Fall 2017 Hardlines Strategies

CUSTOMER PROFILE

All in Succession While both parties were motivated to change ownership of the store, Brent and Megan were forging a new path with the financial and logistical realities of business ownership. The former owners and the Melbys first sat down to talk in November 2014, with the final transition coming in May 2015. This tight timeline made an already challenging process even more difficult. Making the financials work was helped along by Megan’s background in banking, a key advantage to making the process that much easier. “When we all sat down together, we first started going through the inventory for everything,” says Brent. “We were able to work with a local bank, and they were confident in us. We wouldn’t have been able to make it without their help.” The speed of the transaction also meant a steep learning curve in the hardware business. For a contractor family taking on departments like paint and sundries for the first time, the Melbys hit a few bumps in the road. “That’s the downside to only taking six months,” Megan says. “But that’s part of the process. There are no blueprints. We had several fellow retailers who did a lot to help us, offering suggestions and answering questions as they came up.” As they’ve pushed through the challenges, the Melbys are experiencing success in their first couple years as owners and figuring out how to balance a store along with their family. Making the financials work was helped along by Megan’s background in banking, a key advantage to making the process that much easier.

Brent and Megan Melby have completely revamped the product selections at Melby’s Home Center since taking over the store two years ago. The tool section, top, offers a much larger selection than it did before, while the paint department, bottom, has also been reset.

10 Fall 2017 • Hardlines Strategies