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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.
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.
Making the financials
work was helped along
by Megan’s background
in banking,
a key
advantage to making
the process that
much easier.
10
Fall 2017 •
Hardlines
Strategies