Owner: Thom Kingston
Story written by: Shelley Widhalm
Thom Kingston helped start Loveland-based Spidertrax Off-Road not in a garage like some startups but in a fully equipped shop at the New Jersey Institute of Technology.
In 1999, Kingston and his former partner and co-founder, Eddie Casanueva, initially snuck into the school after-hours to develop and manufacture parts for the off-road industry until they got official approval and could work during the daytime.
“We were manufacturing all of our parts, using the tools of the university to pull it off,” said Kingston, who has a degree in mechanical engineering.
Kingston and Casanueva moved their fledging operation to Longmont in 2001, bringing a few parts on pallets. They relocated the shop again in 2014 into an 8,000-square-foot building at 174 12th St., SE.
Spidertrax makes products for rockcrawling, a motor sport involving driving over tough, rocky terrain. The company, which produces everything in-house, develops and manufactures drive trains, axles, hub units and knuckles, all for the front and rear of the off-road vehicle.
“When we competed in racing and rockcrawling, you couldn’t get through a day of rockcrawling without something breaking,” Kingston said. “It was what happened, because it was so extreme.”
Kingston, who has a staff of 16, takes the approach of looking for causes of failure to improve his product lines, regularly meeting with top off-road drivers at competitions. He doesn’t simply design on paper or use Computer-Aided Design but employs materials, workmanship, and engineering and design principles to transform what the machines can do.
His product lines impressed the producer of “Monster Trucks,” who called Kingston last year to request design specs for drive trains, axles and other parts to use in movie stunts, along with a large inventory of spares. Kingston didn’t hear from the producer after putting in his order, so when the movie came out, he decided to email him.
With an apology, the producer said what Kingston had made at Spidertrax was of such high quality nothing broke.
“It’s nice to be able to serve and over deliver, and I try to stay on my toes for that,” Kingston said.
To continue expanding his business, Kingston began working with Robert Coffey, a Loveland Business Development Center/Larimer Small Business Development Center financial specialist, in February 2016. Kingston, who had reached a point where he needed to generate more sales to grow his business, wanted to get ideas for improving his budgeting and financing.
“The key thing Thom wanted to focus on was a financial budget because there seemed to be a lot of wasted resources, and forming a budget helps you develop discipline in operations,” Coffey said. “How does that financial data give you perspective on how your company is performing?”
Coffey helped give Kingston direction to improve his interpretation of the balance sheet and P&L statement financial data in making sound business decisions, he said.
“It played a very key role at the exact right time,” Kingston said. “They have been absolutely phenomenal in taking the business to the next step.”