Family Business takes off with SBA Financing and Training
Frank Spencer purchased Aztec Contractors, Inc in 2006 from his father after the company had been dormant for over 10 years. Mr. Spencer was looking for a new venture and became aware of a construction opportunity in a new condominium development and rose to the challenge.
As he took over the business, he realized he had to bridge the gap of industry knowledge, experience, and understanding of the technical aspects of the construction industry. It required he surround himself with individuals that had the right experience and knowledge in the industry. As the Aztec Team embarked into the Federal market, as well as Commercial sector, they quickly had to learn how to handle the administrative requirements for working with Government agencies.
Trying to set up internal systems and work flows inside the company in order to allow it to run consistently, reliably, and predictably, all while not having a true understanding of what a full-blown construction operation looked or felt like, created a few years of “trial and error” until they adopted systems/procedures that worked for Aztec. To date, this is an ongoing part of their business, as clients change, and agencies require different deliverables they are constantly tweaking their systems of operation, and showcasing the flexibility that small businesses are known for.
In 2008, Aztec Contractors, Inc., applied for and received an SBA SOHO loan through their Community Express Loan Program in the amount of $25,000. In 2012, Aztec Contractors, Inc., was approved for a $1,000,000 through the SBA's 7(a) Guaranteed Loan Program. In 2008 the first SOHO loan allowed Aztec Contractors to cover for payroll expenses and the cost of materials for their first project. In 2012, the 7(a) Guaranteed Loan provided the financial support needed to successfully bid and perform on 13 government contracts that they were working on concurrently. It also assisted the company with its bonding capacity. The loan is still in place today and has been a tremendous life line for Aztec.
Mr. Spencer started the company with 2 employees; during the first year in business they only made $4,986.43 in sales. By the 3rd year in business, they had over $100,000.00 in sales and today they employ 25 full time employees and sales have grown to almost $30,000,000.00 a year in revenue.
Mr. Spencer says that the greatest benefit of owning your own business is the impact you have on your employees and the people you come in contact with: clients, subcontractors, vendors, and consultants. Also, Aztec Contractors has been actively helping other small businesses get started in this industry with advice and mentorship as they work on building their businesses. “It’s about making a difference and impacting those around you and within your community. There is a great sense of accomplishment when you can make a difference in someone’s life.”
Frank Spencer recommends that people interested in starting their own business reach out to the Small Business Administration and take advantage of all the training programs that the SBA has to offer, as well as their financing services. “Don’t be afraid to ask for help and seek out other companies for advice. Develop a written plan and tap in to your WHY this will help formulate a vision and hold true to that belief. Surround yourself with people that can help you achieve your vision and plan. At some point always give back and find a way to help others who are starting out in business. “