This year marks the 100th anniversary for Fromm Electric Supply, Reading, PA. Founded in 1923 in a small storefront by Alexander Fromm with four employees selling kitchen appliances, the company is still thriving as a multi-generational business and is now one of the largest electrical supply and service firms in the Mid-Atlantic region. Fromm Electric Supply was ranked #101 on Electrical Wholesaling’s 2022 Top 150 listing.
CEO Michael Fromm, who along with his brother Lou, bought the company from their family in 2007, attributes their continued success to prioritizing long-term relationships over short-term gain. “Our allegiance is to our employees, customers and communities rather than to Wall Street analysts,” Michael Fromm said in the press release.
The 100-year mark is a rare milestone for most American corporations. According to the U.S. Small Business Administration, fewer than one out of every 1,000 companies make it that far. Business Week estimates that only 40% of family-owned companies reach the second generation and 13% are passed down to a third generation.
What is Fromm Electric’s magic touch? “We’ve thrived for as long as we have because our aim is not to just sell electrical products, but to offer our customers solutions that help them meet their own business objectives,” Michael Fromm said in the release.