Full speed ahead: entrepreneur puts his company on the fast track for growth.The day Road One Express Inc. delivered its first package in April 2001, Leonard Wright, president and co-founder, had $40 to his name. Within two months, the 42-year-old entrepreneur was heading up a courier service that was pulling in $20,000 a month in revenues. "Six months into it, I had built a million-dollar company," says Wright. Fueling some of that growth was Wright's partner, who invested $75,000 to lease warehouse space, vehicles, computers, and office furniture. Concerned that Wright, who had several years of experience in the courier industry, was growing Road One Express too quickly, his investor closed the checkbook just a few months into the venture. "I told him that we needed some extra money to cover payroll," recalls Wright, "and he didn't want to pay for it." Ready to part ways, the partners were initially going to sell the nascent nascent /nas·cent/ (nas´ent) (na´sent) 1. being born; just coming into existence. 2. just liberated from a chemical combination, and hence more reactive because uncombined. firm to an outside party for $300,000. After some negotiating, Wright was able to buy his partner's share in the East Point, Georgia The City of East Point is southwest of the neighborhoods of Atlanta in Fulton County, Georgia, United States. As of the 2000 census, the city had a total population of 39,595. , company and take full control of the firm, which specializes in same-day and next-day deliveries--ranging from single envelopes to full tractor-trailer loads of merchandise. With 150 employees and $10 million in sales for 2005, Road One relies on a combination of independent contractor-couriers and its own drivers to deliver the goods Verb 1. deliver the goods - attain success or reach a desired goal; "The enterprise succeeded"; "We succeeded in getting tickets to the show"; "she struggled to overcome her handicap and won" bring home the bacon, succeed, win, come through . Dealing strictly with commercial companies--such as law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
Operating from a 20,000-square-foot warehouse near the Hartsfield-Jackson Atlanta international airport Hartsfield-Jackson Atlanta International Airport (IATA: ATL, ICAO: KATL, FAA LID: ATL), known locally as Atlanta Airport, Hartsfield Airport, Hartsfield-Jackson , Road One fills a gap left open by companies like UPS and Federal Express, which specialize in smaller packages and larger freight firms like Yellow or Roadway, which handle a greater number of tractor-trailer loads. "We pick it up at your doorstep and deliver it the same day," says Wright. Wright expects Road One's sales to reach $19 million in 2006, due largely to geographic expansion and his acquisition of existing couriers. And he credits a Georgia Power Georgia Power is an electricity corporation based in Georgia. It is the largest of the four electric utilities that is operated by Southern Company. Georgia Power is an investor-owned, tax-paying public utility that serves more than two million customers in all but four of mentorship program with helping him reach his goals. In 2003, Wright received a scholarship to attend an executive minority development program at Dartmouth's Tuck Business School in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . There, he learned how to create a formal business plan, develop mergers and acquisition strategies, and implement effective hiring policies. Willie Palmer, manager of supplier diversity Supplier Diversity is a business program that encourages the use of previously underutilized minority owned vendors as suppliers. It is not directly correlated with supply chain diversification, although utilizing more vendors may enhance supply chain diversification. and development at Georgia Power (incidentally a Road One customer), speaks with Wright several times a month to discuss his company's growth plan. "Leonard really understands his business and what he has to do to grow it," says Palmer. "In him, I see someone who has taken the material that he's learned from the program and really used it in his operations." Expect to see Wright relying on that knowledge even further this year as he seeks out courier companies to purchase in Dallas, Cleveland, and Charlotte--three cities he's targeted for geographic growth because of their demographic and economic similarity to Atlanta, and because of the business opportunities available in each city. Wright hopes that funding for Road One's expansion will come from the angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. he's currently courting. "We need about $3 million to pull this off," says Wright, who plans to blanket the area between the East Coast and Midwest with his firm's services. "We know that we can only grow so big by staying in Atlanta, and that growth would probably flatten out Verb 1. flatten out - become flat or flatter; "The landscape flattened" flatten change form, change shape, deform - assume a different shape or form splat - flatten on impact; "The snowballs splatted on the trees" at around $20 million. With our expansion strategy, we'll be a $100 million company within five years." Road One Express; 3150 Norman Berry Drive, East Point, GA; 404-607-1400, www.roadlexpress.com |
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