Who is Barry Meguiar
visit Meguiar's website: http://www.meguiars.com/en/heritage/about/
Barry Meguiar represents the third generation of the company his grandfather founded in 1901. For Barry, working at Meguiar's started during his grade school years, working summers replacing production employees when they went on vacation.
In high school, he began working part-time year round in accounting, becoming the one-man accounting department during his college years. Meguiar's gross sales were $600,000 per year, with most of the 12 employees being family members.
Upon graduation from college, Barry and his wife Karen moved to Detroit to look after Meguiar's relations with GM, Ford, and Chrysler and to manage Meguiar's sales in the eastern third of the United States. Only in a family business could someone so young be exposed to such challenging sales opportunities.
While Meguiar's was exclusively viewed by the family as a professional brand for the car makers, car dealers, body shops and detailers, Barry saw a big opportunity looming in the consumer marketplace. Having grown up in the Southern California car culture, Barry was drawn to car shows all over the country. To his surprise, he kept finding that Meguiar's No. 7 Sealer and Reseal Glaze were being used by all of the top show car exhibitors.
Eventually, it became apparent that most custom car painters were using Meguiar's products because of their unique ability to remove swirl marks and keep fine paint finishes looking brilliant. This led to a family meeting in 1969 where Barry received approval to take Meguiar's into the consumer marketplace. His goal was to create a new brand of Meguiar's products aimed specifically at car guys. After four years of preparations, formulations, and various package designs, the very first consumer product, Meguiar's Liquid Cleaner Wax was launched at the 1973 APAA Show in Chicago.
At the time, automotive enthusiasts had no recognition among the "mass retailers" who controlled the marketplace. Undaunted, Barry's relentless passion and work ethic eventually led to retailer after retailer, featuring Meguiar's Cleaner Wax on their shelves. The rest is history with the average retailer showcasing 40 to 50 separate Meguiar's products on its shelves.
Without any funds for advertising, but determined to earn the respect of one enthusiast at a time, Barry took his products and his passion to car shows. It was the ultimate grassroots program which grew into an international marketing strategy. It was a strategy that paid off, and today, Meguiar's "men in black" can be found at almost every major car show across the country, and around the world, each weekend.
By the mid 1990's, there was growing concern that the car hobby might all but disappear. Car clubs and car shows were falling on bad times with an aging population. To counter this trend, Barry created Car Crazy Radio and Car Crazy Television to unite and mobilize car guys globally, with the goal of promoting and growing the car hobby. Special emphasis was placed on handing the passion for the hobby down to the next generation.
Car Crazy TV is now the longest running show on the SPEED TV and is viewed globally via the Internet and broadcast television. More importantly, regardless of economic fluctuations and for a variety of reasons, the car hobby has been experiencing explosive growth over the last ten years.
For Barry and for everyone at Meguiar's who share his passion, a great foundation has been built for the most exciting days, which always lie ahead.
More news:
History of Meguiar’s Car Care Brand
http://www.brandlandusa.com/2009/07/20/history-of-meguiars-car-care-brand/
By Garland Pollard
IRVINE, Calif. – Best known for its car-care products, the niche boat and car cleaner brand Meguiar’s sold out to 3M on October 3, 2008.
3M already makes a number of automotive products, and the Meguiar’s product line includes waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets. (At right, a bottle from the mid-1980s, oror perhaps earlier. It was found in an archaeological dig in a much-beloved relation’s garage.)
“The addition of Meguiar’s builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car-care products,” said Ian Hardgrove, vice president, 3M Automotive Aftermarket Division in a press release last fall.
The family business that began over a century ago making furniture polish one bottle at a time in the garage of founder Frank Meguiar, Jr. now spans three generations of Meguiar’s and 92 countries. Meguiar’s, Inc. has become the world’s most respected manufacturer of cleaners, polishes, waxes, conditioners and protectants for every conceivable surface.
We hope the brand can continue to keep its own identity within the 3M family, just as Scotch tape or Post-it notes are sub-brands of 3M. It’s a quirky brand with cult appeal in the nautical market, and you don’t want to mess it up.
Car enthusiasts know Meguiar’s not only for its products, but also for its presence at thousands of car shows.
“Combining with 3M will greatly enhance our ability to serve and support ‘Car Crazy’ people on a global basis,” said Barry Meguiar, president and CEO, Meguiar’s Inc. in a press release last fall.
