Employee-Turned-Boss Heaton Purchases Tire Business
March 1st, 2017 by Ronda Hawkins
A familiar face at Newton Tire Company is the new owner of the Russellville business. Michael Heaton took ownership in December after working at the tire and automotive service center for over three years.
When the business came up for sale, Heaton started working with the ASBTDC at Arkansas Tech University. He received assistance with financial analysis, business planning, market research, and loan packaging.
“The step-by-step guidance provided to navigate through the purchase process was huge. There would be times when the bank would ask for something specific, and the ASBTDC staff would have examples or even take my information and come up with the documents for me to look over. They also gave me market research specific to this type of business in the River Valley and helped me create a business plan,” said Heaton, who obtained SBA-backed financing from Regions Bank for the business purchase.
“The entire experience was more than I could have ever imagined. The ASBTDC staff looked out for me during the entire purchase experience,” said Heaton. “They took the time to talk with me and know my ideas for the future of the business and then took me through the process to make it become a reality.”
In addition to offering tires and auto repair/maintenance services, Heaton plans to expand the business’s vehicle accessory and customization services to offer a larger stock of custom wheels, lift kits, and other specialized services.
Newton Tire Company is located at 1907 East Main Street in Russellville or online at http://newtontire.net.