What was the scope of their involvement?
My project manager offered a personalized service to understand my business. That’s Masterplans’ best quality: they wanted to know everything about my business so they could write about it in greater detail. Masterplans wrote a business plan to convey my business services and gave me guidance and mentoring as well, without charging me for it.
In 2009, I sold my first business. At the time, I’d wanted to be a concert promoter, but I did not follow the business plan. Masterplans had assessed the demographics of Anchorage, Alaska, but I tried to start the business plan in another state. I lost $100,000, but if I’d followed their business plan, I’d probably be a multi-millionaire.
My current company is a business plan for an aviation maintenance school. Masterplans started with giving me a questionnaire to complete. Then, we went through an interview process, and I told them about my vision and what I wanted for my business. Finally, they bring it to life. I haven’t asked them to do any marketing, but they’ve done everything else I’ve asked for.
After drafting my business plan, they provide consulting about how to raise funds. The current business plan isn’t completed because we need more data. They’re researching and helping me find the data I need to complete the plan.
How did you come to work with Masterplans?
I did an online search via Yahoo and came up with Masterplans. I called the owner, and he flew from Portland, Oregon to Anchorage, Alaska and spent the weekend at my house. He absorbed my business and wanted to get a thorough understanding of its challenges, what I needed, and why I needed it. We were successful in getting this on paper, and it saved my business.
How much have you invested with Masterplans?
I believe I spent $3,000–$3,500 for the first plan 15 years ago. I’ve done 3 business plans with them over the last 17 years (2002, 2009, and a third in progress). The cost of the current project is about $10,000.
What is the status of this engagement?
They saved my business the first time around when I had everything on the line. The second time, my business would have worked if I had followed through. The current engagement started about 3 months ago, but this isn’t a typical business plan. I would say that 90% of the plan is done, but I have to give them more information.