Locally owned since 1947, Van Hook Tire Center is a full-service automotive and tire business located in El Dorado.
Nate Ellen started as a tire salesman in 2014. “My first job in the business was a subtle introduction into the tire industry,” said Ellen, who advanced to retail store manager.
In 2020, owner Kenny Van Hook decided he was ready to retire and sell the business. Interested in purchasing it, Nate contacted the Arkansas Small Business and Technology Development Center at Southern Arkansas University and connected with Janell Reeves.
She consulted with him on how to develop a business plan and financial projections, necessary to get the financing to buy the shop.
Ellen worked with Rob Robinson, community bank president at Simmons Bank in El Dorado, and obtained financing utilizing an SBA 7(a) loan. Reeves and Robinson guided Ellen through the comprehensive application process.
“The ASBTDC did an incredible job helping Nate put together his pro forma financials and guided him in developing his business plan. The ASBTDC is an excellent resource for small business owners and entrepreneurs that need to partner with community banks to get their businesses off the ground,” says Robinson.
In late 2022, Nate completed the purchase of the business and transitioned into the role of owner. He retained the familiar Van Hook name and staff of 22 employees.
“Becoming a small business owner has been a very challenging learning experience,” he said. “I’m fortunate to have Kenny still involved in the business as a consultant. Janell spent numerous hours helping me build and critique my business plan and loan application. Every element of the business was discussed and analyzed in detail.
“Without Janell and the ASBTDC, the hard work they did and the market research they provided, the process of purchasing the business would have been a much harder undertaking.”