Dover Saddlery
Company Background
1. Dover Saddlery’s (NASDAQ:DOVR) headquarters is located in 525 Great Road Littleton, MA 01460 United States.
2. Dover Saddlery is a retailer that sells quality products to Equestrians, both adults and children, along with products for horses. Through these products Dover Saddlery is helping further Equestrians and their horses because of their quality. It sells everything from apparel, to blankets, to tack, to barn equipment such as buckets.
3. Dover Saddlery was founded in 1975 by an Olympian rider named Jim Powers and his brother David. The idea to create a company that sold quality products occurred whilst the brothers were competing in Germany in 1972. Currently, Dover Saddlery employs about 500-1,000 employees across the country. Since the company was founded by Olympian riders, they knew the quality their products must have and the affordability that was required. So, Dover Saddlery only sells quality products from reputable suppliers such as Tredstep, Charles Owen, and LeMieux. The most recent development in Dover Saddlery was the opening of its 35th store in Aiken, South Carolina in early February 2019.
- A. Capitalization: 1.2 Million Dollars (U.S.) as of 2014
B. Current Ratio: (current assets/current liabilities) Current ratio = as of 2014
C. Debt Management Ratio: (Total Liabilities / Shareholders Equity) Debt-to- Equity Ratio = as of 2014
D. Analysis of Company: Dover Saddlery’s above ratios are all based upon 2014 data because in early 2015 Dover Saddlery joined into a definitive merger with Webster Capital. The terms were that Webster Capital would purchase all of Dover Saddlery’s outstanding stocks in cash for $8.50. Furthermore, Dover Saddlery would then be taken private. Due to the above ratios, Dover Saddlery was very healthy before it was bought out. Since its Current Ratio is 2.7 it shows it is pretty liquid since it should be above 1. The Current Ratio shows whether the current assets are enough to settle current liabilities. Furthermore, since Dover Saddlery has a 1.4 for its Debt Management ratio it shows there is less risk to invest in it. The lower the number for the Debt Management Ratio, the better. Since these ratios are favorable, Dover Saddlery was very reasonably healthy as of 2014 right before it was bought.
Stakeholder & Social Responsibility
1. Dover Saddlery has a Dover Donations program which sends horse rescue centers tack, supplies, and apparel. Dover Saddlery states: “It is our pleasure to assist horse rescue centers through our Dover Donations program. Through this program we will periodically send you horse care items.” Through this program horse rescues will be blessed with tack and supplies they may have needed but not been able to afford. Due to horse rescues being neglected, they do not receive the help they need, but through Dover Saddlery they have another resource to keep their blessing to horses alive.
Through blessing different horse rescues, Dover Saddlery is providing a kindness and generosity for these horses who did not ask for the predicament they are in. Horse rescues around America do not receive the appreciation and care they need for the great service they provide to horses and equestrians alike. Horse rescues bless unwanted, neglected, abused, and overlooked horses by giving them a second chance at life and often need donations to help keep them afloat. If horse rescues did not exist, many horses would be sent to slaughter or left to die alone, abused, and neglected. Dover Saddlery is helping keep these horses alive and give them a second chance.
2. The first external stakeholder for Dover Saddlery are the customers, which are Equestrians but more specifically, English Equestrians. Equestrians look for great quality in the tack, clothes, and supplies they purchase to compete and train in. When investing lots of money into a company like Dover Saddlery, Equestrians expect their product to be of high quality and to have a long-lasting life. Without the Equestrians, Dover Saddlery would not have a business.
The second external stakeholder for Dover Saddlery are many suppliers such as Ariat, Tredstep Ireland, Kerrits, Weatherbeeta, and Charles Owen. Ariat and Tredstep Ireland supply Dover Saddlery with different kinds of boots, therefore giving them their business, money, and trust to sell their product. Kerrits entrusts Dover Saddlery with its clothing for all seasons of riding. Without Kerrits, Dover Saddlery would lose a supplier that brings them great business. Without Weatherbeeta, Dover Saddlery would lose its supply of top blankets. Charles Owen supplies Dover Saddlery with the best helmets around and without them Dover Saddlery would lose a lot of income. Ariat, Tredstep Ireland, Kerrits, Weatherbeeta, and Charles Owen entrust Dover Saddlery with their product and trust them to sell it properly and receive compensation. Without them, Dover Saddlery would lose majority of its income.
