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Activities of the Small Business Development Center and small business owners in the Texas Panhandle during 2008.
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A N N U A L R E P O R T 2008
C R E A T I N G E N T R E P R E N E U R I A L S U C C E S S
701 S Taylor, Ste 118 • Amarillo, Texas 79101Phone: 806.372.5151 • Fax: 806.372.5261 • www.wtsbdc.com
A member of the Texas A&M University SystemA member of Northwest Texas SBDC Region Network
To Our Clients, Partners, and Friends:
Recent developments in the national economy have caused great concern about the future of business for this country. From our perspective here at the SBDC, business in the Amarillo area is strong and growing. We are blessed with good leadership in the civic arena, and West Texas A&M University has definitely entered a new era of progress with far-reaching plans.
Additionally, a new spirit of entrepreneurism has sprung up, backed by tremendous support both locally and nationally. In a recent survey conducted by the Kauffman Foundation of Kan-sas City, 70% of Americans said they believe the success and health or our economy depends on the success of entrepreneurs, and 80% believe that the American Government should encourage more entrepreneurship.
Our local and regional political leaders have responded to that call by creating entrepreneur-ial resources that give every entrepreneur a chance at success. If you’re one of them, give us a call and we will do everything we can to assist you in the pursuit of your dream.
Sincerely,
PJ ProngerDirector
Organization
Part of a nation-wide network, this SBDC is a department of West Texas A&M University within the College of Business. A Cooperative Agreement is in force between WT and Texas Tech University to provide services in this geographic area.
“I can’t say enough great things about David Dickerson and the SBDC. The thought of buying our own business was almost too overwhelming…until the day I walked into the SBDC office. I remember calling my husband after my first meeting with David and saying, “I just found a gold mine!” David helped me take an idea and a long list of questions and turn it into a “to do” list and the confidence to go for it! There was not a question I could come up with that David didn’t either have the answer for or have a resource for me to reference. I can’t imagine how much money we saved on attorney and accountant fees by having your help in the early stages of our business start up. Then, once I did get to the point where I had to consult attorneys and accountants I actually knew what I was talking about thanks to you! Not only did you help us to own our own business, I feel like I got the equivalent of a semester of business/finance classes for FREE! I have been able to share my experience with the SBDC with friends who are thinking of starting their own business and I will continue to “sing your praises” and send friends your way! I thank God for y’all, for we would not be where we are today if it weren’t for David and the SBDC!”
- Sara Farmer Pampa
Every tax dollar spent to fund this
program returns $11.37 in new tax dollars.
Source – Chrisman Report
The average cost of each new job
generated by the SBDC is $622.
Source – Chrisman Report
Vision - Mission - Values
Vision Statement - The WTAMU SBDC will be recognized as the Panhandle’s resource of choice for entrepreneurs. It will be the most professional and competent source of business information, business resources, and analytical services for helping individuals realize their business dreams.
Mission Statement - The SBDC mission is to provide consulting, training and research to small business in pursuit of community economic development.
Values - The values governing the SBDC’s activities include:• Professionalism • Competence • Accuracy of Knowledge• Ethical Conduct • Real Value to Clients
Our unique position is that we bring an unbiased viewpoint – we’re not trying to sell anything to our clients but success.
ANNUAL REPORT 2008 1
Location The SBDC is located in downtown Amarillo in the lower level of the Bank of America, soon to be Happy State Bank building at 7th and Taylor. Parking is available in the garage across the street south.
2 ANNUAL REPORT 2008
S. B
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S. A
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S. W
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S.E. 10th Ave
S.E. 3rd Ave
S.E. 3rd Ave
S. P
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e St
S. F
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S. Ta
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S. Ta
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SBDCS.W. 8th Ave
S.W. 7th Ave
W. 6th Ave
S.W. 5th Ave
S.W. 9th Ave
S.W. 11th Ave
S. G
rant
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S. Ja
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S. V
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S. H
arris
on S
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S. T
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S. T
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S. L
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S. Jo
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S.W. 12th Ave
S.W. 13th Ave
S.W. 14th Ave
S.W. 15th Ave
S.W. 16th Ave
S.W. 17th Ave
S.W. 4th Ave
Service AreaThe designated service area for the SBDC is the top 25 counties of the Panhandle. (Childress county is attached to the Wichita Falls SBDC.)
While we don’t market our ser-vices outside this area, we are free to assist clients in other locations upon their request.
