SpearTek Tile & Stone
About SpearTek Tile & Stone
In 2010, Kam Tekin, a veteran tile and stone importer/distributor, and Edward Spearman, a close friend and successful business man, teamed up to create a new tile and stone importing business – Speartek.
Kam Tekin: “We knew that starting a new business would be no piece of cake. We had to think about financing, paying overseas vendors, setting up new processes, and defining our business plan. We needed a banker who was experienced and knowledgeable, as well as someone we could trust. I had worked with John Seeds before at a different company, and I knew that he was the guy we needed.”
Edward Spearman: “Instead of just glancing at our numbers, John and his team took the time to get to know our business model and even helped us to refine our business plan. By taking the time to understand our company, I think they were able to be more flexible in order to structure the most advantageous financing plan for both parties.”
Kam: “Atlantic Capital has always been supportive of our vision and progress. However, they’re never afraid to be straightforward with us. They tell us what we need to know, and in turn, we feel like we can always be upfront with them. I appreciate that. That friendly candidness has been helpful in building trust on both sides.”
Facilitating global trade
Edward: We buy most of our inventory overseas, so we needed to find a solution to pay those suppliers without taking on a lot of risk. The treasury team at Atlantic Capital worked with us to determine that our most advantageous payment option is a letter of credit. Using letters of credit, we minimize our risk of paying for goods before we gain title to them. And on the other hand, our suppliers are pleased because they know that they’ll be paid as long as they comply with the terms and conditions of the letter.
With the support of Atlantic Capital Bank, Speartek is now one of the fastest-growing tile and glass importers and distributors in the Southeast. Speartek had a record-breaking first quarter in 2011, and in response to demand, plans to triple its inventory levels.