closing a store due to underperformance; moving a store to cut expenses by nearly 50% and improve the store layout and merchandising; opening a standalone or- chestral string shop; and opening a central distribution warehouse and repair facility. Our central distribution warehouse has saved us nearly $60,000 in freight charges in 2026 alone, allowed us additional discounts by purchasing in bulk and saves nearly 40 hours a week of manpower moving inventory from store-to-store. How have you made an impact on the MI industry? I believe I’ve had a positive impact on the MI industry by being a trailblazer in busi- ness ownership. As a woman, under 40 at the time and who wasn’t related to the owner, I acquired an SBA loan and purchased a multimil- lion dollar company, and have managed to successfully continue running it. Most owner transitions are difficult, even within family or long-term employee transitions, but an outsider with no connections to the business is nearly unheard of within our industry, especially one without previous business ownership experience. Succession planning is an uphill battle for our industry of family-inherited businesses. My purchase of Nick Rail Music, a large and reputable company, shows that it can be done and that our industry is supportive of entrepreneurs at every level. I’ve been told on multiple occasions, from men and women, that I have inspired them to pursue their entrepreneurship dreams, and I’ve offered advice, ideas and have been a sounding board to many individuals. I’ve sat on panels and given presentations on dealing with adversity, how to have grit and integrity, and how to deal with risk and failure. After each of these sessions, people tell me how inspir- ing my story is. These were unintended positive repercussions that show the impact I’ve had on the MI industry. MI PROFESSIONAL AWARDS, MEMBERSHIP & RECOGNITIONS: NAMM YP Board Member (2019–2021), Featured Panelist, NAMM Breakfast of Champions (2022), Presenter, California Association of School Music Educators Conference (2023), NASMD Board Mem- ber (2024–2025), LA Times Studios Inspirational Women Nominee (2024).
LAURA PENROSE, 41 President & Owner Nick Rail Music in Santa Barbara, California
with our rental contracts, implemented text and social media campaigns by tar- geted audiences, and incorporated AI into our inventory and pricing modules. We’ve also implemented HR procedures and policies to protect us from liabilities and hold employees accountable for their actions, both positive and negative. From a company that ran exclusively on “that’s cool! Let’s buy it!” and old school mail- ers, we have cut our inventory down by nearly 40%, while increasing retail sales by nearly 20%. These data-driven decisions have re- sulted in many dramatic changes, including
What’s your biggest professional accomplishment? My most significant professional accom- plishment has been the revamp of nearly every single aspect of our business opera- tions since purchasing Nick Rail Music in September 2019. We have changed the business strategy from “what do you feel?” to “prove it with numbers” — using hard data for everything from inventory selection, payroll budgets, expenses and category performance met- rics. Every decision we make is supported by hard data and is trackable both on the micro and macro level. We’ve updated our website, went digital
40 I MUSIC INC. I NOVEMBER 2026
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