Financing for a barber
Forty-nine years ago, Jack Gann opened the doors of what has since become a Boise institution: Jack’s Barber Shop. Since then, customers have happily returned for the excellent service and old-school barbershop charm—and along the way, Jack also trained most of the traditional style barbers now operating in Boise. At 70, Jack was ready to retire and pass the business on to Adam Day, a standout employee who has been steadily assuming responsibility for the day to day operations of the shop.
Adam’s route to barbering was unexpected: after parting ways with a former employer, he found himself enrolling in barber college that same afternoon. “When I ended up at Jack’s, I thought I knew how to cut hair,” he says with a laugh. “Jack set me straight pretty quick and trained me really thoroughly over the years. We keep those same high standards today. We have a great camaraderie at the shop—I want all our patrons to feel good in anyone’s hands.”
Buying the existing business
There was one problem when it came to the transition. Adam needed a loan to buy the business, but he wasn’t able to qualify at his bank because he didn’t meet their credit threshold and his banker wanted to see a year of operations before providing financing. Adam was directed to MoFi. We recognized his extensive industry experience and positive track record at the shop, and made a loan to help him complete the purchase. And because all of MoFi’s loans come with complimentary technical assistance, we’ll be working with Adam to provide accounting assistance during his first year of ownership.
We have no doubt that Jack’s is in good hands as Adam takes the reins and re-opens under the new name of Iron Barber.
Products Used: Small Business Financing