The Big Exit
The Big Exit

Episode 3 · 1 year ago

Lori Torres - Going from Borrowing Money to a $100+MM Exit in 4.5 Years

ABOUT THIS EPISODE

Lori Torres left a high-paying job, had to sell her home, and borrow money from her mom to get her company, Parcel Pending, off the ground. Due to her personal frustration and knowledge of where online shopping was headed, Lori saw a tremendous gap in the market for making it easy and secure for apartment residents to receive and collect packages 24 hours a day. She took her idea and turned it into a $100+MM exit in record time. This is her story.

Soundbites:

The "Elf on the Shelf" moment. 

Culture and customer service that led to a $100MM Exit. 

Risking it all and believing in the idea. 

What does being an entrepreneuer mean to Lori? 

Sample Transcription

Dan Daugherty

Today, I have very special guest who I've known for about six years, all the way back to when she was trying to get her company off the ground, and since then she has built one of the largest companies within the package delivery space and last year in 2019 sold her company, Parcel Pending, for over one hundred million dollars. Lori Torres. Thank you so much for taking the time to speak with us today.

Lori Torres

Hey Dan, so happy to be with you. Thanks for having me.

Dan Daugherty

Well, I wanted to start this off with a two part question. The first is what is Parcel Pending? And I know you had a very lucrative job before you started Parcel Pending. What made you decide to leave that cushy job and take the leap into starting your own company?

Lori Torres

Yeah. So, first off let me tell you what Parcel Pending is. We do electronic smart lockers and so invision a bank of lockers that have technology in them and we put them in apartment buildings at office buildings, in retail and so couriers can come deliver the package straight into the locker. They find the recipient and then it sends a text, an email to the recipient, and now they get this text for email with the code and they can go to the lockers and pick up their stuff. It's a safe and secure way to get our packages and contact free in the world of COVID. So it's a great solution to a huge growing problem because everybody is shopping online and they want to get their stuff, but they don't want it stolen off their front porch. So that's what Parcel Pending is.

So let me tell you what happened was I was at a fancy corporate America job. I was in the apartment business running 44,000 apartment units with about 1,200 employees and my staff kept asking for more headcount and bigger package rooms because the residents were home in their pajamas shopping online and all of a sudden they were just inundated with packages and so I was like, we can't add headcount, that's an expense, it doesn't make any sense. So I thought, you know we could solve this with technology...

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