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Isabella's Boutique
Kim Hinkle has been an entrepreneur at heart for as long as she can remember. When she and her husband Stanley relocated to Batesville, Arkansas from Indiana in April 2005 she decided to pursue her dream of becoming a business owner. Once settled into the rolling hills of the Ozarks, Kim began her quest to find the right business to operate. She carefully studied and rejected several opportunities before going to work for a local boutique and Merle Norman outlet in Batesville as a Beauty Advisor. Kim worked closely with the owner, applying her existing skills in sales and marketing to the business. After several months the owner, who had several other similar outlets scattered around north-central Arkansas approached Ms. Hinkle about purchasing the Batesville store. Aware that this may be the opportunity she had been looking for, she immediately began to gather information and approached a local bank. Due to the amount of goodwill involved and minimal business collateral value, the lender recommended that she contact the Arkansas State University Small Business Development Center for assistance in determining the feasibility of the venture. In July 2006 Kim met with Herb Lawrence, ASU SBDC Center Director to discuss issues related to purchase of the business and help in preparing a loan package. Over the next month Ms. Hinkle and Lawrence reviewed historical financial statements, discussed inventory issues and the potential for the store. Once Ms. Hinkle and the owner agreed upon a firm price, the SBDC worked with Ms. Hinkle to determine cash flow and ability to repay a business loan. Although not having a strong background in business finance, Ms. Hinkle threw herself into the project developing a conservative but realistic set of pro-forma financial statements that demonstrated the store's capabilities. With pro-forma statements developed, Ms. Hinkle and the SBDC hammered out a small business loan package which she then submitted to several banks in Batesville. In August David Dame with Liberty Bank in Batesville agreed to fund the project in house and set about to close the loan. On August 7th the store officially changed hands from Nora's Boutique and Merle Norman Studio to Isabella's Boutique and Merle Norman Cosmetic Studio. Ms. Hinkle's developing skills as a small business owner quickly came to the forefront as she revamped and updated inventory selections, made tasteful remodeling to the interior and began to establish a new image for the store. Her negotiation skills were also demonstrated when prior to the Grand Opening she was able to convince almost all of her vendors to provide thousands of dollars of inventory free as part of the Grand Opening gifts to customers. She also worked with a newly established Italian Restaurant in Batesville (that had also been named Isabella's) to provide refreshments for the Grand Opening for free. Thanks to the support of her family, David Dame with Liberty Bank and the ASU SBDC, Ms. Hinkle has turned her dream into a reality. Not content to own one boutique she is already making plans to expand operations by opening similar Isabella's outlets in other parts of North Central Arkansas. Read more client success stories Start Your Own Business | Improve Your Existing Business
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