The MSBDC and its counselor, John Rainey, did magnificent things for me and my business, exclaims entrepreneur and manufacturer, Craig Bovaird (right). The MSBDC client is partner in Built Rite Tool & Die, Inc., a plastics molding tool and die maker in Lancaster. Bovaird runs the day-to-day operations of Reliance Engineering, the molding side of the business. His partner, James Essary, runs the tool and die side, which shares the name of the parent business, Built Rite. Offering both of those services confers a tremendous market advantage, observes Bovaird. We offer customers a comprehensive engineered package, from design of the mold to the final product, he continues. Most of that molding, explains Bovaird, is highly specialized, close tolerance work for high-technology industries, including aircraft and medical equipment.
Craig has decades of experience in the plastics molding business; he also has strong entrepreneurial qualities, including tremendous determination and persistence, observes MSBDC Central Massachusetts counselor Rainey. During the past two years, we helped him to analyze his alternatives, raise capital, and structure deals that have helped bring him to his present position. When Bovaird became an MSBDC client over two years ago, he was 1/3 partnerthe other 2/3, family-ownedin an injection molding company. Bovaird was also general manager of a much larger molding company owned by the same family. Determined to gain greater control over his business future, Bovaird sold his one-third ownership in June of 1999, leveraging that money and his own savings to buy a 50% share of Built Ritea vendor of his former businesses. John helped James Essary and me with the organizational and financial aspects of the partnership. He took us through a full-blown business plan, including detailed financial projections for Reliance Engineering, Built Rite, and the combined business of the corporation.
To jump start the molding side of the business, the partners, with help from Rainey, made two major purchasesa small injection molding company in southeastern Massachusetts, which they moved to a second purchase, a shop just one building away from the mold and die making factory. Those purchases, of course, required further capitalization and legal assistance. Armed with a detailed business plan and advice and referrals from Rainey, the partners successfully obtained funding for the entire project from BankBoston. My side of the business has been up and running since November, continues Bovaird. Last night [in mid-December], we went into the black for the first time. Because Ive been in this business for two decades, I have connections that are bringing in quotes. Its time for us to dig in and get the sales aspect of the business into a higher gear. One things for sure, without the MSBDCs assistance, we would have never gotten to this point this soon.