Mr. Reed co-founded the American Taekwondo Association (ATA) in 1969. Richard discovered that the option to outsource billing and contract management for his martial arts and fitness facilities was sorely lacking. So, in 1973 he formed the American Service Finance Corporation, which is now ASF Payment Solutions. He then ventured into the emerging health club market and opened the Marina Fitness Club in San Francisco in 1981. Richard had spent the better part of 50 years in the martial arts and fitness industries always looking for better solutions and innovations for business owners. Before his recent passing, Richard spent time being a true entrepreneur and maintained a consistent communication of his ideas with ASF.