Last Tuesday, July 7, the two new owners of The Bluefin Bay Family of Resorts, Joe Swanson and Pipasu Soni, met with former owner Dennis Rysdahl to go over upcoming business plans as the peak-lodging season is fast approaching the North Shore. Dennis has agreed to stay on as a consultant for at least a year to help with the transition. Pictured here from L-R are: Joe Swanson, Dennis Rysdahl, and Pipasu Soni. Staff photo/Brian Larsen
After 36 years, founder Rysdahl will serve in an advisory capacity with plans to retire in 2021-22
The Bluefin Bay Family of Resorts – an award-winning collection of Lake Superior resorts – was purchased by North Shore native, Joe Swanson, and business partner, Pipasu Soni, of BFB, LLC, on June 30, 2020.
Dennis Rysdahl, who co-founded and managed the resort properties for 36 years, listed the resorts for sale in early 2019 as part of a succession plan. The first condos at Bluefin Bay on Lake Superior opened for business in 1984, followed by Temperance Landing in 2006, and Surfside on Lake Superior in 2008. Combined, the three lakeside resorts have 229 bedrooms and can host up to 704 guests across a collection of guest rooms, suites, condos and townhomes.
In planning for his succession, Rysdahl sought to find a buyer who would carry on the legacy of firstrate lodging and amenities, warm and friendly hospitality, and the high quality of guest service for which the Bluefin Bay brand is known. For Rysdahl, that also meant developing the Resorts’ leadership team and selecting an owner who would continue the longstanding commitment to the Bluefin Bay staff, owner partners, and the local community.
“I knew when I saw Joe Swanson’s name on the list of potential buyers that he was one of us. He shares a history here, as well as our core values and commitment to the community. Pipasu Soni’s resume and skill sets are also exceptional. I’m confident we’ve selected an ownership team that is deeply committed to continuing the Bluefin Bay tradition of creating memorable vacation experiences for guests for years to come,” Rysdahl said.
Also included in the sale were the resort’s three restaurants: The Bluefin Grille, Coho Café and Bakery, Waves of Superior Café, as well as Waves of Superior Spa. In addition, the resort properties include indoor and outdoor pools, saunas, fitness centers, tennis courts, ice rinks, children’s play areas, and wedding and event venues.
New owner has North Shore roots and a love for Bluefin Bay
For Joe Swanson, owning Bluefin Bay Family of Resorts is a dream come true. A Silver Bay native, Swanson worked at Bluefin Bay for seven years during high school and college in housekeeping, dining, and maintenance positions.
It didn’t take Joe long to make a positive impression on the staff as a new hire.
“Joe was a tremendously hard worker. Everyone wanted him in their departments,” said Dennis. “He asked a lot of questions about the business. I thought to myself, who is this 16 year old kid?”
Now a 401(k) and business advisor in the Twin Cities, when Swanson saw the resort for sale, he immediately contacted his friend and business partner, Pipasu Soni, a public company CFO, to discuss the idea.
That contact date happened in February 2019. With three successful business ventures behind them, Soni was eager to listen to Swanson, and he immediately liked what he heard and later saw.
“I liked the culture and organizational structure of the business. It has a great leadership team and there is room to expand,” Pipasu said. “We discussed a lot of the elements of the business over the course of a year. It checked all of our boxes. It [the sale] is a win for us and a win for Dennis.”
While growth is in the future, for now, the goal is to build on the leadership team, which will be led by Dennis over the course of a year or more. In the meantime, Pipasu is currently moving from Pittsburg to Winnipeg and will come every quarter to check on things. Joe will come more often from his Twin Cities home, but both of the new owners are confident in what they have learned and seen from the staff at Bluefin and are committed to seeing it grow.
“We’re deeply committed to advancing the culture and reputation of Bluefin Bay Family of Resorts developed by Dennis and his team,” Swanson said. “The Bluefin Bay team is the best I’ve ever met, bar none! That’s a tribute to Dennis’ leadership and hard work to create a community and experience beloved by so many.”
As part of the transition, Rysdahl will remain on contract to provide leadership and mentor the management team, which is especially important as they navigate operating during the coronavirus pandemic.
“We’ve had great success over the last two years building a capable and committed leadership team in preparation for an eventual sale, and the new owners will retain that team. I have a high degree of confidence that the operations of the resorts will continue to thrive,” Rysdahl confirmed.
When asked about purchasing a major business during the COVID-19 pandemic, Pipasu responded, “It was at the beginning and we were blissfully thinking, this is not going to be a big deal,” he said with a laugh.
Frank Jermusek, President of SVN | Northco Real Estate Services out of Minneapolis brokered the sale. “I have been involved with a number of resort sales on the North Shore over the last few years and was struck by the immediate connection the buying team and selling team had right out of the gate. Closing a transaction during the lockdown was very challenging and I think it took the perfect fit to make that happen,” Jermusek said.
Editor’s note:
Pipasu Soni is the Chief Financial Officer of (CFO) NFI Group whose headquarters are in Winnipeg. Prior to that he served as an Officer of United Steel Corporation in a variety of financial leadership roles including vice president, Performance and Management & Analytics, Vice President, Finance and interim CFO.
Pipasu holds a Bachelor of Science degree in Mechanical Engineering from Tennessee Technological University, A Master of Science degree in Mechanical Engineering from Clemson University and a Master of Business Administration, finance concentration, from Cornell University. He is also a Certified Management Accountant with the Institute of Management Accountants.
Pipasu has held many strategy leadership roles in financial planning and analysis, global and divisional finance, business transformation, plant controllership, strategic planning etc. He began his career in manufacturing and design engineering for Ingersoll-Rand in manufacturing and design engineering.
Joe Swanson and his wife Zoe have multiple ventures in Real Estate and she is a licensed agent with Compass Brokerage. Home schooled in high school, the Silver Bay native attended Lake Superior College in Duluth and then transferred to Minnesota State Mankato College and received his undergraduate degree in Financial Planning.
He and Pipasu met through their 11-year-old daughters, who attended school together. “Our wives became friends through that connection.”
Joe said he and Pipasu, “Started about three plus years ago on non-subsidized affordable housing and cabin clusters in the Duluth area. Bluefin is our third venture together. Pipasu and Christi (Pipasu’s wife) approached Zoe and I about our family Real Estate investments.”
And the rest, as they say, is history.
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