Gaynor Makes Good on Promise

Back in 1994, The Nailco Group had 65 employees and the company’s annual sales were around $18 million. That year, president and CEO Larry Gaynor stood up at a company party and made a promise: anyone in the room who was still working with the company when annual sales hit $50 million would get a new car.

And 2000 was the year Gaynor had to make good on his promise. In December 2000, 24 of the 65 employees from 1994 were still working at The Nailco Group, and therefore eligible for the cars. Four of them were managers and had already been given their vehicles over the past year. And 12 more took a cash option — half a year’s salary, up to $25,000. But the remaining eight opted for the car — valued at 70% of the individual’s salary, up to $25,000. Although some began to suspect that the company had hit the mark, no one knew for sure until the company’s annual banquet in December. Gaynor and his wife Teresa presented those eight lucky — and loyal — employees keys to their brand new cars, which had been delivered earlier by two dealerships and then moved into place by the hotel valets.

Gaynor has already offered the next challenge — last year he stood up at a company meeting in front of a staff of 180 and announced that any of them who are still with The Nailco Group when annual sales reach $100 million will again be given new car.