Kendra Erkamaa came to the Mid Iowa SBDC seeking assistance in purchasing a financial planning business in 2005. She met with SBDC personnel to explore the feasibility of the purchase several times. With assistance from two SBDC counselors in 2006, Kendra developed a business plan and three year cash flow projections, to ensure the best possible outcome if she purchased the company. She negotiated a contract buy from the seller and became the proud owner of Triangle Financial Services, Inc. in 2007.
During 2007 and half of 2008 Kendra worked diligently on refining her business plan, concentrating on management issues and fine tuning sales data. Due to the deteriorating economic conditions and signs of increased stress in her industry, Kendra decided a new strategy was necessary and came back to the SBDC for help.
As the complexities of the financial industry’s problems deepened in 2008 and the recession widened in 2009, SBDC counselors assisted Kendra in revising her strategies, focusing on productivity, accountability, and management issues. Revisions to the company’s marketing strategy were completed in August of 2009 with SBDC assistance; updated projections are ongoing in 2009.
Triangle Financial Services has clients in many states, including Wisconsin, Iowa, Colorado, Texas, Florida, Washington, Arizona, and California. Business is holding but growth has been stagnant, so Kendra took steps to become extremely lean and efficient. These steps included re-evaluating staffing and creating an internship program.
Strategic planning for 2010 is underway, with quarterly appointments set for SBDC counseling. Kendra knows that in these uncertain economic times she must be continually vigilant and ready to reinvent strategies quickly in order to address changing situations for her small business. She is a great example of a business owner working the business every day and using the resources available to navigate her company’s future.
An independent financial planner with Harbour Investments, Inc., Kendra was awarded the company’s Captain’s Club Award for 2007 and 2008. She has a Bachelor of Science degree from Iowa State University and is currently in the application process for a Masters in Family Financial Planning, also with Iowa State University. She has also completed her Series 66 licensing.
Prior to purchasing Triangle Financial Services, Kendra worked with ARAMARK in management at Principal Financial Group. She is a member of the American Business Women’s Association, Sherman Hill Association, and Citizen’s for Community Involvement. In addition, she became a mother to a beautiful little girl in May of 2008.
Kendra says, “The SBDC has been, and continues to be, a vital resource for the success of my business and so many small businesses in the community. Their services have helped me survive the worst market place in my lifetime so that I can help my clients thrive.”