The Right Fit: Family-Owned Business Finds New Home, Thanks to SBA-Guaranteed Loan

Situation:

  • Joe and Sallie Wegman started the Wegman Company in 1967 as an interior remodeling company. More than 50 years later, their four children have transformed the business into a large scale modular furniture installation company.

 

  • Though President Scott Wegman and Vice President Melissa Wegman have focused on modernizing the business, they continue to incorporate values passed down from their parents, including community involvement and commitment to the success of the business’s employees.   

 

  • “Our dad always involved us in the business, even when we were young,” Melissa said. “There’s definitely a sense of pride in what my dad has created and given to us to build on.”

SBA Resources:

  • When Joe and Sallie Wegman started the company in 1967, they took advantage of SCORE counselors to help them set up the structure of the business. They also took out an SBA-guaranteed loan in order to purchase their first warehouse.

 

  • In 2014, the second generation of the Wegman family was able to work with Spring Valley Bank and HCDC, a Cincinnati-based economic development company to obtain a second SBA-guaranteed loan to consolidate operations from seven existing buildings into one building, improving storage and transport efficiencies.

 

  •  “It was hard to get a bank on board to get the capital for the move,” Scott said. “The SBA helped us bridge the gap so that we could obtain our current building.”

Impact:

  • The Wegman Company currently has 55 employees, all of whom have full health care benefits, a 401(k) plan and access to continuing education opportunities.

 

  • “We don’t have a lot of turnover in employees and I believe that’s because of the workplace environment that we’ve tried to build here,” Melissa said. “We treat everyone here as family.”
Company Name: 
Wegman Company
Location: 
Cincinnati