Sold for $20 million.Charles "Chuck" H. James III James III, king of Scotland James III, 1452–88, king of Scotland (1460–88), son and successor of James II. During his minority he was under the care of his mother, Mary of Guelders, and her adviser, James Kennedy, bishop of St. Andrews. sold ProduceOn line.com, an online venture looking to streamline transactions between wholesale buyers and sellers of fresh produce, in less than a year after its launch. Like most start-ups, James' business-to-business dotcom couldn't secure adequate funding to prosper. But instead of waiting for more warning signs, James decided to sell. Recently, the former BE 100s CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. sold the seedling venture to Orlando, Florida-based World Commerce Online Inc., a global leader of b-to-b e-commerce sites for the perishable-products industries. ProduceOnline.com reaped a rich harvest from the sale--more than $20 million in WCO WCO World Customs Organization WCO World Customs Organisation (Brussels, Belgium) WCO West Coast Offense (football) WCO Wine Council of Ontario (St. stock. Also, WCO assumed the start-up's debt--roughly $1 million. As part of the deal, WCO retains ProduceOnline.com's management team and James will serve as a consultant for one year. Now, he is fielding offers from firms willing to provide capital for his next start-up or acquisition. James is a fourth-generation produce entrepreneur who became CEO of Charleston, West Virginia-based C.H. James, the oldest black-owned family enterprise in the country. Since 1988, he grew the business from a produce wholesaler into an international produce distributor through California-based North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Produce, which served as a major supplier to the McDonald's food chain. On the 1999 BE INDUSTRIAL/ SERVICE100 list--the last year in which the company earned a berth on the list--C.H. James was ranked No. 78 with gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $31.4 million. In 1999, facing increasing competition as a result of mergers, James decided to sell North American Produce to Salinas-based Taylor Farms, an industry monolith with greater capital reserves. (James still owns the Charleston, West Virginia Not to be confused with Charles Town, West Virginia. Charleston is the capital of the U.S. state of West Virginia. It is located at the confluence of the Elk and Kanawha Rivers in Kanawha County. As of the 2000 census, it has a population of 53,421. operation, which grossed $10 million in 1999.) |
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