Corky Coker originally had no plans to enter the family business. His father had originally started Coker Tire in 1958 as a small shop that sold tires, performed retreads and handled light maintenance jobs. Even though he grew up as a “car guy” with his uncles and dad constantly working on Model As and Ts, Corky wanted to be a veterinarian. However, after getting all “Bs” in college (babes, brews and banjos, according to Corky), his father promptly told him to come back and help run the family business.
Corky took over what, at the time, was a small niche of the business, focusing on finding tires for classic and collector cars. Having flipped cars before he could legally drive and working in the tire shop since he was a kid, Corky quickly found success. Over the years, he painstakingly grew that niche into the main business, turning Coker Tire into a global leader in tires for collector, antique and restored vehicles.
On this episode of the “Only The Strong Survive” podcast, Corky shares with host Dan Kahn how he grew Coker Tire from a small family-run business into an iconic brand. Filled with deep insight from decades of experience, Corky’s knowledge is valuable for any entrepreneur, leader or CEO.
Click on the icon above to listen to the entire episode, and here are our top five takeaways:
Success is all about finding the right niche and owning it.
There are pros and cons to private equity.
Suppliers play a larger role in a brand’s success than most people realize.
Investing in quality always pays off in the long term.
Work hard, but don’t ignore your family.
Find Your Niche and Own It
Coker Tire is a prime example of how crucial it is for a business to find its niche and own it. The company initially started as a more general one, selling tires and performing small maintenance jobs. However, zeroing in on manufacturing specialty tires for collector and antique cars unlocked growth that never could have been achieved in Coker Tires’ original, more generalized form.
“Anything that you do, do to the best of your ability. Just explore and learn everything there is about it,” said Corky. “A niche, a specialty, our business was classified as a niche. I basically owned that niche because I knew everything about it. I knew what the customer wanted, and I knew how to find out what the customer wanted. You have to stand before them and show them empathy and integrity, and that you are one of them.”
The Dilemma of Private Equity
Private equity has made a significant entry into the automotive aftermarket, purchasing multiple businesses. With his children not interested in running the business, selling Coker Tire to private equity made sense for Corky to retire. However, he notes that the move did not come without some unforeseen downsides.
“Private equity has a different attitude about people,” said Corky. “Most private equity firms hire smart people, but they don’t hire people from the industry very often. That is a big mistake because they tick off their customers, their suppliers and their employees. That is their dilemma, and they have come into our industry and paid a lot of money (for companies).”
Your Suppliers Are Extremely Important
Many companies focus on introducing new products and services to stay constantly ahead of their competitors. However, according to Corky, your relationships with your suppliers are just as important. You can create as many products as you want, but none of that matters if you can’t get the supplies needed to manufacture them. Solid relationships with your suppliers are a key to success.
“The hardest part of making Coker Tire a success was sourcing product. We developed products at great places, and we became partners with our suppliers,” said Corky. “That is what some of the private equity folks don’t get. They go and hire buyers from big corporations who believe everything is a commodity, and they try to save five cents here and there. We developed relationships with our suppliers to begin with, so I was always able to get on their production schedules.”
Quality Doesn’t Cost, It Pays
Coker Tires’ ability to grow and scale over the years has been impressive. Central to that growth was a relentless pursuit of quality with its products. While some may view quality as a cost, Corky explains that investing in it always pays off in the end.
“Quality doesn’t cost, it pays. The pursuit of the best you can do pays. People look for it, they desire it and they will tell others about it,” said Corky. “When you have a problem with a product, and you don’t handle it, that guy will tell seven people. If you have a product that is wonderful, you might be on a podcast with a guy who has your tires on his hot rod and loves them. Quality does count, and it does pay, and I am thankful for that.”
Advice for Entrepreneurs from Decades of Experience
Having built Coker Tire from a small family shop to a global leader in specialty tires, Corky’s knowledge runs deep. Thankfully, he doesn’t gatekeep any of that expertise that comes from decades of experience. His best advice for aspiring entrepreneurs is a simple mix of hard work, family and sticking to what you know.
“Make a list and be about it. Number two, do what you know and do it well. Work half the time, that is 12 hours a day. Pay attention to your family and don’t ignore them. I did when I was a young adult, and I was out on the road doing 200,000 miles a year on airplanes, etc. My kids grew up without me, and that is one of the reasons they didn’t want the tire company,” said Corky. “But that was God’s grace for me, too, by the way. I sold the company in December of 2018, and the market just started declining somewhat, then COVID happened, and it hasn’t been the same since.”
