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Lockman's Body Shop
Hickory, NC
With SBTDC help, the purchase of Lockman's Body Shop retained 5 full-time and 2 part-time employees and allowed the company to expand to 11 full-time employees.
Randall Harwood is no stranger to auto body repair. He has worked in the trade for over 33 years. After facing tough times when he first moved to North Carolina, he approached Melvin, the original owner of Lockman’s Body Shop of Hickory, about employment. Melvin gave him a job, and Randall quickly proved his skill and dependability. Randall and Melvin later became business partners. As Melvin neared retirement, they discussed Randall’s potential buyout of the business.
Randall and his wife, Alice, contacted the SBTDC in February
2009 after referral from Jim Chandler of the Western Piedmont
Council of Governments for business counseling to attract
capital to buy the business, move to a new location and
expand products, services and employees. Chris Hayes and John
Manderewicz, business counselors at the SBTDC’s Hickory office,
worked to meet Randall’s needs. Upon review of preliminary
financial projections, John helped develop a business plan to
submit with the loan request. However, his lender indicated that his debt-to-income ratio was weak. Using the plan, the
counselors then helped Randall find a limited partner who
invested $125,000 for purchase and expansion.
The counselors also provided assistance with business model
enhancement, site location and selection, marketing strategy,
government sales, business operating procedures, and even got
Alice up to speed using QuickBooks.
All of the Harwood’s hard work paid off. Lockman’s Body Shop
held a grand opening in a new 14,000 square foot facility in
November 2009, and the Hickory SBTDC regional center staff
were in attendance to show their support. With SBTDC help, the
purchase of Lockman’s Body Shop retained 5 full-time and 2 part-time
employees and allowed the company to expand to 11 full-time
employees. 2010 revenues are projected to increase 50%.
There is also potential to add 5–7 more full-time employees as
annual revenues increase toward the business plan projections
of $1 million by the end of 2010. Also, because of the move to
the new facility Lockman’s Body Shop is now eligible to perform
insurance paid claim repairs and is demonstrating that they meet
“preferred” status designation in the auto paint and body industry.
“Without the SBTDC’s assistance, we may not have been able to do it,” Randall said. He has come a long way from the struggles he faced when he first got to North Carolina. He’s gone from being a part-time employee to the owner of a new 14,000 square foot facility. He attributes all of his success to his faith, remembering where he came from in life and the knowledgeable counselors of the SBTDC.
Story originally featured in the SBTDC's 2009-2010 Annual Report.