After seeing tiny yellow and blue check cashing shops popping up all over Florida street crossing corners, I wondered who was behind this phenomenal company and its astonishing growth. According to Currents Magazine, Ian MacKechnie, 62-year old Scotland-born American from Tampa, FL started the company in 1989. Today Amscot Financial is $85 million financial services (check cashing, money orders, tax, cash advances, etc) company that shows no signs of slowing down.
Ian MacKechnie is a serial entrepreneur who started and sold 2 multi-million dollar successful businesses MacKechnie Foods, a wholesale manufacturing baking company and Oliver’s, chain of coffee shops in Scotland/UK.
After reading about Tampa as one of the fastest growing cities in John Naisbitt’s Megatrends, he decided to move there and bought a baking business. However, surprisingly, business flopped. Luckily, he noticed his employees were cashing their paychecks not at banks, but at bars and liquor stores. The reason was convenience. Light bulb went off!
Amscot (derived from America and Scotland) with catchy slogan (”You’re OK with us”) is a very technologically advanced and keeps its stores clean. They give back to the community and knows as the “majority minority employer”.
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