U of A Small Business Center Helps Navigate Purchase of Sporting Goods Business
From left: Stephanie Parsons of the ASBTDC and T.J. Parks of Arkie Lures.
Arkie Lures is a 50-year-old company based in Lowell, with products designed by fishermen for fishermen. Makers of the "Original Jig," the company crafts and sells a variety of lures and jigs, along with kits and branded apparel and accessories.
When operations manager T.J. Parks was offered the opportunity to purchase Arkie Lures from its retiring founder, he reached out for guidance from the Arkansas Small Business and Technology Development Center at the U of A.
The business seemed like the perfect fit for Parks. "When I was a teenager, I told my friends and family that I would own a sporting goods store," Parks said. "I made my mind up to do anything I could to get into this business; I love the outdoors!"
Stephanie Parsons, ASBTDC business consultant, led Parks through a comprehensive review of all financials and a valuation of the business. Parsons helped Parks understand what the financials could be, helped him know what to expect and assisted him in finding a small business lender. Following extensive negotiation, the purchase of Arkie Lures was secured with a loan from Signature Bank of Arkansas.
"ASBTDC overall was a great sounding board for me as an entrepreneur," Parks said. He believes in being bold and brave and advises working with people who will work in your best interest, like the ASBTDC. "Lean on them for advice! Know that you can be open and honest with them; they are on your side," Parks emphasized.
"The most rewarding part of working with T.J. on this project is that we were able to provide the guidance on the worth of the business to ensure his greatest future success," Parsons said.
A small business owner faces many challenges. For Parks, it is time and money. "There is so much I want to do, so to overcome time, I have to prioritize," according to Parks.
Parks recently visited the center to offer his thanks to Parsons for all the help with the purchase and said, in celebration, "On with the growth!"
Topics
Contacts
Julie Preddy, director, communications & events
Arkansas Small Business and Technology Development Center
479-575-5148,
jpreddy@uark.edu
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