Past Winner Stories
Haggard & Stocking Associates
www.haggard-stocking.com
"Employees are your hands. You don't cut off your hands-you need them to feed yourself."
Haggard & Stocking Associates Inc. is located on a street in Indianapolis aptly named Victory. Herbert Haggard, founder and president of the distributor of cutting tools, abrasives and handline products, has vanquished seemingly insurmountable odds to emerge victorious.
Started in 1971 and growing in 1972 to include a partner, Haggard & Stocking quickly found success serving the industrial community. But along came the recession of the early 1990s when the auto industry, the company's major client base, suffered massive losses, destabilizing the company.
On Haggard's birthday in 1993, he was delivered a surprise: His partner and several key managers were jumping ship. More than one-third of the work force then walked. Stunned by the loss and unsure if he could continue, Haggard turned to his remaining staff.
"They threw a birthday party for me and gave me their vote of confidence to lead them through the crisis," he explains.
Their loyalty didn't go unnoticed. Despite the lean times, Haggard didn't lay people off. Instead, he diversified, securing clients in the aerospace industry and in regions outside the industrial Midwest. The decision to reposition the company was a good one. Haggard & Stocking's sales rose 30 percent after implementing the strategy.
Haggard & Stocking Associates Inc. is located on a street in Indianapolis aptly named Victory. Herbert Haggard, founder and president of the distributor of cutting tools, abrasives and handline products, has vanquished seemingly insurmountable odds to emerge victorious.
Started in 1971 and growing in 1972 to include a partner, Haggard & Stocking quickly found success serving the industrial community. But along came the recession of the early 1990s when the auto industry, the company's major client base, suffered massive losses, destabilizing the company.
On Haggard's birthday in 1993, he was delivered a surprise: His partner and several key managers were jumping ship. More than one-third of the work force then walked. Stunned by the loss and unsure if he could continue, Haggard turned to his remaining staff.
"They threw a birthday party for me and gave me their vote of confidence to lead them through the crisis," he explains.
Their loyalty didn't go unnoticed. Despite the lean times, Haggard didn't lay people off. Instead, he diversified, securing clients in the aerospace industry and in regions outside the industrial Midwest. The decision to reposition the company was a good one. Haggard & Stocking's sales rose 30 percent after implementing the strategy.