Wayne Wigley Inc., DBA Wigley’s Paint,
6904 Woodway Dr., Waco, Texas 76712,
Business status at time of arrival at the SBDC: Pre-venture
Reason for which the client originally came to the SBDC: Client sought help in starting his own retail paint store.
Assistance rendered to meet client needs: One-on-on Counseling
Length of time over which the assistance was rendered: November 29, 2010 to
Specific assistance rendered by the counselor or actions taken by the business
owner: The counseling assistance included providing information that the client, Thomas Wayne Wigley, should know and understand regarding starting a business; financial requirements for his business and help with preparing a pro forma balance sheet, income statement, and cash flow projections; providing a way of funding his business using Benetrends so he could use his 401K money and not have to pay a penalty and taxes when he withdrew the funds from his retirement fund; advice and strategy in transaction form his employer to business owner; preparing a business plan; consultation regarding contract negotiations; continual help along each step he took so that he could open his business. Counseling client with over 60 hours including both contact and prep time.
Effect of the assistance on the business: The client, Thomas Wayne Wigley, was able to form a corporation, start his business, obtain an SBA working capital loan in the amount of $84,000, use his money from his 401K plan ($190,000) to start his business and not have to pay taxes or penalty to the IRS for the withdrawal, hire an employee, and operate a successful business. He is making sales and is profitable. He started his business on March 7, 2011.