This Memphis Small Business Is Thriving
Lorenzo Myrick actually wrote the business plan for APS Facility Maintenance as a favor to a friend. After looking at the numbers Myrick quickly realized the potential opportunity in owning a staffing company.
Shortly thereafter he left his long-time job leading a corporate finance department to launch APS Facility Maintenance. “I started this business with a cell phone and a briefcase,” says Lorenzo. “I did my first interviews in my mom’s restaurant.”
As he built his business with clients like Regional One Health, the Shelby County juvenile courts, and Cummins Diesel, Myrick saw opportunity to evolve the entire business model. He expanded his services from staffing to include full-service facility maintenance and landscaping.
With the help of Pathway Lending and the Wells Fargo Diverse Community Capital Program, APS was able to secure two term loans and a line of credit, allowing them to bid differently and invest in technology to improve their business.
“We won three contracts right after we secured our line of credit with Pathway Lending. It gave us the confidence to bid differently because we know someone has our back,” said Myrick. “Other funders wanted to put us in a box and didn’t take the time to understand our business model, but Pathway did. We’re not out here by ourselves – we have someone to lean on.” Not only does APS have an impressive fleet and a warehouse full of equipment, they have invested in automation. “We are very system-oriented and find that a lot of our competition isn’t. They don’t embrace technology like we do.”
Myrick credits his success to not being afraid to ask for help. Whether he’s working through reports and projection’s with Pathway’s technical assistance team, or calling or talking to valuable mentors like Montgomery Martin, Clyde Patton, and Nathan Schwinn. “It’s those types of mentorships that allow success for companies that are striving to grow. Those mentors can help you avoid those pitfalls that can set you back or put you out of business.” Myrick is building a similar environment of mentorship for his 179 employees and giving them space to “safely fail.” “Any employee who passes through here leaves better than they came – some even go off to start their own business. We are no nonsense, straight to the point and give them the tools they need to be successful for us – which happen to be the tools they need to be successful in life. Their success is our success.”
Check out the full video interview with Lorenzo and Melissa Myrick right here:
The team at Pathway Lending is proud to include APS Facility Maintenance in our family of clients, and we’re dedicated to supporting them along their path to success. For more information about how Pathway Lending can help your organization, contact us today.