Latest update April 19th, 2024 12:59 AM
Jan 09, 2022 News
– aiming for groundbreaking achievements in 2022 & beyond
By Kiana Wilburg
Kaieteur News – In business, there are two kinds of people: those who dream of making it big but are inhibited by fear of failure; and those who, governed by a “no-quit mentality,” and embrace the risks and failures, come what may. By any means necessary, the latter individual is determined to be the master of his field through trial and error no matter the pressure. This is the “magic”
that separates the doers from the dreamers. The magic that led Lennox Reid, a father of six, to create L.M. Reid and Sons, a commendable entrepreneurial foundation which his children, Teressa and Rommel in particular, now manage while fearlessly going after adventures of their own.
During an interview with Teressa, it was clear that she was not only honoured to have inherited her father’s courage to pursue entrepreneurial success no matter the pitfalls, but she was also proud to share how his approach to business fuels her decision to always keep going. To take on other opportunities as they come and to soak up the invaluable lessons that follow.
Teressa shared that the Reid Family has three businesses which she has been managing simultaneously: T.S. Reid Sales and Investments; B, R&T Paint Store; and L.M. Reid and Sons.
She noted that L. M Reid and Sons started with bolts and nuts extracted from crashed cars that were subsequently resold. The businesswoman noted however that very early on, her father who has now retired from the business at the age of 75, faced several challenging waves before landing on a steady current of triumph.
Proudly noting that her father taught her everything she knows about business, Teressa shared, “Before L.M Reid and Sons got off the ground, my dad tried his hands at many things which included the sale of scrap metal, salted fish, wood, and about seven other items. It then moved onto old vehicles which were stripped down, the bolts and nuts retrieved and cleaned then sold. He was doing this since 1986. I can even recall when I was about six-years-old, I used to help dad with this process.
I would take a wire brush and using a kerosene mixture, I would clean old bolts to remove the rust. As I got older, I helped out more with the business after school too.”
The entrepreneur shared too that she admired over the years, how her father was never too proud to make a sale on any product or even demonstrate to her that where one man may see waste, he can easily turn it into a money-making opportunity. To prove her case, she recalled that some years ago, her dad had the contract for the disposal of garbage for Georgetown Seafoods, an American company that was later bought over by Fisheries tycoon, Pritipaul Singh Investments. She said her dad, due to the contract, had access to numerous trawler accessories that were discarded such as wire rope. Expounding further, Teressa said, “After a couple of trips, Georgetown Seafoods would discard wire rope from the trawler and other materials…my dad would check to see what could be salvaged and sold. It was such a profitable move that it gave him more than enough revenue to build our home in Grove.”
While her father’s company may have had a humble beginning selling the bolts and nuts from crashed cars, Teressa was proud to disclose how the capacity of the business has transformed. The company now imports bolts and nuts out of the USA and China. In fact, all sorts of specialty bolts such as socket cap, countersunk and hex in the highest grade strengths of 8.8, 10.9, and 12.9 are available for customers to procure.
The company also provides hard-to-find inserts, set screws, and threaded rods. Further to this, the young entrepreneur said the company which has come such a long way, is now a major supplier for the Demerara Harbour Bridge, as well as several trucking companies and prominent stakeholders in the fisheries, poultry, and rice industries. She said this level of success was fuelled by her energies and that of her brother Rommel, who comprise the A-Team for the family businesses.
Teressa shared too that it has been quite the journey maintaining her dad’s legacy while adding that she strives to remain true to the tenets it has been built on, one of which includes, “always try to meet the needs of the customers, no matter the day or time.”
She said this is premised on the fact that her dad would always go out of his way to make new customers who became loyal supporters, feel and see his deep sense of gratitude for them choosing his business in the earlies.
Along with the experience that came with managing and growing up in his company, literally, Teressa shared that she branched out and created her own venture called T.S. Reid Sales and Investments which deals with accessories for the forestry industry such as plastic straps, metal straps, nail plates, lumber chalk, and strapping bands. This business has been in full operation for five years though registered in 2008.Under B, R&T Paint Store, “Tess”, as she is fondly referred to by her friends, sells an assortment of paint and special rollers for high-quality applications. Kaieteur News understands that she has been working in the paint market for two decades. The business which started in the ‘mistint’ market is now heavily focused on providing hand-mixed colours since 2005. Tess is not only the head of custom-mixing for the company but she has successfully produced hundreds of colours to date for customers countrywide. Teressa categorically stated that she tries not to replicate customised colours, which assures customers that only they are in possession of that unique colour.
The shrewd businesswoman said she intends to enhance her production of high-quality residential and industrial paint with specialised machines that were imported and will soon be operationalised in the next few months.
TRIAL AND ERROR
Like her father, Teressa boldly shared that she is no stranger to her fair share of trial and error. In 2013 for example, she took the decision to partner with a friend who also comes from a business
family. They decided to start selling garlic. The young business started to turn over profits quickly but much to her dismay, her partner got ensnared by selfishness and greed. He wanted more money and so the partnership failed.“I have no regrets about it, because it hammered home to me, a sage piece of advice my dad always gave me and that is: ‘A partnership is a leaky ship and it will always sink.’ I always remember that.”
That didn’t deter her from trying her hand at another venture. Teressa’s next entrepreneurial quest saw her making a $3 million investment in the importation of black and white striped plastic bags.
“…This time around, I thought I considered everything: the quality, size, thickness, etc. I paid a company in China to test the bags and make sure it is of proper quality. I paid them to ensure the bags can fetch 20 lbs. They did and told me it was holding… I proceeded to bring in a 40ft container of the bags. When I provided the bags to supermarkets which put different items into them, they punctured because they turned out to be thin.
I later learned that it was 20 lbs of corn kernels and not corn on the cob that was put to test the bag…In the end, I suffered a terrible loss. But it was a learning experience. No matter the failure, it equals a wealth of experience…”
Teressa who possesses a “no-quit mentality” reiterated that all the credit for her success, and overall approach to business opportunities, must be given to her father. “It is all him. My drive, the dream, the vision, the wisdom, and my reason for wanting to be the best entrepreneur possible, is because of him.”
She also extended gratitude to her brother Rommel, and her mom, Bibi, who she described as being indomitable pillars in her life.
LOCAL CONTENT LAW
While the COVID-19 pandemic has affected businesses countrywide, Teressa said she is particularly excited about securing groundbreaking achievements over the next five years with her family businesses, especially when one considers the recent passage of the Local Content Legislation.
She believes that this law is crucial to ensuring Guyanese are given more access to opportunities for employment since the government has demanded that certain sectors receive between 90 to 100 percent participation from locals by year-end.
Overall, Teressa said she is thrilled at the prospects ahead, and will continue to dedicate her energies towards the preservation of her father’s legacy while simultaneously building new entrepreneurial inroads of her own.
Please share this to every Guyanese including your house cats.
Apr 19, 2024
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