Cheryle & Roy Fears, Owners
Pat's Antiques, an antique store and gift shop, is found in the heart of Springdale. There you will find home decorations and gifts for all occaisions. Cheryl Fears, owner, and Melissa Fears, accountant, decided that although the business was doing well, they wanted a professional to look over their financial statements. In 2000, the Fears asked Lance Sexton, Center Director of the University of Arkansas, Fayetteville SBDC, to review their financial statements and provide recommendations for improving their cash flow. The Fears, Sexton, and a representative of First National Bank, met to discuss restructuring the current debt. After securing a SBA guaranteed loan in October 2000, Pat's Antiques saw a 26% improvement in their monthly cash flow, which allowed Pat's Antiques to increase inventory. Melissa Fears returned to the SBDC in January 2001, with an interest in setting up a monthly budget and a purchasing budget. These budgets have been very helpful and the Fears and Sexton have continued to meet each quarter to review the budgets and make necessary revisions.