Bankrupt: Why Too Many Safes & Pink Power Tools Broke Masters - An Animated Casestudy

[@flipperMAN2001]

You forgot to mention how many Masters opened across or just up the road from Bunnings. Why would i not just keep going to Bunnings where i know them. I believe the biggest mistake was not building new stores in new suburbs where Bunnings had not.

[@reverseclouds1663]

Yeah for something that was 4 years in planning, everything they did seemed like a knee jerk reaction aye

[@FoundAndExplained]

Do you prefer American English or UK English in these videos? Let me know!

[@_JayRamsey_]

New Englander here. Is there a significant difference beyond spelling (in which case UK English is superior)? I know that a decent bit of vocabulary is different, but I assume most English speakers will understand without difficulty either way. Can't wait to see this channel blow up. Glad the algorithm directed me to you.

[@FoundAndExplained]

Thanks so much for watching! Its been a bit hard lately to get videos out, not so much because I'm busy but I keep choosing incredibly complex topics to cover and take way too long to make. I should have just stuck to gaming lets plays haha!

[@EJP286CRSKW]

Australian English.

[@davey_projects2977]

It was such a strange shop. Tried to be everything but succeeded at nothing.

[@FoundAndExplained]

The did everything right that bunnings did wrong. What bunnings did right however...

[@mrbizzaros]

As the saying goes, a man chasing two rabbits catches neither.

[@cyberi4a]

And that's why in the USA, Home Depot is so much bigger then Lowes. HD caters to the building trade mostly and their stores reflect that, while Lowes is aimed more to home owners looking to shop is a 'stylish' type store.

[@NatesTokens]

Great video, keep it up

[@FoundAndExplained]

Thanks, will do!

[@felixcat9318]

Losing sight of one's core business activities and rerouting billions of dollars into outdoing the competition has taken a toll on many companies whose greed overrode good judgement! Irrespective of their financial losses, to betray 10,000 dedicated staff is utterly despicable!

[@FoundAndExplained]

Very true!

[@boofproductions9047]

i remember when our masters was replaced with a bunnings (our family also got the first purchase at said bunnings!)

[@Slazmoservicing4209]

After working at one for 4 years I can confirm that the fish rots from the head, the management at Masters was abysmal especially when you saw a top management paper with acrostic wording "FUCK BUNNINGS" on the front page. The management were to blame top down.

[@cheeesecake5]

the jack of all trades but the MASTER of none haha. cool video :)

[@trueknowledge8334]

Management used DNTC principle. Did Not Think Correctly to provided wrong products and services. What Tools.

[@johng7410]

3:49 "Inferior locations" And that right there was the biggest reason they failed IMO. The only Masters that opened near me was about 35mins drive away. I had 4 Bunnings that were closer.

[@FoundAndExplained]

Thats the real killer. They were in such a rush to make their brand big as bunnings that they didn't organically grow and look for the right opportunities

[@luckygamer4564]

2:57 been to that masters before, it next To A FUCKING BUNNINGS

[@luckygamer4564]

5:53 that's Bunnings in Cairns also been there the master was 10 fucking stores down if you counted

[@elcup31]

As an American who studied in Australia, the gun safes (@about 4.5 min) tidbit was hilarious, lol

[@FoundAndExplained]

It really it quite strange. Imagine all those gun safes, heavy and large taking up the floor space. No one needs them apart from some farmers.

[@elcup31]

​@@FoundAndExplained It's an absurd thing to picture! Even a farmer probably wouldn't need one- they don't have as many neighbors or as high of crime rates as some. It really only makes sense in the states and is a quite funny misunderstanding of their consumers. Thanks for the video, great entertainment.

[@FoundAndExplained]

Hope you stick around! I'd love to do another business case study like this

[@mtmadigan82]

Didnt the aussies have a gun buyback??

[@makaiahconte]

There was a masters at the airport in my city and once it closed it turn Bunnings

[@jasonking3248]

how significant was the problem of masters selling american winter products in australian summer?

[@FoundAndExplained]

Here is an answer from the Ex-Master CEO. "We've got a great joint venture partner in America but when it's Christmas time over there it's also winter. Our Christmas time lines up with spring and Father's Day so it's quite a different seasonal curve and there's no doubt there's a heap of opportunities to better capitalise on that. "You know we didn't have the right stock in some instances and we left quite a lot of opportunities on the table."

[@FoundAndExplained]

They essentially had the wrong products half the year, so summer products in winter and vise versa.

