Ted Reynolds - President /Founder TEAM Funding Solutions, Austin, TX
Learn About TEAM Funding Solutions
Ted has been active in the equipment leasing industry since 1987. He is the founder of TEAM Funding Solutions, which started in 1992. TEAM has a unique market niche: Funding equipment leases for weaker credit business owners throughout the United States. These business owners typically have a credit weakness or are brand new in business. Therefore, traditional banks will not lend to this sector of business owners.
Back in 1992, Ted recognized that almost no one was serving this unique sector of business owners. Ted comments, “The truth is many business owners endure financial hiccups throughout the life of their businesses; and many of these people are excellent business operators that deserve credit, when given an opportunity to tell their story.” The TEAM company mission is “Helping Customers Realize Their Business Dreams!” In other words, helping business owners obtain credit that traditional lenders will not consider.
The credit approval process is quite intimate; the TEAM staff collects financial statements and conducts a telephone interview for every customer that is approved. Ted likes to say, “We roll up our sleeves to understand their story!” It’s really a form of old-fashioned lending to people aspiring to grow their businesses.
Q&A
Why did you name the company “TEAM”?
Ted named the company “TEAM” to create a work environment that encourages staff members to combine their strengths with sound business practices. TEAM has a staff of 11 people. Every employee at TEAM has a written “Elevator Pitch” and 1-3 simple metrics that are recorded and measured weekly. The TEAM Staff has a “company huddle” every Monday morning. Ted states, “No one is allowed to sit down. The huddle is designed to last 5-12 minutes where employees report their weekly results. This culture substantially reduces time in needless meetings and enables all of the staff to keep a pulse on the business.” Ted then meets with every employee, once a month, for about 5 minutes, to review their metric performance. The company culture tries to remain nimble which minimizes the bureaucracy that can slow down the productivity of employees.
What are your long-term business plans?
We definitely have long-term plans. Currently our company plan is to double our sales volume by 2010. My personal goal is to build this business as a legacy company, one that can prosper for years to come. I believe that any business that is managed well can be sold at anytime. However, the long-term plan is to hold on to it, continue to improve our processes and provide the staff a long-term place to work at. Years ago, I had a couple of friends die at early ages. This experience made me look at the journey of life and how important that journey is. Therefore, I have also stopped worrying about retirement… as long as we are having fun and remain passionate about our daily work, I see no reason to stop working.
Ted and his wife, Cathy, are both from Minnesota. They are blessed with two sets of twin boys. He enjoys coaching his kids, golfing, hunting, fishing, and vacationing with his family.
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Melynda Caudle
