Lind-Rite Precision wins Small Business Excellence Award
Lind-Rite Precision Company owners Dan Kotek and Marilyne Morisette were awarded a Small Business Excellence Award at the Minnesota Annual Small Business Awards Ceremony held May 6.
Lind-Rite Precision Company was started in 1987 in a garage in Alexandria by Rod Femrite and Jeff Lindner. In 2006, the company moved to a new 22,500 square foot facility in Osakis, population 1,700.
In 2012, Femrite was retiring and Lindner was no longer involved in the day-to-day operations of the business, so Femrite searched for potential buyers. Knowing he wanted to keep his company in Osakis, he turned to his key employees, Marilyne Morisette and Dan Kotek.
Morisette started at Lind-Rite in 1993 and handled the company’s accounting, payroll and human resources. Kotek had been with the company since 2005 and was the operations manager, overseeing shop employees, sales and estimating.
Femrite was confident Morisette and Kotek could run Lind-Rite; finding financing was the next hurdle.
Morisette and Kotek turned to the Small Business Development Center (SBDC) in Moorhead to assist them in putting together financial projections.
Senior vice president Nadene Kruize with MBFC assisted in putting together two SBA 504 loans: one for the real estate purchase and one for the equipment purchase.
They utilized Central Minnesota Credit Union as their lead lender. West Central Initiative Foundation assisted in gap financing for the project.
Morisette and Kotek took over operations in September 2012 and Lind-Rite has continued to grow. Sales increased in 2013 by 15 percent. In 2013 Lind-Rite grew from 33 to 45 full-time jobs.
Morisette and Kotek accomplished Femrite’s dream of keeping Lind-Rite in Osakis, and is an example of what the purpose of the SBA 504 Program is all about.