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Last Update: Wednesday August 23, 2017

Medallion Financial Began As a Taxi Cab Business

The American Dream in three generations

It takes a very large dream then hard, tenacious work.  More...

Scenes from Medallion Financial, NYC

Andy Murstein (top right) took his family's cab to Wall Street and transformed this business into a billion-dollar banking enterprise.

New York City:  Medallion Financial was started by an immigrant taxi driver and today,  it is  a major NYC finance company.  When three successive generations keep focused on the family businesses, it can grow quickly. The Murstein family went from cabs to financing medallions in one generation. They became a Small Business Investment Company. Then, in the third generation,  after an IPO and subsequent rounds, they buy finance companies.  In three generations, this family grew a billion dollar business.
 
Learn about debt and equity capital. What will you do with your business? Could it be sustained beyond your lifetime? If so, consider an IPO or a DPO. Get some liquidity. Consider  the M&A market. Are you growing a team to take over?  

Andy Murstein is a regular guy and there are great lessons for each of us within Medallion Financial. Even those of us who are not on the way to becoming a billion dollar business, this episode of the show is on the money.

This is a truly remarkable statement from Andy, "Medallion Financial is the largest SBA lender in the US to women and minority-owned companies. It has been lending money to disadvantaged business owners for over 50 years. In the taxi industry it has lent over 1 billion dollars and with zero loses."

Small Business Investment Company. Consider that extraordinary quote from Andy ... Medallion Financial became a very large Small Business Investment Company (SBIC) very quickly because they were already doing it! They were doing exactly what grandfather asked them to do: Stick to your niche and you'll get rich.

Go to all the Key Ideas and videos...

Grow Your Business by Growing Your Niche

2:05 | Play Now

Andy Murstein is on track to take what his grandfather started with one taxi to over a billion dollars in annual sales.

Expand With Horizontal and/or Vertical Integration

2:32 | Play Now

Andy Murstein has been studying Medallion's customers all of his adult life.

Offer Add Ons

1:48 | Play Now

Medallion launched the Taxi Top business.  It  makes money for the taxi owner and Medallion.

Find Cash On Capitol Hill

1:25 | Play Now

Albert Lee qualified for a loan to expand his dry cleaning business.

Embrace A Multi-generational Workplace

3:03 | Play Now

There is no age discrimination at Medallion Financial.  CEO Alvin Murstein is just one of the team who might be considered retirement material at a big company.

Step Aside For New Leadership

1:27 | Play Now

Host Hattie Bryant says that Alvin Murstein is brilliant to step aside but stay.

Tell Your Story Well To Attract Investors

1:41 | Play Now

Great ideas are simple to explain and compelling when backed up with your track record.

Give Strong Leaders Room to Breath

4:24 | Play Now

Michael Kowalsky is President of Medallion Funding. He takes care of customers like Guy Roberts who owns taxis and manages them for other owners.

Stay Flexible

5:35 | Play Now

Being flexible means you may have to cut your loses.