An Entrepreneur’s Story…

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I attended a regional entrepreneurial meeting today (remember, this post is emanating from my queue, so this really happened about a month ago), listening to Mark Dumas tell his story.  How he started his company, how he grew his company, and how he sold his company.  And, what was remarkable about his story is how it was really unremarkable.

No, that does not mean Mark wasn’t unremarkable.  I found him entertaining, honest, and open.  Someone I would love to spend a few hours with over dinner.

But, his entrepreneurial story was pretty familiar.  Because, in my own way, I’ve lived it.  And, many of my clients have done the same.   He started out working on a project or two- doing what he loved AND satisfying the clients’ needs.   As his reputation grew- and his clients recognized his value, they gave him more and more work- so he needed to hire folks.  And, he hired the best he could find.

He had no desire to be a manager, since he did not like talking in public.  He was an engineer, remember?  But, he did communicate with his staffers.  And, his passion was infectious and they shared his vision and his mission.

He “sold” his clients, too.  Because he had the passion to solve their problems.  So much so, that his business grew and he sold it for $ 46 million after 8 years. Of course, it didn’t hurt that he was operating in a rarefied niche- one that was new, one that was needed, one that growing, and one with few competitors.  Not that he did not make mistakes- but he learned from them.

One of our companies was the same.  It actually came about we licensed the technology to another firm.  Which decided to pull out of the market- leaving us with the product, the technology- and a guarantee to provide the product to our our clinical partners at no charge until the product was commercially available.  Or, as one of my board members declared, “Boy, we in a heap of trouble.  And, you’ve got 30 days to extricate us from this mess.”

I paid attention to those marching orders (since I had no desire to continue that parade off the plank).  I tried to convince a few  potential partners to take over the product, to no avail.   Simultaneously, I was churning the numbers to set up a new company to supply the product.  (After all, if that new company failed after a year, we were still off the hook.)   And, I ran the numbers again and again.

I showed the numbers to my girlfriend.  (Note:  She was working on the same project and was a techie, too.)  And, then I showed them to my second (at the local office).  Who also thought we were missing something- somewhere.   But, I didn’t see any holes- and I’d been advising clients for years how to grow a company, how to comply with regulations, how to hire employees… Was I sure I could follow my own advice?

And, we took the plunge.  90 days from the day our client pulled out.  We had a small production plant to produce the medical grade saline solution, ready to handle our first customers (which were the clinical centers guaranteed to get the product).    Which we outgrew in 90 days.   And, that was outgrown in 180 days.  When we built a second plant on the West Coast.

All along, we had no salespeople.  (Remember my blog about our transporting the new company care from Charlottesville to Long Beach?)  We had our initial team (myself, my second [who became the COO of the new company after a while]), my girlfriend, and three others).  But,  I (and my second- also an engineer) sold the product – which was perfect for our potential customers- because of our quality standards, its ease of use- and our passion to solve our customers’ issues.   Our motto resonated with our customers:  Our competitors offer you products.  We provide you solutions…

How do YOU reach your customers/clients?

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19 thoughts on “An Entrepreneur’s Story…”

  1. That is a good question, Roy. I reach my clients in several ways, through social networks and face to face things. How do I sell my stuff…other than showing them some of what I do and telling them I can do the same for them…I’m not sure of that either. My entrepreneurial life is a work in progress.
    Lisa Brandel recently posted..In The Pink by Lisa Brandel

    1. Thanks for that approbation, James.
      To be honest, we had a field day with that company. When we opened up new plants across the world, our ad used a stork delivering “new babies” to serve your needs better. We gave away wine bottles filled with popcorn, proclaiming that things are popping up all over to help you, things like that.

      Roy

  2. The entrepreneurial journey is always interesting and generally never boring. Unremarkable, maybe to some, but for me I always enjoy hearing how people have gained their wings and soared. Thank you Roy for sharing your story. Inspiring and motivating and that is what being an entrepreneur like you, should be about.
    Lynn Brown recently posted..Squashing Self Doubt for a Stronger Online Business

    1. I’m with you, Lynn.
      I love learning – especially when there has been a failure of some sorts- how another has adjusted their sails to get the full wind again. That’s the lessons (maybe not their adjustmetns, but the attitudes taken, the resources sought) that provide the best lessons.

      Roy

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