H. Carl Buchan
H. Carl Buchan | |
|---|---|
 | |
| Born | H. Carl Buchan Jr. November 27, 1916 |
| Died | 1960 (age 44) |
| Occupation | Business |
| Known for | Co-founder of Lowe's |
Carl Buchan or H. Carl Buchan Jr. was an American World War II veteran. He is noted as one of the co-founders[1] of the American home improvement and retail company, Lowe's. Although his father-in-law, Lucius Lowe, started Lowe's in 1921 as a small hardware store, Buchan is credited for significantly expanding it when he became the owner of the business in 1952.
Biography
[edit]Buchan was born on November 27, 1916 in Pinehurst, North Carolina.[2]
He went to State College (North Carolina State University) to study journalism. After the outbreak of World War II, he enlisted in the military and completed his training from the Officer's Training School in Camp Lee, Virginia.[3]
After Lowe's death, his daughter Ruth inherited his hardware store, which was then called Lowe's North Wilkesboro Hardware.[4] She sold it to her brother, Jim Lowe. Ruth, however, was called in to manage the store together with her mother after her brother left to fight during World War II. Buchan also served during the war but due to an accident, he was sent home.[5] An account stated that this involved a foot injury.[3] He then met Ruth and the pair got married.
The couple reached out to Jim, who was still fighting in Europe, if they could bring Buchan into the business.[4] Jim agreed on one condition, that a store inventory was to be conducted and Buchan would pay him for each product in the list.[4] This gentleman's agreement is said to have sealed Jim and Buchan's partnership.[4] The Buchans moved to Wilkesboro during the 1940s to co-manage the store with Jim after he came home.[2] In 1952, after differences with Jim, Buchan bought the business out and became sole owner of Lowe's Hardware.[3]
Buchan's vision for Lowe's was ambitious early on. He wanted to transform it into a chain of hardware stores.[6] Among the innovations he introduced was the Lowe's Companies Profit Sharing Plan and Trust, which allowed employees partial ownership of the company.[5] By 1960, the company was operating 13 stores that sold hardware, home appliance, and lumber at a discount.[6]
Buchan died in 1960 from a heart attack.[2][7]
References
[edit]- ^ Vereen, Bob (2010). Surviving in Spite of Everything: A Postwar History of the Hardware Industry. Indianapolis, IN: Dog Ear Publishing. p. 35. ISBN 978-1-60844-416-8.
- ^ a b c HUBBARD, JULE (2016-11-21). "Buchan ambitious but generous". journalpatriot. Retrieved 2023-12-05.
- ^ a b c "Wilkes County NC Hall of Fame – H. Carl Buchan". wilkescountyhalloffame.org. Retrieved 2023-12-15.
- ^ a b c d Kammerlohr, Emily (2022-06-08). "The Untold Truth Of Lowe's". House Digest. Retrieved 2023-12-05.
- ^ a b Alcorn County, Mississippi: 1870–2002. Turner Publishing Company. 2002. p. 218. ISBN 978-1-56311-821-0.
- ^ a b United States Congress Senate Committee on Banking, Housing, and Urban Affairs (1987). Employee Ownership on Hostile Takeovers: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundredth Congress, First Session, on the Benefits and Abuses of Employee Stock Ownership Plan (ESOP) from a Hostile Takeover Raid, June 26, 1987. Washington, D.C.: U.S. Government Printing Office. p. 51.
{{cite book}}: CS1 maint: multiple names: authors list (link) - ^ Upbin, Bruce (20 January 2003). "Work and Buy and Hold". Forbes.