B2

Brett Bundale
Telegraph-Journal

Stumble Upon

del.icio.us

Digg

Facebook

Print

Email

Speak Up

What started as a summer job painting homes has morphed into a fledgling company that propelled two University of New Brunswick undergraduate students to first place in last week's UNB CIBC business plan competition in Fredericton.

Enlarge Photo

Brett Bundale/ Telegraph-Journal

Bob Keleher, left, and Simon Pearn, University of New Brunswick undergraduate students, won first place in the UNB CIBC business plan competition for their business start-up Power Washing Solutions.

Going door to door in his hometown of Rothesay as a franchisee with College Pro Painters in 2007, Bob Keleher noticed many of the homes had vinyl siding. Although the houses didn't need a coat of paint, they could sure use a good washing, Keleher said.

By the end of the summer him and his best friend, Simon Pearn, we're making extra back-to-school cash by going door to door and offering to pressure wash homes.

Fast-forward to the summer of 2008 and the two business students and budding entrepreneurs obtained a $3,000 seed loan from Enterprise Saint John, purchased their own power washing equipment, obtained liability insurance and registered their company name, Power Washing Solutions.

Armed with a rock-solid business plan backed up with market research and an appealing profit margin, Power Washing Solutions wooed the judges and swept the competition at the UNB CIBC business plan competition, winning the top prize of $5,000.

"The judges grilled us pretty hard during the practice rounds," Keleher said. "But we applied all the changes. We added more details about our financials and we cleaned up our PowerPoint slides.

"We also cleaned ourselves up for the competition," added Pearn. "They told us stuff like 'Don't stand in front of each other, keep your hands out of your pockets, and wear your dress shoes and a suit tomorrow."

Drawing on the judges' advice, Pearn and Keleher nailed the competition, which included a 12-minute presentation and eight minutes of questions and answers.

"Their ability to present themselves and their idea was extremely compelling," said Jeff Gray, district branch manager for CIBC New Brunswick and one of the judges. "They worked well as a team and they had good props to present their plan. But it was their ability to sell the business idea that was so superior to the other teams."

While the business plan presentation has been compared to the CBC television show Dragon's Den, where entrepreneurs pitch ideas to business experts in hopes of securing an investment, Gray said the UNB CIBC judges are a bit less ruthless.

"We ask them tough questions but our goal is to make them learn," he said.

The competition is a training ground for our entrepreneurs, said Gray, adding that many of the students will likely go on to launch successful businesses that will employ New Brunswickers and have spinoff effects in the economy.

"It was my first year as a judge and it was an absolutely invigorating experience," he said. "These young students are like sponges. They are so open to learning - the enthusiasm and energy is infectious."

Although the UNB CIBC Business Plan Competition is in its sixth and final year, there is a proposal being considered to keep the competition going, he said.