Andy Rexford - Custom Stitches Essay
Business and Management
Submitted By gdot80
Abstract Andy Rexford started an embroidery shop in his garage. It was a small business he began in his garage and took one or two small jobs that are time that the big businesses were not willing to take in as jobs. His business, Custom Stitches grew into a full-time family business that made over $750,000 a year. His business supplies embroidery work for local colleges and businesses. Not only does he take on big jobs he also is still willing to take the small jobs that other businesses are not willing to take on. In the beginning he began with one two headed machine and now has five, six headed machine that embroider the same designs simultaneously on six items. He now wants to get rid of the old two headed machine that started it all.
Rexford attended a workshop on business planning and has spent the last two months developing a business plan for Custom Stitches. While developing his business plan Rexford wants to pass on the opportunity for his business to grow within the next few years. With his new accountants, contacts and plans for the future Rexford truly believe that he can double the size of his business within two years. The only challenge he faces is finding money to finance his growth and will need $700,000 in external capital to meet his goals. Rexford is now sitting at his desk looking at his business plan wondering where he could find that much money to finance his company's growth.
In this paper I will suggest well Rexford needs to look for his financial needs and explain the advantages and disadvantages of the funding I suggested. I will then explain this other three I suggested is the most promising for Rexford's capital needs and why.
One suggestion for Rexford to obtain the finances he needs in order to help his business expand is by getting a loan from a credit union. With a credit bank Rexford will be able to borrow the total amount…...