Alaska Small Business Development Center

Summit Spice & Teas – The Sweet Smells of Success

summitIn 2007, Audrey Paule approached the South Central AK SBDC for help with the purchase of her employer’s business.  The business?  Fabulous special recipes for spices and teas, mouth- watering chocolates, and scream-out-loud chilis, as well as other specialty items for the discriminating palette.

The business advisor worked with Audrey in obtaining and reviewing the financials necessary to do a preliminary valuation on the business.  After this review, Audrey was referred to a CPA who specialized in valuing businesses.  The information that was compiled at the business advisor’s request saved  Audrey time and money when working with the CPA.  Audrey also worked with the business advisor in creating a business plan and found financing for the purchase of the business in 2007.

Audrey returned at the beginning of 2009 to discuss the potential expansion of the business.  With a little over a year as a new business owner, Audrey had surpassed her initial goals.  With an expanded web presence and more wholesale orders, as well as frequently requested on-the-spot special spice and tea recipes from walk-in clients, Audrey was finding her current location limiting in future opportunities and growth.

The AK. SBDC business advisor and Audrey reviewed the advantages of having two stores open or, alternatively, to consider combining into one larger store in midtown.  With these options, as well as considering the suggestion to refinance the rates, Audrey is measuring her options and enjoying the the sweet smell of success!