Finally, a third external stakeholder for Dover Saddlery would be competitors such as Rod’s Western Palace. Rod’s vies for the Equestrian’s business and money. In order to come out on top, Dover Saddlery must have quicker service, better products, and better customer service. Rod’s can supply new products to Equestrians to grasp their attention, so Dover Saddlery would have to combat that by providing new supplies of tack, clothing, or supplements. To beat their competitors such as Rod’s Western Palace, Dover Saddlery must prove they have the better products, price, and customer service. Without competitors, Dover Saddlery wouldn’t have a reason to be even better than they are.
3. A general environment force that could affect Dover Saddlery are economic forces. Economic forces consist of general economic conditions and trends. Through this force, Dover Saddlery could be affected through their performance. If there was a great demand for a certain kind of saddle and Dover Saddlery couldn’t keep up with the demands, then Equestrians will find a company who can provide them with the saddle they need and want which will hurt Dover Saddlery’s business. Another way economic forces could affect Dover Saddlery’s performance is if there is inflation. Since inflation causes prices to increase, Dover Saddlery will have to match it when pricing their products which could affect their business because their goods will be more expensive which deters customers when looking for a better price for what they want to purchase. Through economic forces, it could be the rise and fall for a company like Dover Saddlery.
Mission/Strategy/Goals
1. Dover Saddlery’s vision statement is: “To use the knowledge the founders, Jim and David Powers, gained from having trained and competed with the best riders around the world, to select and develop the best products for the horse and rider”. This vision statement meets the requirements of what all vision statements should meet by explaining the long-term goal of what Dover Saddlery wants to become. Dover Saddlery wants to develop the best products for horse and rider which is much needed in the equestrian community. By creating a vision statement such as this, it shows how much Dover Saddlery strives to better themselves and the equestrian community.
Dover Saddlery’s mission statement is: “To provide world class product and customer service to equestrians of all levels through a broad multi-channel reach”. This mission statement meets the requirements of what all mission statements should meet by explaining the purpose and reason of being for Dover Saddlery. Through this mission statement it shows that Dover Saddlery severely cares about their customers, both horse and rider alike.
2. Dover Saddlery is performing a “growth” strategy as of now and to show that, they have released over 373 fall items alone. A “growth” strategy means Dover Saddlery is either expanding sales revenues, market share, number of employees, number of customers or number of clients. Different seasons in the equestrian community demand new riding apparel, tack, and riding accessories to which Dover Saddlery readily responds to. By providing 373 new fall items alone, Dover Saddlery is showing their readiness to accommodate the high demands of equestrians and their horses. This strategy helps Dover Saddlery’s revenue by expanding their products and inventory. Furthermore, this strategy will help grow Dover Saddlery as a company because they offer new products whereas their competitors do not.
3. Goals and strategies are very important for any business and Dover Saddlery utilizes these greatly. However, goals and strategies must be SMART (specific, measurable, attainable, results-oriented, and have a target-date). One goal that Dover Saddlery is currently using is 100% satisfaction guarantee for any customer whether it be Equine or rider related. They will refund, exchange, and replace any item within a year of purchase. This is specific because it describes the percentage and the customers Dover Saddlery is targeting. It is measurable by the feedback and reviews Dover Saddlery receives from customers and critics. Currently, one of Dover Saddlery’s stores in Cincinnati, Ohio has 4.7 stars with 78 reviews discussing how it has amazing service and they save lots of money for great quality products. This is attainable because it is challenging but it also shows how much Dover Saddlery cares about the happiness of their customers and the functionality of their products. It is results-oriented because it directly reflects their vision and mission statements by providing satisfaction, happiness and quality to all their customers whether Equine or human. Finally, it has target-dates because it gives their customers an entire year for a return, exchange, or replacement for the product they purchased. This goal greatly describes Dover Saddlery’s urge to be the best Equine Store at affordable prices and 100% satisfaction by both Equine and rider.
Company Structure
1. Dover Saddlery’s company organizational chart (see attachment A) shows the company’s design.
2. Dover Saddlery is a company that has a design that opens boundaries between organizations. This company design means that Dover Saddlery is highly adaptive and has its employees linked by information and technology to collaborate on common tasks. This is seen through their numerous stores across the country where not all the employees work under the same roof, but they still work together to better the company as a whole and make sure there is quality service and products. Each customer service representative is extremely kind and considerate regardless of where a customer calls from. A way that Dover Saddlery is adaptive is by their way of conforming and producing more products to match the quick changes in the equestrian world. Under this design, Dover Saddlery has a hollow structure which means they operate in a central core whilst outsourcing functions and maintaining strategic alliances and contractual arrangements with their supplier companies. This is shown through their newest product line called LeMieux, which was created by Olympic riders Robert and Lisa LeMieux. The fact that Dover Saddlery can obtain new alliances with products, have extensive operations and maintain a smaller basic core is smart for their company to keep cost down and outsource more products and continues making them the top equine retailer in the country.
