Shaffer Transfer & Moving

Jamie and Lindsay Frampton had been talking about owning and operating their own business for a few years when the owners of Shaffer Transfer & Moving indicated that they were looking to get out of the business. Jamie had worked on a few jobs with the current owner and saw this as a potential opportunity. Jamie and Lindsey felt that this business would complement their work experience and skills. After some thought, they obtained the information from the owner and approached the bank for financing. The bank made the suggestion that they contact the St. Francis Univeristy Small Business Development Center (SBDC) for assistance in evaluating the opportunity and developing the business plan.

On April 16, 2014, a SBDC consultant met with the Framptons at the Somerset County Outreach office to discuss the acquisition of Shaffer Transfer & Moving. At the time, they had started to work on the business proposal and had the financials on the business that they had provided the bank. The consultant explained the planning process to the Framptons and provided them with planning materials to assist them in obtaining all the information needed to develop the business plan and financial statements. The SBDC consultant also explained that they may be eligible for alternative financing that would help fund the purchase. 

The SBDC assisted the Framptons in evaluating the purchase of the business and the development of the business proposal, three year projected income statement, cash flow, balance sheet and a detailed narrative explaining the projected financial figures. Upon completion of the business proposal and projected financial statements they approached the bank and Somerset County Economic Development Council (SCEDC) for financing.

In September of 2014, Jamie informed the SBDC that the financing for their project had been approved by the bank as well as by the SCEDC. The local bank provided $45,000, and the Development Council provided the other $15,000 needed to complete the financial deal. Shaffer’s Transfer & Moving assets were transferred to the Framptons.

Jamie and Lindsay decided to continue operating the business under the name of Shaffer’s Transfer and Moving, building on the eighty-five year-old reputation of excellent service. Their intention is to develop more local relationships with local businesses and families. It is important to the local Somerset community to know that Shaffer’s Transfer & Moving is still the same trusted company when moving their personal possessions either locally or outside the area.

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