By: Fred Granillo
Business Consultant
(Guam SBDC)
Shawn and Tricia Gumataotao, owners of GET LLC, stand near their new aerial boom lift. |
Tricia Gumataotao is a southern girl, originally from the village of Agat. Tricia is married to Shawn Gumataotao for 17 years and together has five children. They are proud residents of Southern Guam and have been a part of the Talofofo community since 2001. With a banking career that spanned nearly two decades including a stint with the U.S Department of Agriculture Rural Development, Tricia has spent much of her time in the workforce dedicated to providing the best customer service, while developing skills in finance, accounting and compliance. Shawn spent over a decade in broadcast journalism where he gained valuable experience in research, communication and effective writing. He also spent two terms as an appointed official to serve the people of Guam working directly with the Governor on very important issues affecting the island. Collectively, their experiences have focused overall on service, which they believe has been lacking in today's Guam businesses. This idea of quality service is something they are establishing into the fabric of their business so it becomes a part of their company culture. Further, they personally seek to reinforce this concept of service into the minds of their kids who very regularly are seeking opportunities to participate in school and sports activities.
The Gumataotao’s noted their business counselor, Fred Granillo, has been instrumental in getting their business to where it is today. Further, the business advice and professionalism they have received from the SBDC continues to inspire them to strive for more. In particular, when it came to assistance in refining the business plan and financial projections that were required and highly contributory to securing a business loan with the Bank of Guam. They also found that the SBDC is an important asset to all of Guam's small businesses and encourage more to take advantage of their services they provide including business education, business plan development, finance advice, overall bookkeeping requirements and human resources information.
The start-up process was tedious for the Gumataotao’s. From the completion of the limited liability company documents, completing the business license process at Guam Rev and Tax, completing the business plan, and securing a business loan through the Bank of Guam, the start-up process was a lesson in patience, perseverance and hard-work. But well worth all the effort and stress as the company is properly established and has a clear direction with the business plan.
The business was initially funded through personal savings. Although they knew the use of the personal funds was a risk, they were determined to make the business a success. Through hard work they were able to secure a number of different contracts and projects within a six month period. These contracts eventually assisted the business in obtaining an equipment loan with the Bank of Guam in support of their business activities.
The biggest challenge in starting up the business was just engaging their attorney in establishing the company. They were admittedly nervous on what the future held for them in the very competitive marketplace. But with each successive meeting and contract, things have gotten better. The market research also was challenging. Especially, the decision to take on a few strategic forays into the furniture, LED Lighting, structured cabling and aerial lift industry has yielded great opportunity for them. With a similar approach to the consulting business segment has also yielded strong interest in a number of different sectors from public policy, marketing and construction.