#74: Nationwide Financial Services Int'l.
How Haiti became the impetus for this entrepreneur to finally launch his own business
Company:Nationwide Financial
Services Int'l., a Chicago mortgage, insurance, investment
and tax services firm
Founder: Jacob Francois
Began: September 2001
2002 Sales: $4.7 million
Why did you start this
business?
Jacob Francois: I felt tremendously unaccomplished working
for a Fortune 500/Chicago 100 financial institution. The
responsibility and compensation were dismal, and the atmosphere for
advancement was extremely limited. I was qualified to hold an
officer position but remained in an hourly position with like
duties and compensation.
When did you know you'd made
it?
Francois: The government of Haiti invited me to participate
in a summit on Haiti's upcoming bicentennial independence
celebration. My former employer wouldn't honor a request for
time off for me to attend. I went anyway. When my plane took off,
it was a metaphor for what was to come for me. While I was away, my
employer pink slipped me . . . I never felt so free and I've
never regretted going!
When did you think you'd blown
it?
Francois: I found that I needed more capital than I had to
effectively start my business. Without employment, I didn't
have access to the traditional sources of capital I needed. I
didn't despair though. I liquidated my 401(k) and maxed out my
credit cards to get life off on this business the way it needed.
I've since paid off all that debt, and my business runs in the
black.
What's been your biggest
challenge?
Francois: Recruiting. It's very difficult to get driven
people like me to work for anyone other than themselves.
What's your business advice for
others?
Francois: Be ready to work harder than you ever had before.
Follow your business plan and keep tweaking it.
Where do you see yourself and your
business in 10 years?
Francois: Nationwide Financial Services International Inc.
will be a publicly-traded company. Its founder will finally be
enjoying the best life has to offer.
