A fourth generation business owner, Bo Carey tells us what it’s like to run a business more than a century old and how he adapts to economic tides in Loudon, Tennessee.
How has the business changed over the years?
My great granddad started this in 1890—125 years ago—and it was more of a farm and home supply store. In 125 years it has changed significantly in that we’ve evolved from a market that was originally farmers. Now, there is only a very little farming market in our community. So our focus is furniture and other home use items. Of course, when my great granddad started, they didn’t even accept cash as payment. They were trading furs, eggs, butter and anything the farmers could supply because cash wasn’t the big means of trade.
We are focused now on really serving the folks within a 20-mile radius of our store. Our target market is women in retirement mode—a lot of baby boomers. We choose and select our merchandise that way.
What’s the biggest challenge you’re currently facing?
The biggest challenge is trying to weather the storm of the burden the government has put on us, and the economic trends. If you go back to 2008, we’re only doing about half the business that we were doing then and with half the revenue. I blame it on banking, housing, the government and the economic depression our country has had over the past eight years.
What makes Tennessee a good place for business?
When I complain about the government and unfair advantages, I have to say that the state of Tennessee is the best place to do business. Tennessee has looked for ways to avoid as much government regulation and to make a more level playing field in terms of allowing us to streamline everything, such as our workers’ compensation situation.
We are getting people moving here to retire, and it’s a great state for retirement because people see there’s an economic advantage to living here. That translates to customers for me.
Why did you join NFIB?
I serve on the Leadership Council, and I have for a number of years. Being that our business has such a small staff, I can’t be involved in many activities. I’ve chosen NFIB as the best bang for the buck in terms of being a trade association because it does fight for small business, even an extremely small one like mine. It’s not only extremely effective in the federal government in the halls of Congress with lobbying and information and with working toward issues that will support the small business owner, but also, it’s equally effective in the 50 state houses and legislatures. The reason I find NFIB a great place to participate is that we get results.
