Forget Silicon Valley. In Grinnell, Iowa, Tom and Dianne Latimer set up shop in a rented garage, armed with a little research, a lot of determination, and interest rates pushing 20%. It was the early 1980s—no startup buzz, no media spotlight. Just two people willing to work hard and build something from the ground up. That something became Latitude Signage + Design.
“We didn’t have an order for six months,” said Tom, now chairman of Latitude’s board. “Our first order was $40 from an attorney in town.”
At a time when banks wouldn’t give them the time of day—let alone a loan—Tom and Dianne turned to Paul Heath and America’s SBDC at the University of Iowa for help navigating the financial maze of starting a business. Heath helped them package a business plan.
“We leaned on Paul because getting any kind of banking connection was virtually impossible,” Tom said.
With Heath’s guidance, the Latimers secured an SBA loan and eventually tapped into the 504 loan program to give them the footing they needed to grow.
Forty years later, Latitude has expanded with regional sales offices in Des Moines, Iowa City, Omaha, Chicago, and Denver. In the Iowa City area, its work is hard to miss—logos at Kinnick Stadium and other University of Iowa athletic venues, signage at the Stead Family Children’s Hospital, the Iowa River Landing medical facility, and inside the new orthopedics and sports medicine clinic in North Liberty. Latitude's signage also appears throughout the Pappajohn Business Building, home to the John Pappajohn Entrepreneurial Center, which supports Heath and America's SBDC at the University of Iowa.
Latitude ships product all over the United States, but that kind of reach didn’t happen overnight. With early support from America's SBDC at the University of Iowa, Latimer took the first steps toward building what would become a trusted leader in architectural signage. Here’s how it all began:
While working as vice president of sales and marketing for Landscape Forms in Kalamazoo, Michigan, Tom began exploring how he and Dianne could return to Grinnell and start a business. At a tradeshow in Los Angeles, he discovered ASI Sign Systems, a franchise architectural signage company with no presence in Iowa or Nebraska. That sparked an idea. The couple conducted market research, surveying architects and contractors about the demand for a local, high-quality signage provider. Encouraged by positive feedback and identifying three strong customer prospects—especially in healthcare, which would become a key sector—they decided to move forward. On Jan. 10, 1985, they relocated to Grinnell with no customers and no orders, ready to build their business from the ground up.
Even after lining up a job with Principal Financial Group, Tom couldn’t secure a bank loan to buy materials. One breakthrough came in 1986, when Grinnell College committed to purchasing $100,000 in exterior signage. Still, banks wouldn’t lend. Fortunately, a friend at Grinnell Federal stepped in—offering a loan backed by Tom’s receivables. In those days, cash was tight, and nearly everything had to be leased. Tom recalls constantly jumping through hoops just to keep the business afloat, juggling customer needs, equipment purchases, and financing.
Because it was a new business, the Latimers couldn’t get a credit card either, and had to use Dianne’s father’s credit card to buy equipment. Undaunted, the Latimers pushed on and gained traction. Latitude now has a staff of nearly 100 (soon to double with an upcoming merger-acquisition) with an annual revenue of approximately $40 million.
It all began in 1985, when Tom and Dianne launched their business from that humble garage on Manor Drive in Grinnell—paying $350 a month in rent for the house.
“That’s when we connected with Paul and [America's SBDC at the University of Iowa],” Tom recalled, then he slipped into his best Billy Joel impression: “When he wore a younger man’s clothes... just like me.”
The Latimer family’s decision to appoint Mike McKeag as president and CEO marks a new chapter in Latitude’s evolution. Though not a family member, McKeag has been part of the company since 1998, serving as CFO and overseeing operations at sister company ImageFirst, located just a block away.
“Mike has been an important part of our business for a long time,” said Tom. “This is the guy to take it to the next level.”
As Latitude Signage + Design moves forward, it does so with the same work ethic and relationships that began 40 years ago. What started with long hours, high interest rates, and a timely assist from Paul Heath and America's SBDC at the University of Iowa, has grown into a thriving business built to last.
