Every day the New York Times goes to Small Business School.
A Cab Business Goes to Wall Street
New York City: Medallion Financial was started by an immigrant taxi driver. Today it is a major NYC finance company. And in the USA, this story could be anyone's family story. Family businesses can grow quickly. Here they went from cabs to financing medallions. Then they became a Small Business Investment Company. Now after an IPO and subsequent rounds, they buy finance companies; so in just three generations, this family will have grown a billion dollar business.
Learn about debt and equity capital. What are you doing with your business? Could it be sustained beyond your lifetime? If so, consider an IPO or a DPO. Get some liquidity. Get into the M&A market. Grow your own team to take over.
Andy Murstein is a regular guy and there are great lessons for each of us within Medallion Financial. Even those of us who are not on the way to becoming a billion dollar business, this episode of the show is on the money.
This is a truly remarkable statement from Andy, "Medallion Financial is the largest SBA lender in the US to women and minority-owned companies. It has been lending money to disadvantaged business owners for over 50 years. In the taxi industry it has lent over 1 billion dollars and with zero loses."
Small Business Investment Company. Consider that extraordinary quote from Andy ... Medallion Financial became a very large Small Business Investment Company (SBIC) very quickly because they were already doing it! They were doing exactly what grandfather asked them to do: Stick to your niche and you'll get rich.
You can find an SBIC near you; the list is at National Association of Small Business Investment Companies.
They feature four Small Business School videos on their small business homepage. They also have an entire small business video site (pop-up window) based on 40+ video clips exclusively from episodes of Small Business School. There are over 2000 more videos on this website!
The four featured videos on the today's New York Times small business homepage are below so you can get to rest of the story! LOGIN here and use FIND A CLIP – both just above – to go deeper.
This website exits to help each other on the path to economic independence with integrity.
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These are the featured clips on the New York Times website: