Today we’d like to introduce you to Nick Nichols.
Started in 1999, Industrial Bearing and Services (IBS) is a full-service distributor of Power Transmission Products servicing both the OEM and MRO needs of our customer base. The principals and several employees are from the old TL Walker Bearing Co. that thrived in the 70’s and 80’s under current owner Lindley King. Just like most other companies in the Houston area, IBS is definitely tied to the oil patch. While we concentrate on diversification of our customer base, it is just hard to separate from the vast majority of customers being related to oil drilling and refinement. Not that we want to separate from this field, we just need it in those times that barrel prices dip.
It started with 4 employees and have grown through the years up to a max of 15. We are currently at 13 and as always, looking to bring on new team members who can help us to grow. One thing we pride ourselves on is the fact that even during tough times ’08-’09, and late ’14-’16, we have never had to go through any type of reduction in force or layoffs. Everyone that is employed here has equally sacrificed to keep our team together.
Lindley and his partners are currently in the process of selling the business to me, Nick Nichols so that I can position the business for further growth.
Has it been a smooth road?
Due to the fluctuation in oil prices, there have definitely been some hiccups along the way. It is hard for me to say that we went through “struggles” after what our community has been through the last two weeks and will be going through in the next few months of recovery. We, as a company, were very blessed through Hurricane Harvey comparatively speaking to the thousands of individual families and businesses that are dealing with relocation and starting over. We at IBS have done what we can to help those in need and will continue to do so through the recovery.
We’d love to hear more about your business.
When it really comes right down to it, we are just a bearing and related products distributor. But what we have done is find our niche market. One of the things that we have done, I brought over from a previous life in the high-tech business is value added distribution. When I say value added, I speak of building kits and special products that some of our bigger competition does not tend to want to get into due to the time it takes to cultivate this type of business.
Again, one of the things that I am proud of for this company is the fact that the entire core team is still together after 18 years. Even through the toughest of times, we have not had to do any layoffs what-so-ever. It is because the employees decided by vote to take individual pay cuts so that others could keep their jobs. Our people are the backbone of this company.
Is our city a good place to do what you do?
This city is remarkable for this type of business. There are so many opportunities here that remain untouched by small footprint companies such as ours. Not that I am trying to use your magazine as a recruiting tool, but we are always looking for additions to our sales force to get out there and “beat the bushes”. For those starting out, do your due diligence on the front end. Make sure you have some customers lined out that will be able to help you defer the startup costs such as infrastructure and inventory. Inventory is the key in this business because the right inventory will help your cash flow and the wrong inventory will hurt you badly as it sits costing taxes and cash flow problems.
Contact Info:
- Address: 5213-B Tacoma Drive
- Website: www.ibshouston.com
- Phone: 713-329-9800
- Email: sales@ibshouston.com
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