MBFC customer wins Small Business Excellence Award
Lind-Rite Precision Company, owners Dan Kotek and Marilyne Morisette, were awarded a Small Business Excellence Award at the Minnesota Annual Small Business Awards Ceremony held May 6, 2014.
Lind-Rite Precision Company was started in 1987 in a double garage in Alexandria, MN by Rod Femrite and Jeff Lindner. In 2006 the company moved into a new 22,500 sq. ft. facility in Osakis, MN – population 1700.
In 2012, Rod decided it would be time to retire. Jeff was no longer involved in the day to day operations of the business, so Rod extended his search for potential buyers. Knowing he wanted to keep his company in Osakis, Rod turned to his key employees, Marilyne Morisette and Dan Kotek. Marilyne started in 1993 and handled the company’s accounting, payroll, and human resources. Dan had been with the company since 2005 and was the Operations Manager overseeing shop employees, sales, and estimating.
Rod was confident Marilyne and Dan could run Lind-Rite; however, finding financing was the next hurdle. The company just came through some tough times during the recession and was bouncing back very strong. Marilyne and Dan turned to the Small Business Development Center (SBDC) in Moorhead to assist them in putting together financial projections. Sr. VP Nadene Kruize with MBFC assisted Marilyne and Dan in putting together two SBA 504 loans: one for the real estate purchase and one for the equipment purchase of the business. They utilized Central MN Credit Union as their lead lender. West Central Initiative Foundation also assisted in gap financing for the project.
Dan and Marilyne took over operations in September 2012 and Lind-Rite has continued to grow. Sales increased in 2013 by 15%. In addition, in 2013 Lind-Rite has grown from 33 to 45 fulltime jobs at the company. Dan and Marilyne have accomplished Rod’s dream of keeping Lind-Rite in Osakis, MN and a perfect example of what the true purpose of the SBA 504 Program is all about!