Craig Penland, President of Eurolink Fastener Supply Service, Top 10 Admired Leaders of 2024

Craig Penland
President
Eurolink Fastener Supply Service


Craig Penland, President of Eurolink Fastener Supply Service

“Prioritize the team for the desired success”

Eurolink Fastener Supply Service is the leading importer of hard-to-find metric fasteners in North America. Here in the United States, there are more than a few industrial importers who buy large quantities of metric fasteners from Asia and then transport them into the US via sea freight. According to Craig Penland, thePresident& CEO of Eurolink, the main goal of these importers is to prioritize the most common metric fasteners at the most affordable prices. However, as more European OEMs enter the US market or more US OEMs try and sell to the European market, there has become a growing demand for hard-to-find metric fasteners (C-class items). These items are more common in Europe due to their larger inventories of metric fasteners, but not as common here in the US. North American Industrial distributors had no solutions to the procurement problem that these C-class items were posing, which prompted Eurolink’s intervention.

The establishment of the company dates back to twenty-four years, during which it originally engaged in the direct provision of fasteners to OEMs. However, their first contractual endeavor failed due to their inability to procure the requisite C-class metric fasteners with expeditiousness. The endeavor to procure goods directly from European distributors was met with disappointment, as the growing nature of their enterprise led to their rejection. Subsequently, they made the smart decision to change the direction of their company and assume the role of an importer specializing in the procurement of hard-to-find metric fasteners. To facilitate this endeavor, they forged strategic alliances with European distributors that were willing to collaborate with them, along with freight forwarders, that could offer the deliveries required all the while maintaining cost that didn’t make purchasing these fasteners unaffordable. Thereby enabling them to receive regular air freight shipments on a weekly basis. Consequently, they have emerged as the foremost purveyor of hard-to-find metric fasteners in the course of the preceding 18 years.

They refrain from buying goods directly from manufacturers in Asia, so that they can maintain their just-in-time deliveries. This is important because they normally only buy and sell items that their competitors don't typically sell or keep in stock here in the US. They assert themselves as an exceptional inclusion within the customary purveyors of metric fasteners.

The company underwent a significant transformation, shifting its operations from serving as a local industrial distributoroffering exclusively to original equipment manufacturers, to adopting a just-in-time importing approach for scarce metric fasteners. These imported fasteners were subsequently distributed to industrial intermediaries spanning across the North American continent.

Craig, as a leader, believes that mistakes and failures should be embraced and not feared. He acknowledges that he too, has made numerous mistakes in managing his company over the last 24 years, and as to be expected, those mistakes have produced a few failures. Craig even jokes that he could probably write a New York Times bestseller on how not to run a company. Yet, through all those failures, he has never given up. Therefore, it is his belief that in order to be successful in life, one must not fear failure and should not limit themselves to only what they are certain about. By allowing oneself to make mistakes and continuing to strive for greatness, eventually they will achieve their goals. However, in his view, the important thing is to make sure you are learning from these mistakes and keep progressing.

Craig also strongly believes in prioritizing his employees over all things and recognizes that this may seem unconventional to most in this customer-focused world. However, he believes that by doing so, he is ultimately prioritizing the customers' experience, as he understands that without skilled and dedicated employees, he cannot provide the desired level of service to his customers.

Every year, Craig organizes a strategic management session where his team analyzes their company and sets both short-term and long-term goals. They define their annual goal, create a thematic goal, and then S.M.A.R.T. goals to support it. They also establish individual Key Performance Indicators (KPIs) and hold each other accountable, including Craig himself. At Eurolink, they have defined their company's purpose and core values and have hired people who also believe in these very same values. Craig believes in hiring smart employees and has then found success in allowing them to do their jobs without micromanaging them.

The company sees itself as a complement to the normal supplier base for industrial distributors and does not view other fastener importers as competitors. They recognize their unique position in the industry and focus all of their strengths on what they do best rather than trying to cater to every need. The company has recently relocated their North American headquarters to a much larger facility in South Carolina, allowing them to expand their stocking product range. However, they still prioritize their main business model of being a just-in-time importer. As a result of this increased space, they are now focusing on stocking unique metric fasteners that are not commonly found in North America. Their first additions to their new product linesare hot dip galvanized metric hex head cap screws, then followed up by hot dip galvanized metric structural bolts.

Beyond adding new products, Eurolink is dedicated to improving the customer experience in 2024. This may involve increasing the sales team, expanding the supplier base for more opportunities, and potentially launching an e-commerce platform.


Company

Eurolink Fastener Supply Service

Management

Craig Penland
President
Eurolink Fastener Supply Service

Description

Craig and his top-notch staff at Eurolink have been a great resource for our hard-to-find items. They have gone above and beyond to accommodate our needs. Their vast knowledge and resourcefulness has been a great asset.

-Customer - Marty D.


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