7/31/2006
Blue Streak Expediting
"“Cathy was extremely helpful in analyzing Blue Streak’s financial statements and fine tuning the cash flow projections to help me arrive at a purchase price everyone was comfortable with – me, the previous owner, and the banker,” says Mr. Boyett. I would recommend the SBDC to any prospective or existing business owner. The SBDC can assist with a variety of solutions for virtually any need.”"
Harold Boyett began his career in the delivery business at UPS when he was 18 years old. He worked his way up through many positions to a fairly high management level. Mr. Boyett participated in sales as well as operations at UPS, exceeding his goals every year, no matter what the position required of him. It was while he was working at UPS in 1997 that he met the previous owner of Blue Streak, Glynn Barnes. One of Mr. Boyett’s UPS customers needed a unique solution which was just outside of the UPS list of service offerings. With Mr. Boyett’s top priority being to serve the customer, he sought out Blue Streak, a company that was an agent for UPS Sonic Air. The two companies worked together to meet the needs of the customer. Mr. Boyett liked the culture of Blue Streak. He and Glynn shared a similar philosophy regarding for the best way to treat customers. Over the next several years, the two became business associates, as well as friends. They continued to work together to provide customized solutions for other UPS and Blue Streak clients. As time progressed, conversations about Mr. Boyett joining the Blue Streak team began to take place. The dialogue continued, and soon the discussion focused on the possibility of Mr. Boyett purchasing Blue Streak. After much due diligence, Mr. Boyett decided this was the right opportunity for him. The next step was to negotiate the terms of the sale and the selling price. Ward Rainnie of American Enterprise Bank and Karl Kronquist of HGH Consulting both referred him to Cathy Hagan, Certified Business Analyst at the Small Business Development Center at UNF. Together, Ms. Hagan and Mr. Boyett analyzed Blue Streak’s historical financial statements and fine-tuned the cash flow projections. With this information, along with advice from other professionals, Mr. Boyett was able to come to a conclusion about the sales price. He returned to American Enterprise Bank and closed on an SBA loan to purchase the business. In February of 2005, the transaction was complete and Mr. Boyett took ownership of Blue Streak Expediting. Mr. Boyett demonstrates many key entrepreneurial characteristics necessary to ensure the success of Blue Streak. He is very detail oriented, plans well, has a strong work ethic, and is willing to take calculated risks. When it comes to sales, his friendly approach, along with his ability to communicate with people to understand their needs helps him create a bond that results in a loyal customer base. Most importantly, Mr. Boyett will tell you that he is “incredibly driven.” As a result of this drive, Blues Streak’s sales have doubled since he took ownership of the company. The growth has come in spite of changes in the banking industry, which at one time made up 95% of Blue Streak’s business. Banks are no longer required to transfer paper copies of checks during processing, which overtime will drastically reduce their dependence on courier services. To address these changing dynamics, Boyett has diversified Blue Streak’s customer base. Today, banks only make up 40% of his client list. Mr. Boyett has focused on developing new markets, including the legal and medical industries. Mr. Boyett says what enticed him the most about the opportunity to purchase Blue Streak was the way the company is positioned in the marketplace. Blue Streak is the only local courier company with drivers in a full uniform, with picture identification, neatly groomed, clean cut, friendly and polite. The entire staff is highly professional. “We understand the important role we play as ambassadors of service for the companies we represent”, says Mr. Boyett. Mr. Boyett earned both his undergraduate and graduate degrees in business administration at the University of North Florida. As a graduate student, he took a small business consulting class, assisting an SBDC client in the development of a business plan. Mr. Boyett will participate in this class again in the Fall semester of 2006 – this time as a client business with a graduate student assisting him with the growth plan for Blue Streak.