When Ben Rowell decided to build his own small business, he knew exactly where to go.
Being familiar with the Arkansas Small Business and Technology Development Center at the University of Arkansas after working as a virtual consultant with the Center during the COVID-19 pandemic, he reached out to Scott Lacy, ASBTDC finance and business consultant.
“I wanted to start a business but really did not have the slightest idea about how to approach financing and interacting with banks as it relates to loans,” said Rowell.
Working together to identify opportunities and brainstorm ideas, they evaluated several businesses and pinpointed a company being offered for sale. Lacy provided extensive help on executing this project, but the deal ultimately fell through based on the bank valuation plus the seller being non-negotiable on adjusting the sales price.
Rowell moved forward and pinpointed a plumbing franchise for consideration. Lacy worked with him on initial feasibility, including financial and general aptitude, management, and a SWOT analysis. Rowell decided to purchase the Benjamin Franklin Plumbing franchise.
Utilizing previous tools and knowledge to acquire a loan, Rowell was successful and Benjamin Franklin Plumbing of Northwest Arkansas will open its doors on October 2, 2023.
“Scott helped me formulate a well-designed business plan to provide to banks that resulted in a successful SBA loan,” said Rowell. “Without the ASBTDC and without Scott’s guidance, I would not have been able to start my own business.”