Challenge
Within a few years of the company’s founder passing away and his family assuming ownership, the company hit a dry period in 2000/2001. Customers had become more demanding, asking for full inspections and reduced lead times. Employees, many of who had been there 15 – 20 years or more, talked about leaving. As the owner and employees disagreed on aggressive new actions to save and continue to build the business, the owner eventually agreed to sell it to the employees. Unfortunately the building in which Terrell, a manufacturer of custom made hydraulic manifolds, was housed, was sold to an outside interest.

Unsure of how to proceed with both buying the business and finding usable manufacturing space, the company was directed to NEO411.biz through COSE.

Solution
NEO411.biz agreed that if this business was to continue, the new owners had to work fast. After clarifying the company’s goals, NEO411.biz directed Terrell to the Growth Capital Corp. Within hours Terrell received photos of a dozen properties that would meet its requirements as they were available or soon would become available.

Over a five-month period, building options were examined, financing was obtained and Terrell Manufacturing remained in its original location with a new building owner.

Results

• Terrell was directed to the contacts it needed to keep operating
• Employees took ownership of Terrell Manufacturing in January 2005
• The company did not have to change its location
• New customers and repeat business have the company’s sales up more than 20% over last year

“We are on our own now and off to a fantastic start for 2005 thanks to NEO411.biz. While other sources failed to provide the advice and contacts we needed, NEO411.biz was there for us, kept in touch with us throughout the process and followed through to ensure that the contacts they’d given us were producing positive results.”

Vince Palombo, Operations Manager
Terrell Manufacturing