Waxed

Jenna Morrison was the first employee for the full body waxing salon, Waxed, when the business opened three years ago. She was also the first person to make an offer to purchase the business when her employer, Lindsay, planned to put Waxed up for sale. Jenna, an esthetician, was a skilled and knowledgeable employee who understood all the services Waxed provided and knew the clientele. Lindsay fancied the idea of passing the ownerships reigns to Jenna. The transition could be seamless, with a win-win scenario for Lindsay, Jenna and the clients. What Jenna needed to be the new owner was a financial loan.

Jenna had never owned a business before and was unsure as to how banks would respond to her request. Jenna went to several banks. Each meeting was met with discouragement from the bankers. Their collective message was that Jenna should forgo the idea of becoming a new business owner. Jenna then went to Region 9, part of the La Plata County Economic Development Alliance, which helps foster economic success within the community. Region 9 directed her to the Small Business Development Center (SBDC) in Durango. Jenna met with Carl Malmberg and they discussed her situation. She found Carl to be very supportive. He provided a wealth of knowledge, experience, and materials to assist Jenna with business operations, determining a purchase price for Waxed, and tips to secure a loan. Jenna and Carl reviewed Waxed’s profit and loss statements, tax returns, and discussed how to approach the business plan.

The plan needed specific information for financers to understand how Waxed would be profitable. Carl suggested Jenna perform research comparing Waxed to similar businesses, such as hair and nail salons, highlighting what salons gross yearly and what they have sold for. Carl also supplied spreadsheet software for future profit forecasting and mock business plans from spas and salons as a guideline for Jenna’s plan.

Each day after work Jenna spent her time compiling the data, meeting with her accountant and writing out the business plan. Her research indicated Waxed had the potential to grow and hire more employees. When the plan was complete, Jenna had all the hard numbers figured out. She was well prepared for her next meeting with region 9.

Jenna said what was most important to Region 9 was for them to see how Waxed could create new jobs. Region 9 also learned how a waxing salon made profits and how the business is priced. In the end, she achieved her objective. Jenna secured the loan and left feeling encouraged as a new business owner.

Two months after Jenna offered to buy Waxed from Lindsay, the deal was finalized. Jenna became the new owner of the only waxing salon in the Four Corners area. Since then business has been successful on several important fronts. With Jenna at the helm, all employees were moved up from part time work to full time. Jenna also hired three new employees and added a new salon service called lash lifting. Waxed has been bustling with clients, averaging thirty new customers a month. This sparked a new long term goal, which is to find a larger location and hire more estheticians.

“Becoming a new business owner has been challenging and a learning experience,” Jenna stated. “SBDC guided me in the right direction and showed me owning a business was possible.” Jenna is grateful to Carl. “He gave me a lot of time reviewing plenty of paper work.” Jenna has been referring her clients to SBDC when they speak of starting a business. The future is clear and bright for Waxed.

Smitty’s Liquors

When Barb Higgins, her son Shiloh and his business partner Doug Jorgensen wanted to buy Smitty’s Liquors in Cortez, the first thing she did was call Joe Keck, who she had known for years. She knew the owners of Smitty’s and they were ready to retire. Her son and his partner had run a successful skateboard and clothing store in Las Vegas, but wanted to come back to Colorado. Higgins and her husband decided to

Read More »
C.A.R.E.

Tim Robinson worked for C.A.R.E. – Cleaning and Restoration Experts in Cortez for six years when his boss, the owner, decided to retire and move to Phoenix. Tim contacted Joe Keck at the SBDC for guidance concerning the purchase agreement. “Purchasing an existing business can be tricky. I wanted to look at the books and determine if the purchase price was fair and indicative of the businesses potential,” Tim explained. “Joe helped me review the

Read More »
Fast Signs

By Christine Rasmussen When Durango-based Fast Signs owner Laurie Sigillito asked SBDC Director Joe Keck if he could spare an hour to offer feedback on an upcoming sales presentation, Keck had a better idea: Why not have a panel of advisors from the Business Advisors Network listen to her pitch? The Business Advisors Network (BAN) is comprised of 25 business counselors with wide and varied areas of expertise. Clients can meet individually with an advisor

Read More »
Rachel Curran Oddbird Baking making a cake
Odd Bird Baking Co.

Nothing says Durango like a local, family-run business…and Odd Bird Bakery is just that. Seven years ago, Rachel Curran started a craft bakery in her home kitchen. She specialized in pastries, and when the pandemic struck in 2020, she started offering Pajama Boxes. They contained a dozen assorted pastries and were delivered to people’s homes on the weekends. “It was a treat for many people,” Rachel says. “When everything was shut down, they could still

Read More »
Choke Cherry Tree

By Malia Durbano Jenelle Syverson got hired at the Choke Cherry Tree as a temporary employee for the Christmas season of 2003. Still an employee, the opportunity arose for her to purchase the business in January of 2014. She loved the store and the customers, and had learned a great deal, but her Associates Degree in Micro- Computer Support from Iowa Western Community College in Council Bluffs, didn’t prepare her for owning a retail business.

Read More »
The Wine Merchant

By Malia Durbano Eric Allen and Lesley Ponce needed some expert advice as situations in their business changed. They were moving from their location next door to Nature’s Oasis to their current location, next to the VFW at 1514 Main Avenue in Durango. Ponce who had been employed by The Wine Merchant for 10 years, would become a partner after the move. Allen explains, “I had some questions about how to structure a lease. I

Read More »
Skip to content