Entrepreneur Yukon Palmer has made the grade, and then some.
The 32-year-old is founder and president of Field Technologies, a company he conceived as part of a school project. Palmer and his classmate wrote a business plan while enrolled in an M.B.A. program through San Diego State University. It’s a program Palmer graduated from in 2002, the same year he invested $3,500 of his own funds to start the company, which last year had revenue of $465,000. That 2005 revenue is nearly four times the 2004 figure.
“The entire time, I had no doubt that the industry has enormous potential,” Palmer said.
Field Technologies, which is based in the Kearny Mesa area, sells Global Positioning System products to companies with large fleets in need of telematics.
Telematics is defined as machine-to-machine communications and something Palmer never really dreamed he’d be involved in.
“I always had a plan to be an entrepreneur of some sort, in one way or another,” Palmer said. “But selling GPS products wasn’t necessarily what I saw myself doing until I was in school and did the project that got such a big, positive response.”
Ultimately, Palmer said what pushed him to enact his business plan was the reaction he received when he and his classmates fared well in national business plan competitions.
“After I graduated, I knew I could do sales for the next five years with the company I was already with or go out and make this plan happen, and that’s just what I did,” Palmer said.
VITALS
Name: Yukon Palmer.
Title: Founder and president.
Company: Field Technologies.
Company address: 8305 Vickers St., Suite 211, San Diego 92111.
Company phone: (888) 803-0200.
Year founded: 2002.
Prior business experience: Senior account executive at Teletrac Inc., account executive at Cintas, and various entrepreneurial endeavors since the age of 7.
Average hours worked weekly: 50 to 60.
Source of startup capital: Personal savings.
2005 revenue: $465,000.
2004 revenue: $120,000.
Number of employees: Six.
Web site: www.fieldtechnologies.com.
BACKGROUND
Birthplace: Berkeley.
Education: San Diego State University, M.S. in business administration, 1997, and an M.B.A. emphasis in entrepreneurship, 2002.
Age: 32.
Current residence: Carmel Mountain Ranch.
Family: Wife, Catherine; daughter, Ella Giovanna, 6 months.
Hobbies: Spending time with my wonderful wife and beautiful daughter.
JUDGMENT CALLS
Reason for getting into business: I saw a tremendous opportunity in the telematics industry.
How I plan to grow the business: An infusion of outside capital to dramatically ramp up our marketing efforts.
Biggest plus of business ownership: Being involved in almost every aspect of the business. This allows me to contribute everywhere in the company. In my previous jobs, I was inhibited by my job function. I could not control whether my ideas would significantly impact other processes in their businesses.
Biggest drawback: Not having as many resources (both human and financial) to execute on ideas as I would as an executive in a larger company. Work never stops.
Biggest business strength: Patience.
Biggest business weakness: I am somewhat of a “control freak” and I am very hesitant about delegating some critical business functions.
Biggest risk: Taking on overhead such as personnel and an office. When I started, I could have chosen to be an independent sales representative for various vendors and work out of my home. This would have kept my operating costs low and would have provided me with substantial income. However, this method would not have allowed me to grow my business to become a leading player in this industry.
Smartest business decision: Taking on overhead and hiring quality employees to grow the business.
Biggest business mistake: Passing my ideas on to others who have eventually become competitors and were successful in executing those ideas.
Toughest career decision: Quitting a job with a six-figure income to start a new business with no partners, no financing and no prospective customers during a slow economy.
Biggest ongoing challenge: Finding high-quality potential employees.
The most important part of my business: My customers and my employees. For my customers, I work hard to ensure that we deliver a quality product and that we resolve problems in a quick and efficient manner. For my employees, I work hard to maintain an energetic and positive work environment and help them grow both professionally and personally.
My business works best when: We are very busy. When everyone is busy, it creates an energetic atmosphere that rubs off on everyone to help everyone deliver his or her best.
Best way to stay competitive: Provide a top-quality product at an affordable price. Back that product with superior customer service. Keep an open line of communication with customers.
How I measure success: By the recognition and accolades that the company receives.
GOALS
Goals yet to be achieved: Adding additional people with complementary skills to my management team; $1 million in annual sales revenue; $5 million in annual sales revenue; $10 million in annual sales revenue.
I would sell my business only if: The value of the sale significantly exceeds the value that we could create otherwise.
Guiding principles I will continue to follow: Work hard, be patient, and obstacles are just tests in disguise.
