New Venture Lab: Equipping Christian Entrepreneurs

Former Salesman Buys a Water Sports Equipment Company

This is a profile about a successful salesman and entrepreneur who liked a product so much that he bought the company.

Name:

Matt Gehman

Family Description:

By the Grace of God: I am a 43 year-old Christian, Husband and Father of five, home-schooled children.

Business Name:

Water Sport Industries, Inc.

Business Description:

I purchased a water ski manufacturing company in 2005.  We build the patented "Ski-Seat," a product that has been offered in Overtons and other retail markets over the past 45 years.

Location:

Mount Dora, Florida

Formal education/training:

I attended University of Michigan and Liberty University where I studied music and then business.  I left after 5 years and no degree. I have taken many sales training courses and seminars over the past 20 years.

Prior work experience:

I am trained in sales and marketing and started my own company in 1995 after seven years as an employee in sales management.

Forming the Idea:

I did not invent the Ski-Seat product.  I used it for 25 years and went to buy one for my kids and ended up buying the company.  It was an expensive ski purchase.

How you got started:

I bought the company in California in 2005 and had to move it and set it up in Florida.  It took one year to set up.  I have revamped and refitted 45 year-old machinery (which is still good), and I am finally done setting up the manufacturing process.  We are launching the fall of 2010 at the largest water sports show in the world.

What was it like in the beginning:

I spent lots of $$$ getting all aspects of the manufacturing in line, including having injection molds made exclusively for my product.  I needed to outfit a warehouse to build the product with 3-phase electric,  air over hydraulic work stations, hydraulic dyacro benders and auto drilling tables.

What stage the business is at now:

I am now finalizing media and marketing.  The prototypes done, the on water photography is done and the company logo and stationary are complete.  Our distribution partially complete and we have customers waiting.  Money is now the hurdle.  We are now producing final staged product other than prototypes.

The biggest challenge you’ve faced:

At this point it is only a money issue with a few other very small hurdles.

Key steps that made the difference:

Being patient in negotiations to buy the company and being willing to walk away from the table.

Lessons Learned:

• I am still learning.  I believe I should have lined up capital more diligently at first,  but we are moving forward slowly.
• Our company mottos are "Bringing Families Together On The Water"  and "Making Memories One Ride At A Time"  I refuse to look like the world and sound like the world at all costs.  We believe keeping family together as they play is very important.

The best advice you received:

The best advice I have instilled in all my business practices is being honest.  Not creating image at the expense of honesty.  This is the number one problem that plagues sales for many Christians.

What your work and family life was like before:

I was not at home 45-55 hours a week, or I was spending nights away by myself.  Relationships suffered.  Building equity for someone else was not fun or rewarding in my view.

What your work and family life is like now:

Work still requires attention and a lot at times, but I will never again sacrifice money for family.  If it is a question, the family and my honey get the nod.  Family worship everynight is the schedule (5 nights a week) and now I take my kids on business trips.  My son, 8 at the time, sat with me in California at the conference table while I negotiated the purchase of Water Sport Industries.  My current retail company -- which is a cellular store chain -- is often visited by my kids who have a vending company called, Offspring Enterprises, Inc.  They tend to the candy and sticker machines in my stores and with other small ventures have earned over $30,000 in the past 4 years.