Treats Pet Resort, an upscale dog and cat resort offering long and short-term boarding, web-cams, ceiling fans, TV and other amenities, opened in Louisville in 2007. Despite experiencing sales that beat the business’ initial forecast, the building, equipment and payroll costs ran over budget resulting in severe cash flow problems within the first two years of operation.
Despite paying extra each month on past-due accounts, Treats Pet Resort could not climb out of the hole, and in 2010 banks began threatening foreclosure.
As a last-ditch attempt to save their business, the Halbleibs contacted the Louisville SBDC and requested assistance. Under the SBDC’s expert guidance, Treats Pet Resort began using the SBDC’s cash flow tool and meet- ing with consultants on a weekly basis. SBDC consultants also used Profit Cents, South Dakota software and RMA Annual Statement Studies to develop a budget, find opportunities for financial improvement and identify industry benchmarks for the client.
Within 30 days, the Halbleibs were able to contact the federal, state and local tax authorities and work out pay- ment plans. The Halbleibs also chose to cut payroll expenses and increase prices on boarding by 10 percent. Treats Pet Resort did not lose one customer from this increase and the additional revenue and expense reductions allowed them to pay down other past-due bills. As of September 2010, the Halbleibs are caught up with nearly all past-due bills.
The dedication the SBDC gave in meeting with us every single week for nearly a year was awesome. Honestly, if it were not for the SBDC I don’t think we would still be open for business. The SBDC was the best tool that we have used since we opened three years ago.
– Mike Halbleib, owner
LEXINGTON, Ky., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.