Black Entrepreneur Sells His Tech Firm for 20 Million
Nowadays, it’s quite common to see people making a living online. What you rarely see is people that create multi-million businesses from scratch. Darell S Freeman, the founder of Zycron INC has finally sold his company for no less than $20 million.
This was one of the largest black-owned companies in the US. The buyer was BG Staffing INC and they most like purchase it to take complete advantage of the information technology services and solutions offered by the company.
How did the company get started?
Zycron INC was ranked as the 67th top black-owned businesses in the US. It still is one of the most promising companies in the country. Moreover, the company started with just 2 employees and a 150 square foot office. The first year brought $10000 in revenue, and the operations soon catapulted quite a bit. The company was founded in 1991, but in 1996, the staff increased to 10 persons.
At that point, the company already had $2.6 million in sales, and they continued to expand the private sector work they had at that time. This led to a multitude of contracts in this business, as well as a $2.4 million deal with Indianapolis Power Co. They also worked with Mercedes, with whom they had a contract valued at $300000. In 2006 alone, the company generated around $19.4 million in revenue and in the past few years that income was doubled.
What brought success for Darryl?
Just like many other entrepreneurs, Darryl started with a lot of debt. In fact, he had no less than $30000 in credit card debt when he got started. But he soon managed to shift everything, and he got to acquire more and more contracts from businesses and agencies alike. That’s how he got to work with FedEx as well as the Tennessee Valley Authority. The company had more than 50% of its revenue coming from the governmental contracts.
This is a fascinating thing to note because Darryl does show that nothing is impossible as long as you work hard to achieve it. Yes, even if he was full of debt, he used his creativity and skills to get out of that situation.
Even if the business was sold, Darryl is still the Executive Managing Director for the company. He retains an annual salary of $3 million. And, if that’s not enough, he is also on the board of directors as well.
What does this mean for a beginner in the entrepreneur world? This clearly shows that no matter how much you want to succeed, there may be obstacles in front of you. But even if you have to deal with debt, you have to focus on your goals. Working hard and focusing on the end goal will pay off. You can make the most out of a plethora of opportunities. As long as you harness them, you can quickly take the experience to new heights. Follow Darryl’s example and focus on creating the business of your dreams. From here to reach the success you want will be one small step!