Open for Business Impact – Ethos Rehabilitation

Written By: Madison Wellman, Business Opportunity Specialist

Background: Jimmy Kakouris is a trained physical therapist from Boylston, Massachusetts. After years of experience in the field, Mr. Kakouris decided to open his own physical therapy practice, Ethos Rehabilitation. He approached Workers’ Credit Union – a partner in RCAP’s Open for Business Program – for start-up financing, but the business loan officers at the credit union did not have confidence in his plan. Instead of simply denying Mr. Kakouris financing, they referred him to RCAP to refine his business model.

The Challenge: Rural communities across the United States share a sense of underdeveloped entrepreneurial capacity. Lack of educational opportunities, poor connectivity infrastructure and a general absence of human capital capable of providing mentorship and expertise in the community all contribute to the high business failure rate in our nations small towns and villages. RCAP is striving to surmount these obstacles by delivering the absent human capital to rural communities in a cost-effective manner. In meeting this challenge, RCAP is building permanent entrepreneurial capacity in rural America.

The Approach & Solution: To rise to the challenge, RCAP launched the Open for Business program. The program delivers business expertise to rural communities through webinars, online workshops and one-on-one business consultations made available to entrepreneurs at no cost. All services are delivered remotely to reduce cost and maximize geographic reach. Jimmy Kakouris utilized this program to receive free guidance from RCAP’s experienced consultants. The RCAP consulting team worked with Mr. Kakouris to develop his business plan and financial projections to model his path to success. At the time of this writing, Mr. Kakouris received twenty-two hours of one-on-one consulting assistance.

Impact: RCAP’s professional consulting team was able to determine through financial modeling that Mr. Kakouris’ initial plan was not feasible. Specifically, the space that Mr. Kakouris wanted to lease for his physical therapy practice, while well-suited to the purpose, was far too expensive. Using IBUS data, the RCAP consulting team was able to model the revenues that Mr. Kakouris’ practice could expect in his market area. This financial model determined that Mr. Kakouris’ business would become insolvent in a matter of months – just as his lender feared. Once the initial plan was cast aside, Mr. Kakouris was able to work with the RCAP consulting team to develop a new strategy.

Today, Mr. Kakouris has a business plan that will provide a return on his investment, a budget for leased space that is appropriate for the Boylston, Massachusetts area, data-driven projections for his lenders and a professional marketing strategy – all of which cost him nothing but his time. If not for RCAP’s Open for Business Program, Mr. Kakouris would have never received financing, or worse, taken on debt for a plan that would have only succeeded in bankrupting him. In the case of Jimmy Kakouris and many other entrepreneurs around the country, bringing human capital to bear meant the difference between failure and success.

RCAP Solutions Hires Business Opportunity Specialist

RCAP Solutions is pleased to announce the addition of Madison Wellman as Business Opportunity Specialist, managing the Open for Business program, a new economic development initiative providing support to small businesses and aspiring entrepreneurs.

Mr. Wellman comes to RCAP Solutions with a diverse background in economic development, nonprofit management, sales, research, and communications. He has experience working in the political arena, as well as with small business startups, which provides him with a unique understanding of diverse business and community challenges.

Wellman served as the Regional Representative for Congressman Antonio Delgado in Oneonta, NY and Delhi, NY, where he worked closely with constituents from diverse backgrounds, including both nonprofit and for-profit enterprises, and municipal government officials. In this role, he met with project stakeholders to discuss issues such as funding resources, grant opportunities, small business concerns, and agricultural issues. He also has experience launching new offices with Bright Drive Healthcare Solutions, where he identified suitable offices spaces, negotiated with realtors and property owners, and addressed other logistical start up challenges. Prior to this, he managed economic development projects at the town and county level for both Schoharie County and the Town of Schoharie, NY. Wellman earned a Bachelor of Science degree in International Business and Economics from Canisius College of Buffalo, NY.

The Open for Business program is funded by Wells Fargo and offers self-guided online workshops, monthly webinars, and one-on-one consulting. This program offers education on a wide-variety of business concepts and caters to the specific needs of many rural, disadvantaged, and minority-owned small businesses. Topics include business law, business planning, marketing, financing, and accounting. These services are provided at no cost, in both English and Spanish, and are coordinated by our national affiliate, the Rural Community Assistance Partnership (RCAP), to provide services to small businesses across the country. RCAP Solutions services the Northeast and Caribbean regions.

“Mr. Wellman is a great complement to our team,” said Jenna Day, RCAP Solutions Director of Community Resources. “His understanding of rural community needs, paired with his legislative work and small business experience makes him the ideal person to support the small business community. The addition of the Open for Business program to our suite of services further expands our ability to support the economic development needs of rural communities in the northeast and Caribbean regions. The wide variety of resources, customized to cater to small business entrepreneurs, provides tremendous opportunity for underserved communities, and those who live and work there, to grow, thrive and cultivate stronger communities.”

RCAP Solutions’ Community Resources staff works hand in hand with community leaders and homeowners to incorporate the best tools and resources suited to protect public health and the environment while progressing towards financial sustainability and improved quality of life.

For additional information about the Open for Business Program, please contact Madison Wellman, Business Opportunity Specialist at: (774) 239-9783, mwellman@rcapsolutions.org or visit: www.rcapsolutions.org/open-for-business/.

About RCAP Solutions:
RCAP Solutions is an integrated community development corporation working with a multi-faceted suite of services in communities throughout the northeastern part of the U.S. and the Caribbean. Established in 1969, RCAP Solutions’ mission is to foster personal and public self-reliance and improve the quality of life for individuals, families, and the communities in which they live. For more information, please visit www.rcapsolutions.org.