North Iowa Area SBDC Success Stories

Duggan Tax Service

Mary Duggan, CPA and Owner
20 Ninth Street, NE
Mason City, IA 50401 (Cerro Gordo County)
641.423.4431 or 641.424.6197
mcdalto@msn.com

Description of the Business

Most people don’t enjoy spending their valuable free time preparing their income tax returns or doing the bookkeeping for their small business. Mary Duggan, owner of Duggan Tax Service, offers the solutions for these problems plus two additional precious commodities - time and peace of mind. In January 2007, Duggan acquired the existing client base of Jess Harris Tax Service (a very reputable business in North Iowa) after Harris retired from a 30 year career with the Internal Revenue Service and 17 years in private tax practice. Prior to opening Duggan Tax Service, Mary worked for several other local accounting firms.

SBDC Approach

Duggan was referred to the North Iowa Area SBDC by her banker after her business start-up loan was declined due to her poor credit. The North Iowa Area SBDC was able to help Duggan develop a business plan and also look for alternative sources of funding.

Duggan was informed of the NIACC John Pappajohn Entrepreneurial Center (JPEC) Revolving Loan Fund opportunity. The NIACC JPEC was awarded a Rural Enterprise Grant from the United States Department of Agriculture Rural Development to create the revolving loan fund. The program is designed to assist with new business development or the expansion of existing businesses. In March 2007, Duggan Tax Service received $10,000 in funding from NIACC JPEC Revolving Loan Fund.

Results of SBDC Assistance

Since Duggan’s first visit to the North Iowa Area SBDC, she has completed a very thorough business plan and received funding to advance her business. With the acquisition of Jess Harris Tax Service, another much needed accounting business will thrive in North Iowa. Mary has also graciously offered to mentor other aspiring entrepreneurs and several referrals have been made by the North Iowa Area SBDC to Duggan Tax Service as start-up entrepreneurs are searching for an accountant to assist them in developing their bookkeeping system. Ultimately, the North Iowa Area SBDC provided Duggan an opportunity to reinstate her CPA designation that had lapsed due to personal issues and fulfill her dream of opening her own business.

Quote from Client

"The guidance and support I have received from the NIACC JPEC and SBDC has been invaluable throughout the acquisition process. The loan allows me to start my business with a strong financial foundation." – Mary Duggan