Juan Carlos Salame’s family business began in Guayaquil, Ecuador in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments.
A revolutionary idea that many decades later evolved to what we know today as credit cards. A couple of stores have grown into a corporation with over 70 stores in Ecuador and a strong ecommerce presence.
- The business model is targeted at customers who don't get credit from their banks or lack a credit history to support them getting it.
- History did repeat itself as Juan Carlos's father also had issues with his father regarding joining and transitioning into the family business.
- Investing in time with the kids has become a top priority on the list of worthwhile investments.
- The family decided to assemble a book 2 years ago, which would tell the story of the family business and the family as well as the future of the business.