Transitioning from employee to owner at an auto parts store
“I think the SBDC helped me most by giving me an outside perspective of the business.” – Norman Terhaar, owner
After 24 years of experience in the auto parts industry, Norm Terhaar purchased the NAPA Auto Parts franchise store from his employer.
Norm first came to the SBDC seeking assistance with financial management. An Idaho SBDC coach helped him gain a better understanding of the financials, improve cash flow, and reduce debt, then went to work on the projections needed for obtaining a loan to purchase his building. Since first coming to the SBDC in 2013, Norm has been successful in growing sales, improving profitability, managing cash flow, purchasing his building and increasing his staff.
“I bought an existing business that I was familiar with.” Norm continues, “The SBDC showed me how we fit in compared to other stores in the same industry, where our operating costs were higher or lower than average, which gave me areas to work on my expenses. It’s easy to get caught up in the daily operation; it helps to have someone do the research you may not have time to do.
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Idaho SBDC Success Story