In our area, the name Eldredge is synonymous with trucking and hauling of waste and byproducts. So, when Robert (Rob) Eldredge was considering buying a business, you would think that buying a trucking company would be a natural consideration. Although Eldredge did consider a trucking company, he wasn’t completely sold on the idea. At least not until his SCORE mentor John Ralston suggested that he give it another look. Under the guidance and encouragement of Ralston, Eldredge and his partner Charles (Chip) Mayo did, in the end, buy a trucking company. They named their new company ME3 Corporation.

So how did Eldredge and Mayo arrive at the name ME3? The “M” stands for Mayo and the “E” for Eldredge. That’s straight forward enough. But, the “3” was added as a reminder that Eldredge, often misspelled, has 3 E’s in the name. To finance the acquisition, ME3 was formed as a C Corporation to allow Eldredge and Mayo to use monies from their 401K accounts to supplement their bank loan to make the acquisition. With the guidance of SCORE mentor Ralston, they worked the financials and acquired the assets and personnel of a former trucking company.

Between Eldredge and Mayo, they have over 50 years of experience in the trucking industry, but not as business owners. So, owning and operating a trucking company would come as second nature to them, but navigating the process of buying one was a challenge. Through the course of their acquisition, Eldredge and Mayo will be the first to give kudos to SCORE mentor John Ralston for helping them to stay the course, navigating their way through some difficult and scary times in the process. The company they acquired in January 2018 had eight tractors, two garbage trucks and thirteen employees. After making some personnel changes, ME3 Corporation hired an additional three people. ME3 currently has one major customer with thirty locations that ME3 serves. ME3 is about to sign a 2nd customer to provide them with truck and trailer maintenance. ME3 is profitable and Eldredge and Mayo plan to grow their business organically.

How SCORE Helped: 

Through the course of their acquisition, Eldredge and Mayo will be the first to give kudos to SCORE mentor John Ralston for helping them to stay the course, navigating their way through some difficult and scary times in the process. The company they acquired in January 2018 had eight tractors, two garbage trucks and thirteen employees. After making some personnel changes, ME3 Corporation hired an additional three people. ME3 currently has one major customer with thirty locations that ME3 serves. ME3 is about to sign a 2nd customer to provide them with truck and trailer maintenance. ME3 is profitable and Eldredge and Mayo plan to grow their business organically.

My Mentors