J&M Export Deli

    • ss saint vincent j m export deli

Jennifer Olson and her cousin, Michelle Renn, first contacted the Saint Vincent College Small Business Development Center (SBDC) in September 2012 for assistance in developing a business to purchase an existing convenience store/deli in Export. Jennifer and Michelle both had part-time jobs in a local restaurant whose owner had previously received assistance from the SBDC in securing funds to expand his operation. Their employer recommended that they use SBDC assistance to determine if their project was feasible before they approach a lender.

Both Olson and Renn were single mothers working two jobs to support their families. Realizing the time demands that both partners faced, their SBDC consultant suggested that he conduct the consulting engagement using a combination of e-mail and telephone conversations. As a first step, their consultant suggested that they ask for a bill of sale from the seller identifying what he was selling with the respective costs and a minimum of three years of his business tax returns. In addition, the consultant e-mailed an electronic version of The Step-By-Step Guide to Developing a Business Plan with an explanation of the reasons for doing a business plan as well as the need to demonstrate a market, their unique selling proposition, and the ability to repay the debt. The consultant also advised as to the impact that the new debt would have on the cash flow of the business. The SBDC staff member then explained financial projections and how they would both serve as a budget for their future operations and as a means to demonstrate to the lender that the business would be able to support the new debt service.

Subsequently, work was begun on a business plan. Based on the partner’s answers to the Step Guide augmented with demographic and market research provided by the SBDC staff, a business plan that included detailed financial projections was developed. Olson and Renn presented the plan to a local lender and were approved for an SBA backed commercial loan of $206,000. They opened their new J & M Export Deli in February of 2013. The SBDC consultant was able to attend the Grand Opening celebrations.

The J & M Export Deli has and continues to benefit from the assistance provided by the SBDC and is scheduled for a six month review of the operations based on an analysis of their Profit Loss Statements.

    • j m export deli
    • J&M Export Deli outdoor
    • J&M Export Deli
  • Previous
  • Next