12th Annual Ronald C. Baird Sea Grant Science SymposiumNovember 14, 2013

The Future of Shellfish in Rhode Island

2

1) Introduction

2) The Challenges of Selling Local

3) How Foley Fish Markets Shellfish

4) What Foley Fish Values in a Vendor

Agenda(in 15 minutes)

FOLEY FISHFamily Owned and Focused for Four Generations

• Full service, primary processor of fresh seafood• Only ship direct to the end user (hotels, restaurants, clubs, schools & specialty retail) • Customers in 40 states, Bermuda, and the Caribbean

4

Foley Shellfish Statistics

1) At any given time we handle: 12 Varieties of Oysters 6 Varieties of Mussels All sizes of hardshell clams Soft-shell Clams & Razor Clams

2) Virtually all of our sourcing is from New England andthe Canadian Maritime Provinces

3) Every business day ( on avg) we sell: 140 bags of Oysters 120 bags of Mussels 80 bags of hard-shell clams

4) We do not wet store (tank) any shellfish inventory

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

5

Challenges of Selling Local

Local Farm to Local Table

• Can the local table offer stable, sustained, year round demand?

• Are there enough local tables?

• Do the local tables pay promptly?

• Are there too many local farmers all looking for a spot at the table?

• Are you prepared to jump every time the dinner bell rings?

• Are you willing to set up your own tables?

• Is it possible that a table in Singapore or Shanghai might valueyour shellfish more than the local table?

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

6

Evaluating Shellfish – What Does Foley Fish Look For?

Quality of Harvest Area / Environment Uniformity of Size Cleanliness of Shell Meat to Shell Ratio Salinity / Taste Logistics – time out of water Availability – Harvest Season Commitment of the Farmers Record Keeping Name Price

Blue Hill Bay at Sunrise

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

7

Tell the Role of the Vintner - Shell fisherman

Farmed or Wild Seed Grown out with upwellers? Racks or Ocean Floor? Time in the Beds – Sizing? Winter Storage? Tumbled – Cup Shape? Method of Harvest? Different Culls? Washing Method? Processing - Purged?

What makes your product different? better?

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

8

Highlight environmental attributes… shallow water cover, with ample sunlight penetration 8-10 foot tidal movement delivers nutrients and removes waste, twice daily the harbor has no commercial or industrial development 75% of the land surrounding the harbor is conservation protected the natural geography creates a tidal swirling effect moving through the

area, constantly reintroducing nutrients the bay is naturally high in salinity

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

9

Points of Differentiation:

Full traceability from premium hatchery seed stock

Oysters moved during grow out for maximum nutrients

Last year of grow-out done in raised mesh bags for a cleaner oyster

Graded before shipping for uniformity of sizing

Purged for cleanliness

WAWENOC OYSTERS

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

11

SeaTrace QR code technology

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

12

Characteristics of Foley’s Best Shellfish Vendors They have a passion for what they do

They are willing to share their knowledge – educate

They are always striving to improve the product

They run their operations as businesses, not a hobby

They are good communicators – in real time

2013 BAIRD SEA GRANT SCIENCE SYMPOSIUM

13

Keys to Customer Retention(as espoused by Frank Foley)

Pick a business model and stick with it

Try not to overpromise

Grow your business gradually

Telegraph any price changes

Get to know your customers’ business

Don’t compete with your best customers(keep a level playing field in all markets)