Brad Taylor makes killer BBQ. After a winning appearance on the TLC show “BBQ Pitmasters” in 2014, he knew he wanted to run a full-time BBQ business. Brad custom built a food trailer to smoke meat and officially launched BBQ4LIFE. The fantastic slow-cooked BBQ was an immediate hit, and the business moved from its trailer to a permanent location.
But, like many start-up businesses, initial costs were high, managing expenses was challenging, and Brad was struggling to get ahead on cash flow with his growth. Brad contacted MoFi after being turned down from multiple banks. We knew we had a hard-working, determined business owner with a great product who just needed some help managing the financial side of the business to become profitable.
In late 2016, we provided a loan to cover equipment costs, working capital, and refinance some initial start-up costs. We also met with Brad weekly to evaluate pricing, portion control, vendor operations, and payroll and food costs. With our recommendations and Brad’s fierce work ethic, he has increased sales by almost 40%, has good debt service, and a profitable business model for future growth.
“MoFi really took the time to gain a true perspective of our business,” Brad said. Today, Brad is working on his business rather than in it — building a profitable model and headed for a bright future.
Products used: Business Loan