7 minute read
pOlympia Supply Co
114-Year-Old Hardware Store Thrives Under New Ownership
by Alison Bailey O lympia Supply Company is among the oldest continuously operating businesses in downtown Olympia. It has not always been in its current location on the corner of 7th and Columbia, but it was owned and operated by the same family for four generations up until 2017.
The Bean family opened Olympia Junk, as it was originally called, on the corner of Legion and Columbia in 1906. They moved into the current location in the 1940s, well after the name change. The building that houses the business was built to suit the store. In fact, it is the building that carries the name Olympia Supply, which explains why the True Value signs came down and the Ace Hardware signs went up when the Beans decided to sell the business.
Today the store is owned by the Chambers family and managed by Sandi Stratton. Jeff Bean hired Stratton in 1999. She worked as a cashier when she started. They had just decided to build the two-station cash register counter and she manned one of those stations. Stratton has spent the last two decades learning and sharing information about home improvement and commercial building supplies. She loves the fact that she’s been at the job for over twenty years and continues to learn new information about hardware and how it’s used. “It’s been really fun,” Stratton says. In 2017, the Bean family was ready to sell the store. The Chambers family stepped up to buy the store and continue operating it. Stratton has been a familiar face to dozens of Olympia residents and businesses. She’s excited about the direction the Chambers family is taking the business. They continue to offer an unusually wide selection of pipe, pipe fittings and steel and have expanded their paint and color matching services to accommodate the needs of commercial-scale contractors.
Olympia Supply Company has always offered
Manager Sandi Stratton and her colleague Vic Barnes love helping frequent and new customers alike.
residential and smaller-scale painting supplies, but the Chambers family had owned a paint store up north and wanted to bring their specialty to Olympia. They remodeled the offices on the north side of the space by opening them up and installing a paint showroom. Anything a commercial-scale contractor could need for a project involving painting is available here, along with ample knowledge and a good-neighbor attitude.
Although the store’s franchise changed from a True Value to an Ace Hardware, loyal customers know they can still count on hard-to-find items and friendly service. If they can’t find something, the team at Olympia Supply Company can track it down.
Olympia Supply Company hopes to continue to be a go-to for Olympia residents and businesses who want to keep their dollars as local as possible. They’ve sustained relationships with operations as large as Olympia Construction, the City of Olympia and Sunset Air over the course of decades.
And 114 years since its founding, Olympia Supply Company remains Downtown’s onestop-shop for yard boots, a fishing license, house paint and everything in between.
The Chambers family brought a passion for paint to Olympia Supply. Tips from Wes Martin, Owner of Sound Business Brokers
When a business owner finally makes up his or her mind to sell a company, the next step of business valuation is of critical importance to the success of a potential sale. One of the difficult realities of business valuation is that it is completely subjective. There are dozens of formulas and methods that will assist in forming a basic value of any business. However, not one of them fits all businesses perfectly. Realistic Business Valuation: A Seller's Best Friend
Also, each business is unique from those even in the same industry and may have internal and external market forces in play that cannot be easily defined in a specific formula. The process can be laden with challenges before you even begin, so it's vital to use a method that best suits your industry and to understand how the regional market comes into play.
Despite what a business seller may think, potential very rarely plays any role in the value of a company. Buyers typically will not pay for, and bankers will not lend on, potential. It will, however, keep a buyer at the table if they can see clearly the company’s future direction and potential for growth. It's best to focus on past company performance and develop a realistic valuation based on historic adjusted cash flow.
If you need a guide to take you through the process of determining your company’s value – Contact us for a consultation at 360-352-9191 or visit our website at www.soundbusinessbrokers.com
Saturday, April 4 4-8 p.m.
Join us for the best happy hour in town while celebrating Saint Martin’s 125th anniversary! In 2020, Saint Martin’s celebrates 125 years as a Catholic, Benedictine institution committed to empowering students through education. The Festival combines two important Benedictine values: community and stewardship. Sample great wine, beer and delicious food. Support students’ educational dreams. Proceeds benefit student scholarships.
To buy tickets, or for more information about sponsorships and vendors, visit:
stmartin.edu/festival
General admission tickets Before March 15: $25 / After March 15: $30 online or $40 at the door
VIP tickets $125 Individual ticket or VIP table $1,000 Includes early access to Festival (3 p.m.) and exclusive VIP reception (2-4 p.m.)
Attendees must be 21+
The Best Happy Hour in Town
The Saint Martin’s University Food and Wine Festival, the best happy hour in town, makes a comeback on Saturday, April 4 at the University’s Lacey campus. The Festival, featuring wineries and breweries from the greater South Sound and beyond, will take place from 4-8 p.m. in the Hal and Inge Marcus Pavilion. Proceeds from the Festival will benefit student scholarships.
This year, 2020, marks the 125th anniversary of Saint Martin’s University as a Catholic, Benedictine institution of higher learning and the Festival is one of the key events during the 18-month anniversary celebration. A special preevent VIP reception, from 2-4 p.m., will honor the anniversary with delicious bites and drink pairings as well as shared memories from the University’s 125 years.
“This Festival combines two important Benedictine values: community and stewardship,” says Cecelia Loveless, the University’s vice president of institutional advancement. “As we come together to sample great wine and delicious food, we support students' educational dreams.”
The Festival itself is celebrating 30 years as one of the premier wine and food events in Thurston County. “We’re excited to see the community come back to enjoy this beloved event,” added Loveless. “Many alumni and volunteers have added to the success of the Festival over the decades; we wouldn’t be where we are today without them.”
General admission tickets are available online at www.stmartin.edu/festival. Tickets are $25 if purchased before March 15. After March 15, tickets are $30 online or $40 at the door. Guests have the opportunity to purchase tickets or tables to the pre-event VIP reception. Individual VIP tickets are $125 and VIP tables are $1,000. The VIP reception includes admission and early entrance to the Festival as well as 125th anniversary memorabilia. Both the Festival and the VIP reception are 21+ events.
Vendors who would like to showcase their wine, beer and distilling offerings at the Festival can contact special.events@ stmartin.edu. Sponsorship opportunities are also available; more information can be found at www.stmartin.edu/festival.
Saint Martin’s University is an independent, four-year, coeducational university located on a wooded campus of more than 300 acres in Lacey, Washington. Established in 1895 by the Catholic Order of Saint Benedict, the University is one of 13 Benedictine colleges and universities in the United States and Canada, and the only one west of the Rocky Mountains. Saint Martin’s University prepares students for successful lives through its 29 majors, 11 graduate programs and five certificate programs spanning the liberal arts, business, education, nursing and engineering. Saint Martin’s welcomes more than 1,300 undergraduate students and 250 graduate students from many ethnic and religious backgrounds to its Lacey campus, and more students to its extended campus located at Joint Base Lewis-McChord. Visit the Saint Martin’s University website at www.stmartin.edu.
