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Martin Laboratories
Owensboro, KY
Owners: Dana and J.R. McLimore
Center: Owensboro SBDC
Martin Laboratories, a manufacturer of hand cleaner, degreasers and stain removers, has been located in Owensboro since 1961. Dana McLimore, a 9-year veteran of the company, heard rumblings from the owner that he was going to sell the business to a buyer outside of Kentucky. When that deal didn’t go through, he decided to either liquidate the business or sell it to another party. Dana and her husband, J.R., decided they were interested in purchasing the business.
“This is a long-term business and a landmark here in Owensboro. We wanted to keep this legacy going and ensure the employees kept their jobs,” said Mrs. McLimore.
Mrs. McLimore met with bank officials who suggested she contact the Murray State University Small Business Development Center in Owensboro. She began working with Lois Decker, a management consultant with the Owensboro SBDC. Lois helped Mrs. McLimore with her financial projections, explained the cash flow analysis and assisted in filling out the paperwork necessary to get financing.
“Lois was phenomenal. She helped me obtain the financial assistance I needed to purchase this small business. She gave me information on ways to find money including through the Green River Area Development District (GRADD). Lois and the Owensboro SBDC helped me obtain the financial backing to obtain the business,” Mrs. McLimore said.
The McLimores took over the business in September 2005. Not only did they save an established company, but they saved the jobs of seven long time employees.
“I am proud that we kept this reputable company running. It’s been in business for over 45 years. I don’t know if we could have done this without the help of the SBDC. I learned a lot by working with Lois,” McLimore said.
The McLimores aren’t stopping with their purchase, they intend to build up the company’s manufacturing and then hire additional people.
Photo: Dana & J.R. McLimore
