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?
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
All entrepreneurial efforts are works in progress, Lisa! That’s the whole point- adjusting to the needs of the marketplace.
Roy
Hi Roy,
That is a great story and further more it is a great example for those who are eraching out onto the entrepreneurial journey.
“Our competitors offer you products. We provide you solutions!”
Very, very powerful and you have the proof that it resonates and helps build successful businesses.
Great Post!
James
James Debono recently posted..Drag Your Content from the Internet Abyss and Have it Soar Above the Surface
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
One of the reasons I love reading Success Magazine is because it reminds me of just how ordinary all of the successful people really are. We want to think of them as these incredible superheros so that we don’t feel so bad when we fail. After all, we don’t have their super powers. That’s just not the case. They are no different than we are.
Nicole Bandes recently posted..Success Mindset Life Coaching Tip – How to Change Your Perspective
Nicole:
Great addition to the post, Nicole.
Thanks for that share- and for the recommendation of the magazine.
Roy
how do i reach my clients?
good question … still working on that.
by the moment: trying hard to meet them on the interweb via facebook and co .
helen recently posted..Pin the Love … in 6 easy Steps
Helen:
All we can do is try. And, if we try- and manage to find that right path, we all gain.
Thanks for your comment.
Roy
A bit of inspiration for me today, Roy 😉 Thank you!
PeggyLee:
Glad to oblige- and thrilled you enjoyed the post.
Roy
This is such an inspiring example of turning a challenge into a solution for clients.
Tambre Leighn/coaching by tambre recently posted..Humor Heals ~ guest blog
Thanks for the visit and the comment, Tambre!
Glad you liked the post
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
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
I love to read success stories, Roy. I like your motto at the end of the post…”We provide you solutions”. You said you made medical grade saline solution so that was a very appropriate and clever motto.
Janette Fuller recently posted..Book Review: The Funniest Facebook Updates of All Time #2
Thanks, Janette.
We had a lot of fun with that company. We decided that there was no need to be like the other guys and not have a sense of humor!
Roy
You should be a part of a contest for one of the best sites online.
I will highly recommend this web site!
instant payday loans recently posted..instant payday loans
I’m honored by your vote there Erick/Elliott! Thanks for visiting AND commenting.
Roy