Dr. Colby Lamson and Dr. Rachel Morgan were newly minted Chiropractors when they found a practice that they wanted to purchase. They had a vision for the business and how they could better serve their patients, however, with only a small down payment, the doctors knew they would need financing to purchase their business. The doctors reached out to their local SCORE Chapter for assistance.
Mentors Lisa Allison and Lindy Morgan assisted the doctors with preparing a business plan to present to potential banks for a business loan. The two mentors helped the pair with building a balance sheet and cash flow.
After a few attempts of securing a sponsor for their loans, the doctors decided to approach three smaller banks. Shortly after, one of the banks approved their loan along with a very reasonable interest rate.
"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,” said Dr. Lamson.
During an interview for one of our client success story blogs, Dr. Lamson shared advice on securing a loan.
One of Dr. Lamson's friend, who is a banker, directed the two recent graduates to SCORE. "He pointed out that it was a free and a good program," said Dr. Lamson. The two are very grateful for the help they received from their mentors.