Thursday, March 27, 2014, triARC Architecture and Design was recognized as a 2014 Success Award Winner by the Arizona Small Business Development Center Network in the annual Success Award program for small business success. The Arizona Small Business Development Center Network is Arizona’s largest and most accessible statewide source of assistance for small businesses in every stage of development. Each year the Network highlights and honors some of Arizona’s brightest small business successes for the vital role that they play in our state’s economy. triARC Architecture and Design worked with the Maricopa Community Colleges Small Business Development Center to achieve a higher level of success. Read their story below:
Three partners began triARC Architecture and Design in 2006 enjoying immediate success and began to hiring staff. Their business continued to soar in 2008 when the economy came to a halt giving them a false sense of security. In 2010, the recession hit triARC and billings plummeted. The decision was made for one partner to leave in May of 2011 since the business could not sustain all three. In September 2011, partners Jill Hamblen and Marlene Seitz met Maricopa Community College SBDC Business Analyst Michael D’Hoostelaere in a business-mentoring program. At this time revenues had plummeted to a low of 25% of their monthly expenses. D’Hoostelaere guided the partners to outline their current situations and strategize possible solutions without sugar coating reality. Both Hamblen and Seitz agree, “We may not be in business today without Michael’s help. We were frozen looking at the brutality of our situation. Michael, without fluff, communicated the realities and then helped us march through the action required to save our business.”
Hamblen and Seitz made the tough decisions, and within a year began to enjoy solid success, albeit with a watchful eye. Their new knowledge of financial indicators allows for quick decisions to be made when necessary. In addition, the partners established financial goals to pay off the business debt so they could feel financial freedom and avoid the SOS call they had to make in late 2011. Throughout 2012 and 2013, Hamblen and Seitz continued to receive increased knowledge and focus. triARC Architecture and Design cut debt, hired staff based on our values, and outpaced their business financial projections in 2012 by 110% and by 113% in 2013. By the end of 2013 they began paying off debt. When triARC’s downturn started in 2011 they carried approximately $114K in debt. Over the next two years the debt ceiling grew to $128K. But by the end of 2013, business debt had dropped to $75K and is projected to be paid off in 2014. The next two years are forecasted to be growth years for triARC. This growth will not only be in size and revenues, but more importantly in continued business acumen with the focus on company values, goals and culture. The partners agree, “We finally feel the financial freedom we need to grow our business. Without a doubt the knowledge, guidance and opportunities opened to triARC by Michael D’Hoostelaere and the Maricopa Community Colleges SBDC are a huge factor in this success and growth. There were no other resources available that could have possibly provided the vast knowledge and means Michael at the SBDC has the last two and half years. triARC is still around seven and half years after opening their doors hugely because of Michael and the SBDC.”
