August 24 2015

“Drain your accounts…”

A story from one of our founders, Ted Alling:

Our financial advisor had suggested to Barry, Allan and I that we should go to the ATM and take out as much money as we could. It was the fall of 2008 and everything was entering pandemonium. Banks were crashing, the building industry was tanking, and it felt like the US was heading toward the brink. It was all over the Internet and TV. Something bad was going to happen.

It was our 6th year in business running Access America Transport. We were growing extremely fast and had a wide, diverse customer base. For some reason, we just weren’t freaking out like everyone else was. I will never forget what Allan said in the board room on Rossville Blvd. He said, “We need to go on a hiring spree.” WHAT?? I feel very certain that no one else in the country was saying that. At first, it sounded mad, but then after it sunk in, we all thought it felt like a great idea. So that is what we did. We had great processes and decided to add some fuel to the fire. We got some of our best talent that year. We got a lot of solid people that were in real estate and never thought that they would end up in logistics. It was an awesome idea.

After reading this article by Alex Iskold, I think a lot of startups are about to have a rude year or two coming. Companies are being fueled by hype without any solid business acumen. We have been fortunate at Lamp Post Group that when we started our incubator, we didn’t even know what the term “VC” meant. We work off of old school business Barry “Buffetisms” quotes. Satellite world map We know we must deliver superior value and must be paid for that value. We believe that.