Times change. Economies change. Any successful businessman knows that in order to survive and thrive a company must adapt to their environment.
Mickey Hiatt, owner of the Oxford-based Quality Fastener & Supply Company, understands this concept. That’s why he’s expanded his wholesale business to include a retail side.
For 17 years, Hiatt’s wholesale company provided fasteners ? bolts, locks, screws, clamps ? and fastening tools in bulk quantities to local manufacturing firms.
But times changed. The economy changed.
‘The manufacturing (business) is pretty much gone in the area,? Hiatt said. ‘In Oakland County, pretty much all manufacturing is gone . . . Go down Glaspie (Street) and just look around ? there’s just not a lot of manufacturing now.?
‘When manufacturing was going on, we’d sell fasteners by the thousands. Now, we sell them by the hundreds and by the 50 pieces and 25’s for just repair. All we are now is a repair facility (for maintaining existing machinery),? Hiatt explained. ‘All the machinery out there still has to be repaired, but nothing’s being manufactured.?
Taking the manufacturer’s place are research and development (R&D) companies, which are filling the area, especially in nearby Auburn Hills. Hiatt is hoping to reach these businesses through his new retail side.
‘They don’t buy a lot,? Hiatt said. ‘That’s why nobody touches them. All the big supply firms, they don’t go into these R&D’s.?
By retailing products to these companies, Quality Fastener & Supply is allowing them to purchase only what they need in small quantities thereby eliminating storage costs and overbuying.
Less overhead and less waste equals greater savings and profits for companies, according to Hiatt.
Hiatt is hoping his foray into retail will also benefit small farms and small factories in the area that don’t need to buy bulk quantities.
One of Quality Fastener & Supply’s greatest strengths is its diversity and large selection of products, many of which are unique or hard to find.
From pneumatic, manual, electric and cutting tools in all sizes to storage cases, cleaners, gloves and rasps, the Oxford company carries many items that customers would otherwise have to travel to Flint or Troy to purchase. ‘We try to have everything,? Hiatt said. ‘There’s a 150,000-some items we handle.?
‘Our inventory’s geared up for maintenance, repair and operation,? he noted.
But a company isn’t just products, it’s people.
Businesses used to have purchasing agents who contacted wholesalers and negotiated the best prices they could for the products their companies needed.
But these days purchasing agents are a thing of the past, Hiatt said.
Today, Quality Fastener & Supply is hired by companies to be their supplier and fill the traditional purchasing agent role ? another cost-saving benefit.
With a combined 95 years of purchasing experience, Hiatt and his staff certainly know all about getting the best prices and giving their customers the best deals.
Quality Fastener & Supply is located at 3100 Adventure Lane. It’s open from 7 a.m. to 6 p.m. Monday through Friday and from 9 a.m. to 12 p.m. Saturday. For more information call (248) 628-0892 or log on to qualityfastenerandsupply.com.