Barry Eidt, Outstanding Young Retailer of the Year and Hardlines' Steve Payne

Hardlines Editor and podcast host Steve Payne, interviews Barry Eidt of Arthur, Ontario Ace, winner of the Hardlines Young Retailer of the Year. Barry tells about growing up in and growing up with the family business, and how he got into co-owning stores with his father. He talks about the division of responsibilities in the business, and how he pulled off the investment financially at a young age.

Listen in for an inspiring entrepreneurial story in a family retail business.

 

Key Takeaways:

 

[:28] Steve introduces and welcomes Barry Eidt, the Hardlines Young Retailer of the Year, to the Hardlines Whistler, BC boardroom for the What’s In Store podcast. Steve congratulates Barry for winning that prize, which he did the night before this episode was recorded. Barry Thanks Steve for having him on the show.

 

[1:16] The Young Retailer of the Year award goes to a retailer age 35 or under. Barry, age 29, is the co-owner of Arthur Ace. Arthur is two hours west of Toronto in Southwestern Ontario. His family also has stores in Mitchell and Exeter. Barry’s parents started the store in Mitchell 16 years ago in 2007. He has his parents to thank for getting him into the industry.

 

[2:01] In 2019, Barry and his father went 50-50 on Exeter as a second store. It was an independent Orgill. Back then, Ace was with RONA. Then, after COVID-19, Arthur came up. It wasn’t on their radar. It was farther out than Barry and his father had expected to go. Ace wanted a store in Arthur and they helped Barry and his father the entire way.

 

[3:23] Barry’s Mom, Julie, works for Canada Post but helps in the business. Since Barry came into the business, Jule has stepped back as Barry has taken on more duties. Barry and his father, Doug, split the ownership and divide the duties of running the three stores. Barry works with the managers. Doug drives the truck five days a week on deliveries and vendor pick-ups.

 

[4:55] The judging panel for the Young Retailer of the Year award was shocked to learn that at age 16, Barry was in charge of the installation program. As soon as he had a driver’s license, he worked after school. Since Barry was a child, he was drawn to it. Being in the store made more sense to him than playing games. He lived about five houses down from the store.

 

[6:35] Barry studied Accounting at Conestoga College, which he could apply in the hardware store business.

 

[7:02] To have more cash flow to go 50-50 with his father in the store, Barry moved. He had bought a house just before the pandemic. To go 50-50 in the store, he sold his house, bought a commercial building, and moved into the upstairs apartment. He rents the downstairs to a hair salon, giving him a little extra income. He wasn’t expecting that, but it’s good. He appreciates all that he has.

 

[9:12] Steve thanks Barry for telling his story on What’s In Store and congratulates Barry again.

 

About Us: 

What’s in Store is a podcast series of the Hardlines Information Network. Today’s episode is brought to you by Jeld-Wen.

Resources:

Hardlines.ca

Steve Payne

Guest: Barry Eidt

Ace Canada

Sponsor: Jeld-Wen

 

Quotes:

Then Arthur came along. It was post-pandemic and we were ready to grow again. Arthur wasn’t on our radar because it’s further out than we were expecting to go. Ace said, here’s a town that doesn’t have much for retail or hardware. They helped us, the entire way. — Barry Eidt

 

As long as I had a driver’s license, I was doing after-school stuff. That’s a family business, right there. I’m naturally drawn to the family business. I always have been, since I was a kid. So, being a part of something bigger, I just wanted to do that right away — Barry Eidt

 

What I bought was a commercial building. It has a hair salon on the main floor and then I live upstairs in the apartment. I have some rental income and I think that’s lucky more than anything. I was not expecting that. And I get the third store. I appreciate it all. — Barry Eidt