Frederick Wallace Smith is a chairman, founder, and chief executive of the global delivery services company Federal Express, known as FedEx. Smith’s overnight carriage service was anything but an overnight success. According to celebritynetworth.wiki, his net worth is estimated to be $4.7 billion.
FedEx ships around 10 million packages daily in almost 220 countries. He founded FedEx with a net worth of $4 million and rose up $91 million in venture capital. In the early days, one bank clearing house is to be found in the central of the representative banks and all the agents have to visit the dominant location for swapping materials. FedEx is founded with the business idea of a shipping bank clearing house.
Smith was born in 1944 with a bone disease, but soon became an excellent football player when he was just 10 years old. Later, he developed a great passion for flying and became a skilled amateur pilot.
He came up with the idea of Delivery Service Company to his father-in-law company, Ark Aviation Sales and expanded the company into selling and buying corporate jets. The annual revenue of the company was around $9 million which further advanced Smith’s net wealth.
Success story of FedEx
In April 1973, the first operation was carried out with only 18 packages. At that time, this new service failed to convert into a business activity and the company loses $1 million per month. After such failure, Smith tried to convince nearly 20 leading risk venture capitalists and raised $60 million in capital. Soon after year, the FedEx become one of the highest financed and largest airline cargo carriers.
In 1980, he introduced Digitally Assisted Dispatch System and Customers, Operations and Services Master Online System to improve its operations and handling. Soon, it got used by more and more customers and started servicing for more than 90 cities in the US.
The company constantly enhanced and expanded its services around the world. The extension and integration of the global economy and advance of internet commerce greatly added to the company’s enhancement.
Visit celebritynetworth.wiki to find out more about the successful businessman Frederick Wallace Smith. Smith is also the co-owner of several entertainment companies, Washington Redskins football team. He also contributed his role in boards and councils of a number of big companies and holds several awards. He is also the member of the Junior Achievement US Business Hall of Fame, the Aviation Hall of Fame, and the SMEI Sales and Marketing Hall of Fame.