First established in 2006, TEC Motors are now the largest independent stockist of electric motors in the UK. Managing Director Scott Edwards has big plans to build the business even further…
What’s your business all about?
Tec are the largest privately owned distributor of Industrial electric motors having grown since start up in 2006 at a rate of 20% every year.
With an expected turnover of £15M in 2015/2016 TEC has a five year plan to exceed £20m whilst winning over 1/3 of the low voltage electric motor market.
What was the inspiration behind your business idea?
Having worked for a large corporation, it was difficult to get any backing or support from our previous company management team, we saw an opening in the market for a high quality service based electric motor company and decided to go for it.
What helped you to learn how to run a new business?
As well as previous experience with other companies, we had some great input from Ormerod Rutter in terms of accountancy advice. Having come from a sales background, cash flow, P&L and balance sheets were all somewhat new but we had a lot of guidance in these areas, and as Dave Sargent would say “only if the cash flow can wear it” will be with me until I retire!!
What would be your top tip to anyone thinking of starting their own business?
If you want to succeed then don’t expect it to be easy – expect long hours and big commitment and your lifestyle will be affected if you want it to work. You have to be prepared to give up the good to go for the great!
What’s the biggest challenge you’ve overcome?
Over trading, rapid growth and finding like-minded team members who see your vision and want to become part of it. Lots of people want a slice of the pie but don’t want to help cook it!
What’s your proudest business moment?
We usually have one every few months…record sales, I have to be honest there are so many it’s hard to pinpoint one, I am proud of the team we are building and excited about the next 10 years ahead.