Allan Jones, 71 Founder of Check Into Cash
Allan Jones has fond memories of his humble beginnings as a newspaper delivery boy for “The Chattanooga Times.” Unlike his peers who tossed the papers at houses, Jones would walk to each porch, placing the papers face up at their doorstep.
For this, his work did not go unnoticed. In recognition of his outstanding service, “The Times” once rewarded him with a trip to an Atlanta Braves baseball game, complete with a $2 spending allowance — which he so treasured that he starved that day, opting instead to bring the money back home.
While the value of the dollar may have changed drastically since that time, one thing has remained constant: Jones’ work ethic.
Now 71 and a multi-millionaire, Jones lives as he pleases, with extraordinary homes in his hometown of Cleveland, Tennessee, as well as Palm Beach, Florida. And while he doesn’t have to, his days most often include work.
As a young man, Jones worked in his father’s credit bureau business, which he bought in 1977 and developed to become the largest privately owned credit bureau database in the state, covering 63 counties. Soon after that in the 1980s, Jones says he got “lucky as hell,” on the stock market, turning $5,000 into his first $1 million, and used that windfall to begin making moves on what would become his business empire.
Today, he is widely regarded as “the father of payday lending” for founding Check Into Cash, the first major payday loan chain. Other notable businesses include Creditcorp, Jones Management Services, the Community Financial Services Association and Hardwick Clothes.
In recent years, he has been working to simplify his work and personal life, which included merging his companies into a larger, privately-held entity.
What keeps you excited/interested in continuing to work?
I guess it’s a hard habit to break. I’ve been working since I was a young boy. I’d get up and run the papers, be home by 6 a.m., go fishing, then catch the bus. I’ve always been up and going early.
I was always a stickler to have my employees begin at 8 a.m. I would say “If you can’t be there for the kickoff, don’t expect to play in the game.” Of course, I would have already been there for hours.
I work from home now, and started working remotely years ago. I was online early, so I was able to work from home.
How has your industry changed over the course of your career, and how have you adapted?
Maybe my most important accomplishment was taking
our systems from manual to automation. We were late to the dance in the credit bureau side in automation, and I got beat by the big credit bureaus. But I was determined in the collection agency business that I was going to be first. I automated early in 1980, which helped rocket us to becoming the largest in Tennessee.
I was a young guy and learned my lesson. I quickly understood that and it really helped make me successful.
My first automation, I bought a postage machine to automatically put the stamp on envelopes. My dad went ballistic because I spent $5,000 … but I figured we were spending
more on paying employees to do it.
When I sold the credit bureau services in 1998, we were the largest user of postal services in Cleveland, exceeding Magic Chef and Maytag. I had everything centralized, using an automated mail system.
I had the first private phone system, which was a big deal in Cleveland. That greatly increased our productivity. We had headsets and touch tone before touch tone was widely available. While our competitors were dialing, we had a touch pad.
I was determined not to be behind on the technology side.
What are some habits or strategies that have helped you succeed?
I never take “no” for an answer, and I figure out a way to get things done. I tell people, 100% of your success is determined by your ability to get things done. And if you work for me, you’ll understand that I want things done quickly.
I’m very impatient — so impatient that my house in Tennessee has two elevators, which I had souped up because they were too slow. I don’t find patience to be a virtue.
What are some ways you’re preparing the next generation to lead?
In response to the wave of retirements I’ve had in recent years, I merged the company. … It’s a big company now, so nobody really has to run it. I have sharp professional people, three company presidents who are big executives. As succession comes, they will become shareholders. … Most of my children work for me.