Yahoo Finance Self-Made Billionaire Judy Love Got Rich Off Gas Station Shops: 3 Ways She Built Her Empire
Judy Love and her husband Tom (now deceased) founded truck stop and convenience store chain Love’s Travel Stops & Country Stores in 1964. The Love’s empire — which now includes more than 644 stores in 42 states and estimated revenues of $26.5 billion, according to Forbes — began when Judy and Tom leased a single gas station in Watonga, Oklahoma using a $5,000 loan from Tom’s parents.
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Love is now one of the richest self-made women in the world with a net worth of $10.2 billion. Here’s a look into how she did it.
Don’t Be Afraid To Try Something New
The Loves began their business by leasing gas stations, but when the Arab oil embargo took effect in the 1970s, they had to quickly pivot.
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“One of the signal entrepreneurship moves that we made in our company history was discovering the small 24-hour food store,” Tom told FleetOwner in a 2018 interview. “Convenience stores at that time didn’t have fuel. So, we came up with an idea that if we married the two together — a small food store with gasoline — it might work. We also introduced self-service gasoline. We knew we’d found something. It was really a eureka moment.”
Careful Accounting Is Key
Judy kept the books for her and her husband’s company until 1975 when she returned to college. Tom has credited Judy’s bookkeeping skills as a key part of their business’s success.
“When we got married, I couldn’t even balance my own checkbook,” he told FleetOwner. “She did all the books, all the payrolls, covered all the overdrafts. She really played a central role for a long time.”
Stay Humble
Despite the Loves’ massive success, Judy has remained humble. When she was named to Forbes’ list of America’s richest self-made women in 2023, she told The Oklahoman that she was surprised by the recognition.
Judy said being featured on the prestigious list “was about as much fun for me as watching golden oldies and discovering Elvis dyed his hair from light brown to black — never know what you’re going to read in the paper.”
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