Tom Love makes no bones about his wife’s affect on the business.
“When we began, it was just she and I,” he said. “And I don’t say this gratuitously. I really don’t, but it wouldn’t have happened without her. You gotta have that support. When we got married, I couldn’t even balance my own checkbook. She did all the books, all the payrolls, covered all the overdrafts. And it wasn’t just her confidence and trust in what I was doing or what we were doing. She really played a central role for a long time—and still does today.”
Having his children intimately involved at Love’s has eased the pressure for the patriarch, especially now that the company has expanded into other ventures. It has also made going public a moot point.
“It’s extremely gratifying to have them in the business, and what’s even better is we all get along,” he said with a smile.
Could they outvote him?
“They probably could,” he said, laughing. “They never have, but that challenge may be in front of me.”
The third generation of Love’s is at hand, on grandpa’s terms.
“Several months ago, one of my grandsons was graduating from the University of Oklahoma with a degree in entrepreneurship and supply chain management,” said Love. “He wasn’t sure what he wanted to do. I said, why don’t you learn how to drive a truck? Get your CDL. If you think you’re interested in coming to Love’s, you’ll get to know our most important customer from that side of the windshield.
“And he has done that. And he loves it. He was able to begin hauling loads solo recently. The first night the air conditioning [in the cab] went out on him. He’s learning a lot. Another grandson works for the company, and he’s with our sales group on the East Coast. He calls on truckers and fleets. So the third generation is creeping into the business, which is great.
“One of the things you can lose in a public offering is control, which is something we cherish. We’ve had people talk to us [about selling], but we’ve done a pretty good job on family succession.”
Trucker knowledge
Love said expansion continues due to a change in the business model.
“It wasn’t too long ago that we thought we were running out of space,” he said. “We used to have a rule of thumb about the gap between stores being 100 miles, but that’s coming down to 50 or 60 miles because more trucks are on the road. We’re confident we can keep the growth trajectory of Love’s pretty dynamic for a long time.”
As for where the company decides to build, Love said that “we hear from customers where we are needed and wanted. Our real estate guys, the project managers, are out turning over rocks all day, every day looking for locations across the country.”
Interacting with truckers for over half a century has helped Love to make crucial business decisions.
“The trucker is our primary customer,” he said. “We do very well with the four-wheelers too, but the model is set up for the trucker. He has needs, and if you don’t meet them, you’re not going to capture him. You’ve gotta have enough room for him—and parking. Finding what’s really important to him and how we can create value has led to broadening us.
“First we bolted on sandwiches, then on quick-serve restaurants, then began to expand stores to build a trucker supplies section in stores,” he continued. “Now we can take care of not only tires but lubrication and light mechanical services. All that happened because customers wanted it and told us that.”
While he has cut down on travel, Love still enjoys visiting new locations to mix with employees, who no doubt are delighted to meet the legend in person.
“It’s pretty inspirational. It’s one of the neatest things to see the people who really do the work and get to know them a little bit,” said Love. “Every Monday morning, there are two airplanes that take off from Oklahoma City loaded with our operations people.
“They’re going in different directions and are out there all week. Frequently, there is a Love with them, which makes a big difference. My daughter Jennifer probably spends more time on business reviews than she does in the office. So the family touch kind of comes through.
“People still vote with their feet,” he continued. “If they’re not happy, they go somewhere else. We must be doing something right. It must be a pretty good place to work. I’m fond of doing new things to keep the atmosphere electric. I hope Love’s is someplace where people are proud to work. And I rarely hear towns having concerns after we open because we’re employing their citizens.”
Love never forgets his humble beginnings.
“I’d like to say that we had this planned back in 1964 when we opened that first filling station, but it would be a lie. I am definitely surprised to look up now and see what we’ve been able to accomplish as a team. To hang around for 50 years is prima facie evidence of an entrepreneurial and innovative spirit. That I can guarantee you.”
Giving back to help the next generation
Tom and Judy Love began their travel stop enterprise with a $5,000 loan. Now, the founders of Love’s Travel Stops & Country Stores are giving back to help other entrepreneurs achieve success.
The Tom and Judy Love Foundation recently gave a $5 million gift to the Michael F. Price College of Business at the University of Oklahoma (OU). The funds will support several entrepreneurship programs, including the Tom Love Innovation Hub, which was formally dedicated May 3.
The center is designed to motivate and support entrepreneurs by giving them the resources they need to design, experiment and bring ideas to life.
“The Love family provides valuable opportunities for our students so they can build a better future for themselves and our state,” said OU president David L. Boren. “We are grateful for all Tom and Judy have done and continue to do for our community.”
Tom Love has never been afraid to try new things. He combined his fearlessness with an innovative approach to “highway hospitality” and turned a single filling station into an industry-leading business.
Love’s Travel Stops & Country Stores always offered a product everyone needs—motor fuel. But Tom Love realized true growth would come from seeing opportunities others didn’t and turning them into reality. That’s why Love’s began offering food items, electronics, additional services for professional drivers, and even hotels on their properties.
