LMC turns 90
Founded in 1935, LMC has grown to become one of the leading forest products and building materials buying groups in the United States. Now representing over 430 members with more than 1,800 locations across all 50 states, LMC is a network of independent, family-owned businesses deeply rooted in their communities.
The co-op says these businesses unite under the LMC banner to collaborate, share best practices and forge relationships that enhance their operations and contribute to the industry's advancement.
How LMC was founded
During the Great Depression, James L. Buckley, who managed the Middle Atlantic Lumbermen's Association (MALA), was intrigued by the cooperative business model used by The Associated Merchandising Corporation of New York City. Familiar with many independent lumber dealers, Buckley pitched the concept of combined purchases to a group of dealers in the Mid-Atlantic states.
In 1935, 35 lumberyards joined forces and founded LMC with Buckley appointed as the first general manager, along with two other employees.
LMC held its First Annual Meeting for Stockholders in January 1936 in Philadelphia. Dividend checks were distributed to each stockholder and ranged from a few hundred dollars to well over a thousand. Thirty-five new stockholders joined that year from New York and New England, bringing the total membership to 70.
After one year of operations, purchases reached $536,000, or the equivalent of over $12 million today. Working together, Buckley and the stockholders developed programs, negotiated buying opportunities and established direct relationships with lumber mills that were previously only selling to the traditional wholesale community. Through their foresight and vision, they changed the way business was conducted in the lumber industry with practices that continue to this day.
For more on LMC's history, as well as its present and future vision, click here.
