Olde Cape Car Wash
Mr.
Bruno Demir is the owner of Cape & Islands
Mitsubishi and has been in the automotive industry for 28
years. Prior to his automotive career, Bruno demonstrated his
entrepreneurial spirit by launching an innovative technology-driven
dry-cleaning service in 2013. He developed a smartphone app
integrated with secure electronic lockers that allowed customers to
conveniently drop off and pick up their dry cleaning without
visiting a traditional storefront. Within two years, he expanded the
business to 28 high-rise residential and commercial office
buildings. Bruno successfully
sold the company two years later providing
the capital needed to become a partner in an automobile dealership.
Looking to continue expanding his business portfolio, Bruno contacted the Massachusetts Small Business Development Center for assistance in developing a business plan to acquire a car wash. He worked closely with Cliff Robbins, regional director and senior business advisor with the Massachusetts SBDC - Southeast Region.
The U.S. Small Business Administration (SBA) approved the 504 loan request and the bank initially approved the loan, but at the last moment the bank wanted additional collateral. Cliff stated that banks habitually 'move the target at the last minute' hoping the client will accede. It’s called marshalling assets. Cliff recommended Bruno refuse that requirement. SBA had already pledged the guarantee. Bruno wrote a response and refused the new terms. The bank withdrew their request and took the deal as originally requested. Bruno was able to purchase and renovate the Olde Cape Car Wash in Orleans.
Bruno purchased the Olde Cape Car Wash business and the property and retained eight jobs. He plans to add auto detailing, thereby hiring up to eight additional employees. He is also interested in buying another car wash and/or storage facilities.
Bruno is being nominated as the Entrepreneur of the Year with the
U.S. Small Business Administration.
"Working with Cliff Robbins was instrumental in helping me successfully acquire the car wash. This transaction was far more complex than anything I had done before, with countless moving parts, financing requirements, and challenges that arose throughout the process. There were many situations where I simply did not have the experience to know the best path forward. Cliff’s knowledge, experience, and steady guidance gave me the confidence to make informed decisions at every stage. He was always available to answer questions, offer practical advice, and help me navigate obstacles that could have easily derailed the transaction. One of the biggest examples was when the bank requested additional collateral at the last minute. His advice to stand firm ultimately helped me close the deal under the original terms.
I am truly grateful for Cliff’s support and the assistance provided by the Massachusetts Small Business Development Center. Without his expertise and encouragement, I’m not sure this acquisition would have happened. His guidance not only helped me purchase the business but also positioned me to preserve existing jobs, create new employment opportunities, and continue growing as an entrepreneur.”
~ Bruno Demir, Owner/President - Olde Cape
Car Wash