Arkie Lures is a fifty-year-old company based in Lowell, Arkansas with products designed by fishermen, for fishermen. Makers of the ‘Original Jig’, the company crafts and sells a variety of lures and jigs, along with kits and branded apparel and accessories.
When operations manager T.J. Parks was offered the opportunity to purchase Arkie Lures from its retiring founder, he reached out for guidance from the Arkansas Small Business and Technology Development Center at the University of Arkansas.
“When I was a teenager, I told my friends and family that I would own a sporting goods store,” said Parks. “I made my mind up to do anything I could to get into this business, I love the outdoors!”
Arkie Lures seemed like the perfect fit for Parks.
Stephanie Parsons, ASBTDC business consultant, led Parks through a comprehensive review of all financials and a valuation of the business. Parsons helped Parks understand what the financials could be, helped him know what to expect, and assisted him in finding a small business lender. Following extensive negotiation, the purchase of Arkie Lures was secured with a loan from Signature Bank of Arkansas.
“ASBTDC overall was a great sounding board for me as an entrepreneur,” Parks said. He believes in being bold and brave and advises working with people who will work in your best interest, like the ASBTDC. “Lean on them for advice! Know that you can be open and honest with them, they are on your side,” emphasized Parks.
“The most rewarding part of working with T.J. on this project is that we were able to provide the guidance on the worth of the business to ensure his greatest future success,” said Parsons.
A small business owner faces many challenges. For Parks, it is time and money.
“There is so much I want to do, so to overcome time, I have to prioritize,” according to Parks.
Parks recently visited the Center to offer his thanks to Parsons for all the help with the purchase and said, in celebration, “On with the growth!”
Arkie Lures
804 S. Lincoln Street
Lowell, AR
arkielures.com