Taking a Gamble

Owner:
Leon Daggs Jr.

Company:
Panhandle Automotive, Crestview.

Turning Point:
After eight years in business, Daggs decided in the early 1990s to move his Crestview dealership, Hub City Ford, from one side of town to the other. "I could see that I-10 and (State Road) 85 was the future for this town," says Daggs, adding that many people thought he was crazy to make such a big move. But the decision paid off. Daggs quips, "The business quadrupled in just a matter of months."

On His Own:
Daggs bought Hub City Ford in 1985 after working as a parts and services manager for Ford Motor Co. in Detroit for more than 14 years. "Several of my friends all left the company to go into dealerships. I felt that I probably could do better as an independent business owner and entrepreneur," recalls Daggs. He explains that Ford launched an aggressive initiative to increase the number of minority dealerships in the early 1980s, a program that remains today. "I had to come up with approximately 15% Taking a Gamble of the investment. Ford loaned me the additional 85%." Still, he adds, "I was taking a big gamble to come into it."

Empire:
Today, Daggs is part-owner of four other dealerships -- two in Panama City, one in Blountstown and one in Albany, Ga. -- in addition to the full ownership of Hub City Ford. Panhandle Automotive -- the company he runs with partners George Gainer and Braxton Greer -- employs 250 and has $170 million in sales.

Finding Himself:
Daggs, a native of St. Louis, started out as a junior high school teacher and fi rst spent time in northwest Florida when he attended fl ight school at Pensacola's Naval Air Station. He was recruited by Ford while working on his MBA at St. Louis University, never completing the degree but starting a business relationship that has lasted 35 years.

The Future:
Now 65, Daggs is starting to hand over the reins to his son, Christopher. In the next four to fi ve months, he and six partners plan to open Hometown Community Bank in Crestview.

Tags: Florida Small Business, Entrepreneur, Northwest