A third-generation entrepreneur who launched and grew a local accounting firm wants to help others start and expand their own businesses.
OFG Advisors LLC recently relocated its main office from Akron’s east side to the Village of New Seasons, a rehabilitated former retail shopping strip on South Hawkins Avenue.
OFG Founder and Chief Executive Renea Woods-Baylor said the move to the larger location is part of long-term plans to expand her full-service accounting firm into a venture with at least $1 million in annual revenues within the next several year.
The business now has eight employees at locations in Akron, Cleveland and Columbus and plans to open franchises nationwide.
“We’re looking to grow and expand and add more staff here,” she said. “Our main goal moving forward is franchise opportunities. It’s more than just creating jobs for this firm but to allow other people who want to start a business like ours.”
OFG is marking the opening of its new location in the Village of New Seasons with a ribbon-cutting ceremony at 3 p.m. today.
The development in West Akron combines senior housing with commercial space, including a medical center operated by Summa Health System.
The project and accompanying health center were the vision of the House of the Lord, which purchased the aging shopping center near the church several years ago.
The church worked with Testa Cos. and East Akron Neighborhood Development Corp. on the $11.4 million venture.
Testa Commercial Real Estate Group, which is handling the commercial leasing for the Village at New Seasons, approached Woods-Baylor about leasing space in the development, President Paul Testa said.
Only 1,400 of the 40,000-square-foot commercial space remains unfilled, Testa said. The space has attracted a fitness center, foot and ankle clinic, restaurant, store, insurance companies, catering company, barbershop, beauty salon, stores and other small businesses.
“One of the reasons I went after [OFG] was I wanted someone with financial and accounting experience to help the small businesses,” he said.
Woods-Baylor took out a second mortgage to launch her own business 14 years ago under the name “Getting Started” when she was a single mother raising five teens.
From a young age, Woods-Baylor, 50, of North Canton, dreamed of following in the footsteps of her mother, who was an accountant. Her parents owned a small chain of shoe stores. She also learned about business from her grandfather, who owned a construction company.
“I learned a lot from those generations,” she said.
At first, her business focused on helping start-up businesses but within several expanded — as she had planned — into a full-service accounting firm. She made a profit almost every year since the start, with just one losing year during the recession.
This year, she changed the name of her company to OFG — short for Overstreet Financial Group, honoring her maiden name of “Overstreet.”
“It’s just giving honor back to my family that has blessed me with so much,” she said.
Her husband, Dennis Baylor, serves as chief operating officer, adding his years of expertise managing restaurants as an executive chef to work with customers in the restaurant industry.
Along with assisting about 800 individual and business clients with payroll, business consulting, accounting and tax services, OFG also offers a program to help customers apply for certification that can help minority-owned businesses land government contracts, grants and loans.
“I wanted to make it easier for minorities to take advantage of certification so they could grow their businesses,” she said.
Cheryl Powell can be reached at 330-996-3902 or cpowell@thebeaconjournal.com. Follow Powell on Twitter at twitter.com/abjcherylpowell.