing, sponsorships, and real dollars into the local ecosystem. Give us a week or two, and we’ll try to get closer to a real number on what something like Lights Before Christmas actually generates for the region.
Because it’s likely bigger than most people think.
Meanwhile, over the past few months, we’ve noticed something interesting. More local outlets are covering earnings, publicly traded companies, the tech sector, and broader business trends in ways that feel… familiar.
That’s fine. Imitation is the sincerest form of flattery. 🤝
And speaking of momentum: we’ve been tapped by a local firm to help share some major news coming to the region soon. Yes, we know - we tease a lot. But this one is substantial. The kind of thing that made Kaden call me like it was Christmas morning.
Details coming.
For now, let’s get into it. There’s a lot happening across Northwest Ohio - and you don’t want to miss it.
💪 This Week’s Shoutout: This week’s shoutout goes to Josh Peeno.
Josh recently shared Toledo Money with his LinkedIn network and noted how much he appreciates us highlighting the businesses in Northwest Ohio that are quietly winning. He’s right. Not every successful company is built on disruption. Many are built on discipline, consistency and execution over time. Josh represents exactly who we aim to serve. Professionals building careers, companies and long-term wealth right here in NW Ohio.
We appreciate the support, Josh.
Local Stock Market | 📈
Owens Corning | $OC ( ▼ 0.24% )
Dana Incorporated | $DAN ( ▲ 2.05% )
The Andersons | $ANDE ( ▲ 0.9% )
Owens Illinois | $OI ( ▼ 0.13% )
Welltower Inc. | $WELL ( ▲ 1.27% )
Marathon Petroleum Corporation | $MPC ( ▲ 2.46% )
First Solar | $FSLR ( ▲ 3.12% )
Georgette’s Wholesale Expansion: Mission Meets Marketplace

Sealing of a Georgette’s coffee roast.
First and foremost, if you are not familiar with Sunshine Communities they are a nonprofit in Northwest Ohio that supports and empowers people of all ages with developmental disabilities to build meaningful lives, form lasting relationships, and thrive in their communities. Georgette’s was formed to help employ their staff with developmental disabilities and find purpose.
From zero shelves to cities across the Midwest, Georgette’s coffee is quickly becoming one of the fastest-growing gateways to Sunshine's mission, which is creating community, belonging, and opportunity for people with developmental disabilities.
Georgette’s wholesale coffee line has emerged as a powerful way for people across the region to engage with Sunshine - whether or not they personally know someone we support.
What began with a single sale in August 2023 has grown into a business movement rooted in purpose. In just over a year, they have rebranded, expanded their product line, strengthened roasting operations, and partnered with a distributor to meet accelerating demand. Today, you’ll find their coffee on shelves across Kentucky, Indiana, Dayton, Cincinnati, and Cleveland, connecting thousands of new people to their mission of creating community.
For many, that connection starts with a simple cup of coffee. Georgette’s Business Development Representative Kasey Moon shared that years ago she and her mom met at Georgette’s because it was a convenient spot between Perrysburg and Maumee. (Not to mention an awesome co-working space for anyone that is a remote employee.) They came for a good cup of coffee but found so much more. “The staff knew my name and my order. It felt like home,” she shared. At the time, Kasey was working in product sales when she spotted an opening at Georgette’s and instantly saw the fit: “What an incredible opportunity to combine my love for this coffee with my skill set in selling wholesale goods.”
She applied immediately and never looked back. Every bag fuels jobs and skill-building through life-changing programs at Sunshine. And when business strategy aligns with social purpose, every new shelf expands opportunity and invites more people into the mission. Looking Ahead: E-commerce is coming in the new year (yes, we dropped breaking news). Whether you’re a Sunshine supporter or just a lover of quality coffee, you’ll soon be able to experience the mission from wherever you call home.
The Best Kept Secret in Sylvania | Gray Wolf Nation

Aerial view of Lourdes University Campus
The closing of Lourdes University is deeply personal for many in this region. But it is also a business story, and it deserves to be understood that way.
Lourdes sat at the physical and cultural center of Sylvania, quietly connecting north and south, students and families, generations and neighborhoods. It was a beautiful, peaceful campus that felt more like a community than an institution. If you spent time there, you understood why people struggled to describe it. Many called it “home.” Others said it simply felt different. The empathy, compassion, and care people showed each other were real, and rare.
I served on the Alumni Board for three years, and that sense of belonging was always clear. Students, faculty, and staff didn’t just attend or work at Lourdes. They invested in it. That culture mattered. But culture alone does not sustain an institution.
The Numbers Behind the Story
Lourdes’ enrollment declined sharply over the past decade.
Full-time undergraduate enrollment fell from approximately 1,285 students in 2012 to about 691 in 2022… a decline of nearly 46%.
During the same period, varsity athletics expanded significantly. The number of athletes grew from roughly 140 to nearly 450. By 2022, athletes represented close to two-thirds of the undergraduate population.
