Monday, June 05, 2006

Millionaires Who Started Out With Nothing, Part III

Joe Bushey Story

Company name: POS World Inc.
Location: Atlanta
Estimated annual sales volume: $10.8 million
Description: Point-of-sale online retailer

This IT manager for a concessions management company loved working in the POS field, but was so burnt out by the intense work hours that his doctor recommended a career change. One day, while reading a catalog with reseller pricing for receipt printers, cash drawers, bar-code scanners and other POS items, Bushey realized that not only was the markup outrageous, but also that there was nowhere to purchase POS hardware online. His vision: to create an online marketplace offering fair pricing on these items to the end user. "I wanted to be the Dell of POS," says Bushey.

"I didn't have a dime to spare," says Bushey, who continued at his full-time job while starting POS World in 1999 in his off time at home. "It was a virtually no-cost startup." Early on, he focused on establishing vendor relationships and developing a website. His brother Jim moved into his apartment to handle website maintenance.

One investment--a high-end Nortel phone system with voice mail--presented a professional image to callers, even though Bushey was handling calls for every department. It seemed to work--in 2001, when the Los Alamos National Laboratory's hard drives containing sensitive material went missing, they contacted POS World for recommendations on item-tracking technology. "I realized then we really had a presence," says Bushey, who moved to an office and hired his first nonfamily employees in 2000.

Most customers do business through, but they can also visit the office or call in. Customers include many Fortune 100 companies, the Federal Reserve Board, Lockheed Martin and the U.S. court system. POS World is expanding into auto ID, warehouse operations and the biomedical field, and will partner with Microsoft to sell retail-management software in combination with the company's hardware.

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