Who Owns Harbor Freight Tools And How Did The Company Get Started?
If you've ever needed a heavy-duty tool but didn't have much money to spend on it, you might've found yourself visiting a Harbor Freight Tools store. There's a good chance the tool you bought there performed just as well as any other you've owned, with Harbor Freight stores building a solid reputation for selling tough tools at a low price (such as their selection of tools for your home garage).
Per the company's website, selling quality tools at a reasonable price has been one of the primary goals of the Harbor Freight franchise since it was founded. If you're not well-versed in the history of Harbor Freight, the company was brought into existence by the father-son duo Allan and Eric Smidt in 1977, and almost 50 years after its founding, the Harbor Freight franchise is still owned by the Smidt family, with Eric Smidt currently acting as owner and co-founder.
Harbor Freight started about as small as a company could
It's worth noting the company originally had a slightly different name. When Harbor Freight Tools was founded in 1977, it was actually called Harbor Freight Salvage Company. Though the name would eventually change, according to the company's official history, the goal of Harbor Freight was always the same, with Eric Smidt figuring out early on that he could source tools directly from factories and pass the savings along to his customers.
The Smidts didn't charge out of the gate by opening hundreds of retail stores. Quite the opposite is true, with Eric and his father Allan initially operating Harbor Freight Salvage as a mail-order tool business out of a small space in North Hollywood, California. By 1980, the company had grown enough for the Smidts to open a physical location, with the first Harbor Freight Salvage storefront arriving in Lexington, Kentucky.
The company re-branded to Harbor Freight Tools in 1985 and continued to grow exponentially. In 1999, Eric bought out his father's half of the company, becoming the sole owner and CEO of Harbor Freight Tools. Under Eric's guidance, Harbor Freight has continued to grow and now boasts more than 25,000 associates and 1,400 retail stores. Each is stocked with a vast array of tools and tool storage options.