- Business Start
- 3 Jobs Created
- EDC Created
Robert and David Downey worked for Gay & Young Motor Company for several years when the owners reached a point where they were ready to retire and were looking for someone to buy it.
The brothers gave it some thought and decided that since they had relationships with the existing customer base, they would attempt to buy the business.
They first went to their lender who directed them to the Big Lake Economic Development Corporation and to the Angelo State University Small Business Development Center. They met with James Leavelle, Senior Certified Business Advisor who began working with them on a business plan with projections.
They were able to gain a grant from the Big Lake EDC to purchase the business, but not the real estate or equipment. They would have to work with the bank on the hard assets. Nonetheless, this allowed them to begin operations while renting the property until they could secure financing.
“James helped formulate the business plan and set up financial projections.”