CE Pro December 2021 - 28

INDUSTRY
CE Pro Masters
ROBERT COLE, Founder & CEO, World Wide Stereo
ALWAYS A JACK of all
trades, in 1979 Bob Cole
opened World Wide Stereo
in Montgomeryville, Pa., with
a $16,000 loan, no money
and no employees. A gifted
salesperson by nature, he
simply did everything himself
from building out the store
to buying and selling an initial
assortment of audio gear
and sewing machines. " Even
by the time we were doing
$6 million/year with four
guys, I was selling $3 million
of it myself, " he says.
The rest of his skills came
from a young adulthood
spent working all manner of
construction jobs through
the HOD Carriers Union in
New York and New Jersey
where he learned carpentry
and electrical. After he
graduated Temple University
with a degree in Psychology
and Philosophy, he spent 10
years as acting director of
the Albert Einstein Community
Mental Health Center,
an experience that would
serve him well throughout
his audio career.
After funding was cut for
the Center, he found a job as
national sales manager for a
franchise-based electronics
company and was sent all over
the country to turn around
failing stores, during which
time he hatched the fantasy
to open a store of his own.
" I was very lucky to have
two very smart reps when
I was just starting out who
showed me the ropes and
saved me from myself. If I
had it do over, I might have
found a partner with a strong
business background, but as
it were, we found our way
and grew year over year, "
Cole recalls.
" From the beginning, my
mantra was always 'Do well
by doing good,' and I always
told my people, 'You are not
just selling a box. Your goal
is to improve the quality
of people's lives, and when
you do that, they will keep
coming back. As for reps and
vendors, our relationships
are built on well-earned trust
- we always do what we
say we will do, and we always
pay our bills. "
Over the years, the
business branched out in
unconventional ways as
opportunities presented
themselves. Around 1980, the
company got into custom
by installing 6 x 9-inch car
stereo speakers in customers'
in-house spas. Also in the
early '80s, a rep went out on
a limb and bought $16,000 of
Atari's Space Invaders games
and Cole thought it was going
to be a catastrophic mistake
... instead, they wound up
selling out in the first weekend,
and had repeated that
success with Pac-Man and
other titles.
" Then, one day, when
someone's game broke, Atari
opened us as an authorized
service center, " he notes, " and
in many ways, that is what
really put us on the map. "
In 1994, WWS did their
first online sales (the same
year Jeff Bezos started Amazon)
and in 2008 launched a
transactional website. With
the custom business growing
as well, that year they doubled
sales.
Along the way, Cole
served as president of the
HES Board for nine years and
was named 2019 ProSource
Dealer of the Year. In 2018,
he was inducted into the
CTA Hall of Fame.
Today, World Wide Stereo
is a three-legged company
with 95 employees. E-commerce
comprises 60% of revenues
and the balance comes
from retail and custom. " I
used to do everything and
micromanage everyone, " adds
Cole, " but now, though still
founder and CEO, I have five
excellent managers who run
our day-to-day operations -
and I give them plenty of free
rein. I'm also proud to say our
president, chief merchant and
director of marketing are all
women - each one strong
as all get out! "
All these years later,
Cole's business continues
to give him great satisfaction.
" My life is abundant.
I have a grandchild, a new
home, great friends in the
industry and I love my work
on the ProSource Board, "
he says. " In many ways, I've
never really stopped being
a psychologist - doing my
best to keep everyone happy
through what is essentially a
grand ongoing group therapy
session. "
GREG HANSON, COO, CFO & CMO, Hanson's Audio Video
ONE WOULD BE HARD
pressed to name as well-run
a company as Dayton, Ohio's
Hanson's AV in any industry,
but especially in the custom
integration industry where
most owners start out as
hobbyists or technicians and
28 | CE Pro December 2021
blindly feel their way into the
business end of operations.
Equally rare is an owner who
starts out with a 40-year
stint at a Fortune 500 company
already behind them
before open the doors of a
CE company.
That explains some of the
phenomenal success Greg
Hanson has achieved alongside
his son and business
partner Troy, whose idea it
was to start the company
back in 1999. Says Greg
Hanson, " I had a long and
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CE Pro December 2021

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