In the press release, 3M said that its Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M’s growth strategy to strengthen its core businesses and expand into adjacent markets.
Meguiar’s is headquartered in Irvine, California, and last fall employed approximately 115 people; Sawaya Segalas & Co., LLC acted as exclusive financial advisor to Meguiar’s Inc.
The car products company has done an excellent job focusing on its niche, car enthusiasts and produces specialized products for every automotive surface, including paint, wheels, tires, and interiors. They also produce Meguiar’s Car Crazy Television and Radio.
More news: http://news.3m.com/press-release/company/3m-acquire-meguiars-inc
3M to Acquire Meguiar's Inc.
Monday, September 8, 2008 12:00 pm CDT
Public Company Information:
"Together, Meguiar’s and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world."
ST. PAUL, Minn.--(
BUSINESS WIRE)--3M announced today it has entered into an agreement to acquire Meguiar
’s Inc., the 100-year-old family business that manufactures the leading Meguiar
’s brand of car care products for cleaning and protecting automotive surfaces. Terms of the transaction were not disclosed.
Meguiar’s brings its renowned products and proud history—from its beginnings providing Mirror Glaze polishes and waxes for professional use to today’s top-of-the-line products for everyone dedicated to maintaining a brilliant finish on their vehicles—to 3M’s range of automotive aftermarket products. Meguiar’s products include waxes, polishes, cleaners, conditioners and protectants for the automotive and marine markets.
“The addition of Meguiar’s builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products,” said Ian Hardgrove, vice president, 3M Automotive Aftermarket Division. “Together, Meguiar’s and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world.”
Car enthusiasts know Meguiar’s not only for its products but also for its presence at thousands of car shows across the country featuring every type of collector car from hot rods and muscle cars to exotic sports cars to vintage classics. Through Meguiar’s internationally syndicated, multimedia broadcasting network, people with a passion for cars can experience major automotive events and the latest collector car hobby news.
“Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis,” said Barry Meguiar, president and CEO, Meguiar’s Inc. “We are excited about the opportunity to grow our business by joining forces with one of the world’s great global companies—working together to increase our support of the car hobby worldwide.”
3M’s Automotive Aftermarket Division provides a comprehensive line of 3M products for auto body repair professionals and auto enthusiasts. Products include abrasives and accessories, performance cleaning products, waxes, masking tapes, panel bonding adhesives, general adhesives coatings and sealers, paint finishing polishes and compounds, and paint application systems. Complementary acquisitions such as this support 3M’s growth strategy to strengthen its core businesses and expand into adjacent markets.
Meguiar’s is headquartered in Irvine, Calif., and employs approximately 115 people. The transaction is expected to be completed in the fourth quarter subject to customary closing conditions, including regulatory approvals.
Sawaya Segalas & Co., LLC acted as exclusive financial advisor to Meguiar's Inc.
About Meguiar’s Inc.
For over 100 years, Meguiar’s Inc. has been providing Car Crazy people with specialized state-of-the-art formulations for making the appearance of cars “show car perfect.” Chosen by 20 out of 24 “Best of Class” winners at the 2008 Pebble Beach Concours d’Elegance, Meguiar’s provides highly specialized products for every automotive surface, including paint, wheels, tires, and interiors. As part of its passionate support for the car hobby, Meguiar’s sponsors more than 11,000 car shows globally and produces Meguiar’s Car Crazy Television and Radio that represent car enthusiasts worldwide.
About 3M
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M
’s core strength is applying its more than 40 distinct technology platforms
– often in combination
– to a wide array of customer needs. With $24 billion in sales, 3M employs 79,000 people worldwide and has operations in more than 60 countries. For more information, visit
www.3M.com.
More news: http://www.ocregister.com/articles/meguiar-19873-car-company.html
How Meguiar sold his company - and kept it, too
Oct. 18, 2008
Updated Aug. 21, 2013 1:17 p.m.
Barry Meguiar sold his Irvine car wax company Oct. 7, 2008.
So where was he on Oct. 8?
At Meguiar'sheadquarters, where he's worked for most of his 66 years, of course.
Meguiar's isn't just any ol' line of car care products, and Barry Meguiar isn't any ol' third-generation owner of a family business. Meguiar's is tops in its field with 18 percent of the market (Armor All holds 17.3 percent and Turtle Wax is 14.9 percent.) Annual sales are well into nine figures.
