From electrician to entrepreneur: UGA SBDC helps Neely Electrical Services power up for growth

Owner Trey Neely began his career in the electrical industry straight out of high school in 2005, completing a five-year apprenticeship before becoming a journeyman electrician. In 2016, he joined Braddy Enterprises LLC, a union electrical contractor focused on the industrial market. Over time, Neely rose through the ranks to become one of four project managers. Then in a surprising turn, founder Gerald Braddy offered to sell him the company.

“The weird part about it for me was I met him once — the day I got hired,” Neely said. “Four years later, I’m sitting at a table and he’s telling me that he wants me to buy his company. It basically fell in my lap, and it seemed like an opportunity that was too good to be true.”

Neely had the technical expertise but no experience owning a business or navigating the complexities of a business acquisition. When he approached the lender about the purchase, they referred him to Becky Brownlee, area director of the UGA SBDC in Savannah.

“I asked the lender, ‘Hey, this guy wants me to buy his company. How do I do it?’ ” Neely said. “He told me: ‘You need to go talk to Becky Brownlee.’ Becky put it all out there and gave me a path to follow, showing me what I needed to do and how I needed to do it. She helped a lot.”

Brownlee worked closely with Neely to develop a business acquisition plan, including financial projections, business financial analysis and a finance structure that addressed challenges like limited collateral, cash equity requirements and seller support. The final deal was done using multiple sources of capital including owner equity, multiple seller notes and a U.S. Small Business Administration 7(a) loan.

After the acquisition in February 2023, Neely retained all staff and began expanding operations. Sales grew 43%, and the company now employs 55 to 60 electricians, up from 25 at the time of the purchase. Neely is also expanding into the Macon market.

“With guidance from the UGA SBDC, Trey gained a clear understanding of how to purchase a business — from navigating the small business lending process to exploring available forms of capital and financing options,” said Brownlee.

Neely also participated in the UGA SBDC GrowSmart program, which helped shift his mindset from maintaining the status quo to pursuing growth.

“GrowSmart really gave me some good ideas as far as branching out and getting to meet more people,” said Neely.

“Becky kept telling me, ‘You have to grow,’ ” said Neely.  “I was looking at this thing like a deer in the headlights. But she basically said, ‘If a business isn’t growing, then it’s dying.’ ”

That advice stuck. Neely pushed to expand his customer base and service fleet, doubling the size of the company in just two years.

“I never planned on owning a business. Never thought about it, ever,” Neely said. “I was good at ‘boots on the ground’ work, but I had no idea about the back office stuff — P&Ls, bank statements. Becky explained how it worked and what I needed to look for. She basically made everything make sense.”

Now, Neely pays it forward by referring other aspiring business owners to the UGA SBDC.