When Cody Waldroup purchased ABC Canvas in 2016 from the company’s founders Jim and Renee Childress, the serial entrepreneur thought the business would fit nicely into his portfolio of revenue-producing investments. After all, the 35-year-old business was well known in Farmington for quality custom canvas, including marine products, commercial and industrial covers, and shade products. What Waldroup did not know is that the founders had other immediate plans and would only be available to ease the ownership transition for one month.

Waldroup, who had no background in manufacturing or textiles, had to quickly learn the company’s products, fabrics, vendors, employees, and operations. “I pretty much had a month of learning,” he said. “I’m still learning today.”

Thanks to his entrepreneurial background, Waldroup knew that he needed to become an unpaid working owner and obtain knowledge and assistance to fill in the gaps of his own experience. That revelation became more acute when some long-time employees retired soon after the ownership transition and employee retention became challenging.

Six years later and still a working owner, Waldroup has expanded the company to serve customers as far away as Texas, streamlined operations, and moved the company into a larger space he recently purchased. ABC Canvas, which had 3 employees during the COVID-19 pandemic, now employs 6, and Waldroup now takes a paycheck.