Those facts help explain why 3MCorp., one of the world's biggest companies, wanted to buy Meguiar's.
The way Barry Meguiar lives his life and runs his company is a wonderful lesson for other entrepreneurs. Passion. Extraordinary customer focus. Dedication both to legacy and the future.
First, you must understand where Meguiar's came from. Granddaddy Frank was a furniture polish salesman who started making his product, Meguiar's Mirror Glaze, in the garage in 1901. Sons Maurice, Malcolm and Kenneth grew the company by concentrating on selling car polishes to dealers, body shops and detailers.
They didn't want anything to do with the consumer retail market.
Annual sales were $600,000, which exceeded the brothers' wildest dreams.
Barry, who was the one-person accounting department through college, joined the company full time in the 1960s and started going to car shows. Car enthusiasts were familiar with Meguiar's Mirror Glaze No. 7 Sealer and Reseal Glaze, which they had obtained from custom paint shops.
"I called my uncles and my Dad into a meeting and said, 'Whether you like it or not, we're in the retail market.' I talked them into letting me enter the consumer market, which I launched in 1973 with a one-step cleaner wax," Meguiar recalls.
He didn't have money to advertise, so Meguiar went to car shows.
He arrived early and set up his products on a 10-foot-long table. As each car owner would arrive at the show, Meguiar would introduce himself and give a little spot demonstration on the owner's seemingly immaculate car.
It always looked even better when he finished.
Then he offered the owner a free bottle in exchange for putting a Meguiar's sign on the car. By mid-day, every car in the show had a Meguiar's sign.
As the company grew, Meguiar and his wife Karen went to more and more shows. Every weekend. All over the world. The products are in 92 countries. In some, people pay $50 a bottle.
More about that in a minute.
Meguiar divides the world into two kinds of people: car guys and everyone else.
Car guys can be any age, either sex, any nationality. They're just crazy about their cars. Regardless of the economy, they spend money on their cars.
Meguiar, his wife, two daughters and six grandchildren are car guys.
He estimates 30 million Americans are car guys too. They are Meguiar's core customers.
In the early 1990s, Meguiar became concerned that the car hobby was dying out. "I'd look around the shows and all the guys were my age, so I wanted to promote the hobby," he says.
So the company started sponsoring car events - 150 at last count - and supporting 1,500 others. Meguiar launched Car Crazy, a weekly TV show on the Speed Channel. He started getting enthusiasts at the shows to yell "I'm Car Crazy!" for the cameras.
" 'Car Crazy' was to promote the hobby, not our products. We have invented a brand different from our company brand. I don't know any company in the world that has done that," he says. "But the strangest thing: The more I gave to the hobby, the more our sales grew. That wasn't the intent."
When Meguiar turned 65 it occurred to him that he wouldn't live forever.
What would become of Car Crazy? What would become of Meguiar's?
So he quietly talked to investors about buying the company. Nothing came of it.
Meguiar runs his company on Proverbs 3: 5-6, "Trust in the Lord with all your heart and don't lean on your own understanding. In all your ways acknowledge Him and He will direct your paths." Meguiar figured if God wanted the company sold, He'd bring a buyer.
In March, Meguiar approached 3M about an unrelated matter. Aug. 5, H.C. Shin, executive vice president of industrial and transportation at 3M called Meguiar. "I hear you're looking for a partner. If you're interested, I'm in."
Meguiar was stunned. "I never in a million years thought I would sell to 3M. We fought them tooth and nail in the body shop industry."
But 3M had been watching Meguiar's for 10 years. It completed its due diligence in 17 days, and the deal closed in five weeks.
If you think that's extraordinary, listen to the terms: Meguiar is to remain president with a long-term contract and change nothing about the way the company makes, markets or sells its products. All 120 employees keep their jobs.
"They said Meguiar's is a recipe, not a product. It's everything from our labs to our car shows to Car Crazy to our 2,000 partners (companies that license the product) overseas," he explains. "We will continue to compete against 3M but we have additional resources."
For example, Meguiar's needs to make its product overseas, but Meguiar didn't know how to do that. 3M has facilities worldwide and will set up the process. Right now, when overseas dealers run out of product, it takes 12 weeks to restock. And then there's that $50 price tag.
With 3M's help, product won't run out and will sell for less.
"See? God was able to do exceedingly abundantly above all I could ask or think," says Meguiar, quoting Ephesians 3:20. "I've never been as excited about my business as I am right now."
