With the experience of having raised nearly $800 million for companies, and buying and selling approximately 40 companies, Tra Pippin considers himself qualified in the turnaround industry arena. He’s also turned around businesses that ranged from a low of 1 million in revenue to a high of about $150 million. Pippin got into the industry happenstance manner.
“I bought a company back in June of 1982 called Perfection Equipment Company,” said Pippin. “And at the time, I think our revenues were roughly $2 million a month. Well, there was a little shopping center bank here in Oklahoma City called Penn Square Bank that crashed on July 5, 1982. And I don’t think either myself or my partner recognized the fact that a little shopping center bank could have the impact that it did, but it caused probably the greatest crash in the oil industry, certainly in my lifetime.”
Their revenue went from two to two-and-a-half million dollars a month to approximately $300,000 a month. Based on that, at the time, Pippin purchased the company. They had about 130 employees. A year later, they were down to 30 employees and were making decisions on how to cut based on whether someone had been there 15 years or 20 years. The industry turned around, and Perfection Equipment Company today is a lively, growing company in Oklahoma City.
Pippin said he learned how to save a company before there were associations, conventions, and resources dedicated to the turnaround industry. When buying a company now, Pippin has several things he looks for to inform his decision.
If you’re considering attending Pippin’s OVF talk, he said he could help give broad-brush solutions to their issue with their company.
Tra Pippin will be speaking at the Oklahoma Venture Forum Power Lunch on Wednesday, February 10, 2021. Be sure to register for the online ZOOM event to learn more about turning around a business, asking your questions, and networking with entrepreneurs in Oklahoma. https://ovf.org/Blog/10043372
