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Oscar Horton and Troy Taylor shared with Power Broker how they built profitable businesses and what it takes to succeed.
Two Black Tampa Bay CEOs are being recognized by Forbes. Troy Taylor, the founder, chairman and CEO of Coke Florida, and Oscar Horton, the chairman and CEO of Sun State International and founder of Horton Holdings, made Forbes’ Top 25 Black Businesses to Watch list. Both Taylor and Horton were previously recognized in Power Broker’s Tampa Bay Forward 20th anniversary edition.
Taylor tells Power Broker he is not only proud of the recognition but what it represents.
“As a Black entrepreneur, I understand the importance of representation and the impact it can have at scale,” Taylor says. “When Black-owned businesses grow, we have the ability to create jobs, build wealth, work with other minority-owned businesses, and invest back into our communities.”
Taylor says making the Forbes list is a testament to the future.
“For me, that is what makes this recognition meaningful: not just what we have built, but what our growth allows us to contribute and what it shows others is possible.”
This past year, the company reported annual revenue of $2.2 billion and ranked among the largest minority-owned businesses in Tampa Bay, according to the Tampa Bay Business Journal. Taylor credits his associates, whom he calls his champions, for the growth.
“We have built a company of more than 5,000 champions (associates) that compete successfully every day in one of the largest consumer markets in the country,” says Taylor. “From the beginning, our vision for Coke Florida was about more than building a competitive business. We set out to serve our customers exceptionally well, create meaningful opportunities for our champions, and make a lasting, positive impact in the communities where we live and work.”
But Taylor’s journey to securing distribution rights in Florida did not happen overnight.
“The biggest barrier was getting to the point where I could earn the opportunity. People look at Coke Florida today and assume that it happened very quickly,” says Taylor. “I spent about 20 years learning the business, building relationships, and preparing myself for the moment when an opportunity became available.”
Taylor says he worked with colleagues, learned and understood operations and stayed intimate with the business as the industry evolved. By the time the company started to re-franchise its North American operations, Taylor says he was prepared to step in and step up.
“I demonstrated my ability to operate the business, assemble the right team and be a trusted steward of one of the most valuable brands in the world,” he says.
A Tool to What’s Possible
Horton shared with Power Broker that the Forbes recognition is a tool to communicate what can be accomplished and motivation for others to do the same.
“This recognition is good for future generations to know what is possible,” says Horton.
When Horton purchased the company in 2000, it made $25 in revenue. Today, Sun State brings in over $200 million.
“When I came to Florida, there were 12 owners. Today there are three — a 75% reduction. Each owner will now have 5-6 locations,” says Horton. “This requires major investments in personnel, technology, capital equipment, land, buildings and cyber security.”
When it comes to building a business at this scale, Horton says he can only speak from his own journey and what he has observed while serving on the boards of multibillion-dollar for-profit and nonprofit organizations.
“I see any number of different business approaches,” says Horton. “The sustainable operations focus on culture, talent, quality products, customer service, community support, and the income statement and balance sheet.”
As both Horton and Taylor look ahead, both men are taking a long-term forecast on the future.
“We are not so much focused on 2027, we are looking 3-5 years out,” says Horton. “The focus is on succession planning, generational sustainability, customer satisfaction, profitability, employee retention and capital. We get those things right, the rest will come.”
Taylor says moving forward, he sees the company’s greatest opportunity continuing to be in Florida.
“This is one of the most dynamic consumer markets in the country, and we believe there is significant room to continue growing with our customers and consumers,” says Taylor. “As we enter our next decade, that means continuing to invest in our people, our infrastructure, and our capabilities to provide consumers the beverages that they want for every occasion. We have built a strong foundation during our first 10 years. Now the opportunity is to take that foundation and accelerate growth.”
Scaling Up for Next Leaders
For entrepreneurs looking to grow beyond their first major milestone, Horton says focusing on those areas can also help open the door to one of the most important resources needed to scale: capital.
“Capital is your runway,” he says. “And you need enough to get your plane off the ground.”
In 2023, Black-owned businesses surpassed 200,000 for the first time, according to a report from Brookings. At least 3.4% of U.S. businesses are Black-owned compared to 80% of white-owned and 11.5% of Asian owned businesses.
For Black entrepreneurs looking to scale, Taylor shared three suggestions.
“First, understand and invest in the areas of your business and industry where there are the greatest growth opportunities,” he says. “Second, build a great team that has relevant expertise and properly incentivize the team. And third, continuously re-invest in your business and be strategically patient.
Taylor added, “Scale does not happen just because you have a great idea. It happens because you can execute consistently on a market need, attract talented people, access capital, and build strong partnerships.”
Other Black businesses recognized by Forbes include: Erin Tolefree and Cara Hughes of Baldwin Richardson Foods in New York, a food and beverage manufacturer; Warren Thompson, the founder and CEO of Thompson Hospitality, one of the nation’s largest food service suppliers, specifically cafeterias at historically Black colleges and universities. Also on the list is Justin Bridgeman of Heartland Coca-Cola in Kansas; Phaedra Ellis-Lamkins of Promise, a government technology company; and Kevin Caldwell, the owner of Ossium, the world’s first bone marrow bank.
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