Billy Lerner is acknowledged in the business world for his contribution to the parking industry through his company iPark. iPark is currently the largest family-owned parking garage firm in the entire New York and has been redefining the standards of business in many ways. In this post, we will try to uncover the steps that have made Billy a real start for the company.
Interest in basics
Bill has mentioned time and again how he was always interested in the company, which was formerly known as Imperial Parking Systems. The company was founded by his father and has been running for more than six decades. However, after Billy’s entry into the operations, things changed in many ways. Initially, he took interest in working with his father and learned the basic rules of business. To deepen his understanding and management, he pursued a degree from the University of Colorado, following which he joined the company full time. He started by redeveloping all operational functions, so as to serve customers better and increased facilities via expansion through acquisitions.
The lessons he learned
On being asked about his mistakes, Billy has said that he should have focused more on acquisitions in the initial years. Currently, iPark has close to 150 facilities in the entire New York area, but the CEO believes that this could have been a lot better. He also added that the company took a while to adapt to the overall changes in marketing patterns, but the brand is still leading when it comes to offering services to customers using online platforms. In terms of challenges, Billy had recently talked in an interview as how the costs of operations in a metropolis remain a matter of concern. He also added that the prices of real estate has been increasing faster than ever, which means that acquiring new properties is going to cost the parking businesses.
Business with a cause
Billy is also the founder for Billy4Kids, which is an organization that donates shoes to underprivileged kids in countries like Haiti and Brazil. To help for the cause, he has placed green boxes in all the facilities of iPark, where people, consumers and visitors can give their gently used shoes for the cause. He has added that iPark wants to be there for the children, who haven’t been fortunate with their needs.
No wonder, his success remains a milestone for most budding entrepreneurs!