Orest Ravlyk, Owner and Operator of Lexington Diesel began his business in 2017 and leased a 2,500 square foot building where he started a diesel mechanic repair shop with himself and 1 mechanic. Orest has owned Lexington Diesel for 7 years, but has grown up in the diesel repair years industry and knew this was his dream. His ambition and goals were to grow the business when the pandemic hit in 2020. The halt of the economy and drop in demand for repairs eventually put Orest into a position where he knew he had to take on additional revenue stream.
In 2022, Oreset had the foresight to see that transportation of freight had been on a steady incline since the pandemic restrictions. It provided him an opportunity to purchase 4 trucks and 5 trailers at a reasonable price. He also added 4 contract employees and began hauling general freight between the northeast, southeast and Midwest states. Orest knew that this would be profitable as he did not have to outsource the maintenance and repairs of his own fleet.
At this time, Orest realized he was running out of space in his current lease and in the was of other tenants. This is when Orest made the decision to purchase his own 8,050 square foot building with an additional 4,500 square parking lot. Orest went to a local bank for a commercial loan for the building and was sked for 3 years of projections, list of assumptions and a balance sheet. Orest had no experiences or certified personal accountant to assist him with these tasks.
He was referred by the local bank to Kristine Rudgers of the Brockport SBDC. Kristine immediately began the task of the SBDC Research Network pull in industry reports, while having Orest provide current income statements. The task of projecting his numbers for the next 3 years, along with the other required tasks submitted to the bank in August. Orest secured a commercial loan and with a move in date of September 1st. The expansion of the business allows Orest to hire 2 new mechanics, 2 office manager, and a part-time bookkeeper.
“I was referred to the SBDC by Canadaigua National Bank and you were always there answering questions and providing guidance when it came to working on my business. I want to continue our relationship and will keep you updates when we make changes.” Orest said.