James Dowd: Growing a Successful Business
by Tim Healy
Entrepreneurs everywhere dream of growing a successful business. While these dreams typically take years to achieve, there are some business owners who achieve unimaginable success in a short period of time. My guest today knows what it takes to achieve success in a competitive industry.
My guest today is James Dowd, co-founder of Iuvo Logistics. Iuvo provides freight forwarding and brokerage services. They are a part of the $700 billion industry that employs 6% of all jobs in the United States. Iuvo has achieved an incredible growth of more than 1,400% in just 3 years. They were recently listed as #310 on Inc’s list of 5,000 fastest growing companies. Iuvo has gone from a small company to a major player in the trucking industry, and they own 20 tractors and 35 trailers.
If you missed Part 1 of my interview with James, you can download it here.
What’s in a Name?
How do you come up with the right business name? At 3:30, James talks about the inspiration for “Iuvo.” His business partner, David White, thought of a past boss who was obsessed with Latin. “Iuvo” is Latin for “aid and assist,” and was the perfect name for their new business.
A Change in Employment Standards
According to the American Trucking Association, at the end of 2018, there was a shortage of 60,000 truckers. Being a trucker is a tough job, and difficulties like being on the road for long periods of time can make it hard for businesses to recruit and retain employees.
Iuvo Trucking decided to make a change. Listen at 5:25 to hear about this change. James and David realized if they could get their truckers home every other night, it would make for a better work environment. They took the time to find clients to make this possible.
What is the most inspirational business book James has ever read? At 15:55, James talks about Napoleon Hill’s “Think and Grow Rich.” This book was a gift from his brother during his sophomore year of college. Today, he finds himself reading trade journals to learn as much as he can about the trucking business. James believes in projecting, and always being ready for what the future holds.
Staying Up at Night
Business owners often stay up at night, plagued with certain worried about the future of their companies. What keeps James up at night? Listen at 21:20 where he discusses these fears. While he is always worried about the potential for losing money and failing as a business, his biggest concerns revolve around his drivers. Each time he talks to drivers, he cannot get off the phone without telling them to drive safely.
Can You Ever Go Back?
Iuvo has seen great success in a short amount of time. But not everything has been perfect. At 27:45, James talks about the one do-over he would take on his path to growing a successful business. He would have hired someone with extensive experience in running an asset-based company from the beginning.
If you liked my interview with James, you can download more episodes of The Profit Express to inspire you on the road to success.