"Seek and destroy."
"Improving your inventory."
"Quote, place, track."
Any one of those phrases could be an appropriate motto for the St. Louis business Logistical Resource Solutions, Inc., founded three years ago by logistics expert Keith Savage.
LRS is a secure, off-site storage, destruction and reverse logistics management partner for pharmaceutical manufacturers, distributors, wholesalers, retailers and healthcare facilities. Through his firm's services, Savage offers a reliable and secure alternative to in-house storage, product returns and services leading to the destruction of pharmaceuticals, controlled substances and over-the-counter medications and related products.
"My background in logistics started by moving mail and supplies throughout Texas and Europe when I served in the Army," says Savage. "I gained knowledge and experience in using inventory systems by shipping materials around the world."
After leaving the Army more than 20 years ago, Savage gained valuable sales and marketing experience with a variety of companies in the St. Louis area. He worked in such areas as electronic security, health insurance, printing and graphics. He found his broad business experience has helped him avoid many of the mistakes encountered by other business startups, and has brought added value to the services he provides his customers at LRS.
However, Savage readily admits he also has learned some valuable lessons in entrepreneurship from a very helpful source: Kevin Wilson, counselor with the St. Louis region Small Business and Technology Development Center (SBTDC), which is part of University of Missouri Extension.
"While working with the Minority Business Council, I was introduced to Kevin as well as to the services that the St. Louis SBTDC can offer," says Savage. "I began using the SBTDC for my technical assistance and I ended up working with Kevin on some key areas."
Wilson and his SBTDC colleagues helped Savage develop a detailed business plan, pursue a variety of government certifications, and assemble a financing package. LRS derived certifications from the St. Louis Minority Business Council and the federally designated HUB (Historically Underutilized Business) Zone program. Loan sources included Business Loan Express, the Urban Enterprise Loan program, the Business Consortium Fund and a grant program from local utility Ameren UE.
Other assistance from the SBTDC came in the form of training and formal education modules covering such topics as human resources, cash flow and the request-for-proposal (RFP) process. Savage says the assistance and education have contributed to the development of his company and allowed it to grow.
"Working with Kevin has assisted me in gaining capital, enhanced my corporate education and introduced me to other resources I was not aware of," Savage admits.
"You can run your business the hard way, or you can learn how not to do it the hard way. Working with the SBTDC isn't a way to make it easy, per se, but it stops you from making things that much more difficult. It allows you to move forward somewhat quicker to reach your goal without taking the extra steps backward to move forward."
While some circumstances have had a positive impact on the success of Savage and his company, Wilson also says Savage's personality, determination and experience have helped tremendously to steer LRS in the right direction.
"Keith is a great person and his business has vast potential," asserts Wilson. "The day he opened his doors Cardinal Health had contracts lined up for him to sign. Cardinal wants to hand him more work that he can handle. Keith has the potential to hit the $2 million mark in a very short period of time."
As a result of the firm's achievements, Logistical Resource Solutions will represent MO SBTDC at the second annual Client
Showcase and Legislative Breakfast Thursday, Feb. 9, in the State Capitol Rotunda in Jefferson City.
At that event hosted by MO SBTDC, LRS and more than a dozen other outstanding Missouri companies will meet with legislators to discuss their products and services. They also will be recognized for their contributions to the economic development of the state of Missouri. Recognition from MO SBTDC will be accompanied by legislative resolutions presented by each company's district state senator and state representative.
For more information on the services of the MO SBTDC program, call Wilson at 314-621-0816 or e-mail him at wilsonkr@missouri.edu
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