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Like many nine-year-olds, Parker Krex collects LEGOs. Unlike most nine-year-olds, however, he’s turned his hobby into an enterprise.
A LEGO hobbyist since the age of three (which translates to two-thirds of his life), Parker is the founder of Brick Loot, a box subscription service for LEGO and Brick toys. He conceived the idea during his family’s annual garage sale, drafting a business plan with his mother, Erin. Inspired by entrepreneurial reality show “Shark Tank,” the two pitched the idea to Parker’s father, who, to borrow a term, bit.
Each month, Brick Loot delivers a box to its subscribers containing a custom-build project with bricks, new brick items, and LEGO-compatible products. Based on his LEGO knowledge, Parker composes the box contents, which are then curated by the Krex family. “Parker does a ton of research on what products should be included in the box and what is ‘cool,’” said Erin.
Each box also contains a few items exclusive to Brick Loot (namely Minifigures, those tiny anthropomorphic figures with U-shaped hands). To facilitate their production, Parker has helped build partnerships with third-party LEGO companies to manufacture custom pieces.
“In December, we got Oyo sports to make us a custom Brick Loot football guy. In January, we had an exclusive Brick Loot LEGO Minifigure made, and we are working with other companies like Brickmania, Play Tape, Brickforge, Nanoblocks and BrickbuilderPro to all create custom stuff for us,” Parker said.
A descendant of an entrepreneurial family, Parker’s business precocity comes as no surprise to his parents.
“Parker is always coming up with business ideas...He already has two more ideas to branch off of Brick Loot which we are considering for the future,” Erin said. “My husband and I are both entrepreneurs and own several businesses. Parker is often involved with our other companies and sees what it takes to build something from zero. I think by seeing us open new companies he knows it can be done with lots of hard work.”
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His early exposure has paid off, it would seem. Demand, Erin said, has exceeded expectations — and even supply. “We had 500 [subscribers] our first month, which was December 2014. We were not sure how fast it would grow, so we only prepared for 500 for January 2015 and sold out before the deadline to sign up. We imagine we will be over 5,000 in 2015.”
At this rate, Parker said, the self-funded company may begin to seek outside investment. But for now, “We are working on growing our subscribers and finding strategic partnerships.”
As he strives to own an office “as big and fun as Google headquarters,” Parker applies the lessons he’s gleaned from his experience as a business owner. “If you have a good idea, you have to do what you can to make it happen. I have learned what happens in business meetings, working conventions, and how to work with other companies to help each other. I love Brick Loot and think with the right partnerships we can be huge.”
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