We've been a lot more successful by staying small in terms of number of stores," he explained. "I can take time to talk to everybody and work at being the best franchisee in the ColorTyme system.
Ken Schimpf, ColorTyme Franchisee

Ken Schimpf, shown here with wife Richelle, was named ColorTyme Franchisee of the Year for 2006. Listen to RTO Online's exclusive interview with Ken Schimpf, 2006 ColorTyme Franchisee of the Year

Ken Schimpf's business strategy is straightforward: Have a map to where you want to go, then plan how to get there. That philosophy, he says, is key to his success.

Schimpf, who grew up in the Cincinnati area, started in the rent-to-own industry as an account manager in 1989. In 18 years, he's moved from an entry level position to buying and selling a number of stores to having the highest revenue in the ColorTyme system for the two stores he currently owns in the cities of Hamilton and Middletown, Ohio. Listen to RTO Online's interview with Ken Schimpf.

And for 39-year-old Schimpf, and his wife and business partner Richelle, this is exactly where they want to be.

"I started as a manager trainee working under an industry icon named Bud Holladay," said Schimpf. "He taught me the ins-and-outs of projections, planning and follow-up."

But Schimpf's success doesn't just come from his business acumen.

It also helps that he and his team are well-known in the communities where his stores are located.

"I've got the right people in the right stores," he said. "The individuals that run the stores are born and raised in the community."

Schimpf has also made local celebrities out of his employees by using them as talent in television commercials to promote their business.

"The staff writes the scripts," he explained. "Producers fine tune them down to 30 seconds."

For Schimpf, however, starring in TV commercials doesn't quite suit him.

Ken Schimpf receiving the ColorTyme Franchisee of the Year for 2006 award at the company's convention in Cincinnati, Ohio. Pictured left to right; Pete Rose, Ken Schimpf, Richele Schimpf, and ColorTyme President Bob Bloom. Pete Rose was the guest speaker at ColorTyme's general session. See 437 photos from the 2007 ColorTyme convention here.

"I like to stay below the radar," he said.

The same goes for his management style. He admits to being a hands-off boss.

"I like to stay out of it once my management team has proved the ability to fulfill the job," he said. "I don't micro-manage, but ironically, I train my managers to manage that way."

Although he still has a full plate.

A typical day for Schimpf means dealing with accounting and legal issues, handling marketing and fielding customer service issues, purchasing product for his two stores and overall business operations.

"I have to make sure we're always several steps ahead of the game," he said.

And Schimpf has managed to get ahead and stay ahead by being a ColorTyme leader in pay day loans and check cashing services. In fact, his business has done so well in this area that ColorTyme sends franchisees to him for training in those services.

Schimpf said everyone he they have trained is doing well with the new offerings and the services are great add-on products to rent-to-own.

When he's not working, Schimpf likes to four-wheel and spend time with his wife and five-year-old daughter Kendri.

Family is always first, but he said his business goals center around having the largest revenue generating stores in the system.

He's clear, "I want to have the largest stores, not the most stores. That equates to big profits."

"I also want to manage stores that employees enjoy working for," he continued. "We want an environment where people are recognized and their opinions count. Our employees make the company successful."

And his retention rate gives testament to his employee's satisfaction. Thirty percent have been with him for at least six years.

Schimpf said he wants to continue to grow his company, but only when it makes sense.

"We've been a lot more successful by staying small in terms of number of stores," he explained. "I can take time to talk to everybody and work at being the best franchisee in the ColorTyme system."