Power Plays Having set the wheels of progress in motion, the question now is how long Newman intends to stick around to see the fruits of his labors. Although he wants to continue as chairman and turn the day-to-day operations over to his younger managers, he says he and his wife have been spending more time at their condo in Florida and a home they purchased two years ago in Santa Fe, N.M. He’s even been throwing out hints to encourage his two grandsons to join the business.
In late 2004, National began the process of converting into an employee-owned S corporation, and Hanby notes the company has drawn up legal documents “whose goal is to make sure that National stays in place” as a corporate entity, even if one of its family-owners dies, retires, or cashes out. But neither Hanby nor other National officials see much evidence that Newman will be exiting anytime soon. Newman’s enthusiasm for the business and pride in what he’s accomplished are palpable when he’s showing off the blueprints for the new showrooms and plants he’s planning to build.
“There are never any guarantees in this business, and you’re wasting your time making plans that go further out than three or five years,” Newman says. “But I believe that the power store is the way to go. What we’re trying to do is not just about holding the business together. It’s about doing a little bit better with some deeper thinking.” —John Caulfield is a contributing editor for PROSALES.
Vital Statistics
Company: National Home Centers
Year founded: 1972
Headquarters: Springdale, Ark.
Number of locations: 12
Number of employees: 850
2004 gross sales: $221 million
