Adam Witty, CEO of Charleston, South Carolina-based Advantage Media Group, wears many hats: entrepreneur, publisher, author, speaker and philanthropist. As one of the largest business book publishers in America, with revenue growth of 231% from 2014-2017, he had many options when the time came to finance the purchase of his new building. He chose Fountainhead Commercial Capital for its expertise and speed.
“Fountainhead is a business owner and entrepreneur’s best friend,” said Witty. “The company has a clear-cut process, assigned someone to us that made the process really easy, and got it done quickly.”
Fountainhead financed a $4.9 million office condo in Downtown Charleston for Advantage Media Group. The business book publishing company acquired 15,000-sf of office space, on two floors, in the Peoples Building, located at 18 Broad Street. The company purchased the space using an SBA 504 loan, for owner occupied commercial real estate, and with plans to continue to expand its business. It will continue to house part of its operations at its current location on Gadsden Street. In 2016, the company partnered with Forbes to create Forbes Books, the first book-publishing imprint for the global media company.
“A lot of people hear 504 or SBA and think ‘Ugh,’ the government with mountains of paperwork, it’s not worth it,” said Witty. “It’s no more paperwork than you would have at a traditional bank.”
The company was started by Witty in 2005 and specializes in Authority Marketing™ for entrepreneurs, business leaders, and professionals who want to grow their business. They offer turnkey publishing and marketing solutions to position individuals and brands as leaders in their field. Advantage’s mission is to help its members share their stories, passion, and knowledge to help others learn and grow. The company has been named to the Best Places to Work in South Carolina list.
“Advantage Media Group is revolutionizing the publishing industry from a now-growing headquarters in historic Charleston,” said Chris Hurn, CEO of Fountainhead. “This acquisition positions the company for growth and offers its executives the opportunity to own their space, stop paying rent and grow their wealth.”
From initial application to closing, the entire loan process took just 25 days, according to Hurn.
“If records are kept for such things, then we own it,” said Hurn. “Perhaps the myth that SBA loans are time consuming and arduous can finally be laid to rest.”