10/03/2023
How the founder of Love’s turned a crisis into a $20 billion dollar business…
Today’s post is in honor of Tom Love, founder of Love's Travel Stops, who passed away this week in his hometown of Oklahoma City. Love’s has 600 locations in 42 states with 38,000 employees.
The business grew from very humble origins, starting in 1964 when Tom and his wife, Judy, purchased an abandoned gas station in Watonga, OK with $5,000 borrowed from Judy’s parents. They grew it to a chain of 40 locations before the oil embargoes of the 1970s hit, threatening the future of their growing company.
That’s when Tom not only learned to adapt in a time of crisis but to thrive. He realized he had to diversify his revenue stream to survive, so he attached a small convenience store to the fuel stores. And thus “Love’s” was born with its large yellow sign and bright red heart. “We decided we had to be a more-than-one commodity market,” Tom said in an interview. “Later, we knew we’d done the right thing. The bottom line showed it.”
The ability to change and innovate made all the difference. Fifty years later, Love’s various locations have a diverse mix of offerings, including over 20 QSR (quick service restaurant) partners, tire repair shops, hotels, and RV parks.
Today, Love’s is the largest business of its kind still fully in family hands, with sons, Greg and Frank Love, serving as Co-CEOs and daughter, Jenny, as Chief Culture Officer. I’m at NATSO this week, the only national trade association representing the travel plaza and truckstop industry with more than 2,200 members. Tom Love’s life serves as an inspiration to all of us in this industry, especially the story of how he overcame adversity to be one of the top travel stops in America.
