Lorenzo Myrick, owner of APS Facility Management in Memphis, is the embodiment of entrepreneurship.
While working as a finance director in a job he wasn’t happy in, Myrick, who holds a degree in organizational management from Creighton University, began writing business plans as a hobby.
An Aha Moment
“A friend gave me the idea of a staffing company, so I began writing the business plan and soon realized that I could actually make the dream of working for myself and creating a business a reality,” said Myrick, who originally opened APS in 1998 as a facility maintenance employee-staffing firm.
Without an office when he first started out, Myrick was holding interviews in his mother’s restaurant in Memphis with just a briefcase and a cell phone.
In 2000, Myrick moved his operations to a rented office space and started recruiting before expanding to a larger office with storage space.
A Changing Environment
“After 9/11, the staffing industry became challenging and I realized I need to pivot my business model,” noted Myrick. “There were a lot of challenges in managing people because the client business wasn’t managing the job the way they portrayed in many cases. Between that and the broader struggles in the industry, we evolved into a services and staffing company.”
From there Myrick expanded into janitorial services and began hiring, training and managing the staff himself.
“As we evolved, we began putting parking lots in, doing tree services, and I decided it was time to get a general contractors license because it was a lot more profitable and creates long-term relationships,” said Myrick. “People who let you build something for them, they’ll call you back for more business.”
As they made the shift, the business became a bit riskier for traditional lending, so Myrick worked with a factoring company while he managed the new business model.
“We were already doing the work of general contractors – more as a hobby and not as our main business – but I had a vision,” noted Myrick, who called upon Regions commercial banker Fred Hardeman once again in 2018 when profit margins increased. The new iteration of APS was more profitable.
“We refinanced and consolidated some term debt for equipment, reinstated their line of credit and supplied another real estate loan,” said Hardeman who has been Myrick’s primary commercial relationship banker since 2011.
Where They Are … And Where They Are Headed?
Today, APS Facility Management employees 40 people and operates in an 8,000-square-foot facility that Myrick built on nine acres in Southwest Memphis near the airport and just two miles from the Mississippi state line.
From construction to procurement and janitorial services to commercial landscaping, Myrick’s business has worked with the airport authority, sports stadiums and companies across every industry, including the regional medical center that has been an APS client since Myrick first got started.
The Future Looks Bright
Now a father to two young daughters, Myrick is ready to pivot again. This time with eyes on building a legacy.
“We have plans to hire in strong managerial talent and bringing others up through the ranks,” said Myrick. “We’re creating a strategy to build cash flow with eyes on growth.”
And Myrick is already looking toward what’s next at APS, where plans include expanding the land and facility which already boasts a gym and full on-site training grounds for staff. Myrick shared plans for walking trails and hopes to add a stocked fishing pond onsite for staff to enjoy.
He is also looking at his own future with APS, where he plans to eventually shift his role to chair the company, which is currently looking to do $9 million in annual revenue this year.
An entrepreneur at heart, Myrick has his sights set on doubling that figure in 2025.