Columbus OBGYN Practice Turns to UGA SBDC for Business Restart
November 8, 2024
Brookstone Medical, a durable medical equipment supplier servicing middle and south Georgia, was successful and growing. But owner Matt Corley felt he was missing out on opportunities to further expand and set up his company for future growth. He reached out to the University of Georgia Small Business Development Center (UGA SBDC) and a team of experts guided Corley to open doors for rapid growth.
After a decade of working in the industry, Corley launched Brookstone Medical in 2018 to provide custom power wheelchairs. As a graduate of the Harley Langdale Jr. College of Business Administration at Valdosta State University, he was familiar with the UGA SBDC because of its office on campus. Corley reached out to business consultant Susan McBrayer in 2021 for general business assistance and help with federal pandemic programs with an eye on expanding his product lines.
McBrayer assembled a team of consultants to guide Corley across all aspects of his business, helping him improve his financial picture, conduct strategic planning and address human resources needs. Corley utilized the assistance to expand his company’s product lines and more than double his employment and sales revenues.
“At some point in your business you realize that if you’re going to grow, you’ve got to lean on a lot of people with expertise,” Corley said. “Also, power wheelchairs are sold in person and hands-on. They’re not the most pandemic-friendly product to sell. I’ve always liked the recurring business model and felt there were more opportunities where we could provide our clients value.”
McBrayer reviewed Brookstone Medical’s products and services. She found Corley was financing his equipment directly, and the turnaround time and the time it takes for his company to be paid was slow. The business was generating revenue, but it needed more capacity to grow. She prepared financial projections to show him how outside financing would improve his cash flow. As a former banker, McBrayer was able to share her experience with him.
“I believe it’s important to foster a relationship with your bank,” McBrayer said. “I introduced Matt to three different bankers. Chris Misamore at Ameris Bank called him back, visited his business and took him on. Matt’s still building a relationship with him.”
Ameris gave Corley a loan, but he needed additional access to financing. McBrayer walked him through the federal COVID disaster lending process, and he received additional funding.
“A lot of our success has hinged on the UGA SBDC being able to help us navigate the SBA’s 7A loan program,” Corley said. “That’s where we’ve leaned heavily on our growth.”
McBrayer then introduced Corley to UGA SBDC consultant Benny StaRomana for strategic planning.
“Matt had a vision, an idea, and Benny helped him focus on his end goal,” she said. “They went through the strategic planning exercise and came out with the idea of Brookstone Medical selling renewable products. Then they looked at how to get there.”
Next, UGA SBDC consultant Troy Vollenweider met with Corley to go over the company’s pain points. With the new product lines and a growing staff, he needed assistance creating job descriptions and updating the employee handbook.
“Matt knew he had the right vision,” McBrayer said. “He just needed someone with the right technical background and experience to help him.”
By early 2024, Brookstone Medical’s employment had more than doubled to a staff of 11. Annual sales were nearly five times higher than they were in 2021.
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“Through the partnership with the UGA SBDC, we’ve been presented opportunities I wouldn’t even have thought of. There’s a lot of value in that. The UGA SBDC is a super team of consultants from all types of backgrounds that you can call on at no charge. They’re there for you, they follow up. They offer excellent ongoing support. Who wouldn’t like that?”
For More Information: University of Georgia SBDC | (706) 542-2762
All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The University of Georgia
Small Business Development Center
382 East Broad Street
Athens, GA 30602-5412
P: (706) 542-2762