The Perry Agency Tim O’LoughlinCaitlyn O’LoughlinNichols CollegeBusiness and SocietyMGMT-100-01
The Perry Agency- Real Estate• The Perry Agency is a Sole Proprietorship. It is a Sole Proprietorship because it was the most economical. The cost prohibited it to become a S-Corporation and he was able to match liabilities that an LLC would have provided at a better cost.• The Perry Agency is a service. It does residential and commercial real estate sales.• My dad Tim, has been in the business for 10 years.
Background of Business• My dad got started in the business because of my family.• He started the business because corporate employment left him no time for family so he went into business with my grandfather and had more family time.• My dads training was working with my grandfather who had 65 years’ experience in the business and then my dad took over business in 2004 running all operations of the business.• It compares to the company today because it is the same as it was in 2004.
Successes/Challenges• Successes- quality of life is much better; more time for family.• Challenges- trying to keep up with the larger companies and still be able to afford the costs to stay in business.• To overcome the challenges he had to make negations on the cost structure and work harder to keep up with the bigger businesses.• The critical success factors for this type of business is marketing, local exposure such as advertising consistently and networking sphere of influence (contacts).• The fatal flaws in this type of business is the economy.
The Future• No, my dad does not plan to stay in business for the extended future and has a pending merger with a national corporation.
Questions• Was the change from working in corporate world to a small business hard to get used to? • - Yes, you are now your own boss and it was hard adjusting to running your own business and being in charge of every little detail.• What do you think it takes to run a small business? • - The ability to accept failure and the drive to succeed.
Summary• What advice do you have for the members of the class? • - Prioritize what is important (family first then career) and business wise work hard and utilize all resources between internet and other medias.