Fastenal

In: Business and Management

Submitted By zman1981
Words 1017
Pages 5
Fastenal
Fastenal was founded in 1967 by Bob Kierlin in Winona, MN. The first store was opened in a small building with a door that looked like you were going into the Salvation Army. The first month the store was open in made $157. After Bob opened his first store he lived by the motto Growth through customer service. This has been the motto for every new store that is opened in the US and is still the motto and is posted on the wall of every Fastenal store. The idea stuck with Kierlin. After graduating from high school in 1957 he went on to major in mechanical engineering at the University of Minnesota, where he later earned his M.B.A. After college Kierlin accepted a job with IBM in nearby Rochester. He worked as a financial analyst for about ten years, but was itching to start his own business. According to Kierlin, the opportunity came when he missed an interview for an international position because of a late plane. Instead of getting the job, he ended up starting the company he had envisioned as a boy.
With some effort, he was able to persuade an IBM co-worker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. Slaggie, Kierlin, and McConnon had graduated from Winona Cotter High School in 1957, and Gostomski had followed in 1958. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. The group's first dispute was over what to name the store. Someone recommended "Lightning Bolts," but two of the founders were so different to the name that they threatened to take their money and leave. The men finally settled on Fastenal. Remick hand-painted the store sign, which one day would be framed and hung in the company's headquarters offices.
The founders' goal with Fastenal was to invent a means of making all…...

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