These numbers reflect a strategic shift Lourdes made around 2010: investing heavily in athletics as a primary enrollment driver. At the time, this was a common approach among small private universities. More teams meant more recruits, more students, and more tuition revenue.
For a period, the strategy worked.
Over time, however, it created a fragile financial model; one dependent on high tuition discounting, rising costs, and constant recruitment pressure.
The Revenue Math
Like most small private institutions, Lourdes was heavily tuition-dependent. Industry benchmarks suggest that schools of this size typically generate 70–85% of their revenue from tuition and fees, with limited endowment income to offset volatility.
After scholarships and institutional aid, net tuition revenue per student at similar institutions generally falls in the range of $14,000 to $17,000 (excluding on-campus housing).
Using that range, the economics become clear.
In 2012:
1,285 students × ~$15,500 (midpoint)
~$19.9M in net tuition revenue
In 2022:
691 students × ~$15,500
~$10.7M in net tuition revenue
That implies an estimated decline of roughly $9 million in annual tuition revenue over ten years - a contraction of roughly 45%.
At the same time, most core expenses; facilities, staffing, utilities, IT systems, compliance, student services, and athletics infrastructure, do not fall proportionally with enrollment.
When revenue drops nearly in half and fixed costs remain largely intact, deficits compound quickly.
Structural Pressure Was Unavoidable
Lourdes was not operating in a vacuum.
Like many Midwest private institutions, it faced powerful structural headwinds: fewer traditional-age students, lower immediate college enrollment rates, rising labor and facilities costs, and growing competition from public, online, and hybrid programs.
Without a large endowment or diversified revenue streams, there was little margin for error. Every lost student mattered. Every tuition discount mattered. Every unexpected expense mattered.
Athletics, while essential to enrollment, also added cost. Most NAIA programs operate at a net loss, requiring institutional subsidies to cover scholarships, staffing, travel, and facilities. What helped stabilize headcount also compressed margins.
A Market Lourdes Was Built For
One of Lourdes’ most important strategic assets was its commitment to working adults.
Evening classes, flexible scheduling, and career-focused programs created pathways for nurses, managers, parents, and career changers. For many in Northwest Ohio, Lourdes was not a fallback option. It was a second chance.
That market remains strong today. And it aligned naturally with the university’s Franciscan mission. In many ways, it represented Lourdes’ most durable long-term opportunity.
More Than a Balance Sheet
Still, reducing Lourdes to enrollment charts and revenue models misses the larger picture.
It was a major employer.
A neighborhood anchor.
A talent pipeline.
A civic institution.
Built by the Sisters of St. Francis, it served this region with purpose for decades. Thousands of graduates carry that influence into hospitals, businesses, schools, and nonprofits today.
That return on investment does not appear on financial statements.
The Lesson for the Region
Lourdes did not fail.
It confronted structural reality.
Small, tuition-dependent institutions now operate in a low-margin, high-cost environment with shrinking demand. In that environment, strategy matters. Scale matters. Adaptation matters most.
Northwest Ohio still needs accessible education. It still needs flexible pathways. It still needs mission-driven institutions.
The demand has not disappeared. The business model has changed.
Understanding that distinction will matter as this region decides what comes next.
📬 Forward Thinking
Our referral program exists for one simple reason: to make sure as many business professionals in Toledo as possible are speaking the same language.
Toledo Money is designed to raise the collective floor; shared context around finance, economics, deals, hiring, and the forces shaping this region. The more people reading it, the sharper the conversations become. At work. Over coffee. At dinner. In rooms where decisions actually get made.
So here’s the trade…
Refer a few friends who should be reading Toledo Money. When they subscribe (25 verified subscribers), you get rewarded; with gift cards to local restaurants and coffee spots that elevate your regular rotation. The kind of places you already recommend without being asked.
Same signal. Bigger network. Better meals along the way.
To make things a bit more competitive… We have a leaderboard - make sure you are at the top next week. 👀
💵 Money Snacks
Here are a few headlines we are snacking on
In the era of NIL, it is easy to keep our eyes on what players are earning WHILE in college. But what if we still kept an eye on what players who make it to the next level earn? University of Toledo Football Players in the NFL have earned $255 million+ in the last 15 years.
Can you feel summer around the corner? If you own a jet ski and want direct access to the Portage River in Port Clinton, with quick entry to Lake Erie, Coastal Marine has a limited number of docks still available. Seasonal access on the water is a small luxury that becomes a big advantage once demand spikes. Reserve now at 419-732-2165.
West Toledo’s retail revival is gaining momentum as the Toledo City Plan Commission unanimously approved Phase Two of the $31M Village at Secor redevelopment on the former Elder-Beerman site. The project will bring three new buildings featuring multi-tenant retail and a standalone restaurant, advancing alongside the neighboring $50M Westgate North development. Check out our report for future partners to take up storefront…
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