Paul's Fabricating & Machine Works, Inc.
Bill and Susan Groves |
|
Paul's Fabricating & Machine Works, Inc.
After a successful career marketing agricultural and construction equipment throughout the United States , Bill and Susan Groves decided to move to Corpus Christi and explore the possibility of purchasing their own business. Before long, they came across a machining company listed with a local business broker that piqued their interest. The machining company, known as Paul's Fabricating & Machine Works, had been in business since 1981, and the owners wanted to retire. Having heard about the Del Mar College Small Business Development Center through local media, Bill and Susan decided to contact the center for assistance.
|
In May 2005, SBDC business advisor Michael North met with Bill and Susan to discuss the steps they should take in evaluating a business for sale, namely, the process of due diligence. Over the next several months, North helped Bill and Susan perform a thorough analysis of Paul's Fabricating & Machine Works' history, operations and finances. No stone was left unturned in determining an accurate price for the business and structuring the 'right' deal. Heeding North's advice, Bill and Susan hired an accountant and an attorney to work out the details of a definitive purchase agreement. After the sellers agreed to provide partial financing, Bill and Susan approached Banco Popular and were approved for an SBA 7(a) loan. According to Bill and Susan, "The SBDC helped us secure a business loan and helped with plans for the future of our business. SBDC support generates ideas for business growth and improves management."
Bill and Susan took over operation of Paul's Fabricating & Machine Works in October 2005. The machining company is located at 7325 Interstate Hwy 37, Corpus Christi , Texas , and offers unique custom waterjet cutting, as well as manufactures flanges, large compressor parts, fittings and pipe for supply stores. As a result of the purchase, eight new jobs were created and 20 existing jobs were retained. For information concerning your machining and fabrication needs, contact Bill and Susan Groves at (361) 289-1886.
|
