“Entrepreneurial Insights: A Journey from Equipment Leasing to Tech-Based Ventures”
Hello everyone, I’m Doug Thorpe, your host for the podcast series. Today, I’m excited to share with you an insightful conversation I had with Peter Wasmer, a seasoned entrepreneur who has successfully transitioned from equipment leasing to tech-based ventures.
From Equipment Leasing to Tech-Based Ventures
Peter’s journey is nothing short of inspiring. He started his career in equipment leasing, where he built a successful portfolio of $650 million before selling the company in 2007. His entrepreneurial spirit led him to experiment with building Facebook apps, and soon after, he was approached by investment bankers to create a leasing program for Harley-Davidson motorcycles.
Being a Harley enthusiast and having a deep understanding of leases, Peter seized this opportunity and founded Chrome Capital in 2011. His company revolutionized the leasing process for Harley-Davidson dealers by automating it, allowing them to create leases for any asset on their floor. The goal was to provide a fast and efficient system that could give customers an immediate response and get them on the bike right away.
The Birth of ProValet
Building on the success of Chrome Capital, Peter embarked on his current venture, ProValet. His dissatisfaction with the pool service industry, particularly the lack of communication and transparency, sparked the idea for this platform. ProValet aims to improve the relationship between service businesses, field workers, and consumers. Initially focused on pool service businesses, ProValet has expanded its reach to cater to a broader market.
The Challenges of Building a System
Peter candidly shared the challenges he faced in building a system. Gathering input from the marketplace and crafting ideas around it was crucial, but building a minimum viable product inexpensively proved to be a struggle. Despite not possessing coding skills and having to hire expensive professionals, Peter and his team persevered.
Listening to Customer Feedback
Their persistence paid off when they received positive feedback from potential customers at pool shows. They realized that people wanted a system that integrated various features from different existing systems. By listening to customer feedback, they were able to integrate those desired features into their product.
The end result is a business process automation system for small and medium-sized companies. It provides a single lens through which companies can manage their entire business, including scheduling, dispatch, invoicing, customer payments, and communications. They also developed a component in the homeowner app that allows customers to easily communicate with their service company, saving time and improving efficiency.
The Importance of Data Analysis
Peter also highlighted the importance of data analysis. Their software allows businesses to track and analyze data, such as the time spent on each job and the gaps between jobs. This data helps businesses make informed decisions and improve profitability.
The Value of Feedback
Peter emphasized the importance of providing feedback and addressing issues directly with the offending party. He suggests using an app to rate the service and provide specific reasons for unhappiness. This feedback is not made public but is sent directly to the person or company involved. If a rating of less than four stars is given, it triggers a follow-up item on the dashboard, prompting the service provider to address the problem.
I concluded the interview by thanking Peter for sharing his wisdom and experience. For those interested in learning more about his services, Peter suggests looking him up on LinkedIn or sending him an email.
I want to thank you, the audience, for your valuable time and participation in the discussions. I encourage you to check out the video version of the podcast on YouTube and invite you to reach out with any feedback or topic suggestions. Here’s to wishing everyone a great day.
Stay tuned for more entrepreneurial insights in our upcoming episodes!
Peter Wasmer is a President and CEO with P&L ownership experience in business start-ups and going concerns, adept at optimizing resources and unlocking savings. Conceived, developed, and currently bringing our SaaS mobile business platform for Regular Interval Service Companies (RISC) to market (www.ProValet.io). Experience taking nascent ideas and growing them into National platforms that change industry. Created strong corporate identity through transformational visioning. Also, re-branded and re-engineered sales and management processes for existing corporations through technology, marketing and process improvement. Balance disciplined approach with entrepreneurial urgency and zeal. Recognized for team motivation and leadership.
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