Description

Peter Goldsmith
Home Care Assistance
Burlington, VT

Meet Peter Goldsmith, a long-time Chittenden County entrepreneur who opened a Home Care Assistance (HCA) franchise in Vermont nearly two years ago. Goldsmith’s decision to go into business for himself at age 55 was difficult. ‘It was difficult insofar as I had done it before and really wasn't sure that I wanted to take on such a risk again, but I was just not happy, nor was I very good at working for someone else. And, I've owned my own business since 1977.’

Using his existing networks and researching current business trends, Goldsmith looked for a niche business that would fit his personal criteria. He found that a home-based Senior care business and specifically the Home Care Assistance franchise was a perfect fit. The idea ‘simply struck me’, he says, ‘as something I would love, be great at, and would fit all my criteria.”. HCA assists Senior Citizens with the activities of daily living so they can remain safely and happily in their homes. Goldsmith is proud of the fact that they ‘do the best job of providing consistency of caregivers for the client and pay extra attention to matching our clients and caregivers.’ ‘Many people could do a job,’ says Goldsmith, ‘but we want to assign the best person possible’.

Goldsmith started his business with personal savings and a short-term loan from a bank. Nearly two years into the business, Goldsmith needed more working capital to grow the business, but the bank wasn’t able to extend additional credit. The bank referred him to Community Capital, he applied, and received the loan he needed. He notes that ‘the loan from Community Capital has made the difference for me and my business between worrying every night that we're going to bounce checks if sales go down for a week or two, and being able to look forward to normal growth including minor downturns which we can take in stride.’ Goldsmith says that Community Capital’s Emily Kaminsky ‘seemed to really understand the day to day problems of a small business/start up’ and that ‘Community Capital seemed to look at me, my history, the opportunity of the business and the growth we'd already shown over the first two years for it's decision and didn't focus, as the banks did, on the collateral that they could get if I failed, in a service business that doesn't have collateral.’

Based on his years of self-employment, Goldsmith has a few recommendations for other business owners: - ‘Always try to look for the dark side of a business. With all the excitement and positive possibility that you're looking at, what are you ignoring? - Let people try to talk you out of it. - Get specialists to help you in key areas that you might not be personally good at -marketing, accounting, customer service. - Make sure you have more money available than you think you'll need. It almost never grows as fast as you hope it will.’ Goldsmith’s business fit right within Community Capital’s target market – a recent business, minimal collateral, difficulty accessing commercial financing, and potential for growth.

Community Capital is proud to be a partner to Goldsmith in building his business. For more information on HCA, visit http://www.homecareassistance.com.