Weskem Technologies is a machine shop located in Mechanicsburg, Pennsylvania that offers tailored machining solutions to its customers. Originally established in 1973 as Stevenson Machine Shop by Wayne Stevenson, the company is well-known for its customer-centric approach. They prioritize customer satisfaction and are always willing to help them avoid downtime and maintain their operations.
Brothers Caleb and Derek Brown are the proud new owners of Weskem Technologies. Caleb is a Mechanical Engineering graduate from North Carolina State with an MBA in Project Management from Penn State. He is currently the Manager of the Mechanical Engineering Department at Standard Steel and is responsible for capital project management. Derek, on the other hand, has been working at Weskem for nine years, starting as a subcontractor and eventually becoming a floor manager. He has played a significant role in enhancing process efficiency and profitability.
Derek had been contemplating starting his own machine shop when he began subcontracting for Weskem Technologies. When owner Wayne Stevenson was ready to retire, he asked Derek if he was interested in acquiring the business. Though Derek knew how to manage general operations of the shop, he wanted to Bring Caleb in to assist with administrative duties as well as help grow and expand the business. Once they had agreed to acquire Weskem Technologies, they had to identify long-term financing options. They started with a simple Google search, which led them to fill out the SBA Lender Match form from the Small Business Administration. Although they received numerous calls from SBA lenders, they preferred a local lender. Eventually, they met a banker at FNB who introduced them to Brendan McMoran, one of our experienced Business Development Officers, in a conference call. Brendan laid out the available options, and Caleb and Derek decided to go with an SBA loan. Brendan was able to craft an SBA 7(a) loan and a line of credit that allowed Caleb and Derek to acquire Weskem Technologies while maintaining cash flow for future growth.
This is what Caleb and Derek had to say about their experience with Brendan and FNB Small Business Finance:
Brendan was great! He was here to help us with any questions and had a vested interest in our success. Brendan was also very timely with his responses. This was our first business purchase, and Brendan walked us through every step of the process. We would absolutely recommend him to other business owners and plan on continuing this relationship as we expand our operations.
Congratulations to Caleb and Derek on their successful acquisition of Weskem Technologies! We wish them all the best in their future endeavors.
