UWG News

SBDC helps alum realize dream

June 27, 2005

CARROLLTON, GA - Local businessman Mike Craven has recently started a new chapter in his life. And like any good story involving hard work and reaching for a dream, his tale is heading for a happy ending with the help of the UWG Small Business Development Center.

Craven recently became the proud owner of three Wendy’s restaurants – two in Carrollton and one in Bowdon. When he started to work at Wendy’s in 1984 as a West Georgia College student needing to make a little spending money, he never dreamed he would one day own three franchises.

“I love dealing with the public and Wendy’s is in my blood!” he said.

Craven worked his way through management, starting with a promotion in 1992 to general manager of the South Park Street store, and then in 2002, he was promoted to director of operations for the three Wendy’s which were then owned by the Whitmire family of Gainesville. The Carrollton restaurants are located on South Park Street and at First Tuesday Mall and the third is in Bowdon.

“When Scott Whitmire died in 2002, I became involved in all aspects of the business,” Craven noted. “Last year when the family decided to do some downsizing, I determined the time was right to approach them about buying the stores.”

Craven, who delivered the eulogy for Whitmire’s funeral, said the Whitmires are “like family and they were incredibly gracious and accommodating during the selling process.”

Craven began by seeking advice from a local banker, who said the first thing a bank would want to see would be a sound business plan. That is when he looked to the Small Business Development Center at UWG for guidance.

“We spent 26 hours together during 11 different sessions reviewing the historical financial records and building the business plan,” he said. “Wendy’s International said mine was the most comprehensive package they had ever received.”

Weaving through a complicated process that involved multiple ground leases owned by various partners was a true education, Craven said. Local attorney Greg Shadrix helped steer that process.

After initial discussions with local lenders, Craven submitted the business plan developed with SBDC assistance to GE Capital Franchise Finance, which awarded him a loan to make the ownership transfer possible.

According to the SBDC, services are offered to area entrepreneurs in almost all aspects of operating a business. $15 million in loans have been secured for businesses in the five county area served by the UWG center during the past five years.

Craven said he is exceedingly pleased that he was able to retain all 100 of the three restaurants’ employees and no downsizing occurred to affect local employment or the lives of his employees.

“We have something very special – we are like family,” he noted concerning the staff. “As a matter of fact, some of us are family!” Craven’s sister, Becky Henderson, helps manage the South Park store. General managers include Hazel Crawford, South Park; Cynthia Rainey, Bowdon; and Laurie Gammon, First Tuesday Mall.

In addition to the three restaurants, Craven’s executive administrative assistant, Kay Gibbs, helps him run the corporate office.

Born and raised in Carrollton, Craven attended UWG. He and his wife, Heather, have two daughters, Karli and Lydia.

For the Craven family, the Wendy’s chapter of their life story is certain to fill many pages!

For more information about the services offered by the Small Business Development Center at UWG, call 678-839-5082.

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