In October of 2004, Greg first contacted the SBDC regarding his idea of purchasing a work-over rig and starting his own business servicing the nearby oil and gas industry. Some preliminary work was done, but Greg decided to pass on this for now, yet kept the idea in mind. Then in early 2011 he again started to look for a suitable rig and began some inquiries in the area as to work available. He did some preliminary business planning but again, the right circumstances didn’t come together. Finally in September or 2013, Greg was ready to make this leap into owning his own business. The bank was willing to provide the financing based on his comprehensive business plan and financial projections that had been honed over several years.
His experience in the industry and contacts with key companies in the area resulted in obtaining work as soon as he could purchase and equip his rig. He has continued to stay busy and currently employs 5 full-time people as well as one part-timer, providing good paying jobs. The oil & gas industry in Wyoming plays a vital role, and this type of quality service is always in demand.
The business purchase was originally funded by obtaining a small business loan from a local lender using an SBA Guarantee. In addition to business planning and projection assistance, GTS has also used the services of the SBDC QuickBooks advisor as they established the accounting system for the company. Tammy does the bookkeeping for the business.
This dream was a long time in process, but they stuck with it made the most of the opportunity when the timing was finally right.