unleashing
national impact
igniting local
transformation
Partners Alan Tipton and Brett Goodwin had always dreamed of owning a toy store, but those dreams did not seem possible with the changing face of retail. By fate, The Learning Tree was up for sale in Prairie Village, Kansas. The Learning Tree is a specialty toy store that opened in 1996 and soon became a neighborhood and regional destination due to its one-of-a-kind and exclusive selection of products. The owners had decided it was time to retire, but they had built a legacy business and were very concerned about the store carrying on as it was intended. The Learning Tree had become part of children's memories! Sure, it is great to order something online, with the convenience of sitting on your couch, but being able to pick something out in person is priceless.
Part of The Learning Tree's success was due to its customer service, unique toy-buying experience, and having new owners who understood this was critical. Alan and Brett were interested in buying the business, but so were many other individuals. While our clients were highly educated (both Vanderbilt University graduates), neither had ventured into the business acquisition process. Alan and Brett contacted the local Kansas City SBA office seeking assistance. The SBA representative knew whom to call — the Kansas Small Business Center at Johnson County Community College. Not only is the JCCC SBDC staffed with experienced professionals, but this particular office houses the Kansas Capital Access Center. An introduction was made to Vincent Haworth, Director of the Capital Access Center, and the new clients signed up as SBDC clients that day. The work began.
"The partners have repeatedly thanked the Capital Access Center and the Kansas SBDC at Johnson County Community College for the assistance, stating that without their help, 'we would have never achieved our DREAM.'"
John Addessi, SBDC Business Advisor, worked with Vincent Haworth, Capital Access Center Director, to assist the clients with their business plan and financial projections. The deal was challenging, as the clients were out-of-state buyers with no previous business experience, tight timelines, no collateral other than business assets, and multiple bidders. A significant hurdle in any business acquisition is financing. The Capital Access Center immediately vetted out the entire financial package and recommended an SBA 7A loan structure. Having a full financial package crafted by the Kansas SBDC and Capital Access Center, the clients were ready for bank financing. They found themselves at a distinct advantage over other potential buyers by being "Loan Committee Ready."
Now that loan structure was identified, finding the right banking partner was the next hurdle. While there are many preferred SBA lenders, the Capital Access Center worked with the clients to find the right lender to move quickly and provide the client with the best terms. Using the local, regional, and national contacts of the Capital Access Center, Alan and Brett had several offers within a week of contacting banks. Vincent Haworth and John Addessi assisted the clients in vetting out the offers to find the best fit for the client. SBDC personnel provided industry research, financial benchmarks, demographic information, information on the loan closing process, bank and SBA policies, and more.
The clients closed on their SBA loan in December of 2023. Not only were they new owners, but they were heading into the busiest season of the year! The existing owners stayed on for 6 months to assist with the transition. Alan and Brett's story has been featured in multiple publications around Kansas City. The partners have repeatedly thanked the Capital Access Center and the Kansas SBDC at Johnson County Community College for the assistance, stating that without their help, "we would have never achieved our DREAM."
Twenty years ago, dog daycare was not the same industry we see today. Americans have always loved our pets, but in the Twenty-First Century, the way we care for them has changed. Dogs, especially, have become members of our families. As Roger Caras opines, "Dogs are not our whole life, but they make our lives whole."
Anthony Barnett opened the Home Sweet Home Pet Resort in Lawrence, Kansas in 2004. Competition was thin at the time, but the times were already changing. The business caught a fairly early wave of a growing industry and a growing cultural reality. In 2012, Anthony came to ASBDC-Kansas to become a more informed business owner. He wanted to learn more about his clients and he wanted to learn more about his industry.
"Dogs are not our whole life, but they make our lives whole."
In the early sessions, ASBDC-Kansas Business Advisors helped research the client demographics of the area using Business Analyst Online software. Together, we learned that Lawrence, Kansas was not a community with high household income, but we were a community that was willing to spend money on pets and pet care.
In subsequent sessions, ASBDC-Kansas Business Advisors worked with Anthony to understand the industry, using financial benchmarks from ProfitCents, and IBISWorld industry reporting. As the business continued to grow, this information helped Anthony focus on measuring the right things for the financial stability and success of the business.
After 15 years of operating a business on the east side of town, the demographics pointed Anthony to the west. Unaware of the pandemic that would soon occur, Anthony made a significant investment in a second facility for the business in 2019. While the change in work impacted the pet daycare business in the short term, Home Sweet Home Pet Resort is currently thriving in two locations.
Anthony has worked with his ASBDC-Kansas Business Advisors on a wide variety of issues over the years. In addition to business planning, access to capital, demographic research, and financial benchmarking, Anthony has even had the opportunity to work with a team of KU students on an employee onboarding and training project.
Times change, and the businesses that can adapt to that change are the businesses that will continue to thrive. Anthony Barnett and Home Sweet Home Pet Resort have a trusted partnership with ASBDC-Kansas that helps them understand and respond to those changes.
In 2022, Alexis Seabolt launched Wildflower Chiropractic in Iola, Kansas, fulfilling her dream of bringing quality chiropractic care to her community. With a vision to create a welcoming, healing space, Alexis had the skills and the passion, but she needed guidance on the complexities of starting a business. That's when she turned to the Kansas Small Business Development Center (SBDC) at Pittsburg State University (PSU) for help.
"The Kansas SBDC has been so knowledgeable and supportive. Their assistance in building a strong foundation for my business has been invaluable."
The Kansas SBDC at PSU became a critical partner in Alexis' journey. Through the SBDC's startup services, Alexis gained essential insights on business planning, financial management, and loan acquisition. Their expert guidance allowed her to confidently navigate the startup phase and secure the bank loan needed to establish her practice.
Today, Wildflower Chiropractic is thriving and provides essential chiropractic care to children, families, and particularly women experiencing infertility, pregnancy, and the postpartum stage.