"The Meridian Project"

Wednesday, September 15, 2004

For all of you out there who know and all of you who might not know, WE (Melissa, Alan, Erica, Mom & Dad) are trying to open a new fabric store in Meridian Idaho. It all started about three years ago when on a shopping spree with my mother I decided that I wanted to open my own fabric store. The idea was to bring better quality fabrics for better prices to an area that was forced to shop outside of city limits to find what they needed.

So I called a few people and here are the events leading up to today...

7-2003 "Hey Alan, want to start a business with me?" "What kind of business?" "A fabric store." "Ok, I am in. What do I need to do?" The conversation that launched an empire (or soon to be empire)

8-2003 I meet with a friend (Jayme) about how she is starting her business and who she talked to. I gather a bunch of information and she shares with me her business plan. So I am off, it's time to write a business plan. I kick this idea around with my friend Andrea (we used to work together at Veritest) who says that she will help me find the vendors and make some phone calls. Thanks Andrea!

8-2003 I purchase business plan software to make life a little easier. I have written plans for the companies I have worked for but never for fabric! I don't have the resources my Fortune 500 company does so it's me and the library.

9-2003 I begin the business plan. Research, research, research. Phone calls, quotes. Accountants, insurance people, Legal Aid. You name it I called it.

9-12/2003 I work diligently to enter all of this information into the business plan.

10-2003 Chuck Tookey introduces me to a property broker - Bill Browand. Bill's job is to get me into a building. I sell him my business idea and he is hooked. It really is a good plan, a lot of money to be made. Bill starts the research on the Meridian zip code 83642.

1-2004 After months of gathering information and doing market research. I find out that Meridian folks (83642) spent 1.5M last year on notions, thread and fabric. I am thinking to myself - I have hit the motherload with this idea.

5-2004 The business plan is complete. I feel like now I can get some financing. I have massaged the numbers and I want to start finding the funding. Everyone says SBA so here I go.

7-2004 I find out that I cannot afford to build my own building so now I am on the prowl for an existing space.

8-2004 I found a new space that will accommodate nicely. 14,500 sqft of prime realestate located on Fairview between Locust Grove and Meridian Road. Traffic counts are 60,000 a day one way. JACKPOT! The letter of intent on the building goes out. All I need is the startup cash.

6-8/2004 Continue to hammer the banks. Redefine the startup costs and plan for move in.

Here are just a few of the items that have happened over the last year. All of us are very excited to see this business get off of the ground and make this family some money. I will post updates regularly and hopefully my mother will have the website update with some interesting facts. Enjoy!

9/2004 Alan and I have now submitted and interviewed with DL Evans, Farmer's and Merchants and Zion's Bank. All of which are extremely excited about being part of this venture. But none like Zion's bank. I met first with Mike Dimick from Zion's bank on 9/15, I submitted the business plan and received the SBA package to fill out. He informed me that he would evaluate the plan and that I was to call him the following afternoon to discuss whether this was something they willing to persue. Before I had the chance, Mike called me the following morning at 9am to tell me that it was a go and they were submitting the Business Plan and financials to the Loan Officer and that I would receive a call from her. Later that day I received a call from Sharon Dalinger the loan officer from Zion's. She eagerly suggested a meeting right away. On the afternoon of 9/20 Alan and I met with Sharon and she proceeded to inform us that this was a wonderful plan and increased our operating costs to 3 months. The loan is being underwritten and we should have approval in 2-3 weeks. We are in the home stretch folks!

9/29/2004 We have signed the Letter of Intent on the building. The lanlord has agreed to pay all of the TI's (tennant improvements). Sharon Dollinger from Zion's bank is working with Bill Browand to finalize some numbers. We should hear from her in 2 weeks as to the approval of the loan. I hope everyone is ready for this. I can hardly believe that a year has almost passed since I started the business plan and now we are weeks from a go-no go decision. I can hardly stand the anticipation. Thanks everyone for their support and understanding through this crazy ride.

10/6/2004 Talked to the Loan Officer at Zion's Bank (Sharon Dollinger) who is handling the financing for the store, and got an update. The loan has been submitted for approval and we should have word one way or another late next week sometime. I have mixed emotions, I know if I am still waiting that I don't have to do it, yet I want to real bad. I am so scared and excited at the same time. I hope everyone else feels the same excitement and adreneline that I do.

10/20/2004 Got a call from Sharon Dollinger today, the loan has been reviewed. She has requested a couple more pieces of information that I need to provide her then I think we are golden. The good news is that she didn't say that she needed more money or anything negative. So I think that is a good sign. Keep crossing.