Mandy Parmer—
Bottom line: the loan we needed did not come from PNC Bank, but from our own back pockets. Not great. I swore that day that once we got out of 2014 and had another full year of revenue, I would go bank “shopping” and PNC would not be on my list.
Remembering a conversation I had with our accountant where she asked,
“Do you do accrual or cost based accounting?”
and my answer was “Ummm, yes??”
I went to the library and pulled out Corporate Finance for Dummies. And in January 2015, I created our first ACS financial forecasting presentation.
I researched and visited easily a half dozen small business friendly banks. One really resonated—it felt like the bank would grow with us and they seemed to have a corporate culture that paralleled our own—so that’s where we landed. And that bank was where we secured our first line of credit. Not only that, the people at that bank guided us in finding our real estate agent when it was time to get a bigger office, hooked us up with our first HR consultant, found us our current tax firm, and generally provided us with the network we needed.
Just think, if PNC had given us a respectable line of credit, we never would have done the extra research. There’s the scenic route at work for you.
So, when is math not math?
In 2013, the US Government formally recognized 8(m) companies (women-owned small businesses) and, within the National Defense Authorization Act (NDAA), allowed the Government to directly award business to certified WOSB without competition. As a result, ACS set out to become independently certified as an Economically Disadvantaged Woman Owned Small Business (EDWOSB). We submitted all of our documents, including W-2s, to the US Women’s Chamber of Commerce (USWCC).
Our application was promptly were rejected. Here we were, two women, each owning half of ACS, and the USWCC says we aren’t women-owned? Turns out that our highest paid employee was a man at that time, which meant that we weren’t a WOSB in the eyes of the USWCC. That, of course, was laughable on two fronts: (1) we are indeed women and indeed own and operate the business, and (2) everyone knows owners are the last to get paid—employees, creditors, the dog, cat, and bottle-washer, and then owners. So, of course we weren’t the highest paid. (In case you’re curious, there was an easy resolution in identifying deferred compensation so we are indeed an independently-certified WOSB.)
And here we are again, yet another example of the scenic route at work. Where was that in a book?
I’ll leave you with this….
And bad mistakes / I’ve made a few (Thank You, Queen)
Every mistake, every lesson learned, and every dead-end made us stronger and more durable. I’d venture to say the scenic route is better (and prettier) than a straight line.
Tune in next for the conclusion of our ACS Origins series.
ABOUT ASSURED CONSULTING SOLUTIONS
Founded in 2011 and headquartered in Reston, Virginia, Assured Consulting Solutions is a well-respected and trusted partner, domain expert, and provider of expert-level support. ACS is a certified Woman-Owned Small Business (WOSB) that delivers advanced technology solutions and strategic support services in support of critical national security missions for Intelligence, Defense, and Federal Civilian customers. Learn more at www.assured-consulting.com.
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