Jennifer wanted to buy out her business partner, but needed the SBDC’s help to prepare accurate financial statements in order to successfully obtain a bank loan to do it.
Jennifer Sutherlin, a residential and commercial glass contractor in Stockton needed a loan in order to buy out her business partner, but she didn’t know how to prepare for the bank application process.
The SBDC started by analyzing her company’s financial history in order to calculate the average monthly sales and expense amounts. This allowed Jennifer to be able to accurately calculate a profit and loss statement, including the assessing of specific expenses that would likely change with a proposed partner buyout. The SBDC also helped her to draft a business plan to go along with the projected profit and loss statement.
Jennifer was able to secure a loan from a local loan program – the San Joaquin County Revolving Loan Fund – for $168,900 which enabled her to buy out her partner. This positively resulted in retaining jobs for four employees, and created a position for one additional employee.