Since its founding in 1999, Acorn International has grown into a multi-million-dollar global company, but they still value the hometown touch.
“We had a relationship with another bank through prior businesses, but they moved out of state and became a bureaucracy,” said Acorn President George Stratton. “I’d known [Financial Federal CEO] Kent Wunderlich since second grade, so I decided to sit down with him. Ten minutes later, we had all the loans we needed.”
Stratton now utilizes Financial Federal for online banking, remote deposit capture, international wires, and all personal banking. The importer of agricultural fencing, concrete accessories, and building fasteners has used the flexibility from an increased line of credit to maintain $1 million in inventory at their 50,000-square-foot Memphis warehouse. The company began by brokering shipments through an agent in China, but keeping such a significant amount of product on the floor allows Acorn to respond to customer needs much more quickly.
“Anybody and his brother can broker containers,” said Stratton, “but not everyone can keep $1 million in inventory on the floor and guarantee it gets shipped within one-to-two days of placing an order.”
Acorn’s model is to maintain a small number of large accounts to keep overhead low and enable them to be a low-cost source in their line of goods. With old and new relationships with brokers and mills in China and Taiwan, they competitively source an expanding line of hardware and building materials into their warehouse and on a direct mill basis.
Acorn literally puts their name behind every item they deliver, placing their personal brand on each product. Their typical client is a hardware distributor, but their products touch a wide range of trades, from commercial roofing to the crawfish industry.
For more information on Acorn International, contact Ruth Carr (rcarr [at] finfedmem [dot] com).