Client Corner

This client was featured in May 2002. The information in this profile was accurate at the time of writing. Please contact us if you believe something should be changed.

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Tom Wheeler, Curtis Mack, and Tony Schager
John Falb Automotive Company
West Union and Sumner, Iowa

Transitioning a company from one owner to another can be a tough process. Add to the mix three buyers instead of one and an industry steeped in multi-level floor plan financing and you have the complex circumstances surrounding the purchase of John Falb Company of West Union, Iowa.

John Falb Company has been an icon in northeastern Iowa since 1917. Second generation family owner, John Falb, had toyed with the idea of selling the company for several years, but hadn't found the right buyer until three seasoned automotive managers, Curtis Mack, Tom Wheeler and Tony Schager, approached him in 2000. Once the initial deal had been struck, the three men drove down to the UNI Regional Business Center from northeast Iowa to have their purchase arrangements reviewed by the SBDC*. According to Curtis, it was 'just a precaution' because they literally had boxes of documents prepared to complete the sale.

"We got in the door with our reams of paperwork and the SBDC staff asked for a copy of our business plan. Well, we had financial statements and letters of credit, attorney reviews and resumes but we didn't have a business plan!" Curtis said with a laugh.

Momentarily set back, the trio enrolled in the Fast Trac Entrepreneurial class held at the RBC and parlayed their paperwork into a comprehensive business plan. The men used the classroom training to hone their marketing plan and recast their financial projections.

Currently, John Falb Company operates dealerships in West Union and a new facility in Sumner is off and running.

*The Small Business Development Center is a program jointly supported by the Iowa Legislature, the Small Business Administration and the University of Northern Iowa. There are 16 SBDC's in the state of Iowa offering professional consulting and training to small businesses.