Organizational Culture
1. Dover Saddlery has an adhocracy culture which means they strive to create, they are adaptable, creative, agile, and they greatly value innovation, growth and output. The adhocracy culture describes Dover Saddlery almost perfectly because Dover Saddlery constantly strives to create better products, better customer service, and put their creative ideas into action. Furthermore, Dover Saddlery is extremely adaptable by creating different lines for each season, the ability to change with the different demands and trends that change with the wind in the equestrian community. Through Dover Saddlery’s adaptability, it gives them an edge on other equestrian companies and outsource their products more efficiently and thoroughly. The adhocracy culture is valuable for an equestrian based company because it means they can adapt with the changes efficiently whilst maintaining creative and quality products throughout every season.
2. Heroes are very important. They are something that inspires children and adults alike. Furthermore, they are important in companies as well. A hero in a company would be someone whose accomplishments embody the values of the organization. For Dover Saddlery, their hero that transmits the company’s culture would be Jim and David Powers who founded the company. Together, they noticed the need and urgency for all equestrians and horses to have access to top-of-the-line products at an affordable price for everyone. Through these men, the company was birthed and because of their strong beliefs that all equestrians should have access to these products, Dover Saddlery continues to live it out through their customer service, kindness, policies, and prices because of the hero that Jim and David Powers embody.
Motivation
Motivation is something all companies need to meet their goals and perform at their highest ability. Dover Saddlery is practicing the Goal-Setting Theory which is when employees can be motivated by goals that are specific and challenging but achievable. It is difficult to unpack all the merchandise that comes into Dover Saddlery and the employees must do this daily. But, amongst the heavy-lifting, orders, and customers, the employees know why they’re there. The employees of Dover Saddlery are motivated by the desire and goal to become the best equine retailer in America. Rallying around this positive desire and goal, it brings the employees closer together and helps motivate them to do the best they can in their job position whether it is a cashier or the CEO. Since Dover Saddlery maximizes motivation, they have 35 highly productive stores, happy employees who give an average of 3.6 stars regarding employment, and effective strategies to grow their business.
Management Analysis
1. Key Leaders and Managers of Dover Saddlery:
A. Chief Executive Officer
- Brad Wolansky
- Mr. Wolansky is a top-level manager who has been the CEO at Dover Saddlery since May 2017.
- Mr. Wolansky grew up in a business family and has over 30 years’ experience in management, business, and retail. He prefers ecommerce, retail, and customer retention. He has been a board member for Poly-Wood LLC since March 2016. Furthermore, Wolansky was a CEO for TGW.com for 2 years and 10 months, an Executive Board Member for Redcats for 2 years and 6 months, and the Vice President Global Ecommerce for The Orvis Company for 2 years and 1 month and the Director of Ecommerce for the same company for 2 years and 9 months. However, that is not the end of his extensive pedigree in the business world. All in all, Wolansky has a wide-ranging background, experience and diversity within companies.
- Brad Wolansky graduated from Bates College in 1986 with a Bachelor of Arts with his major in rhetoric with an interdisciplinary approach the study of human communication.
B. Chief Financial Officer
- William Nebes III
- Mr. Nebes is top-level management who has been the CFO at Dover Saddlery since November 2017.
- Mr. Nebes has been a global CEO and has international experience in implementing change throughout different cultures and international environments. He was a Senior Vice President at Staples for 4 years, Executive Vice President at Work N’ Gear for 1 year, and General Managing Director at RadioShack Mexico for 4 years. However, his list of top-level management positions continue. Throughout Nebes’ life he has fulfilled requirements to hold a top-level management position.
- William Nebes III graduated from Bentley University with a Bachelor of Science in Accounting. Furthermore, he graduated with Highest Honors and he received the Presidential Award of Academic Excellence.
C. Executive Assistant to CEO
- Reneé Iannacchino
- Ms. Iannacchino is middle-level management who has been the Executive Assistant to the CEO at Dover Saddlery since June 2017.