Client Distribution
ANNUAL REPORT 2008 3
The SBDC staff is well qualified to provide business assistance and advice. All staff have real-world business experience and relevant business degrees.
1. David Dickerson, Assistant DirectorBilingual English/Spanish B.B.A. in Finance Launched two start-up businesses
2. Gina Woodward, Consulting CoordinatorExperienced in web designB.B.A. in Marketing, B.S. in PsychologyPracticed at Business Profiles & Plans
3. Julie Attebury, Senior Business ConsultantLicensed real estate broker M.B.A. in General Business Experience in finance/structureof family businesses
4. P.J. Pronger, DirectorCertified Internet Webmaster M.P.A. in Accounting Thirty years of business ownership
5. Lisa Gray, Business ConsultantFormer business ownerB.B.A. in Business Admin.Paralegal experience
1 2 3
4 5
SBDC Staff
Before anything else, preparation is the key to success. - Alexander Graham Bell
FundingThe SBDC receives major funding from the U.S. Small Business Administration and the State of Texas. We are also fortunate to receive additional private support from local businesses and individuals. Our funding is received separate and apart from the general budget at WTAMU. The SBDC program is a true bargain for taxpayers - for every $1 dollar in funding received, the SBDC generates $11.37 in new tax revenues. There is also a multiplier effect – every $1 expended on the SBDC operation was leveraged by $28.19 raised in new capital by clients.
Source – The Chrisman Report
70% of Americans believe that the success and health of our economy depends on the success of entrepreneurs, and 80% believe that the American Government should encourage more entrepreneurship. Source – The Kauffmann Foundation
4 ANNUAL REPORT 2008
$$
$
$
SERVICES
ConsultingIndividual consulting is provided to any small business person on a free and confidential basis, with specialties in the following: Startup Planning, Business Plans, Financial Analysis, Business Valuation, Financing and Investors, Marketing and Advertising, and Internet Operations.
Manufacturing consulting is available through an arrangement with the Texas Manufacturing Assistance Center in Lubbock. TMAC works with manufacturers to improve their competitiveness by identifying opportunities and implementing appropriate solutions.
Hi Julie,Thanks to your help, we received our loan and are up and running. The process was amazing! It was actually easier than closing on a house! The loan officer didn’t have one single question because she said that we had been so thorough in the business plan. So, thank you, thank you, thank you!
- Jessica Waggoner, Dumas
TrainingThe SBDC conducts seminars and workshops throughout the year on a variety of topics such as Marketing, QuickBooks, Payroll Taxes, Bookkeeping, and Intellectual Property.
95% of our clients recommend our services. - Source – Chrisman Report
Client comments about our QuickBooks training program - “Great!” “Answered every question.” “It helped me tremendously! QuickBooks used to give me anxiety, but now I feel comfortable!”
263 out of the 264 people who attended our “Introduction to Business Ownership” workshop in 2008 said it was worthwhile.
The Small Business Development Center
David Dickerson, Assistant Director - WTAMU SBDC
Presents this Certificate of Completion to
Who has successfully completed
QuickBooks 2008 Pro Training
On October 16th & 17th, 2008
Liz Varela
Julie Attebury, Senior Business Consultant - WTAMU SBDC
ANNUAL REPORT 2008 5
RESEARCHThe SBDC has access to market research resources which can be utilized to find the answer to questions ranging from legal statutes to consumer preferences. Most research is provided free of charge.
6 ANNUAL REPORT 2008
How does Amarillo compare nationally in lifestyle rankings?
The top 10 and bottom 10 interests in Amarillo as compared to the national average.
-60 -50 -40 -30 -20 -100
10 20 30 40 50 60
Higher Than Average
Lower Than Average
Dear P.J:
The old statement – ‘the proof is in the pudding’ is true of the workshop you presented on Marketing for our busi-ness people in Borger. I can not tell you how many people have called or come by and told us how much they benefit-ted from the workshop. They have cited individual plans they have made and are planning to carry through. My sin-cere thanks to you and David for spend-ing the evening with us in helping these folks develop and be motivated to move forward on their marketing plans. Thank you for sharing your expertise, practical experience, and energies with us on Thursday night.
- Sincerely, Beverly K. Benton, CEO Borger Chamber of Commerce
56% of Americans say they have faith and confidence in the owners of small business to guide the U.S. economy, while only 14% say they have faith and confidence in the CEOs of Fortune 500 companies.
Source – The Kauffmann Foundation
80% of Americans say they would like to be the owner of a successful small business, while only 14% say they would like to be CEO of a Fortune 500 company.
