David’s Dream Part 3: Building solid, building strong
In last month’s edition ‘David’s Dream Part 2’ we told you about some of the first products David Einstein sold and gave you a glimpse of COFCO in it’s infancy. In ‘David’s Dream Part 3’ we’ll tell you about David grew COFCO, establishing it as a trusted vendor in the Philadelphia area.
The 1950’s had seen COFCO acquiring both solid vendors as well as solid clients. Already an Allsteel distributor by 1953 (and now Allsteel’s oldest distributor), by the 1960’s, COFCO was becoming known throughout the region as a reliable supplier of office furniture. David, and COFCO, had come a long way since his first sales of a horse blanket, airplane propeller and Vornado fan!
What set David apart in this industry, besides his ethics and customer service, was his ability to understand what his customers really needed and to supply them with it quickly and reliably.
One of COFCO’s clients during the first few decades was Renaire Foods. Renaire Foods was a company, that like David, was quick to spot a trend. They sold bulk frozen foods, advertising their products on TV at a time when more families were acquiring both TV’s and deep freezers.
From the 1950’s right through to the 1970’s, David cultivated a great relationship with another Philadelphia icon: the Philadelphia Inquirer. He sold and rented them hundreds of imperfect desks he’d bought from a large desk manufacturer. When ergonomic chairs first made their appearance, David sold them to the Philadelphia Inquirer as well.
As COFCO grew in strength and stature, David wisely reinvested in the company. Since the beginning, the COFCO philosophy has been to cultivate its most important assets: the people who make up the COFCO team.
He invested in developing strong relationships both with vendors and customers. One of his beliefs was that bills should always be paid on time. Not only was this fair to the vendors, but he knew it would ensure that no inventory deliveries would ever be delayed owing to credit issues. David felt that financial stability was of paramount importance.
History has proven David right in his core values and methodology. Today, COFCO is not only still a Philadelphia icon, but also serves customers much further afield as our reputation has grown.
In part 4 of ‘David’s Dream’ we’ll tell you about how David’s quick thinking helped the Gulf Oil Refinery in their hour of need.