At some point in their careers, many people dream of becoming their own bosses. Two veteran electrical motor specialists in St. Joseph not only have dreamed it ... they've achieved it.
For several years long-time co-workers Mark Jago and Garry Reynolds had received indications that their Kansas City employer might be ready to sell the St. Joseph shop where they rebuild electric motors.
Consequently their career options were fairly straightforward. Mark and Garry could purchase the St. Joseph business and work for themselves or they could labor for someone else, possibly in another line of work. They elected to explore entrepreneurism.
In January 2003 Mark and Garry attended a Small Business Development Center (SBDC) presentation on Starting a Small Business in Missouri, to better prepare themselves. That session introduced the duo to the basic principles of business ownership, a subject they continued to research.
A few months later, armed with their new-found business knowledge and a desire to establish their own venture, they approached the SBDC office in St. Joseph to assist them in valuing the business and to secure a loan to purchase the shop.
Mark and Garry, each with more than 18 years of employment in the St. Joseph shop, had complementary skills and they knew the customers.
"However, sales over the last several years had decreased, due to changes in the industry and to problems in the home office," says Jerry Darnell, Northwest Missouri State University SBDC counselor based in the St. Joseph satellite center. "But the St. Joseph office had a solid core of business. Mark and Garry knew that with the right amount of capital they could rebuild the business."
With their equity investment of 49 percent, these determined partners secured an SBA-guaranteed loan through a local lender to finalize the purchase in August 2004. They kept the business at 901 S. 8th Street, but they changed the name to Dynamic Industrial Services. Since the purchase they have retained their existing client-base and have attracted other patrons, including many of the customers who previously had left.
Mark says, "We couldn't have done it without the assistance of the SBDC."
"They evaluated the financials to arrive at a fair value for the business," says Garry. "They assisted our attorney in putting together the offer-to-purchase and provided general encouragement to enable us to deal with the changes from employee to owner."
Dynamic Industrial Services
901 S. 8th Street
St. Joseph, MO 64503
Phone: 816-464-3409
Fax: 816-233-7700
E-mail: markjogo@sbcglobal.net
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