moneyFYI
Financial Freedom Is Merely Organized Common Sense
You Don’t Have To Build A Microsoft
Some niche businesses have huge market share and their product is used by nearly everyone.
Not quite like Ferrari, this one sells billions of units per year. I would bet you cannot find anyone who does not know what the product is and how to use it. It is made by Kwik Lok Fasteners of Yokima Washington.
They make the plastic things that close your bread bag after each use, I have not paid much attention before, but they are oddly interesting.
Founder Floyd Paxton invented the bread clip in 1952. He cut the first one from a credit card. The business was in operation by 1954.
He passed it to his son Jarre, who died in 2015 and left no clear transition plan. With the help of his accountant and strategic advisor, by 2019 the company was on solid ground. It continues today,
Its product line includes fasteners of many types and the machines to use them. They have six factories and employ about 330 people.
Three lessons.
You should have a business succession plan
Never underestimate how a niche business works once it dominates its sector. I had a client who claimed to build more houses than anyone in the world. He made plastic houses for the Monopoly board game.
Be aware of opportunities. Your ideas may have more value than you think. I am currently thinking about ice cream cupcakes for those who don’t want an entire ice cream cake.
I help people have more retirement income and larger, more liquid estates.
Call in Canada 705-927-4770, or email don@moneyfyi.com
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