From Accountant to Teddy Bear Tycoon

Martin Herrington, BComm '89, can recite all the words to the children's song "Teddy Bears' Picnic." His musical acuity has less to do with the fact that he's the father of a five-year-old teddy bear aficionado and more to do with his role as vice-president and CFO of California-based Herrington Teddy Bears (HTB).

"The funny thing is, I don't remember having a teddy bear as a child," Herrington recalls from his office at HTB's new headquarters located at the highly visible intersection of Orange County's number 5 & 405 freeways. Still in boxes waiting to be unpacked are at least a hundred teddy bears of various Herrington signature brands and designs to decorate his new office.

To hear Herrington tell the story of his journey from Calgary to California, from insurance underwriter to teddy bear tycoon, one expects to be in for a big surprise. Instead, it all makes sense. "Entrepreneurism came easy to me," says Herrington. "I would shovel walks all winter and mow lawns all summer." During high school, he worked at his father's restaurant Mel's Famous Sandwiches and Cheesecakes in downtown Calgary. And then he moved on to university. "When I started the BComm program at the University of Calgary I felt like I had found my home. I have very good memories of my time there."

Upon graduation, Herrington put in a couple of uneventful years in the insurance industry. Meanwhile, his brother Chris was living in California designing distinctive, high quality teddy bears for select clients like the Cheesecake Factory, the Hard Rock Cafe, and Giorgio Beverly Hills. And he was doing it out of a back alley warehouse in the eclectic community of Venice Beach where visitors are warned not to venture unless they are prepared to stay longer than intended.

Ignoring the warnings, Herrington ventured to Venice Beach in 1992 and has never regretted it. "I started at HTB as a 'Jack of all trades' but, as we grew, I began focusing on our accounting portfolio," he says. "Our annual sales were US$300,000 the year I arrived and are now over US$5 million."

Today, Herrington Signature Teddy Bears are available in almost 50 countries and more than 100 cities around the world. City-themed bears include Madrid's matador bear, Munich's lederhosen bear, and Huston's astronaut bear. Calgary, too, is on the Herrington teddy bear map with its Stampede bear named Guy. "We wanted to do something for our hometown, so we designed a limited edition bear for the 2000 Stampede. He has an embroidered denim shirt, black Stetson, and crafted belt buckle. We made a mascot version of the bear for the parade. My brother and I came back to Calgary for the launch, it was great."

The collectibles market in the United States is huge, but highly competitive. HTB is now focusing on a niche market with considerable potential-universities and colleges. Herrington's favourite bear comes from this Collegiate Collection. "In 2001, we designed the Rudy bear for the University of Notre Dame to commemorate football player Daniel Rudy Ruettiger of the movie 'Rudy' fame. I love this bear- he has a Melton wool letterman jacket with chenille logos. The time and attention we invested in Rudy really opened doors for us to other universities and colleges."

And when asked about the potential for a Haskayne bear, he is equally enthusiastic. "I picture a bear in grey pinstripes, wire rimmed glasses, reading the Economist," laughs Herrington.