It was June 2008, a month after devastating floods literally put the Midwest economy on hold. Rhodes Jewelry, a long established jewelry store in Mediapolis, Iowa, had announced several months earlier that the store was going to close. The long-time owner of the jewelry store was looking for someone to buy the business. Mike Lamm, a 1987 graduate of Gem City College in Quincy, Illinois, was interested. Mike and his family lived in Donnellson, Iowa, nearly 40 miles away from Mediapolis. He ran a small jewelry repair shop from his home and also created Heart of Remembrance jewelry pieces, keepsake hearts made from jewelry no longer worn, or passed down to an heir. Mike saw an opportunity to marry jewelry repair and jewelry artistry with a retail outlet.

Mike and his wife, Tracey, visited with a local bank, which asked them to prepare a business plan and financial projections for the purchase. The couple wanted to borrow $70,000 to purchase the business and remaining inventory. Tracey called the Small Business Development Center (SBDC) at Southeastern Community College to find out about writing a business plan. After meeting several times with Janine Clover at the Southeastern SBDC, the Lamms revisited the bank with their business plan and projections in hand. The couple obtained the necessary financing and was able to purchase the business and remaining inventory, purchase new carpet, and make a few cosmetic changes to the building. Rhodes Jewelry, after being closed for a month, re-opened with its new owners.

Mike was able to retain two part-time employees, which frees him up to spend the majority of his time repairing jewelry and creating remembrance pieces for his customers. The Des Moines Register visited with the Lamms and featured Mike and his Heart of Remembrance jewelry in their March 29, 2009 paper.

Mike has worked with the Southeastern SBDC on a variety of projects for his business, including payroll and tax issues, creating a website, marketing, and learning QuickBooks. Mike praises the SBDC saying, “We could not have made this move without the help of the SBDC. Janine and Kelly are always there when we need them.”

For more information on Rhodes Jewelry and their special Heart of Remembrance pieces, visit their website at www.rhodesjewelry.net.