Wakeford Automatics in Peterborough, Ontario, a specialist in precision machining which supplies parts to industries from automotive to medical, felt the squeeze when the 2008 recession hit. As customer orders decreased, Wakeford faced economic challenges.
BDC recognized the 40‑year‑old business’s good track record and provided secured financing for equipment refinancing to help the company recover from the recession. Once business had picked up again, Wakeford faced another challenge: how to position the company for future growth.
“One lesson I have learned is to never be afraid to ask for help and advice,” says Wakeford Vice President Karen Campbell. With guidance from lenders, including BDC, as well as an accountant and a company advisory board, Wakeford made the decision to purchase new, more efficient equipment that would enable it to handle greater capacity. BDC supported Wakeford with three instances of equipment financing over five years, and also provided consulting services for website design and for sales and marketing.
Thanks to the smart decisions made by Wakeford, revenues, gross margin and profitability have all increased, cash flow is protected and the business is now positively positioned for future growth. The company is proud that it has been able to keep people employed and to offer them group benefits and pay raises.
BDC helped Wakeford with both financing and as a resource for industry information. “The people at BDC are knowledgeable and helpful. Their support has made a difference and positively impacted our business,” says Karen Campbell.