Patrick and Christine Hall wanted an established business when they purchased Élan Flowers in 2015. “My father knew a lot about small businesses,” Patrick explains, “and his advice was this: If you want to own one, buy an existing business because then you’re buying established cash flow.” With his advice in mind, they had narrowed their search to small florists with a strong following and solid brand. When Élan became available, they knew they’d found their match.
Today, they’ve built Élan into one of metro New York’s most prestigious and beloved florists and event-design businesses. Here’s how an SBA 504 loan and Pursuit helped them purchase space in a revered Tribeca co-op building and bring Élan back to its original neighborhood.
Passion, experience, and newfound talents
Patrick earned an MFA from New York University before becoming a Certified Special Events Professional through the International Live Events Association; Christine is a professional dancer, choreographer, and teacher with non-profit experience who discovered an innate gift for marketing and brand management through Élan. Together, they’ve flourished as they create everything from breathtaking bouquets to one-of-a-kind special events for their growing clientele, which includes many repeat and referral customers.
Through nearly a decade of ownership, they’ve supported each other and their team through numerous challenges, including a pandemic-related closure and several location changes. It was the latter that motivated them to consider owning their own property.
“I was a participant in the Goldman Sachs 10,000 Small Businesses Program,” Patrick says, “and one of the exercises was to set a realistic goal, a big ‘blue sky’ goal, and an ‘outer space’ goal – the kind that’s so daunting you don’t really think you can ever get there. For us, that was buying our own property for Élan.”
The Halls made it a reality in 2024.
The combination that made the difference: The SBA 504 loan program and Pursuit
After a search, Patrick and Christine found their dream property at 1 Worth Street, a landmarked Stanford White-designed building in lower Manhattan. There, they found 7,000 square feet of available space, including a ground-floor commercial space.
Patrick had met Pursuit staff during the Goldman Sachs program and it was then that he first learned about the SBA 504 loan program.
“The SBA 504 program is the reason that we were able to do this,” Christine says. “The low down payment is a game-changer for small businesses like ours that otherwise couldn’t afford commercial property.”
Another huge benefit of the SBA 504 loan program is that while it requires 51% of the space to be used for the business, there’s flexibility for the remainder. For the Halls, that meant they could use part of the space as their apartment and have additional space to lease out.
“I don’t know of any other commercial loan program that would give us the affordability and flexibility that we have with the SBA 504 program,” Patrick says.
Trusting the process and Pursuit’s experience
SBA 504 loans are made in collaboration between the buyers, a commercial bank, and Pursuit. Loan Officer Christa Peretin led the effort on behalf of Pursuit, which has helped thousands of small businesses secure the financing they need to reach their goals, including helping people purchase commercial real estate through even the most complex deals. The Halls purchase was one of those, given the additional requirements and documentation needed due to the building’s landmark status and co-op ownership model.
Patrick admits, “The process was intense, with a lot of paperwork. That’s where working with Pursuit made all the difference for us. Christa and our team kept things on track and supported us. I really don’t know if we could have gotten through this otherwise.” They also say that their outsourced CFO firm, Sampson Business Solutions, and its CEO, Henry Fiorillo, were an immense help, too, pulling together financial information and more.
In addition to stability and security for Élan, the purchase means building long-term equity for their family. And the future looks bright: Among recent accolades for Élan and the Halls was recognition as the 2023 Small Business of the Year from the Manhattan Chamber of Commerce.
Patrick offers this advice for other entrepreneurs. “Don’t do it alone. Talk to other business owners, lenders, and advisors, like SCORE and SBDC mentors and staff. You’ll learn so much. And ask for help when you need it. We’ve gotten really good at that!”
Achieving their “outer space” goal
“In the end,” Patrick says, “it was worth it. Now, we’re in this historic and beautiful building that we love, we don’t have to worry about losing a lease or moving, and we have room to expand.”
To that end, Élan hosts workshops for the public and for private and corporate groups and they’ve added tabletop and home décor items to their offerings. Their team has grown, too, from three people when they purchased the business to 23 today.
“I never thought we’d achieve this,” Patrick admits. “But here we are!”
Pursuit can help your business dreams come true
Pursuit is a leading small business lender serving businesses across New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington. We offer loans and a line of credit for working capital, commercial real estate, equipment, and much more. We’ve helped thousands of small businesses and we can help you, too. Contact us today to learn more.
