Don L. Mooney: ‘Wells Fargo looked at my potential; they believed in me’

As a business owner and military veteran, the road has not always been easy for Don Mooney. Yet with integrity, perseverance, and an indomitable spirit, he’s built a successful healthcare staffing business that serves military personnel and their families. At the same time, he’s created a legacy for his own children and grandchildren.

Finding the right bank was a core part of the journey. When DLM Enterprises—Mooney’s business—needed a significant line of credit in order to scale, Wells Fargo stepped in where other financial institutions were unwilling to. The resulting relationship established a foundation of trust, stability, and future opportunity.

“Wells Fargo looked at my potential, and they believed in me,” Mooney said.

From active duty to launching a business that supports military personnel

Mooney’s first career was the military. A West Point graduate, he served 22 years in the army, retiring with the rank of Lieutenant Colonel. His experience ranged from the artillery to flying helicopters.

On his retirement, he considered a number of possibilities, knowing that ultimately he wanted to be his own boss. Meeting another entrepreneur who ran a staffing business provided the direction and a business mentorship. After learning the trade from her, Mooney launched his own healthcare staffing business in October 2000.

“We started out primarily placing LPNs, RNs, and CNAs,” Mooney recalled. “For two years, I ran the business out of our house. My wife took a second job to support us.”

That hard work and sacrifice paid off. Today, DLM operates in 40 states, with the Defense Health Agency as one of their main clients. Mooney’s team, including his son Andrew, now work from a suite of offices in their San Antonio, Texas, headquarters.

A focus on the military is an intentional part of Mooney’s business strategy.

“I have been a soldier, and now serving other military personnel—service members and their families—that is a tremendous honor for me,” he said. “A real privilege.”

Wells Fargo’s guidance helps DLM Enterprises improve its creditworthiness

A pivotal moment for DLM Enterprises occurred in 2023. Continued growth meant winning larger staffing contracts with the Defense Health Agency through their Medical Q-Coded Support & Services (MQS2) program. That required a large injection of cash in order to bridge the timing gap between making payroll for the company’s healthcare workforce and reimbursement from the government.

Mooney first approached a regional bank, then a large national bank.

“We had to have a $10.1 million line of credit to bid on the MQS2 contract. The other banks were not willing to lend that,” Mooney explained. “I had $500,000 cash at one bank and they wouldn’t even give me a loan.”

Next, he turned to Wells Fargo, working with a local business banker and the bank’s specialized healthcare team.

Wells Fargo took a different approach. After reviewing the company’s financials, Wells Fargo advised Mooney on key steps he could take to qualify for a line of credit, including hiring a chief financial officer (CFO).

“I wasn’t ready, the first couple years,” Mooney acknowledged. “But, Wells Fargo stayed with me. Wells Fargo was able to come in and coach. That’s one of the things I like about them. They really stood by me. They’re great people.”

$10.1 million line of credit sets stage for winning government contracts

Months passed, with the Wells Fargo team providing guidance to Mooney and his team. Once they had a full-time CFO in place and more rigor in their back office operations, DLM Enterprises satisfied the underwriting process and received their line of credit.

Next, they competed for—and were awarded—five MQS2 healthcare staffing contracts from the Defense Health Agency.

“We were awarded all five regionals. Only a few companies of our size ever get that. We’re very fortunate,” Mooney said.

Mooney credits the efforts of his new CFO, his Government Services’ team, and the ongoing support he received from Wells Fargo. Having a bank with a local presence as well as national reach, including specialists with decades of experience in the healthcare staffing industry, provides value in multiple ways.

“It’s about the people. So many people have been good to us,” he said. “I really do appreciate what Wells Fargo has done. It’s just amazing.”

Celebrating 25 years and prepping the next generation

As he looks ahead, Mooney has much to celebrate. There’s a 25th anniversary celebration in the works and the first steps toward succession planning for his eventual retirement. All three of Mooney’s children have worked at DLM Enterprises over the years. He’s proud to see his son Andrew preparing to lead the business.

“Small business is hard on families, but my children have been able to see that with perseverance, toughness, and having something that the market wants, you can do anything,” Mooney said. “That’s one of the reasons why I started this business.”

He shares his own story with other entrepreneurs, highlighting the importance of strong personal relationships and finding the right resources to propel business growth.

“I tell other business owners, make your company a company of value,” Mooney said. “Do not take all the equity out of your company, because banks are going to look at that. Look for a bank that’s small-business oriented. Build a relationship with a banker, get to know them.”

For his team at Wells Fargo, he appreciates their ongoing efforts when other banks did not rise to the occasion. Despite the success of DLM Enterprises, he remains pragmatic.

“I want to say thank you to Wells Fargo. I really appreciate their team. I’m grateful,” Mooney said.

He added, “A lot of people work hard, but not everyone gets an opportunity. I’ve been very fortunate, very blessed.”