Jasper Sy on franchising woes, the lockdown’s upturn, and a hands-on approach at managing home.
Before man reached the heights of technology with today’s airplanes and skyscrapers, his hands first reached for tools. And as humans evolved, so too has their trusty implements. From the days of muscle-powered drills, hammers, and screwdrivers we come now to the days when even the most delicate of hands can wield the power of to remodel their own houses— for an affordable price.
“They’re really extensions of the imagination, “ quips PowerHouse tools’ boss Jasper Sy, whose family has built the venerable brand for over a decade, “we started by distributing brands such as Stanley and Yale.”
Realizing margins weren’t that high, as well as the crowded (non-exclusive) rights to sell their brands, Jasper and his siblings opened three stores— in an attempt to compete with the likes of entrenched local big-box chains. They also adapted franchising into their brand— a business model then ahead of its time. “It didn’t do well, and all three stores closed after a year.” Going back to the drawing board, Jasper and his siblings re-tooled their strategy.
“We decided that we need our own branded tools,” recalls Jasper, “and started selling our own branded items in 2012.” This caught the local market’s attention, to which the Sy family took as an opportunity. “We added a lot of product lines!” says Jasper, remembering the summer of 2017 “from generators, lighting, plumbing…it was an industrial revolution!”
The heady days of high-speed sales would last til a global event that stopped the world. “At the time, we were already also selling to contractors,” Jasper says, “Covid stopped all construction— so suddenly that income dried up.” The jammed income was merely a stall however, as longer lockdowns grew also inspired in people the urge to create with their own hands. “It was actually just in March of 2021, when we had our first franchisee— a store we supplied (tools to) but didn’t directly manage.” Eschewing fees to help their first franchisee, both parties waited with baited breath for the results…which were better than expected. “Our target for this year was 10 stores… We’re up to 40 this year, and we had to revise that estimate to 50!”
Construction rates have long been a benchmark of an economy’s health, and PowerHouse Tools’ success seems to indicate a thawing of Covid’s hold. “We’re actually opening inside IKEA, in Mall of Asia,” Jasper casually shares. He also says the success of Home Buddies has helped push for home improvement— so much that they plan to expand their line even further. “Right now we’re looking at cleaning machines, pressure washers, to help clean up all that dust from construction,” Jasper jests, always thinking in terms of a manager. At home though, he takes on a more hands-on approach as a father.
Re-energizing at Home
For a man used to selling tools that allow people to better self-improve and organize their surroundings, Jasper Sy is someone who lives in the same, very structured way. “My day usually starts before 8, then it’s straight to work meeting clients, suppliers, and management teams til 5pm, sometimes til evening,” he shares, “I exercise thrice a week, occasionally I do site visits (in the car), and watch youtube on my down time.” He laments the fact that the pandemic has taken away the option of face-to-face relationship building. “But I understand it naman,” he says, relating to the panic felt by many Filipinos who has come close with covid.
“We are very careful at home,” Mr. Sy starts, “then two of our help suddenly tested positive for (the disease)!” Being a father, he immediately sought to protect his son, Zander. “Of course we isolated everyone, stayed at home, and took vitamins. Thankfully, everyone eventually tested negative.” His wife, Bernice, also forms part of the foundation for a stable home. “She is very supportive, and understands that all our hard work is for a good cause – family.”
From movie nights to driving around the city with their son, to sharing personal problems over the dinner table, Jasper credits much of his success to his romantic partner. “We have a really good time together watching movies, anything with zombies!” Jasper gleefully recalls. Pre-covid, the pair with their son and other family would often go shopping in Dubai, or go food-tripping in Italy. “It’s one of those things we miss a lot,” Jasper shares, “and hopefully when things settle down, we can go do those again.”
Apart from leisure, Jasper hopes his Zander shows as much enthusiasm for the family business as he does for sports cars. “Of course the transition will be different, but hopefully one day he’ll adapt to it.” For now, he’s instilling the values that have so far helped him make PowerHouse Tools a success. “It’s all about building trust slowly, being updated on technology, and of course being open-minded to challenge, and change.” — They’re well-worn adages that serve useful in every entrepreneur’s emotional ethos.
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