Independent Builders Supply Association Inc. ( IBSA ) is a member owned buying organization. The original office at 131 East Market Street, Smithfield, NC was opened August 10, 1977. The next office at 1360 West Market Street was purchased in early 1980 and opened in October of that year. Our current office at 1801 Wal-Pat Road was purchased in early 2004 and opened in October of that year. The main purpose of IBSA is to buy quality products with the best service in the industry at the lowest possible price. IBSA operates on a 1% adder which is added on to the vendor’s original invoice.
IBSA was formed by eight dealers of another buying group that met to discuss ways to improve their business with that organization. After negotiations failed with that group, it was decided to form another buying group that would be made up of independent dealers. IBSA was born that day, with the eight dealers investing $2,700.00 for shares of stock.
Initially, there were only two suppliers that chose to be associated with IBSA- Flintkote Supply Company, a roofing and gypsum manufacturer, and Schlage Lock Company. Presently we have several hundred suppliers, and we are constantly seeking new exciting lines to add to our growing list of vendors.
The first fiscal year of operation, ending July 31, 1978, IBSA had a volume of $6,738,306.91 with a total of three employees and 34 stockholders. During the fiscal year ending July 31, 2006, the company had a volume of over $437,668,907.00 with a total of 31 employees and 215 stockholders. These 215 stockholders have approximately 350 locations encompassing twelve states.
Beginning in 1983 a portion of the company profits have been paid back to the members based on their individual purchases from our group. The pay back has ranged from 2/10 of the 1% to 6/10. The company retains a portion of the profits each year to increase net worth and to provide working capital. For the past several years our company has been operating on less than one half of 1%, which is surely less than any other buying group in existence today.
We established a mission statement a couple of years ago that really epitomizes our philosophy at IBSA.
“At IBSA our goal is to provide our members with the best possible prices and service within the industry. We strive to develop lasting personal relationships and nurture these relationships by being honest and upright in all our day to day activities.”
IBSA is a TEAM effort, not only with our employees, but also with our vendors and dealers. We have worked really hard these past few years to live up to our mission statement.
