The Neighborhood Hardware Store and the Fight for Independent Ownership
Matthew Epperson, Georgia Center for Employee Ownership
When you walk into your neighborhood hardware store, you're probably thinking about a leaky faucet or a can of paint. Not one of the most fascinating ownership stories in American business.
In this special narrative episode of Ethical Exits, Hannah is joined by Matthew Epperson of the Georgia Center for Employee Ownership for a new kind of conversation. Matt brings Hannah a real acquisition story she has never heard before, and together they unpack it in real time. The story follows the rise of True Value Hardware—from a cooperative built by independent retailers to compete against powerful wholesalers, through decades of growth, the arrival of big-box retail, a private equity acquisition, bankruptcy, and an unexpected ending that raises important questions about the future of business ownership.
Along the way, we explore:
• Why cooperative ownership helped independent businesses scale without giving up control
• The rise of Home Depot, Lowe's, Amazon, and changing competitive dynamics
• What happened when True Value accepted private equity investment
• Why Do it Best ultimately acquired the company
• The role of incentives, governance, and patient capital in long-term business resilience
• What founders, investors, and community leaders can learn from one of the most overlooked ownership stories in America
This episode is exactly what Ethical Exits was created to do: use a familiar business story to explore much bigger questions about ownership, stewardship, and the future of capitalism.
Have an acquisition, succession, or ownership transition story you'd like us to explore? We'd love to hear from you.
👉 To learn more about Matthew, connect with him on LinkedIn or visit the Georgia Center for Employee Ownership.
