Gustavo Garcia and Joseph Wilson own Garcia & Wilson Property Management, LLC. A local bank referred the business owners to ADVOCAP’s Business Development staff after they were turned down for financing (due to being a new business and having no outside employment). Neither one of the business owners were able to take home a paycheck at the start. In addition, the bank wanted to see a business and financial plan, which the owners had not completed prior to meeting with the bank.
Garcia & Wilson Property Management, LLC refurbishes real estate that has experienced foreclosure or is in need of major repair. In many cases, owners simply walk away from their property during foreclosure, leaving behind their belongings (as they oftentimes have nowhere to go with their items). Often, the foreclosed homes or apartments are left in substandard condition.
Garcia & Wilson salvage items and materials from these projects to be repaired or refurbished for use in new projects. They have also opened an outlet for repaired and refurbished items, making these items available at an affordable price for low-income individuals. In addition, the outlet is helping to keep items that can be re-used out of our landfills.
While Garcia & Wilson were able to secure good contracts, clients were paying them very slowly. The business was at the point of needing additional financing or closing. With the help of ADVOCAP, they were able to develop a solid business and financial plan, which helped them get the funding they needed to bridge this ‘cash gap’.
Through ADVOCAP’s assistance, not only were the owners’ original two jobs saved, but they have now created four additional jobs. Garcia & Wilson currently have three full-time employees and one part-time employee. The owners also completed financial literacy training in November 2010 and received grant monies to help them purchase their building. At this time, Garcia & Wilson have over 70 houses in inventory in Fond du Lac, Winnebago, Manitowoc and Sheboygan counties.
Garcia & Wilson Property Management, LLC
385 W. Arndt Street
Fond du Lac, WI 54935
Owners: Joseph Wilson & Gustavo Garcia