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Meguiars Fan

Meguiars :D

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Meguiars Fan    1
Meguiars Fan

Det er forsåvidt gammelt nytt. Men Barry Meguiar har solgt Meguiars til 3M :D

Han hadde ingen i familien til å ta over for seg, så han solgte det til sin kompis i 3M.

How Meguiar sold his company - and kept it, too

Deal with 3M Corp. doesn't change the company or the president, he says.

Barry Meguiar sold his Irvine car wax company Oct. 7, 2008.

So where was he on Oct. 8?

At Meguiar's headquarters, where he's worked for most of his 66 years, of course.

Meguiar's isn't just any ol' line of car care products, and Barry Meguiar isn't any ol' third-generation owner of a family business. Meguiar's is tops in its field with 18 percent of the market (Armor All holds 17.3 percent and Turtle Wax is 14.9 percent.) Annual sales are well into nine figures.

Those facts help explain why 3M Corp., one of the world's biggest companies, wanted to buy Meguiar's.

The way Barry Meguiar lives his life and runs his company is a wonderful lesson for other entrepreneurs. Passion. Extraordinary customer focus. Dedication both to legacy and the future.

First, you must understand where Meguiar's came from. Granddaddy Frank was a furniture polish salesman who started making his product, Meguiar's Mirror Glaze, in the garage in 1901. Sons Maurice, Malcolm and Kenneth grew the company by concentrating on selling car polishes to dealers, body shops and detailers.

They didn't want anything to do with the consumer retail market.

Annual sales were $600,000, which exceeded the brothers' wildest dreams.

Barry, who was the one-person accounting department through college, joined the company full time in the 1960s and started going to car shows. Car enthusiasts were familiar with Meguiar's Mirror Glaze No. 7 Sealer and Reseal Glaze, which they had obtained from custom paint shops.

"I called my uncles and my Dad into a meeting and said, 'Whether you like it or not, we're in the retail market.' I talked them into letting me enter the consumer market, which I launched in 1973 with a one-step cleaner wax," Meguiar recalls.

He didn't have money to advertise, so Meguiar went to car shows.

He arrived early and set up his products on a 10-foot-long table. As each car owner would arrive at the show, Meguiar would introduce himself and give a little spot demonstration on the owner's seemingly immaculate car.

It always looked even better when he finished.

Then he offered the owner a free bottle in exchange for putting a Meguiar's sign on the car. By mid-day, every car in the show had a Meguiar's sign.

As the company grew, Meguiar and his wife Karen went to more and more shows. Every weekend. All over the world. The products are in 92 countries. In some, people pay $50 a bottle.

More about that in a minute.

Meguiar divides the world into two kinds of people: car guys and everyone else.

Car guys can be any age, either sex, any nationality. They're just crazy about their cars. Regardless of the economy, they spend money on their cars.

Meguiar, his wife, two daughters and six grandchildren are car guys.

He estimates 30 million Americans are car guys too. They are Meguiar's core customers.

In the early 1990s, Meguiar became concerned that the car hobby was dying out. "I'd look around the shows and all the guys were my age, so I wanted to promote the hobby," he says.

So the company started sponsoring car events – 150 at last count – and supporting 1,500 others. Meguiar launched Car Crazy, a weekly TV show on the Speed Channel. He started getting enthusiasts at the shows to yell "I'm Car Crazy!" for the cameras.

" 'Car Crazy' was to promote the hobby, not our products. We have invented a brand different from our company brand. I don't know any company in the world that has done that," he says. "But the strangest thing: The more I gave to the hobby, the more our sales grew. That wasn't the intent."

When Meguiar turned 65 it occurred to him that he wouldn't live forever.

What would become of Car Crazy? What would become of Meguiar's?

So he quietly talked to investors about buying the company. Nothing came of it.

Meguiar runs his company on Proverbs 3: 5-6, "Trust in the Lord with all your heart and don't lean on your own understanding. In all your ways acknowledge Him and He will direct your paths." Meguiar figured if God wanted the company sold, He'd bring a buyer.

In March, Meguiar approached 3M about an unrelated matter. Aug. 5, H.C. Shin, executive vice president of industrial and transportation at 3M called Meguiar. "I hear you're looking for a partner. If you're interested, I'm in."

Meguiar was stunned. "I never in a million years thought I would sell to 3M. We fought them tooth and nail in the body shop industry."

But 3M had been watching Meguiar's for 10 years. It completed its due diligence in 17 days, and the deal closed in five weeks.

If you think that's extraordinary, listen to the terms: Meguiar is to remain president with a long-term contract and change nothing about the way the company makes, markets or sells its products. All 120 employees keep their jobs.

"They said Meguiar's is a recipe, not a product. It's everything from our labs to our car shows to Car Crazy to our 2,000 partners (companies that license the product) overseas," he explains. "We will continue to compete against 3M but we have additional resources."

For example, Meguiar's needs to make its product overseas, but Meguiar didn't know how to do that. 3M has facilities worldwide and will set up the process. Right now, when overseas dealers run out of product, it takes 12 weeks to restock. And then there's that $50 price tag.

With 3M's help, product won't run out and will sell for less.

"See? God was able to do exceedingly abundantly above all I could ask or think," says Meguiar, quoting Ephesians 3:20. "I've never been as excited about my business as I am right now."

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Stein86    158

Takk for info, alltid greit med litt lesestoff om historien til et firma.

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truhaa    1 525

Knall info dette her...

Meguiars er def blandt de store der ute mht bilpleie.. de har nok fått en god del konkurrenter etterhvert som de ikke har hatt før, mange av de kan nok takke Meguiars for at markedet er såpass som det er, så de kan komme inn og ta en del av kaka de også... selvfølgelig med bra produkter.. Meguiars hadde en fornyelses prosess mht car crazy, men trenger nok å jobbe hard også fremover for å holde seg der de er...

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