Is there some secret to long term business success? Is there some magic formula for surviving and prospering in business for more than 100 years?
Ask Doyle Harris about Feenaughty Machinery’s century of success and you will probably be surprised at his answer. Instead of touting the company in terms of sales figures and units sold, he prefers to talk about the long standing family values which underlie their longevity. Success in his view is measured in much more than bottom line numbers. He measures it in the lives of the employees and in the quality of the companies Feenaughty does business with. Loyalty is a word he uses frequently when talking about all aspects of their operations.
This old fashioned approach to business goes back over 100 years to the beginnings of Feenaughty Company. Doyle’s great-grandfather, William O. Feenaughty, immigrated to the US from Ireland in 1847. At the ripe old age of 14 he was named principal of a Boston school. He was fully qualified for the spot because he had been trained for the priesthood, an opportunity given only to the best and brightest young men of the time.
That was the beginning of his varied career. He ran a grocery store, acquired timber holdings in New York, and even served as sheriff of Howard, New York, for a time. Later, his interest in timber drew him to the Northwest. On a vacation to Oregon in 1901 he made the acquaintance of John Beall. Soon the two had formed a partnership, and the foundation was set for what would become Feenaughty Machinery.
In the early days of the last century they sold farm implements including Cyclone Tile Ditching machines which promised that its users could dig “300 rods” of ditch to a depth of 2 feet per day. That was, of course, if the team of horses pulling it didn’t break down.
Over the years they added logging equipment, Wayne street sweepers, and excavators to their lines. In the 1980’s they were courted by Kobelco, and Feenaughty became one of the first Kobelco dealers in the US. The relationship has proven to a very successful for both parties. Today Feenaughty is one of the country’s leading Kobelco dealers.
More recently Takeuchi came calling, and in February Feenaughty added a full line of Takeuchi machines to their inventory. The addition is just one example of how the company has learned to react to changing conditions. “We are always about adapting, taking risks, but everything we do is grounded in reality” Harris said.
One major reality for their customers is that down time is unacceptable. For that reason, Feenaughty maintains an extensive parts inventory and a full service repair shop. The parts inventory runs to about $3,000,000 per year. The service department operates six service trucks, and is staffed by 15 employees. “We have hired and held on to industrious, honest people,” which translates into a highly qualified work force according to Harris.
He also spoke with obvious pride about the quality of their customer base: “Our customers do really well. Their companies are robust and intelligently run.”
Harris seems most proud of the values which are the foundation of the Feenaughty approach to business. One of those values is to reward loyal employees: “It is really enriching to allow people to support their families and prosper. Everyone who stays with us is almost guaranteed a job at a decent wage with good benefits.” That sort of mutual respect and loyalty pays off for Feenaughty. Many employees stay with the company for decades, providing a stable and experienced work force. “It almost gets in your DNA,” he suggested.
So, is there a formula for long term success? Well, it just might begin with old fashioned values.
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