- Ms. Iannacchino has a successful record of supporting C-level executives throughout numerous industries. For example, she has been the Executive Assistant to the President at Patheon for 1 year, Executive Assistant to the CEO, President, and Founder at ikaSystems for 2 years and 8 months, and Senior Executive Assistant at EMC for 4 years and 2 months. However, her job titles continue throughout various industries.
- Reneé Iannacchino graduated from Salve Regina University in 2000 with a Bachelor of Science in in Business Administration with a concentration in Marketing. She was also on their Equestrian Team.
2. Dover Saddlery Board of Directors
- Donald Steiner, David J. Powers, James F. Powers, Gregory F. Mulligan, Kevin K. Albert, John W. Mitchell are all on the Board of Directors for Dover Saddlery as of 2014. Brad Wolansky joined the Board in 2017 when he became CEO.
- Donald Steiner is a Managing Partner at Webster Capital, which merged with Dover Saddlery in 2015. David and James Powers are the founders of Dover Saddlery. Gregory Mulligan is a co-founder at Bay Capital. Kevin Albert is a Managing Director and Head of Global Business Development at Pantheon. Finally, John Mitchell is a Vice President at Aavid Thermal Products.
- Donald Steiner
- Donald Steiner deserves to serve on the Board of Directors for Dover Saddlery because he is the Managing Partner with Webster Capital and since Webster Capital merged with Dover Saddlery, Steiner has a priority to serve on the Board.
- Kevin K. Albert
- Kevin Albert has the right to serve on the Board of Directors for Dover Saddlery since he is the Managing Director and the Head of Global Business Development at Pantheon which is a web-design company. Due to this background it will allow Albert to help boost Dover Saddlery’s online attraction since it has a heavy online market.
- Gregory F. Mulligan
- Due to Gregory Mulligan being the co-founder for Bay Capital, which is an independent investment firm, he has the experience with money and how to build up a successful business, which will be no trouble for being on the Board of Directors for Dover Saddlery.
3. Brad Wolansky’s Leadership Style as CEO
Mr. Brad Wolansky represents the Consideration Leadership style. Wolansky spoke saying, “I’m thrilled to join the Dover Saddlery team. I have great respect for the brand, the management team and the vision for Dover. I’m looking forward to bringing all the operational excellence I’ve acquired over my 30 years in retail to a team that’s unbelievably dedicated to its customers and to help support multichannel growth. Since my family began buying from Dover years ago, I completely understand the passion and commitment of this community.” This quote clearly shows that Wolansky is a Consideration Leader which means he is concerned with the group members’ needs and desires and that is directed at creating mutual respect and trust. Throughout Wolansky’s leadership, the company has grown exponentially with a new building location and new partners with brand new lines for Equestrians. Wolansky is definitely showing his value and quality as CEO for Dover Saddlery.
Conclusion
Dover Saddlery is a very interesting company for many reasons. To find out they take great pride in their product and are very active in regards to their Social Responsibility pleases Equestrians greatly to be customers of Dover Saddlery. Furthermore, it is very interesting that Brad Wolansky is very passionate and kind regarding the company’s mission, vision, and his employees. Wolansky proves that he cares about the product he produces for his customers and the quality of it which creates a beautiful name for Dover Saddlery.
Additionally, Dover Saddlery is interesting through its strategies and culture. Since Dover Saddlery has a “growth” strategy, it shows they are striving to stay ahead of the quick and vastly changing Equestrian market, which is rare. With Dover Saddlery having both a dependable and customer-focused company, which is scarce, creates a very reliable environment for Equestrians and their horses. Due to Dover Saddlery’s Adhocracy Culture, it helps give them an edge in the ever-changing Equestrian world which is also very interesting. It is attention-grabbing and noteworthy to have a company, like Dover Saddlery, to not only strive but reach their goals in the Equestrian realm from their stakeholders, to their mission, to their finances, to their CEO down to their everyday employees. Without a great manager with strong leadership qualities and motivated employees, a company will not prosper as well as it could. Dover Saddlery has both passionate employees and a CEO which, therefore, makes it even more fascinating.
Attachment A:
WORKS CITED PAGE
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William Nebes III LinkedIn Profile. (n.d.). Retrieved November 12, 2019, from https://www.linkedin.com/in/billnebes?trk=people-guest_profile-result-card_result-card_full-click.
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