During National Mentoring Month, SCORE praises entrepreneurs who harness the power of mentoring to launch their businesses.

The best way to demonstrate this is to share an experience between two local visionary businessmen and their SCORE mentor.

The Idea

Rob Eldrege and Chip Mayo from Chester and Delaware Counties were on a mission in 2017 to buy a business of their own after working 20+ years for a family business and answering to other employers. 

With steadfast determination, they evaluated many different kinds of businesses only to learn that this new chapter in their careers was much more difficult than they imagined!

Around this time, they learned about SCORE through some business networking and connected with John Ralston, a SCORE mentor who is also a subject matter expert in mergers and acquisitions (M&A).

There was one firm that kept coming up on their radar as they did their research. Because of Rob and Chip’s deep expertise in the company’s industry, John advised them to take a good look at this opportunity.

             

                

How SCORE Helped

With their mentor’s guidance, Rob and Chip analyzed the financials to develop a good sense of the value of this business prospect, prepared an offer, and negotiated an agreement with the seller. 

Next, John provided support and insight as they selected their legal and accounting professional team, decided on funding, and conducted the due diligence.  

“Working with John kept us focused,” Chip says. “We learned to hit the reset button and moved forward!”

Rob Eldredge and Chip Mayo finalized their acquisition, now called ME3, Inc., in 2018 and were recognized in 2020 with a SCORE Small Business Award for their milestone achievements from idea to successful closing.

Today, after weathering the COVID crisis and a slowdown at their major customer, ME3 has found new customers and remains a solid, profitable business.

With one successful acquisition under his belt, Rob found another potential one in 2022.

Again, with help from John, Rob evaluated the business and presented an offer that, after substantial negotiation, was accepted. He prepared a business plan with John’s advice that was submitted to several bank funding sources, and the deal was funded with SBA backing in 2023.

So far, the business is performing according to plan, and Rob is happy with his ownership and looking forward to growing the business even more in the coming years.

Clearly, Rob and Chip found a great match in their mentor, John Ralston. His deep understanding of business development through M&A and organic growth strategies is valuable to all the aspiring business owners he meets, as well as those looking to exit their business by monetizing their assets in a sale.

Entrepreneurs who work with a mentor are five times more likely to start a business, report higher revenues, and increase business growth, according to SCORE.*

*SCORE national 2022 economic impact survey with mentored clients

SCORE:  Small Businesses are the Heart of America (1 min. video)

SCORE can help. Find a mentor today.

Volunteer with SCORE and Make a Difference

SCORE, the nation’s largest network of volunteer business experts, is dedicated to helping small businesses get off the ground, grow, and achieve their goals.

Since 1964, we have provided education and mentorship to more than 11 million entrepreneurs nationwide.

SCORE Chester and Delaware Counties have been operating since 1985, with 100 dedicated volunteers today who provide confidential mentoring at no charge and offer business seminars, workshops, and webinars to benefit the local community. 

SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration (SBA).