Success Stories

SANDHILLS SCORE HAS HELPED A NUMBER OF LOCAL SMALL BUSINESSES

HERE ARE A FEW OF THEIR STORIES

EXIT STRATEGY

Mr. Jones (not really his name) contacted Sandhills SCORE with a problem he was having in trying to sell his minority interest in a $4,000,000 small manufacturing business so he could retire. He had acquired his equity interest in the company several years earlier when he merged his manufacturing company with another related company to achieve cost savings through vertical integration. In the merged corporation he ended up with 25% ownership and the owner of the other company with two other investors each received 25%. As happens too frequently the merger agreement did not spell out a method for the owners to divest their interests in the company.

Mr. Jones contacted Hal Theiste, a Sandhills SCORE counselor, after he had been unsuccessful over a period of months to get a favorable offer from the other owners. In fact they had shown little interest in discussing terms on a deal that would give Mr. Jones fair value for his 25% stake when a reasonable valuation was applied to the whole company.

During a couple of telephone calls between Hal and Mr. Jones some preliminary ideas were established on how to make a case for getting the other owners’ interest. A face-to-face meeting was set to nail down Mr. Jones’ objectives and how to structure an offer.

At that meeting Hal worked with Mr. Jones to identify specific areas which would give mr. Jones negotiating leverage with the other owners with the purpose of obtaining terms equitable to Mr. Jones. Also discussed was the packaging of the offer. As Mr. Jones says in a letter to Hal: “My discussions with you, Hal, were extensive and thorough, and resulted in two new ideas I had not previously considered. I was able to use these two ideas in finalizing my exit strategy discussions with my owner partners. Further, the discussions helped provide a sense of confidence and a determination to bring closure to the negotiations”.

Subsequently Mr. Jones was able to come to an agreement with the other owners that resulted in the buyout that he had been seeking with terms that gave him a fair value.

ADVERTISING SUCCESS

Sandhills Errand Services
1249 Seven Lakes North
Seven Lakes, NC 27376
(910) 687 – 0183

October 10, 2008

Sandhills SCORE Chapter 0364
Chamber of Commerce Building
10677 HWY 15-501
Southern Pines, NC 28387

Dear Mr. Felice Schillaci,

Enclosed is an expression of my gratitude and thanks, regarding the visit and subsequent follow up conversations I had with you recently, with respect to the advertising of our new start up business.

My wife and I have a “Part Time” start up business and have taken the initial steps to put it together. We met with our lawyer and registered our new business name and put it under an LLC. We purchased the necessary general liability insurance, printed up business cards, put ads in our local paper and posted flyers on the bulletin boards in our community.

Having just started our business we wanted to know what else we might do to generate more customers. That is what prompted me to contact Score “Counselors to America’s Small Business”.

I made my appointment with Score, brought samples of our ads and sales literature. I first met with Mr. Glenn S. Phelps, Colonel, USA (Ret.) Counselor & Chapter Chairman of the Sandhills SCORE Chapter 0364. I explained what we have accomplished so far and what obstacles we have been up against. Glen counseled me on what I should realistically expect and how advertising outside of our community could overwhelm our part time business and add unnecessary fuel costs, driving to and from the extended territory. After having our discussion, Glen, then introduced me to Mr. Felice Schillaci – Counselor Vice Chairman and Marketing Chairman.

Felice, is a successful world traveled business owner and businessman with a wealth of marketing knowledge. He asked me a series of questions about our business and then evaluated our ad. Felice, cut to the chase and said the area that has been most successful so far is where our ad should concentrate its message. Systematically he analyzed and critiqued the ad and made his comments and suggestions. He spoke frankly and confidently and advised how to arrange the ad and what choice of words should be used to personalize and make the customer want to use our service.

Felice’s input dramatically improved the layout, quality and message of our ad.

I appreciate and I’m thankful to SCORE for the professional service and counseling that was provided to our small business.

Sincerely,

Philip J. Mc Elroy/Sandhills Errand Services

NEW RETAIL STORE OPENING

Lady Bedford’s Tea Parlour & Gift Shoppe Opens in Pinehurst
(From The Pilot 24 October 2008)

Marian Caso has been dreaming about and planning to open a tearoom for many years. In her “California Days,” she worked every position in a tearoom and vowed some day to take her labor of love to the level of owner and manager. Thanks to the years of preparation, the village’s latest addition brings the tradition and elegance of a proper tearoom to the Sandhills. Lady Bedford’s Tea Parlour & Gift Shoppe celebrated its Grand Opening October 14.

