Hardware Retailing

JUN 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: https://hardwareretailing.epubxp.com/i/985610

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Page 52 of 82

HARDWARE RETAILING | June 2018 48 How to Prepare the Next Generation of Retailers H ome improvement retailing is a business where there's a lot of longevity. It's not unusual to see a business in its second or third generation, with some dating back even further. More than likely, when a business shifts from one generation to the next, it doesn't happen overnight or without forethought. It's a process that starts long before the outgoing family member's last day. The incoming generation is successful when it's properly prepared for the responsibilities of ownership. Each generation offers new perspectives and new ideas, and they all inevitably initiate changes that will allow them to put their mark on the business. Everyone needs to be aware of what the other has to offer, to treat each other with respect and trust, and be aware of their own limitations. Hardware Retailing spoke with two retailers who have either been through the transition from one generation to the next or are currently going through it. Sisters Julie Buchkowski and Tricia Dauwalder-Luna are third- generation retailers who bought Paul's Ace Hardware, an operation with eight locations in Arizona, about 10 years ago. For Barry Hill, the transition is still a few years away as he currently works alongside his father as co-owner of Hills Hardware Hank in Wabasha, Minnesota. Their stories can help you navigate the potential pitfalls and opportunities that come with a transition of leadership. Born Into the Business By Jesse Carleton, jcarleton@nrha.org

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