9/9/2014 1:34:00 PM
HEADLINES
Fastener Advisory Board Marking 20th Year
The Fastener Advisory Board started as a concept at a 1992 National Fastener Distributors Association meeting where members were placed in non-competing executive networks to provide an independent peer group of advisors for each company.
Of the original six groups formed at the NFDA meeting, one went on to meet after the initial NFDA session. The Fastener Advisory Board – which became known as “the FAB group” – met casually in conjunction with the 1993 trade show in Columbus, OH, and then held its first formal meeting in 1994 at Hoyt Fasteners in Chicago.
The current FAB mission statement for calls for members to “assist each other in establishing and succeeding in business and personal goals.” That involves sharing experiences and methods of analysis, providing accountability, maintaining focus and by “challenging one another.”
Member Don Nowak, president of Falcon Fastening Solutions, Charlotte, NC, said FAB typically meets three times a year with two of the meetings at a member’s business, where the group focuses on best practices.
“I can’t put a price on the value of having five or six industry owners come in to our facility and conduct a review of our team, processes, and strategies,” member Jim Ruetz of All Fasteners Inc., Franksville, WI, said. “Unlike consultants the FAB members absolutely know the business and relate well to the issues involved in today’s distribution marketplace.”
“Having the FAB group audit your company is very similar to having a board of directors with industry knowledge at your disposal,” Ruetz added.
While most of the membership over the years has been distributors, in 2006 manufacturer/distributor G.L. Huyett of Kansas joined. Huyett’s Tim O’Keeffe joined “in spite of being on the supply side of the business. Many of the issues discussed cross the boundaries of traditional distribution vs. manufacturing,” O’Keeffe pointed out.
Current members include charter participants Ron Stanley, Empire Bolt & Screw, Spokane WA and Nowak. Subsequent members are Mark Shannon, Tower Fasteners Co., Holtsville, NY, who joined in 2007 and Ruetz.
Over its 20 year history the FAB group has had 13 other members active with an average group size of seven members.
Stanley explained that “changes in ownership and/or retirement were the most common reasons for a change in the group’s membership. We have grown from the input of the various members over the years and have benefitted from the resulting changes to the dynamics of the group.”
Most of the members are owners. However, Nowak was a member of the executive team at Hoyt Fasteners when he started with FAB and later served in the same role with Falcon Metal Products before buying the company in 2008 from Bruce Roberts.
“I don’t know that I would have made the move to buy Falcon had it not been for the guidance and input from the FAB group,” Nowak commented to GlobalFastenerNews.com.
Beyond conducting business reviews the group spends time on best practices from IT, sales/marketing, human resources and technology, “Sometimes we get wrapped up in our traditional way of doing things and it’s extremely helpful to see a different approach,” Shannon said.
Each member of the group is required to report to the other members on key metrics and provide a short narrative monthly.
“The monthly update forces me to stop and take stock on how my business is progressing,” O’Keeffe said. “Putting my thoughts on paper helps me to consistently analyze things like sales results, HR concerns, and process issues in my business.”
The only items that are off limits are specific customer information and any discussions involving competitive pricing.
There are no fees to join and the costs for meetings are split among the members. All members must be committed to participate and be interested in sharing their ideas.
For additional information about FAB contact any member or Don Nowak – dnowak@falconfastening.com – or Ron Stanley – rons@empirebolt.com.
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