Joe Garcia came to America with an auto mechanic apprenticeship under his belt. His expertise combined with his positive attitude opened up opportunities for Garcia. He wasn’t afraid to ask questions. He built a successful auto mechanic career. Garcia, ever curious, went on to learn the ins and outs of the business side.
Garcia was excited to strike out on his own. He and his partner had sold their gas station/auto repair business. Unbeknownst to Garcia, he would have to reinvest the proceeds into a 1031 exchange. He did so, but he still held onto his dream of being the sole owner of his own auto repair shop. Garcia found an ideal auto repair shop to purchase but needed help navigating the requirements involved.
Garcia was put in touch with Claudia Shah of the SBDC. Shah helped Garcia put together a business plan, work on financial projections for a business loan, and register a DBA. Garcia wanted to ensure that his new auto repair business would not be linked to his previous partnership.
Garcia was successfully approved for a $1M loan with the help of the SBDC and Claudia Shah. He is now the sole proud owner of Joe’s Auto Service. Since then, Garcia has reinvested in his shop with major upgrades. He has three mechanics and one administrative assistant as employees. Garcia plans on refinancing his loan in the future and will be contacting Shah when the time comes.
The SBDC helped Garcia navigate the legal waters of leaving a partnership behind, and coming into your own. He encourages all entrepreneurs to contact the SBDC. The support they offer is unequal.