At the age of 15, like many teenagers, Dominick DeSantis wanted to earn money so he could save up for a car when he turned 17. His father, who worked for a construction company, suggested his son apply for a job there. As destiny would have it, DeSantis was offered a job and for the next two years he worked part time while he was in school and full time during the summer. Upon graduating from high school he decided to stay with the trade and worked for the next 16 years learning about excavation techniques and machinery.
By December of 2006 he recognized there were many deficiencies in his financial record-keeping so he contacted the Small Business Development Center at Raritan Valley Community College (SBDC at RVCC) for assistance. SBDC Operations Director Bill Harnden sat down with DeSantis and his office manager, Danielle Pallitto, to review their record-keeping and office procedures. They identified a number of inefficient areas. Harnden went to work to help make sense of the numbers and begin shaping a more useful system. “Our reports and processes were all over the place,” says Pallitto. “The SBDC came in and taught us how to organize our general ledger and our paperwork so we could effectively make decisions and submit competitive bids.” After several months of counseling, DeSantis Construction was back on track. Their revenues went from $1 million in 2006 to $1.3 million in 2007. They expect to top the $2 million mark in 2008.
During the record review and counseling process, Harnden recognized that the cost of DeSantis’ debt was extremely high. Working together they came up with a plan to restructure debt. Harnden brought in several local lenders to review their plan. After receiving several loan contracts, DeSantis signed a $1.1 million dollar loan contract with Affinity Credit Union in February of 2008. With his cash flow vastly improved and the receipt of extra working capitol, Dominick has been able to hire four additional people and purchase a new milling machine.
491 Elizabeth Ave
Somerset, NJ 08873
Tel # 732-764-1800