Kaden and I have a confession. Over the last two weeks, you could be forgiven for mistaking us for an angel investment fund.
More than five people have reached out pitching ideas, looking for capital connections, or simply wanting a platform to be heard. Simultaneously, we have been sitting across the table from some of the region's more influential and affluent figures. We find ourselves somewhere in the middle; holding conversations in confidence, connecting dots quietly, and watching something take shape that we did not entirely plan for.
What is clear is this: Toledo is thinking. People in this region are asking a serious question out loud. Can we spark something here? Can we actually build something that lasts?
History has a pretty strong answer to that. Ask Edward Drummond Libbey. Ask Michael Joseph Owens. Ask the Stranahan brothers, John Willys, or Clarence Spicer. Toledo has produced empire builders. The raw material has always been here. The hesitancy today is not about capability, it is about belief. And belief, from what we are seeing, is starting to show up.
Grants from the City of Toledo and backing from local organizations are beginning to move. Conversations that used to stay behind closed doors are finding their way into coffee shops and conference rooms. The infrastructure for something real is forming, and the energy behind it feels different than it has in a while.
Are we bold enough to host a pitch competition? Maybe not yet. But we know the people who are, and we are getting closer to them by the week.
What we do know is that at least twice a day, Kaden texts me the same thing: check the email, another one. And honestly? We are not complaining.
If you have an idea, early stage, half-baked, or fully formed, feel free to reach out. We are more than happy to be connectors.
A Note of Thanks | Norm Rapino
Sixty minutes with Norm Rapino was worth every one of them. Norm took the time to reach out, sit down, and walk us through programming at the University of Toledo that frankly more people in this region should know about. We are talking $80K jobs and little-to-no student debt. Not a bad combination. Toledo has more going for it than most people realize; and conversations like this one are a good reminder of that. Thanks, Norm. We will be paying attention.
Local Stock Market | 📈
Owens Corning | $OC ( ▼ 1.32% )
Dana Incorporated | $DAN ( ▼ 2.71% )
The Andersons | $ANDE ( ▲ 0.99% )
Owens Illinois | $OI ( ▼ 2.45% )
Welltower Inc. | $WELL ( ▲ 1.75% )
Marathon Petroleum Corporation | $MPC ( ▲ 1.5% )
First Solar | $FSLR ( ▼ 2.06% )

365 Days. No Exceptions.
The Toledo Zoo has to be one of the most iconic locations in all of Northwest Ohio. Friends and family from all walks of life flood the grounds any chance they get. And we mean any chance. It could be 75 and sunny in July or 27 and snowing in late November. The gates still open and the animals require care. The parking lots still fill. That consistency is due to a bunch of masterminds working behind the scenes.
From the outside, some may see the Zoo as a scenic venue. Bring animals in. Stage exhibits. Bring people in. Send them home. If only it were that easy.
What we learned during our two hours with Jeff Sailer and Shayla Bell Moriarty is this: the Zoo is a $40M enterprise and that figure reflects the operating budget alone, separate from its foundation and additional assets. It is a full-scale economic engine. And like any serious enterprise, it requires disciplined operators, diversified revenue, and sharp financial oversight.
We were fortunate to sit down with two of the sharpest minds driving that engine.
To put $40M in perspective, that places the Zoo in the revenue range of a strong regional manufacturing firm, a sizable construction company, or a high-performing multi-location restaurant group. This is not a side operation. It is a major regional business.
And it is far from one-dimensional. The Zoo operates across multiple revenue verticals:
Memberships
In-zoo sales including food, beverage, and retail
Corporate and private events
Signature seasonal programming like Lights Before Christmas, presented by Huntington Bank
The cost structure alone tells the story. Operating the Toledo Zoo costs no less than $100,000 per day and that floor rises with the season, the scale of programming, and the scope of activities running across the property at any given time. Whether 5,000 guests walk through the gates or 200 do, the fixed-cost base doesn't flinch. The tigers, hippos, brown bears, sharks, and eagles do not take a day off. Their version of the Ritz-Carlton runs 365 days a year. That reality demands a zoo that stays scalable; and one that treats hospitality as seriously as it treats conservation.
Because here is what separates the Toledo Zoo from a typical civic attraction: Leadership here views the guest experience and the mission as the same thing. World-class hospitality, deep conservation work, and robust education programs are not competing priorities. They are the operating model. Every membership sold, every school group that walks through, every catered event on the grounds, it all feeds the same engine.
Roughly $10M annually comes from memberships, representing about a quarter of total revenue. The Zoo has approximately 75,000 members, and about 40% of them come from Michigan. That cross-border loyalty is a strategy the Zoo prides itself on.
Admissions at the gate and online account for $7M in sales.
Another $9M is generated through in-zoo spending. Food, beverages, gift shop purchases, stuffed iguanas. The small transactions compound quickly when you welcome more than one million visitors annually.
Within that in-zoo spending mix:
Concessions generate approximately $5.4M annually
Retail operations contribute another $3.6M
Group sales and consignment account for $625,000
Catering revenue and facility rentals account for roughly $2.5M
And then there is Lights Before Christmas, presented by Huntington Bank.
That single signature event accounts for roughly a quarter of annual revenue. A seasonal program of cold nights, holiday lights, and a Zoo full of families has become one of the most powerful revenue drivers in the entire organization. It also illustrates something the Zoo understands better than most: community engagement is not a soft metric.
The Toledo Zoo hosts more than 400 events per year. Yes, there are only 365 days on the calendar. That should tell you something about their scheduling department.
At surface-level, the story is about animals and attractions. The deeper story is operating leverage, revenue mix, geographic reach, and year-round monetization of a civic institution, one whose mission of wildlife conservation, public engagement, and long-term sustainability is funded, dollar by dollar, through every program it runs.
If you view the Zoo purely as a place to spend a Saturday afternoon, you are missing the bigger picture.
This is a business and It has to run like one to protect everything it stands for.
If you believe in what they are building and sustaining, support matters. Donations here are more than charitable, they are an investment in one of the region's most resilient economic engines.
💵 Money Snacks
Here are a few headlines we are snacking on
The City of Toledo's Department of Economic Development has opened $250,000 in funding through its Facade Improvement Grant Program. Owners of commercial, industrial, or mixed-use buildings are eligible to apply for reimbursement on exterior improvement projects facing the street. If your building's front needs work, the city may pick up part of the tab.
Back in January, we told you to watch Westgate Village. Now it's confirmed. Dick's House of Sport and Golf Galaxy are moving in on Central Ave, and development is underway. This isn’t your typical sporting goods store…
The average tax refund in 2026 is running about 11% higher than last year, sitting around $3,571 driven largely by new deductions from last summer's tax legislation. Before that money hits your account and disappears into a weekend in Put-in-Bay, consider this: pay down high-interest debt first, then rebuild your emergency fund, then invest the rest. A $3,500 refund is not a windfall; it's your own money the government held interest-free for twelve months. Put it to work.
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