Scott Futch decided to develop a timber company from the ground up which would require — first and foremost — a dependable customer base comprised mainly of Fortune 500 Forest Product manufacturers.
He would also require large amounts of capital to enable the acquisition of a large timber and land inventory. Futch explained, “I would need to hire and train a motivated team of successful employees. Hiring reputable subcontractors to harvest and truck the timber was a must-have, and I would also be required to build the necessary internal infrastructure to manage and operate all aspects of the business.”
“I established an S corporation and began the process of building the company. I hired a forest technician to assist with work in the field, then secured an office location and established a line of credit and pre-qualified for timber loans. While doing so, I also focused on the important requirement of forming an initial customer base of Fortune 500 pulp, paper, and solid wood product manufacturers by arranging meetings with the personnel of these companies to discuss their willingness, requirements, intentions and goals toward becoming a dependable supplier to that customer,” continued Futch.
Scott Futch, Senior Business Executive
Once Scott had a minimal inventory of timber available for harvest and initial customers to purchase the delivered forest products, he began to hire dependable logging contractors necessary to facilitate the harvest and delivery of the timber products under his direct supervision. He negotiated supply and price agreements with his newly established customers, and began accepting wood orders from them to begin the process of supplying weekly forest products directly from the forest to the manufacturing mill.
As this all progressed and began to aggressively grow into a multimillion-dollar business, Scott hired a team of employees to facilitate growth in sales and production, developed business policies and procedures, established company and individual goals, and continuously improved all areas of the business to stay on track for profitability and growth. He also developed the company’s accounting and office management system to track timber and land inventory, accounts receivables, accounts payables, loan balances, liabilities, and assets. He found it necessary to implement a data storage system to produce real-time inventory and production reports, deliver P&L statements, track customer transactions, and report harvesting volumes. Through hard work and persistence, Scott expanded the business with each customer, secured larger wood orders as time progressed, and increased profits by growing sales revenue and effectively managing costs.
“Over the life of the company, I am pleased to say that my company produced over four million tons of wood fiber, 20+ customer mills, and had a top line of $120 million in total sales revenue.”
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