Source – The - Kauffmann Foundation
DBAsDBAs, or Assumed Name Certificates, are used to make ownership information about businesses public. DBAs are filed with the county and/or Secretary of State. The SBDC provides forms, advice, and free notary services for DBA filings, and we publish an informative booklet which describes the process and answers to common questions.
OUTREACHThe SBDC can send staff to any area of the Panhandle and provide all our regular services. In 2008 we provided outreach programs for the following: Borger Chamber of CommerceDalhart Chamber of CommerceHappy High SchoolTulia Chamber of CommerceTulia High SchoolHereford Chamber of CommercePerryton Chamber of Commerce
PUBLICATIONS, RESOURCES & WEBSITESThe SBDC publishes business tools and documents, as well as a website with resource links and a monthly e-newsletter with business tips and information about funding sources and training. The following are available in our office or by download from our website at www.wtsbdc.com. We also maintain a mobile website with seminar schedules at www.wtsbdc.mobi.
“Finding the Money” guide to financial resources for business.
“Introduction to Business Ownership” workbook for new business owners.
“Checklist for Opening a Business”
“Complete Resource List” links to multiple agencies and providers.
“DBA Forms”everything for filing an assumed name.
“Biodiesel Primer” basic information about biodiesel production and links to equipment vendors and resources.
Research Item - Amarilloans eat an average of 4.2 pounds of shrimp per year.
ANNUAL REPORT 2008 7
ResultsSBDC activities are monitored and measured by both the SBA and an independent auditor.
Our Clients - 630 clients contacted the SBDC in 2008 requesting a variety of services over a wide range of industries. Our clients’ confidentiality is protected by law.
8 ANNUAL REPORT 2008
Client FeedbackConsultant’s understanding of my needs
Consultant’s responsiveness to my questionsQuality of advice or information received
Time it took to get an appointmentCourteousness of the staff
Ratings of Very Good or Excellent
0% 20% 40% 60% 80% 100%
0 100 200 300 400 500 600 700 800
Goal
Actual
Clients Served
445
630
0 20 40 60 80 100
Goal
Actual
New Businesses Opened
55
83
$0MM $5MM $10MM $15MM $20MM
Goal
Actual
New Capital Created
None
$17,504,205
0 50 100 150 200 250 300 350
Goal
Actual
New Jobs Created
240
333
0 200 400 600 800 1000 1200
Goal
Actual
Training Attendees
600
1,045
0 10 20 30 40 50 60 70 80
Goal
Actual
Training Programs Delivered
30
73
The SBDC helps support youth activities of the Red River Cluster Youth Entrepreneurship Fair each fall. In 2008, there were 41 contestants from the high schools of Dimmitt, Hart, Nazareth, Tulia, and Happy who won cash prizes of $5,275 by presenting business plans for new rural business ideas.
Partnerships - The SBDC makes every effort to coordinate and collaborate with other organizations involved in economic development. In 2008 we were pleased to work with all of the following:
Amarillo Chamber of CommerceAmarillo Economic Development CorporationAmarillo Hispanic Chamber of CommerceBorger Economic Development CorporationBusiness and Industry Data CenterClass 4 WindsEntrepreneur Alliance, Inc.High Ground of TexasIntuit, Inc.
Panhandle Regional Planning CommissionPerryton Economic Development CorporationRed River Commons
Texas Department of AgricultureTexas Manufacturing Assistance CenterTexas Mezzanine FundTexas Panhandle Regional Development CorporationTexas University Network for Innovation & EntrepreneurshipWTAMU Enterprise Network
The SBDC helped launch 83 new businesses in FY 2008.
Client Profile
ANNUAL REPORT 2008 9
0% 5% 10% 15% 20% 25% 30% 35%
18-2425-3435-4445-5455-64
Over 64
Average Age
0% 10% 20% 30% 40% 50%
8th grade or lessSome high school
High school diploma or GEDSome college
Associate degreeBachelor degree
Graduate degree
Education
0% 5% 10% 15% 20% 25% 30%
Less than $25,000 per year$25,000 to $34,999$35,000 to $49,999$50,000 to $74,999
$75,000 and over
Household Income
701 S Taylor, Ste 118 • Amarillo, Texas 79101Phone: 806.372.5151 • Fax: 806.372.5261
www.wtsbdc.com
A member of the Texas A&M University SystemA member of Northwest Texas SBDC Region Network
Funded in part through a cooperative agreement with the U.S. Small Business Administration