July 2020 Interview with the Tartt’s Daycare

Q1: Tell us about your business, how you got started, what you do, etc.
We are a legacy child care, multi-generation, family-owned business. We began 75 years ago as a family business and since 1946, our mission has been to provide high quality child care. We are currently owned and operated by four generations of the family.

We are dedicated to caring for and nurturing the total child, and our programs have a reputation for excellence. Our goal is to encourage the development of happy, confident, healthy children who are enthusiastic learners. Our programming emphasis is on helping very young children develop social, physical and academic skills they will need to succeed in school. Most children begin Tartt’s as infants and remain until they complete our program. This continuity of care provides a stable, safe and supportive environment where children are encouraged to develop their natural curiosity about the world around them, fundamental physical and mental skills, and the self confidence that will ensure their success at school and beyond.

Q2: What was your experience with financial inequity?
Before FBE, securing capital was challenging because personal property was often a requirement to back the loan. FBE really looked at the value of our business, and the history of our work and reputation in the community and used those markers to determine creditworthiness. The timing worked well as we were in the middle of an expansion program when we became introduced to FBE and we received funding to fund the expansion.

Q3: How did you come in contact with FBE?
Glynn Lloyd owned and operated a business near the location of a Tartt’s center so we knew him well. He approached us and asked if we would like to learn about FBE. Our goals are mutually aligned to the same mission of focusing on quality jobs with living wages.

In our industry, child care workers are among the lowest paid. Our goal is to not just offer jobs but also offer quality jobs tied to a living wage. Many of our staff have been with us for more than 20 years. We want to take care of them, make sure their jobs are secure, offer great benefits and always build on that. We offer health benefits, a 401k plan, vacation time, training and educational opportunities – we try to grow and add to the benefits every year.

Q4: What were you able to accomplish together?
We were paired with a Strategic Advisor who was extremely well-versed and helped us focus on the future, stop being stuck in our day-to-day operations, and look at the bigger picture, our long-term planning and profitability. Our BEI Advisor helped us hone-in on what we needed to grow and to think broadly around such points as job creation and credit markers. This was invaluable. She helped us identify right away needs that were necessary to run our business, such as access to capital, which we were having difficulty funding based on financial equity. FBE helped us look at the organization from a different perspective and this helped us secure the funding we needed.

Q5: What do you have to say to other business owners especially now? 
Avoid limiting your business to a certain number of locations or business size. Stay positive, anticipate, and be flexible.