Bennett's Machine Shop

Bennett's Machine Shop Inc.

Introduction

In 1975, Pat Bennett made a life changing decision. His entrepreneurial spirit drove him to leave a stable career and convert his part-time engine reconditioning business into a full-time endeavor. He moved from a shack next to his trailer home to a small hut that he rented for one month. After renting the hut he moved to a stall in a service station. With neither a business name nor a business license, Pat had little control over parts and profit. When the opportunity came to rent a larger space from a garage owner Pat took it. Here his business continued to grow and there was a need for him to hire a helper. Although he was in the business of engine reconditioning, he hired a premed student. Finally in 1977, Pat's business got a name. He incorporated it as Bennett's Machine Shop, Inc. During that same time he moved the business to a rented building that only he occupied.

From 1977-1979 sales and profits expanded for the business. Because of this Pat saw the need to borrow $80,000 from a bank and purchase a two acre lot. On the lot he built a 4000 square foot building. As the space increased so did the profits. In 1981 he bought 11 pieces of property and added 6000 square feet to his facility. He borrowed another $80,000 to do this. With the increase in space Pat was able to expand his service base to doing over the fender work, engine installations, and repairs. With business going so well, Pat was able to splurge. By 1985 he had a house, a condominium, and 23 cars. During the time of splurging, Pat made the decision to open a new location. The new location was for engine installation only. This endeavor lasted only 14 months. In February 1987 he expanded his business...

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...f. It could also involve loss of business if he decided to fire everyone and begin fresh with new employees.

I would recommend that Bennett's Machine Shop participate in a debt restructuring program. This will be the fastest way to free up cash, to invest in the Boeing contract and other possible ventures. Secondly, the firm should hire a business consultant. The consultant would be charged with assisting with the set up of a formal organizational structure. The professional would help with every aspect of the business, putting the firm on the fast track to creating value. And lastly, Pat Bennett should invest in a full time respectable CPA firm for complicated number crunching and an experienced bookkeeper for the everyday paper work.

The only current information I could find about Bennett's Machine Shop, was an address and phone number in Lake Charles, LA.