Success Story for:
Chris Bingham of Chattanooga Plumbing Inc.
Chattanooga Plumbing Inc. is a locally owned company that has been in continuous operation since 1928. Its subsidiary, Battlefield Plumbing, was formed in 1997. Together, the companies serve primarily Chattanooga, Southeast Tennessee and Northwest Georgia. They provide residential, commercial and limited construction plumbing work and employ a total of 10 people.
After working for the company for 11 years, Chris Bingham started working with the owner to purchase the business. The owner had been operating the business since the early 1970s and was ready to retire. Chris and his wife, Melody, went to local banks for lending assistance and were unsuccessful. Local bankers referred them to the Tennessee Small Business Development Center at Chattanooga State.
While he was a highly experienced plumber, Chris had limited understanding of the business plan and did not understand the detailed aspects of the financial portion of the business. The TSBDC provided Chris assistance with developing a business plan and with financials.
For financing, TSBDC also connected the Binghams with Pathway Lending, who assisted in finalizing a loan package that included an owner-financed piece, as well as a working line of credit. The purchase was completed in January 2017.
Chattanooga Plumbing Inc. continues to be a success story. Melody is the office manager, and working together, the Binghams have purchased two new vans, hired four new plumbers and are anticipating revenues of more than $1,000,000 for the first time in the company’s history.