Maple Street, Inc.: A Small Business Success Story
Leveraging FSBDC at UCF Services, Support and Programs, Vendor Management Services Company Founders Achieve Lucrative Exit After Growing from Start-up to $20 Million
FOR IMMEDIATE RELEASE
Contact: Hal Thayer, Communications Director, FSBDC at UCF, 407.420.4850 or hthayer@ucf.edu
Orlando, FL – Success in business often begins with a visionary idea and the relentless pursuit of excellence. For founder Michael Crofts and CEO Teresa Crofts of Maple Street, Inc., their journey from startup to industry leader exemplifies this entrepreneurial spirit. Today, they celebrate the profitable sale of Maple Street, marking a significant milestone and the completion of their 20-year history of growth and innovation.
Founded in 2003, Maple Street emerged as a pioneer in vendor management services, revolutionizing the industry with innovative solutions that not only ensured regulatory compliance but also optimized client expenses and enhanced vendor performance measurement. “We differentiated ourselves by focusing on service over software, providing unparalleled value to our clients,” explains Michael Crofts, reflecting on the company’s inception and strategic direction.
A pivotal moment for Maple Street came with the guidance of the Florida Small Business Development Center at the University of Central Florida (FSBDC at UCF). Recognizing the need for structured growth, the Crofts turned to the FSBDC’s consulting services which provided crucial insights and strategies. “The FSBDC’s advice was instrumental in our decision to expand our team and refine our operational focus,” noted Michael Crofts. “This strategic shift, including the decision to bring Teresa on board as my partner, marked a turning point for Maple Street.”
Under Teresa Crofts’ organizational prowess and Michael’s sales leadership, Maple Street’s annual revenues grew from $1 million to over $20 million through the course of a decade. Beyond benefiting from the FSBDC’s no-cost, expert consulting, the company’s success was further bolstered by ongoing FSBDC’s support including business education programs and participation in the Advisory Board Council (ABC). “The ABC program guided us through critical growth phases, instilling discipline in goal-setting and strategic planning,” remarked Teresa Crofts, emphasizing the program’s impact on Maple Street’s operational efficiency and market positioning.
Another key resource for the Crofts included the FSBDC’s CEO XChange program, which facilitated collaborative discussions with peers and executives facing similar challenges. “CEO XChange provided invaluable networking opportunities and strategic insights that enriched our decision-making process,” shared Michael Crofts, highlighting the program’s role in fostering continuous learning and innovation within Maple Street.
Through their determination, perseverance, wisdom and hard work, the Crofts created the success that Maple Street has become. A fact that was recognized when they were named the 2023 Florida SBDC at UCF Small Business Excellence Award Entrepreneurs of the Year, the FSBDC’s most prestigious and significant annual recognition.
With Maple Street’s growth trajectory firmly established, the Crofts began exploring strategic opportunities for the company’s future. The decision to sell Maple Street was met with careful consideration and strategic planning, culminating in a successful transaction in March 2024. “Navigating the sale process was a journey that reinforced the importance of perseverance and strategic alignment,” reflected Michael Crofts. “We are confident that Maple Street is in capable hands with Cornerstone Advisors, poised for continued success.”
Looking ahead, both Michael and Teresa Crofts express gratitude for the FSBDC’s unwavering support throughout their entrepreneurial journey. “The FSBDC provided us with the expertise and resources needed to navigate complex business challenges and achieve sustainable growth,” emphasized Teresa Crofts. “Their support and counsel were important contributors in transforming our entrepreneurial vision into a thriving $20 million enterprise.”
As they embark on new endeavors, the Crofts encourage fellow entrepreneurs to leverage FSBDC’s resources and expertise. “Working with the FSBDC was invaluable for us,” concludes Michael Crofts. “It enabled us to focus on strategic growth and innovation, laying a solid foundation for Maple Street’s success.”
— FSBDC —
About the FSBDC at UCF
Hosted by the University of Central Florida (UCF), and with its main office in the National Entrepreneur Center located at the Fashion Square Mall in Orlando, the Florida Small Business Development Center at the University of Central Florida (FSBDC at UCF) is part of part of UCF’s Office of the President and the Florida SBDC Network.
The Florida SBDC at UCF provides aspiring and existing small businesses with no-cost consulting, low-cost training, and access to business data and research resources. In addition to its core service offering, the Florida SBDC at UCF also offers specialized services to qualifying companies, including capital access, market growth, government contracting, international trade, business continuation, cybersecurity, disaster planning and recovery, and more. The FSBDC at UCF serves an eight-county area that includes Brevard, Flagler, Lake, Orange, Osceola, Seminole, Sumter, and Volusia counties and maintains 9 service centers across Central Florida.
In 2023, the FSBDC at UCF served more than 2,800 entrepreneurs in Central Florida with consulting services, resulting in more than 10,100 jobs created, retained or saved; $743.5 million in sales growth; $59.2 million in capital formation; $122.5 million in government contract awards; and 164 new businesses started. For more information, please visit www.sbdcorlando.com .
About the Florida SBDC Network
For more than 45 years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.
In 2022, the Florida SBDC Network delivered 117,750 hours of consulting to 14,758 small business clients – resulting in business owners securing $446 million in capital, $445 million in government contracting, impacting 23,515 jobs, increasing sales by over $4.5 billion, and creating 825 businesses.
With over 40 offices statewide, the Florida SBDC is funded in part by the U.S. Small Business Administration, Department of Defense, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.
FSBDC at UCF | 3201 E. Colonial Drive | Orlando, FL 32801 | p 407.420.4850 | f 407.420.4862
sbdc@ucf.edu | www.sbdcorlando.com
