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ATM business at Wellington Technologies of Billings, Montana grows by making a good machine better

Some of the best business ideas come from fixing the glitches in an existing technology. In the case of automated teller machines, it’s the repairs, stupid.

That’s the philosophy of Jerry Magnuson, who used his experience programming and selling ATM systems at First Interstate Bank to start his own company, Wellington Technologies http://www.wellingtonatm.com/ .

In 14 years, the Billings start-up has zoomed from a total income of $250,000 a year to income expected to top $4 million this year. Magnuson started his company in 1994 – with a $14,000 loan from his mother-in-law – because he was frustrated with not having a smaller, less-expensive and reliable ATM to sell.

Eighty percent of Wellington Industries’ sales are done over the Internet, and the ATMs are mostly placed out of state.

By JAN FALSTAD
Of The Gazette Staff

Full Story: http://www.billingsgazette.net/articles/2008/09/14/news/business/18-atm.txt

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