European Tooling Systems is an industrial supplier in Washington, North Carolina. They have been supplying tooling accessories to woodworking industries across the United States for over 30 years. Immediately, they found a niche in the market – most tooling accessories are manufactured in Europe, so shipping was not only costly but had long turnaround times. By maintaining the largest metric tooling inventory in the United States, they were able to meet customer demand with low cost, fast shipping, and positive service.
Lucas Stuckey was in college athletic fundraising in the start of his professional career. Through that experience, he not only gained sales knowledge but was introduced to the previous owner of European Tooling Systems. After learning more about the company, he felt like it would be a good fit for him. He started with the company eleven years ago with the goal of eventually taking over the company. The previous owner mentored Lucas throughout the years, transitioning more and more of the business over to him. In 2021, it was the perfect time to move forward with their succession plan.
When Lucas was ready to buy the business, he visited the local FNB branch where he met John Southern. John and Lucas spoke about his financing needs and soon determined that an SBA loan would be a great option to consider. John put him in contact with our experienced Business Development Officer, Mark Moreno. Mark was able to structure an SBA 7(a) loan that allowed Lucas to achieve a better interest rate, a lower down payment, and longer terms. Lucas felt like this was the best option for him!
Lucas had this to say about his partnership with Mark Moreno and the team at FNB Small Business Finance:
Mark made the process simple. From the beginning, he steered us in the right direction to ensure we could make this deal happen. He not only helped me obtain financing, but he was there to be a support throughout the process. He introduced me to the lawyer I now work with for all of my business needs. It was that level of service that truly made the difference. Mark was professional, knowledgeable and very communicative. I felt the same level of service with other members of the team as well – April, Rolando, they were all there to walk me through each step of the process and answer any questions I had. I would absolutely recommend Mark and the entire team at FNB Small Business Finance.
It was our pleasure to partner with Lucas on this Business Acquisition loan. We wish him all the success as he takes over the business and continues the legacy with European Tooling Systems.