[@_JayRamsey_]

@@FoundAndExplained If they had summer products in winter and vice versa, wouldn't that mean they always had the wrong products? Seems like there were a lot of opportunities for Masters to do better. The quick/massive store rollout, based on what I learned in your video, definitely seems to be what killed them. They over-extended and then couldn't afford to make changes as they learned. Perhaps they would have succeeded if they'd grown the business patiently over five to ten years.

[@Dave_Sisson]

Aldi got this sort of thing right. They have a ski gear sale in Australia, but with timing 6 months out than Europe and America. So their snow gear sale is in May, just before the ski season, resulting in that being Aldi's busiest weekend of the year in states that get snow and even doing well in warmer places without snow like Queensland and Western Australia.

[@virginiaviola5097]

Funnily enough, women love Bunnings just as much as the guys. And so do kids. The failure of Masters against what is basically a cultural icon was totally predictable ( and I did predict it, should’ve opened a book). You also forgot that Lowes shipped the same stock to Australia as they did to North America, hence the abundance of snowblowers, in Sydney, in January.

[@toneabet6252]

Bunnings needs competition!

[@FoundAndExplained]

It really does. At what point will Bunnings pull an Amazon/Aldi and decide to make their own brands and homebrand all their products?

[@SMD1999]

Brave of you to upload this late ahaha

[@FoundAndExplained]

Late because the hardware chain went out of business 5 years ago? Or late because of time differences? Haha its only five PM here! But I know some USA viewers who this must be pretty early for!

[@SMD1999]

Found And Explained timezones can be a bit of a head scratcher lol

[@zephstalemore312]

This was my childhood thing and I still remember getting a microwave from masters when I was just 5 :(

[@districtlinetrain7173]

I miss masters, who want’s me to re open it?

[@lucasstephens6474]

no

[@markusjuenemann]

Reminds me very much of the British Screwfix brand, which is big in UK but failed miserably in Germany. I know. I've been working for them back then...

[@TroysMilitaryHistory]

I miss Ticky Fullerton!

[@mackenzietoscan3602]

the only one in Canberra is next to the airport become a Bunnings

[@BLAZEREN101]

Yeah you should have done a lot more research before making this. This could have been a lot better purely from the information provided in court cases because clearly you hadn’t talked to anyone who worked for Masters. You didn’t even name the Woolworth’s CEO Grant O’Brein who started all the mess with literally the worst business plan ever conceived in Australia. Getting the newly found company to immediately start to scout and buy up land on an unprecedented level BEFORE a final store layout was even conceptualized. Let alone they were trying to honey pot long term employees to move over with a decent pay increase. I’m guessing so if the company went under they would lose their jobs. Such a Run and Gun approach you would never see from the likes of successful companies such as Amazon. Such incompetence I’ve never seen before on such a grand scale from such a massive company. Internally it was even more of a clusterfuck than you could ever imagine. No wonder all their previous dealings outside of the grocery market has failed. They are easily the worst run company in Australia and if it wasn’t for their monopoly with Coles they would no longer exist.

[@FoundAndExplained]

I tried to stay as balanced as possible. thanks for watching :)

[@Coolsomeone234]

Good video

[@HULK-HOGAN1]

A hardware store ‘aimed at women’. Great idea when it’s mostly men who shop at such stores. Masters was more concerned with social narratives than running a business.

[@ristube3319]

5:45 DYI? In the States it’s DIY meaning ‘DO IT YOURSELF’ it can’t possibly be ‘DO YOURSELF IT’

[@FoundAndExplained]

Thanks! I knew it sounded off!

[@matatanXtreme]

What's wrong with these CEO's trying to force feminism in their sales and services ?? Since childhood you know that women and boys have differences, there maybe a few tomboys here and there but 99.999% its normal people trying to live their life.

[@FoundAndExplained]

There is nothing wrong with catering products/services/brand to women, in fact, I'd encourage it in areas such as home improvement and typically male dominated areas. However, when you are trying to capture an existing market comprised mostly of men, you can't alienate them by saying your store is mostly for women. In this case, the male workers (who perhaps were more judgemental than they let on) moved to the rival brand as they felt more welcome and manly shopping there.

[@godfreypoon5148]

The video does not hit the nail on the head, it hits the head of the video creator with a nailgun. Which, coincidentally, is the kind of cerebral injury that could only be expected to have occurred for a creator to turn this one out.