2017: Steve Burggraf

It is not that Steve Burggraf struggles to keep track of how many Ace Hardware or Verizon Wireless stores he currently owns. He just does not have the time to update the tallies online. Of course, with six Ace Hardware shops and four Verizon Wireless stores — not to mention one Ground Round Grill & Bar — Burggraf's schedule is busy enough without internet maintenance..Nonetheless, when Grand Rapids State Bank President Noah Wilcox approached Burggraf in 2012 about applying his small business knowledge to his board of directors, Burggraf made time. The bank is located in the northern Minnesota community that bears its name.."I find the business of banking really interesting," Burggraf said. "I have such respect for that bank in this town because they're such a cornerstone.".Before he could utilize his small business experience to aid the bank, Burggraf had to come to terms with the sheer amount of regulation the bank faces. He always figured regulations were burdensome at Ace Hardware, a franchise operating in more than 60 countries.."I never could believe all the regulations," he said. "When your banker asks for this, this and this at the year-end… It's just amazing how dynamically they have to run their bank to make a profit.".Once Burgraff understood why Grand Rapids State Bank needed all those forms and information, he began to make meaningful contributions.."We serve a high number of small businesses, and he is a very successful small business owner," Wilcox said. "He understands all the mechanics of profitability. He understands the retail sector and what it's like to own and operate a small business, and manage the families you have working for you.."At the end of the day, a bank's business model is a little bit different than a hardware store's, but we're both small businesses.".If not for a merger and an unexpected introduction, Burggraf may never have come to agree with Wilcox's description of the two industry's similarities..Growing up with a hardware store-owning father, it was no surprise when Burggraf bought his first Ace in 1989. When he bought it, all its accounts were with a nationwide bank. Naturally, he kept them there. When that bank merged with another nationwide bank nine years later, Burggraf lost his enthusiasm for the relationship. An Ace dealer in town from Colorado introduced Burggraf to Wilcox. An avenue to appease his big bank displeasure now apparent, Burggraf began banking at Grand Rapids State Bank.."This may sound like a commercial, but I don't know what small business would do without community banks, and I sincerely mean that," Burggraf said. "Small business needs community banks.".With that spirit, when Wilcox purchased a bank three hours south, not far from Minneapolis, Burggraf quickly volunteered to join that board to help with continuity.."I was surprised just given his schedule and his workload," Wilcox said. "Twelve more meetings a year and three hours each way to get there. He just said, 'I want to see this thing succeed, so absolutely.' He's never missed a meeting. He's always prepared. He just gets it.".That preparation and overall awareness allows Burggraf to keep Wilcox on his toes, something the bank president insists is appreciated. Whether it is or not, Burggraf has no intentions of easing his analysis and inquiries.."I don't want to be a yes man," he said. "I want to ask some questions and I want to know why. I want to see what angle they're approaching from. I think it helps in my education and I can bring some insight from the small business world to the bank that maybe they're not seeing. I'm the only retailer on the board. I try to bring that to the table.".He may be the only retailer on the board, but his 11 — if not more by this publication — storefronts make up for the lack of others.