One area in which AFW has had particular success is in picking up goods that other retailers have canceled. Jabs, for instance, bought 21 containers of leather sofas from Synergy after a higher-end retailer canceled them. Of course, these goods still need to be matched with containers and then the containers need to get through congested ports.
But that beats starting at the back of the line, as many retailers and consumers are learning. Jabs said his company also has been reaching out to all its sources, just to ask if they have anything laying around their warehouses they want to clear out of a price. Perhaps surprisingly, many of them do. We buy from 13 countries. So when China shuts down, Malaysia is open and when Malaysia shuts down, China is open, that sort of thing. The morning he left Colorado to fly here, Jabs took a photo from his office window overlooking the warehouse dock, where some 40 containers were waiting to be unloaded.
A few months ago, the retailer was oversold with one unidentified vendor to the tune of 8, pieces of upholstery. Jabs called the CEO, who promised to get it to him in three weeks and he did.
But in no time, AFW was oversold again by 9, pieces, Jabs and going into this Premarket, the oversold position had climbed to 12, pieces. Add this up across all suppliers and AFW is oversold on about , pieces, Jabs estimated. So is the consumer losing patience? I had the best store. I was buying all the latest records.
When TVs came into Bozeman, I started selling them. One of the things I teach young people is to live within your means. It was during this period I learned to pay in cash for stuff, not to expand too quickly, and to keep my credit good.
I think they are a cop-out. Everybody loses in those situations, so I always try to stay liquid. At American Furniture Warehouse today, we pay in cash for everything. Around that time, a guy came through Bozeman selling furniture, and he was looking for a dealer. It was a hobby, so I started selling it cheap. That was a big risk.
The investment was huge for me at the time. Fortunately, I learned a lesson pretty quick: Not everybody needs a guitar, but everybody needs furniture. Today, of course, my furniture business is the largest dealer in Colorado and one of the biggest in the country. Your email address will not be published. When my wife was alive, she loved to spend several months in Arizona. The people in Arizona thank us all the time for opening our stores there.
How do you feel about all the changes you have seen in Denver through the years? Most of them have been for the good… now I wish they would spend more money on highways and do what they can to help alleviate the traffic…. Too many traffic jams all day long, and it seems like everyone is fighting traffic jams no matter what time of the day. What do you do when you need to totally escape from everything? They lived a long time.
That would probably be one of the American Presidents…. One of my favorites is Ronald Reagan. Reagan was truthful and truly made America great again.
Before him, we had the feeling that things were going to hell. He felt good about the country and about the changes he was going to make, so we all started feeling good about America. We were at a conference in D. How have you stayed so enthusiastic over the years? After growing up poor and with a family that came over here with just the shirts on their backs, I think just being successful has made a difference.
Are you doing all you dreamed of and more? Tell us about the public speaking you are doing at schools? I talk about my journey from Montana to owning American Furniture Warehouses, and the message I give is: Live below your means… many people have maxed out their credit cards, and end up paying late charges and high-interest fees.
Have some cash in the bank and stay debt free so you can survive the tough times. Learn to pay cash for your cars — and even your house. I have gifted millions of dollars to several business schools to help promote good business practices, free enterprise, and entrepreneurship. Tell us about some of the extra benefits of being part of the American Furniture team? I have great benefits for our employees; and we have eaten the higher insurance costs for the last 9 years. We have our own trucking and delivery system, and we offer advancement opportunities and various incentive programs.
Fill in the blanks here: People today have lost the ability to…. Be responsible for their own actions, and not be dependent on the government. Even Lenin in his later life figured that out; and he was trying to change to a new economic policy and trying to introduce free enterprise by giving everyone a free acre of land, and they were encouraged to trade. Lenin died at 53 very frustrated with communism. Stalin, who was very ruthless and killed many people who were against him, took over. My Dad hated Stalin.
He took back the acre of land given to people, and went back to communism. They took away the seed grain, took away their animals, and they just starved under communist rule.
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