In 2008 the owner of the True Value Hardware store in Winchester Connecticut decided to sell the business and retire. A senior employee and two partners approached the owner to propose purchasing the business. Due to the cost of the business, the three investors needed to secure a loan and they also needed the True Value Company to approve them as an elibible franchisee.
Both the bank and the True Value Company franchiser required a business plan and suggested that the applicants go to SCORE for guidance. The Northwest Connecticut SCORE chapter coached the development of a business plan which was unusually concise yet thorough. The bank later used it as an example for others.
The partnership received an SBA loan for approximately $500,000 and purchased the business. The business has been extremely successful resulting in the loan being paid off early in 2016.