Guest post by Michael Verchot, Director of the Consulting & Business Development Center.
For nearly 20 years the Consulting and Business Development Center has been providing student consulting services and business education programs for owners and managers of small businesses across Washington. For the first time ever, we recognized a business that has successfully used more than one of our programs to grow their profitability and their number of employees.
At our Minority Business Awards banquet earlier this month, we recognized Retail Lockbox as the inaugural recipient of our Client of the Year Award.
2014 marks the 20th anniversary of the founding of this company. What started as a simple lockbox company offering one service has grown into a firm offering lockbox, merchant services, and document management services. They have private sector, public sector, and nonprofit clients in the healthcare, telecommunications, utilities, insurance, and property management industries.
When they first connected with the center their revenues were slightly more than $2 million.
Three times in the last 12 years the company has worked with student teams from the Center to develop five-year strategic plans. The owners of the company credit these five-year plans with providing the framework they’ve needed to grow their sales to close to $6 million and add more than 50 employees. They’ve also used the Center’s week-long Minority Business Executive Program to improve the strategic decision making of their top executives.
Because of how Retail Lockbox has grown by leveraging resources from the Consulting and Business Development Center they’ve become one of the most vocal advocates for the center and they’ve encouraged other businesses to become engaged in their programs.