Lynn Anstett started Stett Transportation in the most humble of settings: her basement, with nothing but a folding chair, a banquet table, a Franklin planner and the Yellow Pages. It wasn’t glamorous, but that didn’t matter — grit and determination did.
Now, as Stett Transportation approaches its 30th anniversary and transitions to the second generation of leadership, we interviewed Lynn and took away some key entrepreneurial insights. Not to be missed, Lynn has also served as the global board chair of the Entrepreneurs' Organization, a testament to her impact both locally and globally.
Here’s our interview framed up in the lessons we heard along the way:
Start Where You Are: The Folding Chair Days
Lynn vividly recalls the humble beginnings of Stett Transportation in 1995. “At the time, my husband, who traveled frequently for work, would bring home Yellow Pages from various cities.
“I’d cold call chemical companies, manufacturers and distributors straight from the Yellow Pages. That was my business development plan back then: just cold calling.” With her goal-oriented mindset, she motivated herself by setting small but meaningful milestones. “I told myself that if I moved 100 loads of freight, I’d reward myself with a sweet, comfortable chair. Another 100 loads, and I’d get myself an awesome desk.”
From these early goals, the business continued to grow. "I operate very much on accountability and goal setting. If I write it down or say it, I’m going to do it."
Learn What You Need Along the Way: Building a “Legit Business”
By the end of 2009, Lynn had reached her next major milestone: moving the business out of her basement. “My goal was to transition from a mom-and-pop operation into a legitimate company.” Moving into a rented office space meant taking on overhead costs and learning how to manage a “real business.”
“That was an interesting period of time,” Lynn reflects. “I continued to grow, seeing how far I could go without hiring managers. My next big challenge was figuring out when I needed that next layer of leadership.”
Lynn hit another pivotal point around 2009 to 2011. “I felt stuck and knew I needed more information and education to understand the financials of my company. Do I need to raise money? Do I just grow organically? How do I move into that next phase of expansion?” To find answers, she attended the Entrepreneurial Master's Program through EO, which became a turning point for her.
“I realized I wanted my company to work for me, not the other way around,” she says. The following years were spent building systems, processes and accountability measures so the company could operate independently of her. “That’s how I’ve gotten to the point where I can act as a board advisor rather than working in the business every day."
Know That Setbacks Will Happen: The Recession and Customers Going Under
No business journey is without its share of obstacles, and for Lynn, the economic recession of 2008 - 2009 was a setback period.
“I had several customers go under and not pay me,” she explains. “It was a lot of money; five or six customers who were declaring bankruptcy.”
Despite following all the right processes and being listed as a creditor, Lynn found herself too far down the line to recover any of the money owed to her. “I did everything I was supposed to, but I didn’t see a penny.”
Give Yourself 10 Minutes to Grieve, Then Back on the Phone
Instead of letting the situation consume her, Lynn developed a coping strategy. “I give myself about 10 minutes to feel sorry for myself. But after that, I’ve got to get back at it.” For her, it was about jumping right back on the phone to find the next customer and the next project. “There’s no time to dwell on the loss.”
She believes in acknowledging the disappointment, but not dwelling on it. “You can feel it, but then you have to move forward. The faster you take action, the faster you’ll find the solution.”
This attitude has helped her survive and thrive through numerous setbacks, from losing customers to facing industry challenges.
Have a Continuous Learning Mindset: A New Chapter
During that time, Lynn also learned an important lesson about determining creditworthiness. “Back then, a lot of deals were done on a handshake. You trusted that people would do what they said and pay you. But the recession hit some of my customers hard, and it wasn’t always their fault. They simply couldn’t pay.”
Adding to the challenge, Lynn’s largest customer at the time suffered a catastrophic event. “Their chemical plant exploded and burned to the ground. I was still working out of my basement, and losing that customer represented six figures for me. It felt like the combination of losing them and the recession could bury me.”
But once again, Lynn followed her process: Take a moment, then move forward. “I got back on the phone, found new customers and kept pushing ahead.”
The experience also forced Lynn to take a big step: She went to the bank to get her first line of credit. “Up until that point, I had funded everything on my own. But with the economy being what it was, it was getting harder to pay my vendors on time.”
Securing that line of credit opened a new chapter for Lynn. “I learned how to manage a line of credit, not just for when customers couldn’t pay, but also for growth. It gave me the flexibility to invest in my company in ways I hadn’t been able to before.”
Take the “Slow and Steady” Approach to Growth
While many business owners chase rapid growth, Lynn always preferred a more measured, steady approach to building Stett Transportation.
“I’ve never been interested in growing fast just for the sake of it,” she says. “We always focused on slow, steady growth, aiming for 10 - 20 percent a year, and making sure we were hiring the right people and maintaining our culture.”
This approach helped her build a business that could sustain challenges and downturns without needing aggressive hiring and layoffs.
Develop the Skills to Become the Leader You Want to Be
As her business grew, so did Lynn’s leadership skills. She believes that being a good leader isn’t about barking orders but listening and leading by example. “You can’t just throw your weight around,” she explains. “It’s about aligning the team around common goals and making sure they know you’re in it with them.”
Lynn strives to be the kind of leader who listens to her team and builds a collaborative work environment. “Everyone has a voice here, and I think that’s what’s helped us retain such a strong culture over the years.”
Hire for the Long Haul
Lynn takes a thoughtful approach to hiring, focusing on building a team for the long haul. Rather than hiring large numbers and seeing who survives, she focuses on smaller groups and invests in training them.
“I’ve never wanted to hire 10 people just to see if five will make it,” she says. “I’d rather hire three to five people, invest in them and build them up so they’re part of the family.”
This philosophy has been integral to the success of Stett Transportation, ensuring that employees feel valued and have the tools they need to grow within the company.
Leverage Resources Like EO: Global Leadership and Beyond
Lynn’s involvement with Entrepreneurs’ Organization (EO) has been a pivotal part of her growth, both personally and professionally.
“EO has been such a big part of my journey,” she says. “Being surrounded by other entrepreneurs who’ve been where I want to go has expanded my thinking and helped me become a better leader.”
Her leadership roles within EO, both locally and globally, have taught her the importance of accountability, diversity of thought and supporting other entrepreneurs. “There’s so much power in learning from others who have walked this path before you. It’s given me insights I never would’ve had otherwise.”
10. Listen, Learn, and Cover Your Blind Spots
Lynn emphasizes the value of accepting feedback and surrounding yourself with the right people. “Leave ego at the door and be willing to learn along the way,” she advises. By covering her blind spots with talented individuals, Lynn built a stronger, more resilient business.
Sharing Experiences Inspires Others
Lynn’s journey with Stett Transportation is a testament to perseverance, thoughtful growth and resilient leadership. From starting in her basement to navigating the challenges of a recession, her story offers the “experience shares” and lessons many of us could use right now.
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