Toby McKenzie
Tobe McKenzie | |
---|---|
Born | Steve Allen McKenzie June 11, 1953 Cleveland, Tennessee, United States |
Died | May 2, 2013 Cleveland, Tennessee | (aged 59)
Occupation | Businessman |
Known for | Rent to own, National Cash Advance, real estate developments. |
Steve Allen "Tobe" McKenzie (June 11, 1953 – May 2, 2013) was an American businessman, entrepreneur, and philanthropist from Cleveland, Tennessee. He began his career by founding two rent-to-own businesses and later made his fortune after founding National Cash Advance. He later began investing in businesses and real estate speculations, and lost all of his assets as a result of the Great Recession.
Early life and education
McKenzie was born to Bob and Gail Bettis McKenzie in 1953 in Bradley County, Tennessee. He had one brother, Mark Patrick McKenzie. He attended Bradley Central High School, where he played football and baseball. He graduated in 1971. After high school, he took a job as a paperboy for the Chattanooga Times Free Press and the Cleveland Daily Banner.[1]
Business career
In the 1980s, McKenzie founded two rent-to-own businesses in Cleveland. In 1994 he founded the National Cash Advance, a payday loan company.[2] He sold the company in 1999. At the time of its selling, the National Cash Advance included 550 stores nationwide.[1]
In the early 2000s McKenzie began investing in real estate developments that he believed would increase in value by borrowing money from multiple banks.[3] These included hundreds of acres of land in East Tennessee and over 100 businesses including a golf course in Ooltewah, a bowling alley, a hotel in Sweetwater, a used car dealership and a shopping center on Paul Huff Parkway in Cleveland that was never built.[4] These reckless investments would eventually lead to his bankruptcy.
In 2004 he founded McKenzie Trucking & Leasing, a
Bankruptcy
In December 2008, during the
Philanthropy
McKenzie made numerous
Personal life
McKenzie was of the
In 1979 McKenzie married businesswoman Brenda Lawson. They had two children, Ashley and Steve, Jr.[1] They divorced in 2000. In 2006 he married Rebecca Harris.
McKenzie died on May 2, 2013, from heart failure.
References
- ^ a b c d e "Toby McKenzie". Chattanooga Times Free Press. Chattanooga, Tennessee. May 4, 2013. Retrieved August 12, 2017.
- ^ "National Cash Advance". Cashloan.org. Retrieved August 12, 2017.
- ^ South, Todd (May 12, 2013). "Toby McKenzie is gone, but bankruptcy suits continue". Chattanooga Times Free Press. Retrieved August 12, 2017.
- ^ "Toby McKenzie Says He Is Ready To Again Manage His Businesses". The Chattanoogan. August 11, 2009. Retrieved August 12, 2017.
- ^ a b "McKenzie Faces $11.5 Million Judgment on Trucking Firm; Gives Up Sweetwater Hotel". The Trucker's Report. October 26, 2008. Retrieved August 12, 2017.
- ^ Kleinheider (January 7, 2009). "Bradley County millionaire's bankruptcy leaves Regions holding the bag". The Nashville Post. Retrieved August 12, 2017.
- ^ "The McKenzie Arena". Gomocs.com. The University of Tennessee at Chattanooga. April 22, 2015. Retrieved August 12, 2015.
- ^ a b Flory, Josh (January 24, 2009). "Name off UT building as donor misses pledge, says he owes $151M to creditors". Knoxville News Sentinel. Knoxville, Tennessee. Retrieved August 12, 2017.