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SBDC hits the right notes for Presque Isle business
PRESQUE ISLE - Chris Morton knows all about tempo, pitch and tone, which suits him well in the music business, but when it came time to build a business plan to purchase a music store in Presque Isle, he knew he had to find someone with which to collaborate. That person was Rod Thompson of Northern Maine Development Commission.
Thompson is the Small Business Development Center Director for Aroostook and his role is to help entrepreneurs with business plans, marketing efforts and just about anything that has to do with running a small business.
About a year ago, Morton approached Thompson about purchasing the music store he was managing.
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Chris Morton, owner of KMH Music in Presque Isle, talks to NMDC's Rod Thompson.
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"My first stop was to talk to Rod," said Morton. "He helped me come up with a cash flow analysis, did some market research and helped me develop a business plan."
Morton added that those materials helped seal the deal with Katahdin Trust for him to purchase the business. From start to finish, the process took about four months according to Morton. Thompson said it was an accelerated timeline and developing a business plan and conducting research varies depending on the business.
"We also worked on a product mix, because you can have the greatest music store in the world, but if you don't have the instruments people want to buy and the price points to attract customers, it isn't going to work," Thompson added. "Chris had a good idea what would work and stocked his store with the right mix."
KMH Music on Main Street in Presque Isle offers sales, service, lessons and fills a need for musicians in Aroostook County said Thompson, himself an accomplished musician.
"The business is great so far, but there is room for growth," Morton said. "When we get the loan paid off and can add a little more inventory to the walls that will be great."
He also said finding more instructors is a priority, citing interest from people in learning the banjo, but so far he doesn't have anyone to give banjo lessons.
KMH Music is on Facebook at https://www.facebook.com/KingMortonsHall or can be reached by phone at 764-3651.
Thompson encourages anyone who is thinking about starting a business or an ongoing business that may need some assistance in a specific area, like market research, marketing or operations, to get in touch with the SBDC.
More information is available at www.mainesbdc.org, www.nmdc.org or by contacting Thompson at (800) 427-8736.
SBDC is a partnership program of the U.S. Small Business Administration, the Maine Department of Economic and Community Development, the University of Southern Maine and NMDC.
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