Kevin Pastori pursued an opportunity to purchase a successful tile and carpet business that has been operating in Lockport, IL for the past 47 years. Since Kevin has 27 years of experience in the business, this was a great opportunity to become a business owner. He came to the Illinois SBDC at College of DuPage, through our business partner BMO Harris Bank and through the referral of Governors State University whom was closing their program due to the budget, to develop a Business Plan, the supporting financials and navigate the application process to purchase Marchio Tile and Carpet. The SBDC also worked with Kevin on the review and negotiation of two Leases, one for the retail establishment and the other for the storage facility. Kevin was successful in completing the process with BMO Harris, securing a loan to purchase the business, provided owner financing and received a line of credit.
Kevin Pastori stated:
"The one thing that comes to mind in the business world is experience, as I spoke to the owners (at the time )of Marchio tile and carpet Inc. about the purchase of their business I had no idea of how complex a purchase might entail, as my current business was started from the ground. The business plan, the financials, the forecast of numbers for the future, dealing with the bank, dealing with the Small business Association and so on, was literally thrown on my lap. With so many questions and not enough answers I needed help!
The bank Manager at the time directed me to SBDC (Small Business Development Center) as I contacted this service the unfortunate part was their reductions in funding by the State, which made it a little more difficult on the SBDC's part as their resources are stretched. I was put in touch with Larry Bussow, SBDC mentor at SBDC College of DuPage. As I began the process and got to know Larry, the experience and knowledge that he possesses and his life experience played an important role in the process. Larry went out of his way to meet me, asked all the pertinent questions, educated me and above all was very patient.
From my experience using the SBDC was absolutely essential to get my loan approved!
This invaluable service is crucial to anyone needing to weed through the endless paper trail and long list the bank may need."
Business Development Center
Main Line: (630) 942-2600
535 Duane Street, Office 233
Glen Ellyn IL 60137
Rita Haake, Center Manager
Phone: (630) 942-2184
Fax: (630) 942-2606
Monday to Friday: 8:30 a.m. to 5 p.m.