After first locating an existing chiropractor business, Dr. Colby Lamson and his partner Dr. Rachel Morgan knew they wanted to purchase the business. One of Colby's friend, who is also a banker, directed Colby and Rachel to SCORE. "He pointed out that it was free and a good program," said Colby. With the help of their SCORE mentors Lindy Morgan and Lisa Allison, the two recent graduates were able to secure a loan to purchase their new business, White Mountain Chiropractic & Rehabilitation.
During an interview, Colby was able to give insight on becoming a new small business owner.
Below is advice Colby shared on securing a loan for a small business and advice when starting a new business.
Advice for small business owners looking for a the right lender
Colby said when they were first turned down by a lender it, “took wind out of our sails.” “What we found was with smaller banks in the community, we had better and better luck. The smallest bank we went to, had better terms. Keep plugging away and each (bank) experience is quite difference.”
Building confidence when looking for a lender
“We were kind of the worst people to fund as far as a bank perspective. The only thing we had was 20 percent of the loan and no experience. We were fresh out of school and the banks looked at us as a startup. We were the riskiest people and we got more than one bank that wanted our business.
Once you get comfortable going to the banks, it’s important that you realize you have something to offer them. We weren’t (comfortable) at first, then we realized we have a solid business plan and that we were the ones looking for a bank.”
Outlook when starting a new business
It’s important to know when you are starting a business, you are really starting two jobs. If you have another job, my advice is to be aware that they are two separate responsibilities. Make sure to go into a business that you are excited about. We enjoy the process of the business part, crunching the numbers at the end of a 12 hour day."