David Lockwood opens in Liverpool, NY
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David Lockwood walked into the bank with a great deal of confidence and walked out with the loan he needed in record time. He had always wanted to go into business for himself since he ran his first RTO store 21 years ago. He had watched another friend, Rick Vadnais, become a successful Premier Rental-Purchase dealer in Syracuse, New York last year, and another friend, John George, was taking the plunge and opening his own Premier store not too far away in Buffalo. The combination of Premier's reputation as an outstanding franchisor, coupled with the success of David's friends and his own solid RTO experience, gave not only David confidence but the bank as well.
David's RTO career began in Greensboro, North Carolina, where he managed a store for Rent-A-Center. He later moved to Winston, North Carolina and soon became a multi-unit manager. Despite corporate buy-outs, David progressed to market manager and regional director, moving to Tennessee and later New York for RentWay.
“I then decided to take a shot at this deal, he said. “I've seen how excited Rick is and the good success story he has going after a year. I have had his guidance. And John is going in it at the same time. On top of that, Premier really made it easy. I was going to make a career change anyway. And now I'll open my own Premier store in Syracuse in early February.”
Dave acknowledges that Rick's success and Premier's infrastructure paved the way for him with the bank. Rick's store was recently recognized by M&T Bank as its “Best New Businesses” upon their receiving an SBA award for “Top Commercial Lender of the Year.” Because of M&T's partnership with Rick, which has been strengthened by an understanding of what Premier offers its dealers, the bank has welcomed another Premier dealer as a customer.
“We work with our dealers to develop business plans they can take to a bank to communicate with them and make them feel comfortable with what we are doing,” said Trooper Earle, Premier president/CEO. “We help them maintain an on-going relationship with their SBA bank. That way future dealers like David Lockwood can follow in this established path and benefit because SBA lenders already know about our business model.”
“It was almost a formality,” said David of his bank experience. “Trooper has everything worked out with the business plan, and he sits down and helps us with what we need for the bank with a step-by-step process.”
Dave looks forward to being his own boss. “This is not a cookie cutter operation,” he said. “I have flexibility as an owner and not a lot of someone else's structure. I can be an entrepreneur.”
The national office of Premier Rental Purchase is located in Williamsburg, VA. All Premier stores are independently owned and operated. Visit Premier's website at www.premierrents.net or call (800) 2Premier and ask for Trooper Earle.
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