Ryan Nichols of West Memphis has a diverse professional background. He’s owned a film and TV production company and worked in construction. However, after experiencing a diabetes-related illness, Ryan decided to change direction again.
He needed a career that suited his lifestyle and had less physical strain than construction work. After contacting a business broker, Ryan and his wife, Paige, found a venture that met their needs.
They used savings for a down payment on Keytrader, an automotive locksmith business in the Memphis suburb of Bartlett, Tenn.
Ryan began training under the seller to prepare for the transition to ownership. It took a few months longer than he imagined but gave him in-depth understanding of the business.
During the purchase process, Nichols realized he needed additional support.
“I was working with Arkansas Capital,” Ryan recalled. “They suggested I contact the Arkansas Small Business and Technology Development Center for help creating a business plan and financial projections. I got lucky because there was an ASBTDC office right at ASU Mid-South in West Memphis.”
He reached out to Jack Poff Jr., the center director of the Arkansas State University Mid-South ASBTDC.
“I’m more of a technical person, not a financial guy, so I needed help understanding all the details,” said Ryan.
Jack guided him through the lender’s requirements and provided a template Ryan quickly adapted to complete his business plan. Together, they fine-tuned the financial projections.
Thanks to the non-disclosure agreement (NDA) Nichols had signed with the seller, he had access to several years of accounting records, which provided a solid foundation for his projections. ASBTDC further validated these numbers with industry research.
“I’d probably still be working on those projections if it weren’t for Jack,” Ryan added.
With SBA Capline financing through Arkansas Capital, Nichols completed the acquisition of Keytrader in April 2024.
Keytrader offers a range of services, from copying, reprogramming, and deleting car keys to emergency lockout services. Conveniently located in a high-traffic area near the Wolfchase Mall and multiple car dealerships, the business is well-positioned to thrive.
Additionally, the mobile locksmith van that came with the purchase provides an opportunity to expand.
Ryan is also using his marketing background to revitalize Keytrader’s online presence. By updating the website and enhancing the business’s social media presence, he is ensuring that Keytrader can reach a broader audience and compete in the digital landscape.
He continues to work with Poff and his local ASBTDC on ways to grow his business.
“It benefits anyone to seek out ASBTDC, so they can start their business on the right foot,” Ryan said.
