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Mason City Business selected to advance in John Pappajohn Iowa Business Plan Competition

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The first round of the John Pappajohn Iowa Business Plan Competition is complete. Of the 50 executive summaries submitted, 26 have been selected to submit full business plans to be reviewed by judges.

Brian Novacek of Legacy Financial Services, INC. of Mason City was one of the 26 selected to continue on to the next round. Legacy Financial Services, INC. was founded by Brian and Sarah Novacek of Mason City. They currently have an office in the NIACC Business Incubator.

“Legacy Financial Services, INC. is a freight factoring company and has been in business for just over two years. Freight factoring is a process whereby a company purchases invoices and clean bills of lading at a discount. The factoring company then funds the carriers for the invoices purchased less the fee. With rising costs in the transportation industry getting cash in hand is very important and allows for us to grow,” said Brian Novacek.

“This year the quality of the businesses was exceptionally high,” said Randy Pilkington, director of UNI’s John Pappajohn Entrepreneurial Center. “We were pleased to have a wide range of business types with broad geographic representation competing this year.”

Of these competitors, seven to 10 will be chosen as finalists and invited to present to a panel of judges. Based on the presentations, the judges will select the three winners who will be recognized at a special awards luncheon September 18 in Des Moines.

The John Pappajohn Iowa Business Plan Competition is designed to stimulate business development and provide support for outstanding business plans. This year a total of $50,000 will be awarded to the top three submitted business plans ($25,000 for first prize, $15,000 for second and $10,000 for third).

For more information, visit the competition web site www.iowabusinessplancompetition.com.

The NIACC John Pappajohn Entrepreneurial Center, a nationally recognized program, provides college level courses and degree programs in entrepreneurship, as well as comprehensive consulting services for business start-ups, existing industries and owner transitions in the North Iowa region. Space is available for start-up businesses in the North Iowa Business Incubator. For more information, contact the Pappajohn Center at 641-422-4111.

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