The Stuckey’s brand was familiar to many in the Southeast and Midwest as convenience stores with pecan candies and kitschy souvenirs. Started by Stephanie Stuckey’s grandfather during the peak of the Great Depression in 1937 as a roadside pecan stand, the business quickly prospered. By the end of the 1960s, Stuckey’s had grown to almost 370 stores spread across 40 states. After it became too big for him to manage, Stephanie’s grandfather sold the business. Sadly, the company began slowly declining as it lost its way without the elder Stuckey’s guidance.
Five years ago, Stephanie was presented with the opportunity to purchase Stuckey’s. The business was in debt, and Stephanie wasn’t an entrepreneur but instead had a background in law and politics. However, the lure of bringing Stuckey’s back into the family was too strong to resist. She gathered her life savings and purchased the business to rebuild it completely.
During her journey from lawyer to rebuilding the family business, Stephanie has learned a lot about running a successful brand. In this episode of the “Only The Strong Survive” podcast, she gives her insight on what it takes to reconstruct an iconic company in an in-depth discussion with host Dan Kahn. Click on the play button above to watch the entire interview and here are our top five takeaways:
Even with a company already in business, you will have to figure a lot out.
Not knowing what you are getting into can actually be beneficial.
Trying to do everything on your own rarely leads to success.
Changing a legacy brand can be difficult but is often necessary.
Knowing that you are part of something larger is a huge motivator.
Be Prepared to Figure Things Out
Purchasing a business that is already up and running can seem like a quicker way to success than building a brand from the ground up. However, there is usually a reason why that business is for sale. While things might look like a good opportunity and okay “on paper,” there will likely be a lot you will have to figure out. In Stephanie’s case, it was a lot and required a complete restructuring of Stuckey’s.
“There is almost always a reason why a company is for sale, and usually, it is because it needs some fixing. You will have to unravel a bunch of stuff and figure out at the core what you can make money at, what you are really good at and what you are passionate about,” says Stephanie. “It took us a couple of years to figure that out and then build a team. Now, we own a manufacturing facility and make delicious pecan snacks and candies.”
Take a Leap of Faith
You can analyze reams of a business’s financial spreadsheets and years of past performance data before purchasing it. However, according to Stephanie, sometimes you need to take a leap of faith. Being a bit naive about what you are getting into can actually be a plus. Without that naivety, many would never take a big step or bold action.
“It took me about six weeks to make the decision (to purchase Stuckey’s), negotiate the terms, consult financial experts and feel like I knew what I was doing. The reality was that I didn’t,” says Stephanie. “I think being naive can sometimes be a superpower because you might not take these courageous steps that can change your life for the good if you fully understand what you are getting yourself into. So, I am kind of glad I wasn’t fully aware.”
Ask for Help
A lot rides on the shoulders of any entrepreneur, and many try to carry that burden all by themselves. One of the biggest realizations Stephanie had early on was that she couldn’t handle everything on her own. She needed help and people from outside of the company that she could trust for guidance. Thankfully, she found the right business partner to help transform Stuckey’s.
“I think it is important to bring in outsiders who you trust and respect to give perspective because sometimes you are so overwhelmed that it is hard to see your way out. It was very helpful to me to find a business partner, and I have been blessed to have my main business partner, RG Lamar,” says Stephanie. “Finding that person who really helped come up with some fresh ideas while also really understanding the inner workings, it was that dynamic (that was important).”
Sacred Cows
Buying a legacy business such as Stuckey’s comes with a whole set of challenges. Among them is that there is a certain way of doing business that shouldn’t be modified. For Stephanie, that mindset would only continue Stuckey’s downward trend. She knew that there should be no “sacred cows” and that changes had to be made for the brand to be successful.
“I think it is important to come out and say there are no sacred cows. If you start latching on to certain aspects of the business, like if we thought that our stores were so critical to the business and were off the table, we would have never focused on making product and arrived at a solution that is working and has driven sales incrementally,” says Stephanie. “It takes a minute, but you really have to be open to embracing change, and the corollary to embracing change is letting go.”
Be Part of Something Bigger
Running a business can be extremely hard and emotionally draining. Realizing that you are part of something larger than solely your business can help counteract that. Stephanie gets much of her daily motivation from knowing that Stuckey’s is providing good jobs for the people in her community and helping to support the local economy. That realization keeps her going and makes her want to grow Stuckey’s even further.
“It is what gives me energy. This is hard. Running a business is hard. It is exhausting and drains your soul, mind and bank account,” says Stephanie. “Just knowing that you are part of something so much bigger than making pecan log rolls (makes a difference). We are making jobs, we are part of a community and we now have 65 employees. I look at our employees, and I am just so happy to know that they like working here.”
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