Hardware store's new owner is hardly a stranger

By Phil Pfuehler

The True Value store in River Falls has a new owner, a new name, but plenty of familiar faces.

New owner Ken Hanson bought the store late last month from Gary Speer. Hanson was Speer's manager since Speer built and opened the True Value store in February 1987.

"Because I've been here the whole time, this should be an easy transition," Hanson said.

Speer's True Value is now Ken's True Value. Otherwise things will stay the same.

"Whatever changes have taken place over the years, I've had a say in the decisions," Hanson said. "So the place is pretty much the way I'd like to have it now."

Hanson said his True Value store will continue its tradition of reliable customer service.

"Unlike the chains, we don't just point you to an aisle," he said. "We're here to help people solve plumbing and electrical problems, give them ideas, suggestions."

When Speer opened his store he knew how long he wanted to stay in business.

"I intended to be there until I was 55," he said. "Well, I'm 54, so the age is close. It's also a good time to sell because the economy is strong and bank loans are favorable."

When he bought the local True Value dealership and built his store at 1163 N. Main St., the area was mostly undeveloped.

"There was Perkins, the bowling alley and a small Tom Thumb store, but nothing north of me," Speer said. "It was almost all just fields.

"Since then there's been rapid development on the north end, with lots of new businesses and the industrial park. The 'way-out-there' syndrome on this end is gone."

Speer and Hanson go back before their hardware days. Both worked in St. Paul grocery stores for the same chain: Speer managed a meat department; Hanson was a meat cutter. Hanson followed Speer to River Falls when Speer opened his store.

Speer got a taste for ownership when he bought a Star Prairie tavern in 1976. He ran the bar for 5 years.

"I liked owning a business," Speer said. "But I didn't like the long hours or all the liquor laws." He said having True Value's reputation and backing made it easier to open his own hardware store.

Speer said adding computers and expanding into rentals and repairs were the biggest changes since the store opened in 1987. True Value now repairs lawn mowers, snow blowers, chain saws, small engines, and more. Skid loaders, backhoes, tractors, and other construction equipment are rented.

While business was shakier at the start of the decade, Speer said it has been steadier and prosperous for many years.

"The interest rates were crazy for a while and there was the recession, but the '90s have been super otherwise," he said. "Buildings have been going up all over, especially in St. Croix County, and wages are up."

Speer and his wife, Betty, recently built a new home. Other than several household projects to tackle, Speer has little else planned.

"In a sense I'm semi-retired," he said. "Maybe I'll do something next spring, but I want to be selective."

Hanson said he hopes business grows as River Falls, particularly the north side, grows. He expects the 4-lane Hwy. 35 expansion to be a boon.

"The outlook is great," he said. "At one time people were worried about the bypass changing traffic patterns, but I haven't seen that happen.

"When ShopKo came, people asked what would happen to us. But we are a different type of retailer than ShopKo. They've actually been an asset because they draw more people to this end of town."

Hanson said if circumstances warrant, his True Value store has room to expand. In the future he may boost his rental selection by adding tools and trailers.

However, Hanson said his staff, especially the full-time workers, give the store its credibility.

"It's a good group of employees," he said. "They're interested in the well-being of this establishment, and that's what you need to make this thing go."

Hanson will have his own Ken as his new "right-hand man." Ken Justich, who for years has managed the shop repairing small engines, becomes Hanson's assistant.

"Ken will be there for me, just like I was (for Gary), to bounce ideas off," Hanson said.