In our outreach for the Big 50 list this year, we heard the same word come up over and over: “despite.”
As in: industrial distribution companies were finding ways to gain market share and increase sales —
despite a muted economic environment.
despite challenges in key end markets.
despite continued gaps in talent.
despite an opaque outlook on tariffs.
Last year, we detailed a group of companies addressing what felt like short-term roadblocks: heavy inflation, workforce challenges, an economic environment (for industrial, anyway) that some analysts believe slipped slightly into the recession category. Perhaps it was optimism that caused many of them to shrug off these concerns and blaze ahead with significant acquisition activity and other aggressive growth techniques.
And as we look at 2024 numbers, we see more of the same — distributors who are using the “despite” as a stepstool, finding ways to turn challenges into opportunities.
The year 2024, then, seemed characterized by the same fearlessness as 2023, though with mixed results. Some of the companies we showcase below benefited greatly from their strategy and took these obstacles in stride. Others reported sluggish growth or even some subtle backsliding. The average distributor showed sales increases, albeit modest ones.
What didn’t change, of course, is the effort that’s gone into making the biggest distributors in our industry incrementally better — at least in most cases. In the pages ahead, you’ll hear — straight from the mouths of these distribution industry leaders — what propelled them forward despite, and the story behind each strategy is unique.
