Entrepreneur Scores Assist From Johnson
Bobcats Owner Will Invest In Small Firm And Be A Mentor
By Kerry Hall, Staff Writer, The Charlotte Observer - March 2005
Three months ago, a nervous entrepreneur named Reginald Bowser was making a pitch to Charlotte Bobcats owner Bob Johnson to invest in his small financial services firm and act as a mentor.
Over dinner at Luce in uptown, Johnson grilled Bowser on the financial details of his business plan. Bowser was too wrapped up to eat, but thought the evening went well. It paid off.
On Wednesday, the two men announced that Johnson will invest "several million" in Bowser's company, RolloverSystems.
The 4-year-old Charlotte company helps people roll their
Johnson is offering much more than cash for the fledgling financial services company.
Widely considered one of the country's top business leaders, Johnson's involvement conveys a credibility and cachet that a bank loan can't. Johnson also says he will be a mentor to Bowser and help him grow the business.
"I will use as much of my visibility and connection to bring this technological opportunity to business people I know can benefit," he said. "I'm going to be the guy who can open doors for Reggie's team."
Johnson, who built media giant Black Entertainment Television from scratch, said the new relationship goes toward his plan to help minority entrepreneurs. He said Bowser, also an African American, has a "commitment, vision and the determination to work hard and diligently make his business plan work."
Bowser, 38, got the idea for the company when he was working for a subsidiary of mutual fund giant T. Rowe Price. He had been hired to develop a marketing
program to attract investors nearing retirement. But Bowser noticed another niche market -- younger workers needing help transferring
T. Rowe Price wasn't interested, Bowser said, so when it shut down the subsidiary, he went out on his own. He started RolloverSystems in February 2001, working out of a spare bedroom. Today, the company has offices near the Charlotte Coliseum and 30 employees. Bowser declined to provide revenues, except to say the company expects sales of "several million" this year.
As with many business deals, timing may have played a role. A new federal law in effect this week prohibits employers from forcing workers with
Johnson, who sits on the boards of big companies, such as U.S. Airways Group, Lowe's Companies Inc. and Hilton Hotels Corp., started making calls on RolloverSystems' behalf the day after dinner at Luce. Since then, Johnson has introduced Bowser to executives with a large agribusiness company. Sales with this company look promising, Johnson and Bowser said.
"All the stars are aligned," Johnson said.
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