Experienced stylists make the cut as first-time business owners
Longtime stylist Tabitha Parsley and master barber Robert Collins worked for years at the original location of Red’s Class Barbershop in Indianapolis. After relocating to Nashville to help run the second location, these young entrepreneurs dreamed of owning their own shop.
“One day we looked at each other and realized we were doing everything it takes to own our own business but were working for other people,” said Parsley. “We can do this for ourselves. Let’s do it – let’s make it happen.”
As fate would have it, the owners of the barber shop where they worked were ready to sell.
“It was a rare opportunity to purchase a turn-key business that we knew after years of hard work and dedication,” said Collins. “And we knew that together we could make something great!”
After a year of research, Parsley and Collins were ready to take the leap from employees to owners, but still needed the funding to move forward. The final piece fell into place when their banker referred them to Pathway Lending.
“We’re young, and even though we’ve got all this experience in our industry, we’ve never actually owned a business,” said Parsley. “Pathway stepped right in, though. We appreciate knowing our lender not only backs us financially, but also believes in our vision and our future endeavors as a new business. We’ve got the whole Pathway team behind us!”
They took the leap and business is booming under their new brand, “Collins & Co. Barber Shop.” Extensive experience in the field, a passion for numbers, funds from Pathway Lending, and mentoring from the previous owner have helped make sure these entrepreneurs are styled for success.
“A lot of people buy their own business thinking they’ll have more freedom,” said Collins. “Owning my own shop, I actually have less freedom, but I enjoy the work I do and we’re building something for ourselves. It makes all the work so much more worthwhile.”
Want to buy a business in an industry you love?
Read our helpful article on 8 steps to buy a business for more formation and the steps you’ll need to take.
If you need funding or have a client who should apply, anyone can apply for a loan from Pathway Lending anytime by filling out our easy pre-application form.
If you’re uncertain about your readiness to buy a business, register for our 2-hour workshop, How To Buy A Business, on Saturday, December 4 in Chattanooga. Or, try SBA’s free 30-minute course: Buying a Business. Both offer great resources for getting started.
Want to read more Pathway Lending success stories?
Head over to our Community Impacts page to download our annual report and read more great interviews with small business owners.
