Wednesday 26 October 2016

David M Daggett CPA - Taking Over The Family Business

David M Daggett CPA currently works as a tax accountant but has helped many different positions in many different careers throughout his life. When his grandfather passed away in 1994, he took over the family business. It was a law enforcement equipment distribution business named F. Morton Pitt Co, named after his grandfather. Although his grandfather had worked hard to make the business successful, the company was losing 10% per month. He was able to build the business back up to being 10% profitable and ended up selling the company five years later. 

During his time running the company it manufactured fiberglass rear seats for police cars, a shotgun lock holder for Los Angeles Police Department and a couple of other items for law enforcement agencies. He decided to spin the manufacturing products out into a separate company called Pittco, Inc. Under Pittco, he continued to manufacture the PITTCO rear seat and redesigned it to meet the needs of the law enforcement community. Departments such as NYPD and various local departments such as Milwaukee PD and numerous others used the seat in their Crown Victoria police cruisers. 

In 1999 he was approached by another entrepreneur named David Graves, who had come up with an idea. Together they patented the product known as the DuraFlare. The DuraFlare was a 13" high traffic cone with an electronic system that included a strobe light in it which was visible from a mile away. They brought it to the International Chief of Police convention in October of 1999 and were inundated with orders.

The development of the DuraFlare led Mr. Daggett to meet the famous football player Rosie Greer who would later become the company spokesperson. Although the business did not take off as he had hoped, it provided him with an opportunity to raise capital for a new venture, Gator Hawk Armor, Inc. With the help of a phenomenal team of body armor designers, he developed some of the best body armor in the industry in 2001. Gator Hawk was formed in February of 2001 and for the next few months he went through the long process of testing and shooting the armor to help develop and improve it. By September of 2001, the company was ready to go to market with a new vest line. 

Although David M Daggett CPA enjoyed working to improve the business his grandfather once owned, he decided it was best to sell it and pursue a different career. He began working as a tax accountant at Lee, Cochran & Daggett, CPAs, LLP, which is a firm he is a partner with. He enjoys helping people with all their tax needs.