About the Business
Wambeck Enterprises Ltd.
3927 159 Ave NW
Wambeck Enterprises Ltd is an Alberta Corporation.
Derrick Wambeck: Derrick is one of those people who is constantly working to make life better for himself and his family. He wants to prove that one person can do anything with enough drive and a willingness to teach yourself about the world. He jokes about his business aspirations being no less than world domination, as he hopes to build something for his son to carry on one day. Wambeck Enterprises was founded out of a desire to do things differently in an industry where cheap, low-quality work is often the norm to the detriment of the customer. Derrick takes pride in the high quality of work they do and in the loyalty of their customers.
Derrick Wambeck owns 100% of Wambeck Enterprises Ltd.
Description of Business
Wambeck Enterprises Inc. is a grounds maintenance company in Edmonton. They take great pride in keeping the properties under their care well maintained and in the quality and honesty with which they do their work. The loyalty they show their customers is reciprocated in the low customer turnover and the incredible growth they have seen over the past year.
Wambeck Enterprises started out of a desire to do things better. Prior to starting the company, owner Derrick Wambeck managed another grounds maintenance company, growing it substantially in a short amount of time. Unfortunately he had to watch the owner take a great opportunity and spoil it by cutting corners and not valuing honest work. He went on to start Wambeck Enterprises bringing along his right-hand man, Joe who believed in him from the start.
As Derrick says, grounds maintenance is often work that is looked down upon, but it shouldn’t be. It provides good, consistent employment for him and his crew of four and because the work is based on long-term contracts with large property management companies, it is very consistent. Now heading into their second year of business, they are continuing to grow, taking on more contracts while continuing to provide high-quality work to their loyal customers.
Use of Funds
Derrick points to some of his large competitors as indicators of his ambitions. Wambeck currently manages 12 properties (40-200 units a piece), where as some of their competitors handle 800 properties, but they keep this large client book by being the cheapest on the market. Derrick says that you compete with them by disrupting the industry, “One mistake in management leaves holes for newcomers. [These large companies] gain and lose clients everyday, it’s all about taking them on as they leave and keeping them happy... We are never the cheapest, but we are consistently the best.”
The $25,000 LendR Loan they are pursuing helps to build the foundation for this growth by:
Terms of LendR Loans
Loans will have a term of 2 years (24 months), beginning after the loan is successfully funded. Wambeck Enterprises Ltd. will repay the principal plus 15% interest, calculated as a blended loan. Wambeck Enterprises Ltd. will make monthly payments of 1/24 the total repayment amount. If Wambeck Enterprises Ltd. chooses to repay the loan early, the principal plus the full interest remaining in the 24 month period must be paid.
Wambeck Enterprises Ltd. has been in operation less than two years. There are financial, operational, and market risks for any young business. Some that apply specifically to this business include:
Despite a loyal customer base and high retention, competitors can arise at any time
Liability associated with physical work and moving machinery, despite having applicable insurance
This Lending Profile does not contain a statement that, in a material respect and at the time and in light of the circumstances in which it is made, is misleading or untrue and it does not fail to state a fact that is required to be stated or that is necessary to make a statement not misleading.
Certified as of: April 28, 2017
By: Derrick Wambeck