It’s always a good time to go into business for yourself!
Entrepreneur William Moxey surprised his children with their very own ATM business, Atlanta Black Star reports.
William Moxey, a Florida father of four, has been exploring entrepreneurial endeavors since he was 12-years-old. He credits his motivations to his mother, who is the owner of 3 hair salons in the Florida area. As he grew older, his endeavors turned into full fledged businesses, starting with eco-friendly wallets crowdfunded via Kickstarter that earned him 500 sales in one day. He then ventured into lounges and nightclubs before settling on an art gallery.
“I started off by doing what every other little kid was doing, selling CDs, and that gradually grew into selling T-shirts, sneakers, and stuff like that, but I was kind of born into the whole entrepreneur-type lifestyle because I was raised by a single mother – she’s owned her own salon since I was born, and kind of watching her it kind of grew me into wanting my own,” Moxey said.
Now he’s launched his newest venture, QuickBuxNow, in partnership with his four kids. He decided that the ATM processing and management company would be the most beneficial for his children, ages 16, 13, 11, and 6. After researching the ins and outs of the business with a good friend who owns 30 ATM machines, he decided to dive head first and make this happen for his family. “The ATM was the best idea for it because it’s passive income, it teaches them financial literacy, and, you know, they can work. I have a friend who’s been in the [ATM] business for about 12 years… he seen what I was trying to do [for] them, and he assisted me with learning the ropes,” Moxey said.
Getting started was not without its fair share of challenges for the 34-year-old. There was the task of learning the business, finding merchants, and locating stores, while also navigating the unique challenge of dealing with banks who own the majority of ATM machines. “You can’t just walk into a bank and say, ‘Hey, I want to open a bank account, I have an ATM company.’ They’re going to deny you. So there’s ways that you have to go about it,” Moxey said.
After taking care of the hard part, he brought his first two machines, waiting until everything was fully in motion before telling his kids. When it was time to reveal the business to his co-owners, he picked them up from school early, got the boys haircuts so they’d look great for pictures and took them home to open the garage and had them open the boxes themselves.
While hiding it from them wasn’t easy, Moxey says it was worth it. Now, his children work about five hours every week at QuickBuxNow. His two oldest sons help with stocking and installing the machines in the store. His 11-year-old daughter handles all of the accounting and inventory and his youngest son acts as the assistant manager, making sure his siblings take care of their responsibilities.
Moxey says that he just hopes that this will help them to learn how to run their own business and free them up financially to follow whatever dreams they might pursue in the future. “I just think that whatever career path that they choose, they can focus on that 100 percent and not have to worry about any finances. It’s very important to teach our kids financial freedom now. Teach them about credit, teach them how important it is. I tell my kids all the time if you can’t buy it twice, don’t buy it at all,” he said.
QuickBuxNow has ATMS in two locations in Orlando, Florida, the first of which he put in his mother’s hair salon. He hopes to start classes that will teach other families how to get into the ATM business and continue to expound upon his other endeavors as a way to create generational wealth.
Congratulations on your family business! This is the best gift you could’ve ever given them.
Photo Courtesy of @moxamillion/Instagram