You see them every day and probably don’t give them much thought.
But Charles Walton thinks about them a lot. In fact, he’s built a very successful business out of what many people take for granted: waste containers.
Wastequip Inc., headquartered in Beachwood, is North America’s largest manufacturer of waste-handling equipment. It produces equipment used to collect, process and transport waste materials. One of the most ubiquitous products is a container most people refer to as a Dumpster.
Walton founded the company in 1989 with the express purpose of consolidating the highly fragmented waste equipment industry. Walton saw a need for consolidation because the customer base was growing through acquisitions and he saw a need for a larger supplier that could service their needs nationwide and provide better engineering, larger inventories, higher insurance coverages and the other things that large corporations are looking for from a supplier.
“I think to start with you have to have a well thought out business plan and a realistic one,” Walton says. “You need to adequately capitalize the business and have a plan in mind of where to get additional capital should you need it. A lot of times things happen you didn’t anticipate and you don’t want to be left without additional capital.
“You also need to surround yourself with a good staff and give them responsibility and incentivize them properly.”
Walton says it’s also key to assemble good advisers and listen to them.
“Don’t be afraid to admit you are wrong and go in a slightly different direction,” he says.
Thanks to Walton’s vision, Wastequip has gone from a $10 million startup to a $300 million-plus company.
How to reach: Wastequip, (216) 292-2554 or www.wastequip.com