Lady Bedford’s is centrally located in the village. It is proving to be a favorite spot for those seeking quiet relaxation with a lunch or an elegant afternoon tea with friends. The Tea Parlour is fashioned to create the feel of an elegant Victorian dining room and parlour. The rooms are appointed with lovely antiques, linen covered tables, fine china and flowers with paintings and prints by local award-winning artist Susan Edquist.

Lady Bedford’s offers more than 30 different loose teas. Complementing a wide variety of teas, Executive Chef Robert Yarter has assembled an array of soups, salads, sandwiches and desserts. His specialties are pastries and custom cakes.

Caso attributes her success to her carefully developed business plan. She worked closely with Marilyn Neely, Director of the Small Business Center at Sandhills Community College, and Willy Campbell, a counselor with the local Sandhills SCORE Chapter. “They are my super-stars,” Caso said of her team. “Every step of the way, their counsel has been extremely important and has been a major factor in Lady Bedford’s success. It was an honor and a privilege for me to have them as my official ribbon cutters at the Grand Opening.”

Linderella’s Quilt Works, LLC.

Barbara Cohen
SCORE

Dear Barbara,

We would like to acknowledge all your effort and support in the start-up of our business ‘Linderella’s Quilt Works”.

Your knowledge and insight into the day-to-day workings of a small retail business was invaluable and extremely informative, coupled with the many examples of issues that can arise and derail a small business. Your giving numerous solutions to tackle those probable issues has greatly assisted us in our start-up and has given Linderella’s Quilt Works a firm footing towards the future.

One of the smartest and most sensible moves we did, and any small business should do, is to take advantage of SCORE and their experienced members.

Again, Barbara, thank you for your generous time in helping Linderella’s Quilt Works to get off on the right track.

Regards,

Carl & Linda Sullivan
Linderella’s Quilt Works
246-D Olmsted Blvd.
Pinehurst, NC 28374

PUBLISHING

SCORE Helps Local Author Publish New Book
(From The Pilot March 2010)

“I felt as if one of those Marc Chagall angels had come to me.” Those were the words local author, Vivian Jacobson, used to describe her feeling when the business counselor from SCORE (America’s Counselors to Small Business) began to discuss potential ways to get her new book, Sharing Chagall: A Memoir, published. Angels are a feature of many of Chagall’s paintings and for a moment Vivian thought maybe one of them had come into her life.

Vivian had invested about 3 years compiling the wealth of information she had gathered about the life and works of Chagall and her own personal memories of him. Just when she was ready to get her book published and into the bookstores, she encountered book publishers who were adjusting to the financial recession and the economic changes going on in the world and were less enthused about taking on the works of new clients.

At the suggestion of her husband, Vivian contacted SCORE for help. Fortunately for Vivian the Sandhills chapter of SCORE had just acquired a new volunteer, Ted Dawes, with a wealth of knowledge and experience in the book publishing business. Ted saw that Vivian was not only a good writer who had strong endorsements for her book, but also had the zeal and determination to follow through on her project.

Ted’s role in reaching publication was to introduce Vivian to the world of self-publishing after she had been rejected by four major companies. Through Kim Gilley of Village Printers she was able to locate the Edwards Brothers Digital Print Center, in Lillington, NC. They were interested in taking on the book project and could begin printing on a schedule that fit Vivian’s needs.

Ted continued to work with Vivian in many aspects of publishing, including marketing her book. Now the book is in its second printing. “This whole thing is going very well, in part due to the advice of my counselor who has years of experience in publishing,” Vivian says. She has had a successful book-signing event and is beginning a tour on the lecture circuit, which will lead to more sales.

Although Ted does not consider himself an angel, he offers no objection to Vivian’s assessment. Glenn Phelps, chairman of the Sandhills chapter of SCORE says this is a good example of what SCORE and the volunteer counselors do routinely – help businesses that are looking for tips and information that can make their business work more effectively.