At 25 years old, Jacob Ivey, a Wilmington entrepreneur, bought out his partner to acquire full ownership of Pool Scouts of Cape Fear, a pool service company offering cleanings and major repairs.
Here's how it's going.
How did you get started in the business?
Ivey started by working with Rob Good for two previous summers. In 2019, Ivey did property management with Good's short term rental business. Good sold that business, and in 2020, Good partnered with a grill cleaning business where Ivey cleaned grills.
"After these experiences I told him I (Good) was ready whenever he needed me," Ivey said. In Feb. 2021, Good found Pool Scouts of Wilmington for sale.
Why did you buy out your partner?/How did you benefit?
Ivey was actually against buying out the company, because he loved having Good as his business partner. However, over those past two years, Good did not like the amount of liability that the business had from all of the vehicles on the road. When Good sold the business, it had seven company service trucks.
"Corporate did not help us as much as we would like," Ivey said.
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Good sold Ivey his share for a fraction of the cost. This allowed Good to focus on more important things and to free up his credit.
"As a college kid I did not have a strong credit score," Ivey said. So, from the seven trucks, the company distributors and more, Ivey used Good as the personal guarantor.
What motivates you?
"My motivation comes from wanting to beat the competition," Ivey said. As a young business owner, I have always been told “I am in over my head.” Customers and pool professionals, "tell me to slow down or offer unsolicited advice."
Ivey says his staff is really what motivates him. Even though they do not have a morning huddle at 7 a.m. as the other Pool Scouts locations, "our relaxed set up has served us well." Ivey and his crew service properties on Saturday and will work through the rain.
"We have an understanding that if you start late then you need to work late," Ivey said.
What is your greatest weakness/strength?
"My greatest weakness is my lack of experience managing a crew/fleet this large (seven vehicles, 12 employees)," Ivey said. "I have learned a lot of things the hard way. My first year was rough and I had no idea what I was doing."
Ivey said his greatest strength is "that this is all I have. I don’t have the ability to jump ship and go back to my job. Most Pool Scouts owners slowly shift from their job to business ownership. I was able to fully dive into this business once I graduated."
What do you see yourself doing in the future?
"I see myself starting other businesses that involve the backyard so I can piggyback off of Pool Scouts," Ivey said. Ivey also has his sight on the short-term rental business, it was his first business in which he helped his cousin with, that got Ivey interested into becoming a business owner.
"I go to training for artificial turf, hot tub sales, etc. to keep my mind open to other possibilities," Ivey said.
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