PUTNEY'S:

FROM UNEMPLOYMENT TO BUSINESS SUCCESS

Richard and Mary Overholt are the proud owners of Putney's Sales & Rentals. However, four years ago the picture didn't look quite as bright as today. In the spring of 1996 Rich Overholt found himself in the unfortunate position of being unemployed.

He immediately began investigating the possibilities, one being self-employment. He learned about the Self-Employment Benefit (SEB) program from a former SEB client. The federally-funded (HRDC) program is delivered in Fort Erie by the Business Development Centre of Greater Fort Erie (BDC). It is a tool to assist individuals to create jobs for themselves through self-employment. This program allows successful applicants to start their own business while receiving E.I. benefits or financial assistance. It also provides ongoing mentoring and training by the BDC for up to 52 weeks.

Having a keen interest in self-employment, Rich decided on a mobile golf car repair business. Previous work and education in this field provided him with the required training and skills.

The next step was to contact the BDC about the SEB program. BDC staff advised him about eligibility and other requirements and he was assisted with the preparation of a business plan. On June 13, 1996 he was approved to participate in the Self-Employment Benefit program and subsequently signed the necessary contract. Throughout the term of the contract Rich received the support and mentoring from the BDC vital to get his small business off to a good start. The financial aspect of the program allowed him to reinvest profits into the business for the time when he would be on his own. The business continued until November 1998.

The experience gained in his golf car repair business gave Rich the confidence necessary to make the next move; the purchase of Putney's Sales & Rentals. Having a working relationship with owner Gord Putney, as well as a friendship, Rich was the first to learn Gord wanted to sell the business and retire. In October 1998 Rich made an application for the necessary financing through the BDC. With the assistance of Colin Pett, General Manager of the BDC, owner Gord Putney and corporate accountant Ken Lenchyshyn of Crawford Smith & Swallow the loan application was completed and approved. On January 29, 1999 the transaction was finalized.

Rich, Mary and family began giving the business their personal touches while maintaining the high level of customer service Putney's has always been known for.

After a complete year in business, Rich's tips to those who wish to own their own business are:
" go into something you like"
" do not try to do it on your own, ask for help" and
" treat your customers with respect".

If you feel that you have the recipe for business success, contact the BDC at
905-871-7331 for assistance.