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Success Stories: Wyoming Home & Ranch

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Persistence is the word to describe the Shellady’s in their quest to open a business in Cody. They weren’t sure what venture to get into, but after canvassing the needs of their community, they settled on the idea of a Farm & Ranch Store with an emphasis on Hardware.

 

hardware-from-facebook.gifRealizing that you don’t start up a significantly size operation on their own, the Shellady’s partnered with a major distributor, United Hardware (Hardware Hank) as their main supplier. However, there was still the need to research demographics, survey traffic counts and put together a business plan. With their local economic development authority offering only token assistance, the Shellady’s approached the SBDC for assistance in research and business plan guidance. The Market Research Center was involved in helping with the requested information which helped keep the project moving forward.

 

pet-food-from-facebook.gifOnce the Shellady’s were comfortable that the overall plan was sound and the financial projections supported the venture, they began seeking financing at the tail end of the worst economic conditions that the country had seen in years. Already purchasing the land where the business would be located, they approached community lenders but ran into time delays and roadblocks, either with lenders who didn’t understand business, shied away from large commercial projects, or had a conflict of interest. With no local lending support, the SBDC director and the Shellady’s discussed a number of different options, including exploring the possibility of working with a developer on a build-to-lease/purchase, pursuing the loan through an SBA program, or a Wyoming Business Council Challenge Loan. Assistance from the SBDC helped to bolster the business plan and soon after, through Security State Bank of Basin, WY, financing was obtained. They broke ground on their project in September of 2012.

 

Giving up wasn’t an option and the Shellady’s were able to open the doors on May 3rd, 2013. Fourteen full and part-time jobs were created and the Shelladys’, along with their employees look forward to serving the farm & ranch and hardware needs of the community.

 

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