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Ophthalmologist and Gymnastics Center Small Business Success Stories

Ophthalmologist and Gymnastics Center Small Business Success Stories

It can be encouraging and motivational to hear about other small business owners who have been successful in running and growing their companies. In celebration of National Small Business Week, Cadence bankers share two small business success stories. We hope you enjoy reading them.

 

Ophthalmologist Buys Successful Local Practice

 

An ophthalmologist in Beverly Hills, Fla. who has run a successful practice for the past 20 years recently decided he was ready to sell the practice. Early this year, he met another ophthalmologist who wanted to relocate to the area and buy a practice. He has practiced in the field for 33 years and was ready to run his own private practice again.

 

This ophthalmologist approached Cadence Bank about financing to purchase the practice as well as a line of credit to support working capital and cash flow needs. The only catch: The loan needed to close quickly in order for the business sale to proceed. Through diligence and teamwork, Cadence was able to approve the acquisition loan in just 18 days from the initial loan request to the closing date.

 

“Many different departments and employees pitched in to support the client’s need to get this deal done quickly,” says Cadence Bank Vice President and Branch Manager Amy Gronert. “The ophthalmologist is very happy with the loan rate and terms. As a result, Cadence has earned his full business banking relationship.”

 

According to Gronert, both the selling and buying ophthalmologists have very strong financials and outstanding credit, which helped the underwriting process go smoothly. The buying ophthalmologist hopes to maintain the selling ophthalmologist’s workload of seeing at least 40 patients each day while also keeping overhead down to 30 percent, which is extremely low for this kind of practice.

 

“The practice has a stellar reputation in the community,” says Gronert. “The selling ophthalmologist will be staying onboard for a period of time to introduce the buying ophthalmologist to patients and other ophthalmologists at the local surgery center, thus helping make sure the transition goes smoothly.”

 

Watch our video series to see more Cadence Bank business success stories. Or if you missed Great Tips From Cadence Business Bankers, read it now.

 

The business loan process can be complex. Contact Cadence Bank to learn more about how to navigate the red tape of business loans.

 

Gymnastics Center Expands, Opening New Facility

 

Derrick Atherton has worked in the gymnastics field for more than 15 years as the owner of Maximum Athletic Center (link sends e-mail) in Conroe, Texas, which offers gymnastics classes to children aged 2 to 14. Maximum Athletics has been so successful that Atherton recently decided to open a new and larger location in The Woodlands, a neighboring community, to accommodate membership growth of up to 50 percent.

 

Atherton approached Cadence Bank to talk about financing for the new location. Cadence was able to help arrange a lease-to-purchase contract through which Maximum Athletics is leasing the new building and will have the option to purchase it after two years. “This presented a great opportunity for Cadence Bank to play a key role in Derrick’s business expansion plan,” says Cadence Bank Vice President and Small Business Relationship Manager Salomon Saucedo.

 

The grand opening of the new Maximum Athletic Center in The Woodlands will be held in May 2016. According to Atherton, the new facility will offer more types of gymnastics classes, including a competitive gymnastics league. Atherton expects the upcoming Summer Olympics in Rio De Janeiro to provide a big boost for both the Conroe and The Woodlands gyms.

 

Saucedo believes that the keys to Atherton’s small business success are his passion for the business and the fact that he stays on top of his company’s finances and operations on a daily basis. “He is personally invested in the ongoing development of his gymnastics students, as well as the impact of his business on the community,” says Saucedo.

 

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.

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