Global Fastener News

1981 FIN – Shanks Honored at White House as "Small Business Person of the Year"

April 23
00:00 2013

June 10, 1981 FIN – Richard E. Shanks, president of Fasteners Inc., Spokane, Washington, was recently named “Small Business Person of the Year” for 1981 for the state of Washington.

As part of his recognition, Shanks, along with his wife, “Babe,” attended ceremonies at the White House during Small Business Week, May 10-16, 1981.
A native of Davenport, Washington, Shanks, after serving three years in the Naval Aviation Corps, moved to Spokane in 1947 with $110 in his pocket and the idea of starting his own business – a commercial instrument repair shop. The reality fell somewhat short of the dream: Six weeks later his capital had shrunk to $4 and his order books showed two jobs – one to repair a set of Christmas tree lights and the other to repair a gauge on a pressure cooker.
Developing his business was a struggle, Shanks told FIN. Mornings were spent selling and promoting, afternoons and evenings doing the repair work. His efforts for the first year culminated in a $28 loss.
But the business grew, the number of employees increased, and branches were established in Portland, Ore. And Seattle. Both offices were profitable, and in 19780 these businesses were sold to two employees.
During the negotiations for sale of Industrial Instrument Supply, it became apparent that the new owners did not want the electrical panel and instrumentation portions of the business. The decision was made to start Pantrol, Inc. This firm now is operates as a partnership with Roy Givens and manufactures electrical panels and electronic subassemblies sold throughout the world.
Although Shanks has founded a number of other firms, his primary business activity for the past 19 years has been Fastener, Inc., an 80-employee specialty house offering a complete line of threaded products – bolts, nuts, screws and rivets – including high strength and special fasteners for commercial, industrial, manufacturing and construction industries. Sales for the company are now around $5 million annually.
Fasteners, Inc., was established October 1, 1961, in Spokane County. Since that tie branch outlets have been opened in Pasco, Wash.; Missoula, Butte and Billings, Montana; and Gillette, Wyoming.
Fastener Inc’s headquarters address is N. 624 Fancher, P.O. Box 3004, Spokane, Washington 99220. Tel: (509) 535-8811.
©1981/2013 Fastener Industry News.
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