How Nation’s Best Unlocks the ‘Magic’ of Collaboration
Prior to founding Nation’s Best in 2019, Chris Miller was the vice president of operations in the South and Western regions at U.S. LBM.
Recently, Hardware Connection magazine had an exclusive opportunity to have a conversation with Chris Miller, CEO of Nation’s Best, which owns and operates 52 locations in 16 states. He shared his insights on expansion, navigating past the pandemic and ways member stores work together.
Miller (right), with employees such as Buddy Stewart, Nation’s Best events coordination manager (left), foster a company culture that can make decisions on the go when needed and quickly change directions if needed.
HC: Nation’s Best launched in 2019, then had to contend with the pandemic. How did facing such a non-business-as-usual environment inform the way you do business now?
Miller: The timing of the pandemic, just months after forming Nation’s Best, was definitely a curveball that wasn’t in our “gameplan” for 2020. However, the pandemic was a significant boon to our industry, and really helped us accelerate our growth during those affected years. Since COVID has subsided, we are seeing our stores return to business as usual in most respects. We now have better and stronger partnerships with our vendor community since our inception, and I feel like we have come out of the pandemic with more certainty now more than ever on a steady supply chain of materials and merchandise, no matter what the next curveball may be.
HC: When considering adding a new location, what appeals to you? What boxes need to be checked for a store to become part of the Nation’s Best portfolio?
Miller: There are many scenarios that could make an acquisition target more attractive than others. How well is the current ownership running the store? How have sales, margins, and profitability trended over the last three to five years? Are they already doing the necessary retail 101 basics, such as regular cycle counting, payroll management, using their ERP system to the fullest capabilities, use of technology, keeping equipment/fleet conditions in top form? We also look at the condition of the store itself to determine how much cap-ex (capital expenditure) dollars will need to be spent to modernize the store either through a store remodel or a new inventory reset or both. Lastly, I really look for locations that are the “best in class” in their local markets. Either being the only game in town, or the best game in town, is what really gets me excited.
Nation’s Best shares best practices among its locations. For example, Hall’s Hardware & Lumber in Milton, Fla., shared their idea to give new customers gift bags with a branded coffee mug, pencils, the Best Rewards application, and a gift card. The practice has been rolled out to other Nation’s Best locations.
