Brad Jacobs

Yeah, the strategy was working, but an opportunity to enhance the strategy by getting to a whole new line of business.

And over time, we bought other contract logistics companies, put them all together, integrated them on a global basis.

Eventually, we spun it off.

And today that's called GXL Logistics, which is a New York Stock Exchange company trading on its own and doing super well.

Another example of pivoting, of being opportunistic, of having an opportunity fall on our head and instead of getting a headache, we looked at it and said, that's interesting.

I was trying to buy this company called Menlo Logistics, which was the contract logistics subsidiary of Conway.

And in the course of negotiating with the Conway team and getting to know them and flying out to Ann Arbor and learning the business that they had in Menlo, they proposed to me.

They said, you know what?

Why don't you just buy the whole business?

Why are you just buying contract logistics?

The LTL business is a fantastic business.

Why?

Why is that a fantastic business?

But I kept an open mind about it.

They persuaded me.

They said it's a business where there's been no new entrant of any size for several decades.

There's a big moat around the business.

It's got great pricing power because capacity actually has been leaving the industry, not coming in the industry.

And there's ways to continually improve the business over time.

So I studied it.