Late Arrivals Don't Have to be Bit Players

Name of company: Pinnacle Petroleum Inc.
Name of woman leader: Liz McKinley
Based in: Huntington Beach, Calif.
Description: Petroleum transportation, fuel and oil products
Began: 1995
2003 sales: $19.3 million
2007 sales: $120 million

What inspired you to start your business?
"I just really wanted to have flexibility in my personal life. My twins were really small, and I had been vice president [of a petroleum company], so I wanted to spend more time with them. And so I started my business out of the house so I could be at home and monitor what was going on with them."

McKinley had a long-term goal to own a business and had been saving money for a couple of years, but once she started Pinnacle Petroleum, it grew beyond her expectations, eventually evolving into a large corporation. Personal reasons drove her to start when she did. "My father had passed away, and I had a close friend pass away, so it made me realize how quickly time moves along."

Did you get the flexibility you desired?
"The good of thing was I could do laundry between phone calls, but I also couldn't get away from business after the kids went to bed. I would do accounting work and all the follow-up paperwork after they were asleep. As the kids got older, I actually had people working out of my house. Eventually I rented office space."

Did you see a niche in the marketplace you could develop?
"Our company is different. Our typical competitors are third- and fourth-generation family-owned businesses that focus on certain geographical regions. Often they have their own fleets of trucks. We outsource all our trucking."

Even competing against established players, McKinley had confidence, due in large part to her experience. "My background in wholesale distribution was trading. I saw a niche in putting my trading skills in wholesale distribution to use for a wider geographic region. [Pinnacle operates in California, Nevada, Washington, Oregon, and Texas]. There are few women-owned businesses doing what we do."

How were you able to grow revenue so rapidly?
"We were bidding on contracts and were more successful than we anticipated. As an entrepreneur, you throw things against the wall and see what sticks. A lot stuck. There have been significant leaps in revenue."

What's on your iPod?
"I have more than 2,000 songs on my iPod, including rap that my kids put in there, jazz, and show tunes. It's eclectic."

What are you reading these days?
"I'm reading David Sedaris' When You Are Engulfed in Flames. I have tickets to see him in Long Beach [Calif.]. He makes me laugh so much I cry."

Do you have any advice for entrepreneurs who are just starting out?

"Always make sure there is enough capital available to handle all the revenue. In our current financial situation, it's really imperative to have great banking relationships. If the capital is not there, it's a nonstarter. Fuel is so expensive, and 50 percent of the revenue is just straight, pass-through taxes. You have to establish credit lines with all the refiners and be able to carry it. And a lot of hard work helps. You just keep plugging away. Eventually it will pay off."

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