Lucky Cleaners
Matt and Lindsay Henry , Owners
Star City, Arkansas
Matt and Lindsay Henry of Star City wanted to own a small business in a small town.
Matt, a financial advisor, and Lindsay, a student completing a master's degree in marketing, were looking to invest in a business located where they could enjoy the small-town quality of life they love. In February, they contacted Kathryn Peacock, center director of the ASBTDC at the University of Arkansas at Monticello College of Technology, McGehee.
Peacock worked closely with the couple through the spring and summer, exploring the feasibility of a start-up company and an opportunity to purchase an existing business. Both were ruled out, but two months later the right opportunity surfaced - to purchase long-established Lucky Cleaners in Star City.
Peacock assisted with valuation of the business and cash flow scenarios, which the Henrys used to finalize the purchase price and demonstrate their ability to repay a loan.
The Henrys began operating Lucky Cleaners in September with state-of-the-art equipment, offering dry cleaning, laundry, alterations, monogramming, and bridal dress preservation services. Pick-up and delivery points are located at Sutton's Petal Shoppe in McGehee and The Arrangement Shoppe in Rison.
"I didn't know how involved starting or buying a business was until working with the UAM Small Business Development Center," Matt Henry said. "They made it much easier. Now, I can't imagine anyone trying to do it any other way."
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