Meet Jennifer and Gary French of The Yoga Sanctary
Jennifer was working for the Yoga Sanctuary in Punta Gorda when the owners offered her an opportunity to buy the business. The Yoga Sanctuary offers private and group yoga classes and instruction, meditation, massage, energy work, training for yoga instructors, a place to unwind and refresh and has a boutique with yoga related products.
Jennifer and her husband Gary knew little about the process of buying a business. A friend referred them to Bill McCabe, a SCORE mentor. Bill met with them a number of times over a five month period.
Jennifer had this to say about the process “Bill was very supportive of our plan to purchase the business. SCORE counselors helped me and my husband understand the process of buying a business and with evaluating the business’ financials and offering price. I was successful in purchasing it. Since the closing in February 2015 two other SCORE mentors. Jim and Cathy Getz, have given me support on management, marketing and pricing issues. I know I can count on additional help from them if I need it. I strongly recommend SCORE to anyone planning on buying a business or managing a business.”
Originally from Minnesota, Lee began coming to the area in 2004 and is now a resident of Punta Gorda. Lee had a distinguished 43 career in banking including service as a senior lending officer, chief credit officer and chief credit policy officer. He was an instructor at the American Institute of Banking. He has been a SCORE mentor since 2013. Since then he has advised 70 business people on a variety of issues. If you need assistance with a business credit issue, request his assistance via our web site. There is no charge for our mentoring service.
Did you know self employed people can set up their own pension plan? There are two types. One is called a SEP IRA. You can tuck away up to 25% of your annual earnings in one, subject to a maximum of $54,000. Pre-tax! The second one is an Individual 401(k). In this you can put in up to $18,000 of salary pre-tax plus up to $54,000 more. Click the piggy bank to learn about these two options..