The Iowa Small Business Development Center (SBDC) for Mid Iowa helped Lynn and Sarah Pritchard buy out their business partner, restructure the business, devise a new strategic plan for the company’s growth, create cash flow projections, and secure funding so they could make numerous changes and have complete ownership of their existing restaurant and bar.
Lynn and Sarah Pritchard were partners in a restaurant business and wanted to buy their partner out, but to do so, they knew they would need help and some good advice. Sarah had heard about SBDC services from a friend, and so she looked up the local office in the Des Moines metro area and first met with the SBDC in June of 2012.
SBDC counselors met with Lynn and Sarah to assist them first on the process of buying out their current partner, which meant they would need to restructure the business and secure financing. The SBDC brought together a panel of experts to strategize the planning of the new business structure, its name and menu changes, a new vision and mission, a comprehensive growth plan, and to help the Pritchards develop a strategic plan for the future.
The SBDC then assisted Sarah and Lynn with build-out negotiations, landlord negotiations, market research, cash flow projections and financials, the partnership transition, benchmarking, expense controls, an operations checklist, menu adjustments and margins, the decision making process, a service analysis, a new marketing strategy, legal and accounting questions to ask of their lawyer and accountant, a competitive analysis, and how to set milestones. The SBDC also consulted with Small Business Administration personnel who assisted with the transfer of bank fiduciary details.
After a full year of hard work, many counseling sessions and meetings with other business professionals, Table 128 Bistro + Bar is open and thriving; their grand opening was May 24, 2013. The Pritchards attained 100 percent ownership, changed the restaurant’s name and menu, added a patio, increased company sales by 27 percent, plus were able to retain 15 jobs and add five more.
Lynn and Sarah are very grateful for the in-depth assistance they received from the SBDC. Sarah says, “The SBDC was instrumental in assisting us in making changes to our ownership structure that were essential to our success as a business. Their counsel also helped us refine our vision and business model and create cash flow projections. Their counsel through this major business transition gave us the confidence to move forward with our plans. As a result, we are contributing positively to the business community by employing nearly 20 individuals and working with many local vendors on sourcing our products. We are forever grateful to Sherry and her team.”
Table 128 Bistro + Bar is a full-service lunch and dinner restaurant and bar and its new menu consists of commonly loved classics that are “brought up to a new level, with a modern point of view”. Lynn and Sarah’s mission is simple—to give guests food they are passionate about, service they take pride in, and a sophisticated, yet casual, dining experience worth sharing. To check out all Lynn and Sarah have to offer, visit them at 12695 University Avenue in Clive or go to their website, www.table128bistro.com.