When you’re a medical professional, your life is already busy.
Dr. Cody Cox certainly is that, but he was in the unique position of working eight 24-hour shifts within a month’s time as an emergency room doctor in Tyler, Texas.
Cody knew he wanted to add something to his professional portfolio, so he decided to become a FedEx contractor in northeast Texas. Along with that decision came the acquisition of 19 delivery trucks.
“FedEx and the delivery business is becoming so huge,” Cody said. “It was the perfect time to get in.”
Cody made the acquisition of the fleet in October. He employs 21 drivers and two full-time terminal managers in Sherman, Texas. Cody, who has been a full-time medical professional for more than a decade, admits the adjustment took some getting used to, especially coming from a completely different field.
“The biggest challenge for me has been finding financing. As a startup, I made an asset purchase. I didn’t have a lot of corporate credit history, which goes a long way to getting the financing you need,” he said. “The best part is that the sellers have been really good to work with.”
Rapid Growth In Transportation Industry
The biggest reason Cody made the acquisition was to eventually become financially independent and move away from medicine.
“FedEx is something to grow in the background and then make medicine a part-time job later on,” he said. “FedEx continues to grow, and I don’t see it stopping. There are opportunities everywhere if someone wants to make a purchase. If you have a viable model to go into business, it’s the right time.”
Cody, along with most FedEx contractors, are seeing record growth, mainly due to the COVID-19 pandemic and the increase in online ordering and delivery.
“COVID-19 accelerated the inevitable,” Cody said. “The convenience factor during a pandemic was a huge factor. You can get groceries delivered to your door and stay safe. It really is amazing.”
Financing Options For A Fast Industry
Cody worked with Stearns Bank on financing one of his trucks. He didn’t have success working with local banks, so a financial institution that specializes in financing commercial vehicles has been a nice fit.
“I was in a unique situation with my needs and size,” Cody said. “Stearns Bank helped me out getting started and figuring out where I was at.”
Cody appreciated the customized financing options offered by Stearns Bank.
“That’s where Stearns Bank was different from other banks I spoke with. A lot of them claim to want to work with you, but when it comes down to it, they don’t have the financing options that Stearns Bank has,” Cody said. “Stearns Bank looked at the big picture and that says a lot about the people there.”
Cody’s hoping to expand in the very near future with a larger fleet and, possibly, more routes throughout Texas.
“I’m starting small, but within the next few years I want to double my size,” Cody said. “I run things remotely most of the time, but I have my family’s support and some great employees.”