138: Expanding a Family Business in the Logistics Industry (Megan Smith of Symbia Logistics)

Background on Megan Smith of Symbia Logistics:

Megan Smith is the CEO at Symbia Logistics. Growing up on the floor of a warehouse, Megan has been getting her hands dirty since day one. She’s started and sold multiple businesses and found opportunities in the most challenging of situations. Megan is a pioneer among women in the rugged logistics industry, and she is now situated at the top of her game overseeing a workforce of 1,300 employees.

Megan’s entrepreneurial spirit, tenacity and firm conviction that we are all equal, have driven her to build powerful, successful teams. By focusing on Symbia’s strengths she has guided the company to unprecedented levels and made Symbia a formidable force in logistics. When she’s able to sneak in a little down-time, Megan and her family will hit the road to seek out and experience new places together.

Time-Stamped Show Notes:

[2:05] Megan Smith is the CEO of Symbia Logistics, which is a 3rd party logistics company that focuses more on warehousing and distribution space. They are also into pallet repair and manufacturing.
[3:37] Megan explains a couple of their supply chain management service offerings targeting businesses and consumers.
[6:19] Symbia Logistics is more of the white glove customized service compared to Amazon.
[10:26] Being the Company owner’s daughter is one of the biggest obstacles that Megan has to overcome.
[12:18] While she was still in college, Megan opened her own boutique, which sells eco-friendly clothing accessories for men and women.
[14:43] Her education shaped her pioneering and entrepreneurial spirit from St. Mary’s Academy to the University of Denver.
[19:19] Megan tells the story of how she was able to start her own eco-friendly fashion boutique.
[23:22] In 2009, she got a phone call from her dad regarding a new business venture. Megan kept her boutique running while managing the pallet business.
[28:25] Megan gave some insights about parting ways and buying out a business partner.
[33:42] In 2013, Megan closed her boutique and pursued the pallet business. She was also having her first child.
[34:39] She was able to buy out the partners of the pallet business and make it 100% family-owned.
[39:46] After gaining full control of the company, Megan instituted some major and positive changes to the business.
[41:19] Megan switched the name of the company from Pallet Management Services (PMS) to Symbia Logistics.
[44:10] Symbia made several acquisitions that allowed smaller companies to join a growing national operation business with lots of network across the country.
[53:52] Being the CEO of the company and doing all the hard work has taken a toll on Megan’s personal life.
[1:00:57] Megan imparts a few important words for entrepreneurs and small business owners.

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Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Anything Historical Fiction; Snow Flower and the Secret Fan by Lisa See, The Outlander Series by Diana Gabaldon… I love series and have read all the Harry Potter Books by J.K. Rowling and Game of Thrones by George R. R. Martin. I much prefer to read over watching the shows or movies!
🙌😎 Favorite Amazon.com purchase? AUKEY Table Lamp
🌱💸 Favorite Tool that's GROWN your Business? CRM- Salesforce
💭💡 BIGGEST Challenge keeping your Business from GROWING? Time and Project Management- I am a single mom with 2 young kids, getting my Master's degree and CEO of my family's business. Things get hectic and I am less flexible than I'd like to be.

Key Point from the Interview:

“Being an entrepreneur is all good and great. Anybody can come up with a business idea, but what about making a successful business, and that’s the real hard part, and it definitely takes a certain type of person to pursue entrepreneurship.”

Resources Mentioned:

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