Henry Sheldon, President and CEO of Freight Management Systems (FMS), recognized that the opportunity to purchase FMS was promising due to his industry experience and years working at the company itself.
"Originally, I was the systems administrator at a tech company that had FMS as a client," he said. "I kept working with FMS when I went out to launch my own company and eventually, Bill asked me to come on board at FMS to take his system from DOS to Windows. I left FMS after 11 years to help another transportation company launch a product claims system. When Bill passed away, I purchased the company from his wife."
FMS builds software for third party logistics and small trucking companies that runs all aspects of their back office from freight logistics to generating rates and accounting to booking carriers.
"We pride ourselves in building software but also providing managed services," Sheldon explained. "We employ ex-transportation brokers and bring the services of that experience plus what all our customers are doing. When our customers call us, it's not just for tech support. They might ask what are the best practices in the industry for invoicing carriers and we can help them with that. We also do customization or integrations they need so their software works with their CRM or ERP systems."
Sheldon's advice to aspiring entrepreneurs centers on elbow grease. "There's no such thing as a get rich quick scheme," he said. "Work hard and make your product different than other products out there. Find that niche in your market and build off that niche. Make sure you are always the first one in and the last one out of the office."