Chamber announces competition finalists
Trio of hopefuls to make final pitches to judges Thursday evening
The field of three finalists has been set in the Midlothian Chamber of Commerce’s second Business Plan Competition.
The finalists are: Valor Security; White Rock Speckle Park; and Pugh’s Pet Paradise, the chamber announced last Wednesday on Facebook Live.
The three finalists will make their final pitches before a panel of judges on Thursday starting at 5:30 p.m. at the Midlothian Conference Center, 1 Community Circle. The event is free and open to the public.
The grand prize winner will receive a $5,000 cash prize plus about $5,000 in in-kind business and support services. The second-place winner will receive a $3,000 cash prize and third place will receive $1,000 in cash. Each finalist will also receive in-kind services.
In-kind sponsors include A Fairchild, PC, Hardesty Law Firm, First Financial Bank, Paragon Payroll, Diamond Voice Cloud Phone Service, Frost Bank, and the UPS Store.
“We have some strong businesses that believe in giving back to the community and strong Chamber members that are supporting it,” said Angel Biasatti, chair of the Midlothian Chamber’s education committee, last month. “I’m excited that businesses want to support future business owners in Midlothian.”
The first Business Plan competition was held in November 2019 and was a success. The Ready Room won the competition, while Azure Kids was voted second and The Honeybee was third. The ongoing COVID-19 pandemic forced the postponement of the 2020 competition into this year.
The purpose of the competition is to encourage small business owners to manage and operate their business according to a written plan.
Entrants will be scored by judges on certain criteria on a scale of 1 through 7, and the top three will be chosen based on the sum of their scores. Those criteria will include executive summary; company overview; products or services; marketing plan; operations plan; management; financials; risk assessment/exit strategy; and viability.