“I have a confession. I am a serial entrepreneur.” This is
how Steve Day, President and CEO of Dover Saddlery, describes himself. Day was
this year’s recipient of the Galbreath Award. It is given by the University of
Louisville to someone they believe is an entrepreneur in the equine industry.
Photo from bizjournals.com
Photo from news.maryland.gov
Day started his entrepreneurial days at a young age. While
attending Purdue University, he and a few friends started up a motorcycle
rental. He also got a program started at Purdue where students could take horseback
riding lessons and receive their physical education credit.
Day later went on to attend Harvard, but before he was
accepted he found himself in a very unique position. When Day was finished with
his degree and military commitment, he took a job as a riding instructor at
Coach House Stables in Chicago, Illinois. One of his riding students was the
wife of a man opening a resort for Playboy in Lake Geneva, Wisconsin. Day was
invited to come and start a trail riding operation, which he stayed at until
his Harvard acceptance letter came.
After spending time in construction and real estate, Day
turned his career back to the equine field when he heard State Line Tack was
booming. He wrote a letter to the owner, Dave Post, who also started State Line
Tack, about buying the company. Three weeks passed and there was no response,
so Day decided to give Post a call. Post said the company was not for sale, but
Day was invited to have a talk with him.
Post was very proud of his company. He told Day that if he
listened to how the company was built up and the future plans for it, he may be
allowed to buy it. When Day finally received permission to buy the company, he
brought in five other firms to help. After four and a half years, the firms
were ready to get their money back, and Day had to let the company go to
PetSmart for $18 million. PetSmart wanted to put State Line Tack in their big
box stores instead of separate buildings and it failed. As Day said, no one
trying on expensive breeches wanted to walk through dog waste.
In 1998, Day acquired Dover Saddlery. The company made $14
million per year when he bought it and it now makes over $100 million per year
with 28 stores open and each averaging $2 million in sales. Day is hoping to
open up a Dover store at the Kentucky Horse Park in Lexington, and if not there
then close by.
Since the age of twelve when Day first started riding, he
has always found a way to keep doing what he loves while being successful,
though it wasn’t always an easy route. “Trust me, you will fail,” he said, but
Day has gone on to prove that you can make a career out of your passion.
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