Ron Gaitten
Longmont, CO (USA)
Role(s):
Founder/Owner/Principal
Colorado Wheelchair LLC
Find More Startups
Startup
Location:
Longmont
Industry:
Healthcare
Year Founded:
2006
Number Employees:
1-10 people
Description:
Business Loan Investor Proposal
Introduction:
I am Ron Gaitten, owner or Colorado Wheelchair LLC. I began Colorado Wheelchair LLC. in April of 2006 after spending 18 years in the Rehab Mobility industry. I saw a need locally for a qualified RTS (Rehab Technology Supplier) who would run their business with a focus on service vs. pure domination of the statewide market place. My business philosophy has proven to be successful. My sales are solid ( $107,000 for 2007) and my customers are pleased, however, my financial approach to starting Colorado Wheelchair LLC. has created a cash flow backlog. This is what I hope to unclog with a unique investor onboard. In a time where businesses are finding fewer consumers of their goods and services we are in an industry where are clients must have what we provide, and payment in most cases is guaranteed by Medicare and private insurance.
Business Philosophy:
In my several years of experience providing rehab mobility equipment it became clear that service was very lacking in all providers. On average it took over three weeks to respond to an existing client whose equipment was in need of repair leaving them stranded for an unacceptable amount of time. Further, new equipment deliveries took up to 6+ months. Frustration from the prescribing clinicians, and real life hardship to the end user was evident. This lack of acceptable service came from the industries philosophy of grabbing a huge demographic, far too large for the supplier to service. Providers from south Denver trying to compete with providers from Greeley made for an over stretched network of providers in our area, resulting in horrendous service. Given this, I decided to service a small area focusing on winning a greater share of the business within that area vs. having a small piece of every pie in the state. It has worked. Our philosophy of small area, fast reliable service has been our biggest winner of business. We are attempting to win a very lucrative contract outside of this area with specific facilities where we can still manage our desired service level, however, until growth can support that service level in a more wide spread area we do not service the “public at large” outside of this area which is primarily Boulder County. In addition we choose not to have a traditional store at this time. Our work is done primarily in the field. Being tied to a given location selling small dollar items to walk in customers is not profitable for us. Our time is better and more profitably spent in the face of our potential customers and referral sources.
My skills and Services Provided:
Our business provides Rehab Mobility equipment and although my training and skill level allow me to provide the highest end mobility equipment we also provide items such as canes and walkers.I have been in the industry since 1989. I have worked for two industry leading manufacturers in the capacities of Technical Support, Product Planning, Product Management, Sales, and Clinical Applications. In this time I have also worked for two Dealer/Providers serving in Sales, Customer Support, Operations, and Clinical Application. I even had the unique opportunity to work on some of the programming for Christopher Reaves wheelchair. My skill set and experience level are vast. I will soon be sitting for the prestigious ATS exam administered by Resna. At that time I will possess board certification of the highest degree.
Business startup / Medicare Billing Hurtles:
When I began Colorado Wheelchair I did so with a vast skill set enabling me to both be successful in sales as well as the proper application of rehab mobility equipment. However, the internal operations of running the business took a bit of time to get my head around. My initial mistake was not to procure a small business loan up front. Instead I depended on personal credit cards for these funds. So the funds needed to start my business came from high interest non tax deductable sources. This is what I am now attempting to correct by securing the proposed loan. Our other huge hurtle/hiccup was an inability to bill Medicare for the equipment we provided, due to technological issues, and the vastly complicated logistics of Medicare Billing. In short we provided equipment to our Medicare beneficiaries’ for almost two years with little or no reimbursement, all the while paying our vendors for that product. We survived for two years on private pay revenues alone, which represents less than 20% of our potential revenues. This in and of itself is proof of the validity and strength of our business. We hired a billing contractor at about the 10month mark and they held onto our paperwork for over six months doing nothing with it and then eventually going belly up. This was another huge setback, however we survived. We then contracted with an established reputable billing contractor who is in the process of getting us the Medicare and private insurance reimbursement we are due.
Proposed Investor Involvement:
We are looking for a unique investor. One who sees the positive impact they can have on a segment of society that is greatly in need as being as valuable as the potential financial gain they will make from coming on board with our company as a lender/investor. What we do is unique in that we are one of only two qualified providers of rehab mobility equipment in Boulder County, and that other providers service times are as mentioned before. We go into our clients environments and change their lives dramatically. I am thankful every day that what I do is truly helping someone in great need. I consider it a privilege. We are looking for someone who feels similarly. We are seeking a $57,000 loan @ straight 5% interest ($2850) to be paid monthly over 5yrs in payments of $997.50/month. We are asking the lender to begin the loan term 90days post loan disbursement so as to allow it’s impact to begin showing financially.
What The Money Is To Be Used For:
1.) Paying off high interest rate loans (credit cards used to start business) currently choking our company.
2.) Paying off company vehicle currently at a high interest rate.
3.) Purchasing Inventory
4.) Updating technology for more efficiency.
5.) Converting these loans to tax deductable ones.
Please contact me to discuss this proposal.
Sincerely,
Ron Gaitten, Owner, RTS.
Colorado Wheelchair LLC.
745 Tanager Cir.
Longmont, CO. 80501
[<a href="(URL removed)">send me a message</a>]
(URL removed)
Founder/Owner/Principal
Colorado Wheelchair LLC
Find More Service Providers
Service Provider
Location:
Longmont
Description:
Business Loan Investor Proposal
Introduction:
I am Ron Gaitten, owner or Colorado Wheelchair LLC. I began Colorado Wheelchair LLC. in April of 2006 after spending 18 years in the Rehab Mobility industry. I saw a need locally for a qualified RTS (Rehab Technology Supplier) who would run their business with a focus on service vs. pure domination of the statewide market place. My business philosophy has proven to be successful. My sales are solid ( $107,000 for 2007) and my customers are pleased, however, my financial approach to starting Colorado Wheelchair LLC. has created a
Services Provided:
- Sales Consulting