Fastenal: A good example of the company i like
Here’s the boss i like:Oberton, Fastenal CEO agreed to keep his salary, one of the industry’s lowest, unchanged at $475,000 — just as he had done the previous year — and took no bonus or exercised any options. “If you don’t grow your product, you shouldn’t get a bonus,” he says. “We maintain a culture of everybody being treated equally, from top down. I don’t even have a parking spot with my name on it. I don’t have any perks that any other full-timer doesn’t have.”
Fastenal has about 8% of the highly fragmented $12 billion U.S. fastener market. It imports most of its wares from Asia, Latin America and Europe. Fastenal sells 750,000 products, including, drills and bits, abrasives and grinding materials. “It’s pretty boring stuff, but we make a lot of money selling it, and that’s not boring,”
one of the manufacturer’s big advantages is good service — “customer service is embedded in the company’s culture.”
Entry filed under: Investing.