Floorcrafters: Expanding on a 75-year tradition
Story and Photos by Jonathan Turner
Loan Product: Small Business Loan
Loan Product: Small Business Loan
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Mike Griffin has risen through the ranks of his family’s business and now he’s at the top. The native of Moline, Illinois, is owner of Floorcrafters, 1305 5th Ave., Moline, Illinois. Established in 1948, the company has deep roots in the community, originally launching its operations in a house near downtown before moving to its longtime current home. Griffin’s father and uncle (Steve and Bruce Griffin) had owned Floorcrafters for 40 years, and he took the reins in 2016, acquiring the business after working there during high school and serving as a Navy veteran.
Before acquiring the company, Mike was managing the wholesale side for 15 years, and in 2022, he expanded his business portfolio by acquiring Wayne Montgomery Floor Covering based in Davenport, Iowa, supported by a small business loan from Bridge Investment that ensured employee retention. He acquired the company from the owners who were looking to retire. The store at 3202 Brady St. opened in 1977. The loan through Bridge Investment required that Wayne Montgomery retain its six employee-workforce-, with Griffin noting an additional job was created after acquiring the business. His banker recommended that Griffin contact Bridge Investment for a loan to purchase t product inventory after securing traditional financing. “The Bridge loan was great,” he says. “It saved me money. Instead of being hampered by two hefty payments every month, it allowed me to get started more easily and build some capital.” Griffin highlights the unique market positioning of both stores: Floorcrafters offers full-service installations with no product inventory while Wayne Montgomery offers only in-stock inventory, focusing more on the discount shopper with a selection of in-stock products– cash and carry, where customers have their own installers, he says. “We have a lot of inventory at Wayne Montgomery. Most flooring stores, they have a lot of product, it’s all special order,” Griffin says. “Here, you’re actually looking at the roll of carpet that we’re going to cut off for you.” “At Floorcrafters, it’s all special order and we provide our own installers,” Griffin says of the Moline store. “There, it’s more full service. Where over here, it’s more for the discount shopper.” “We have everything at Floorcrafters, low to high cost. Over here, it’s lower to middle,” he says of Wayne Montgomery. To continue competing against big-box home stores and online offerings, Wayne Montgomery has added some product lines, including more popular hard surface products, Griffin says. “We’re trying to get a better mix of hard surface versus carpet. We cleaned it up a lot.” Luxury vinyl plank flooring is the most popular hard surface item, he says. The wide variety of carpeting available features rows and rows of beige and gray designs. He’s also made property enhancements and improvements with new exterior paint and a new roof. Wayne Montgomery originally began as a furniture store on Brady Street, and previously operated a carpet store on 53rd Street and Jersey Ridge in Davenport (like Floorcrafters), which closed in 2015. Griffin emphasizes the importance of honoring the legacy and reputation of both brands, explaining why he chose not to rebrand the Davenport location as Floorcrafters. “Floorcrafters has a name that is well-known in the Quad Cities; it’s been around since 1948,” he says. “Wayne Montgomery has a similar legacy – it’s been around since 1977, and its name is well-known. I think that’s important.” “We didn’t change anything, we have the same staff and aim to provide the same, if not better, service and selection,” the owner says. In Wayne Montgomery, they mainly work with residential remodels, while at Floorcrafters, they serve a mix of residential, commercial, and educational clients, including Augustana College. For more information on Floorcrafters, visit https://www.griffinsfloorcrafters.com/ and for more information on Wayne Montgomery, visit www.waynemontgomeryfloors.com/. |
“The Bridge loan was great,” he says. “It saved me money. Instead of being hampered by two hefty payments every month, it allowed me to get started more easily and build some capital.” - Mike Griffin, Owner |
“The Bridge loan was great,” he says. “It saved me money. Instead of being hampered by two hefty payments every month, it allowed me to get started more easily and build some capital.”
