Rick McVey: Dilly Lily Success Story

Innovative Funding Solutions from Benetrends Financial

Richard McVey had an interesting path from the corporate world to entrepreneur. After receiving an MBA, he began his business career as an accountant. “After a few years, I was looking for a change and became a Men’s Divisional Manager for Saks Fifth Avenue.” It was there that he met someone who was going to nursing school and found it intriguing. “So, at the age of 41, I went to nursing school in Cleveland, OH,” McVey explains.

He continues, “I was an ICU nurse for 3 years and then got into clinical trial research and was promoted to manager and then Director of Clinical Trials. After 2 years, I was recruited to start and become Director of the Clinical Research Department for the University of Louisville Hospital. After another 2 years, I was recruited to start the Bluhm Cardiovascular Research Department at Northwestern University Medical School, and finally, I was recruited to work for a Danish pharmaceutical company in clinical trials where I was a Sr. Project Manager for neuro.”  He left the medical field when, after 9 years, his company went through a reorganization and his department was eliminated.

“I decided to reinvent myself,” says McVey.

“Initially, I was looking at owning a bed & breakfast, and attended a weekend seminar devoted to this industry, where part of the focus was on funding. While I decided that the bed & breakfast was not a good fit for me, it was during this seminar that I learned about the 401(k) rollover, and more specifically, about Benetrends Financial.”

Rick knew he wanted his next chapter to become an entrepreneur, “but first, I had to refocus my search for a business, and decided to pursue my lifelong dream of owning a flower shop.” It was perfect timing, as a high-end, and well-established floral business in the Lincoln Park neighborhood of Chicago was for sale.

After he found the right business, he did more research on the ROBS (Rollover as Business Startups) process. “I actually looked at 2 ROBS (Rollover as Business Startups) providers, but the Senior Consultant at Benetrends convinced me that they were the best option. The level of service I’ve received is top notch!”

Rick acquired the business in May 2016. Dilly Lily was established 19 years earlier and the owner was ready to move on. Along with the business, two key employees stayed on during the transition years. “We now have 7 employees, including myself. A turn-key establishment, I have been able to focus on building the brand.”

Dilly Lily is an upscale floral shop specializing in weddings and events as well as everyday flowers. McVey shares, “we readily admit to being flower snobs and only offer the highest quality novelty blooms available.”  

Dilly Lily celebrates the beauty of all flowers though we have an affinity for those that are unusual and unconventional. It is this whimsical and often dramatic flair that customers have come to expect from Dilly Lily’s floral creations. Choosing the highest quality flowers, grown on sustainable, socially responsible farms located around the globe and whenever available, they source local and organically grown product to stock the shop coolers.

With exceptional artistry, unparalleled customer service and a convenient location, Dilly Lily has become one of Chicago’s leading floral studios. The business consistently commands a reputation for delivering amazing flowers and has become the go to florist for discerning customers’ floral needs.

Whether your style is modern, classic, contemporary, or casual, our designers can capture and translate your style. Dilly Lily is best known, however, for compact, colorful designs with a twist of the unexpected. “Respecting the natural flow of each flower is important and our designers’ strengths lie in color combination and composition,” McVey says.

“Many people have joined me on my entrepreneurial journey. I did my due diligence, and hired an attorney, accountant, financial advisor, and consulting company (hired to value the shop). I believe that it’s always best to hire people who know more than you, and this assembled group really helped get my business moving forward. Aspects of business ownership that I didn’t think about were covered by the professionals I chose. It’s been money well spent!”

As an upscale floral boutique, the business has had its share of notable clients.  “We have done arrangements for Michelle Obama, Tyler Perry, Tiraji P. Henson, and Patti LuPone, to name a few. A favorite story is when the Chicago Cubs won the World Series in 2016. Nancy Pelosi sent flowers to the Ricketts family (owners of the Cubs).” McVey continues, “The Ricketts were so pleased with our work, we have become their go-to florist!”

Local schools and organizations often make requests for donations. We will offer either floral arrangements, or gift certificates to be used at the discretion of the recipient. We do a lot of work with Chicago House, an organization that originated as a housing agency for people with AIDS/HIV. We are a proud sponsor of the Annual Spring Brunch.

To see examples of their work and to learn more visit dillylily.com, or visit their Facebook or Instagram pages.