Masterplans

BACKGROUND

Introduce your business and what you do there.

I started an aviation maintenance company 17 years ago, which serviced commercial airplanes and wide-body cargo jets in Anchorage, Alaska. I have an idea for a new company that serves as an aviation maintenance school.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Masterplans?

I had a customer, a major American passenger airline, breach a contract, and I was going out of business. I read about the significance of having a business plan on the Small Business Administration’s website, so I decided to find a firm that could produce a plan for me.

I reached out to them for my current business because they were successful for my 2 previous business plans. They’ve built a personal track record with me. They have made my dreams into reality, literally. 

SOLUTION

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. 

RESULTS & FEEDBACK

Could you share any evidence that would demonstrate the productivity, quality of work, or the impact of the engagement?

I haven’t implemented the business plan yet. My ultimate goal is to present my idea to some investors and get funding. That’s how I’ll know whether the plan is successful. Previous business plans produced by Masterplans enabled me to get the money I needed. I already have a meeting coming up with a major investor.

How did Masterplans perform from a project management standpoint?

On a scale of 1–10, they’re a 12. I went to a conference in Seattle, and my project manager also attended and sat with me for 2 days. They’re like a concierge service, holding my hand and walking through the process with me. They stay engaged and don’t leave me hanging. I have an open-door policy when I have more information I want to share with them. They’re fantastic as far as I’m concerned. My project manager often calls to give me more information, or I can leave him a voicemail.

What did you find most impressive about Masterplans?

They’re invested in the work with me. It’s my dream and my visions, but I feel like we’re working together and they’re on my side. As an entrepreneur, I sometimes have doubts, but they assure me that I’m exploring something that can actually work.

Are there any areas Masterplans could improve?

No, I’m happy with their service and the way they’ve treated me over the last 15 years.