Smith and Wesson (1852), company review

A story about digital developers….AKA ‘agencies’

We recently changed our Shopify store from Shopify Plus to Shopify Advanced. Although the theme we built the store (Impact) on worked on both, we said we’d better check to see if any additional website development was required. Having consulted with a number of agencies in the US and Europe, we eventually git a ‘favorable’ quote of $25k for the work. Remember - just to change from one plan to another.

I went to Upwork and got the work done for $2,400. 

Here’s the kicker. We didn’t even need that! The transition was completely seamless without any assistance. It still cost us $2,400. Tread with care my friends. A little knowledge is a bad thing when swimming with sharks. That said, we would have needed to invest something to clone the site in case of any down time, so $2,400 turned out about right. But the other mainstream agencies were willing to take 10x that, while knowing it wasn’t actually necessary…

A little pointer. If you read nothing else this week, please read the 3 articles on Product / Market fit from Jason Cohen, a serial founder who has seen both success and failure in the tech startup space. I assure you, the principles are the same. Here’s his profile (We’ve never spoken by the way)

The article links are listed at the bottom.

There’s a lot in them (and I’m going to attempt to simplify in our product / market fit course) but the articles give a really good insight.

Speaking of product / market fit, we’re running a new 30 minute webinar tomorrow, Wednesday, to run through the curriculum of our new course which is planned to launch in January. You can sign up here to attend, and to get a recording emailed to you. Please remember, if we don’t get this piece right, nothing else matters.

https://zoom.us/webinar/register/WN_-0Ziz7ocRjWQxdq4QsXT1g

Smith & Wesson

Just the name conjures up images of iconic firearms and the rugged history of the American West. But behind this legendary company are the stories of two brilliant innovators, Horace Smith and Daniel B. Wesson, whose partnership laid the foundation for one of the most successful firearms manufacturers in history.

The Visionary Founders

It all began in 1852 when Horace Smith and Daniel B. Wesson joined forces in Norwich, Connecticut. Horace, born in 1808, was an experienced firearms designer who had honed his skills at the Springfield Armory, a hub of weapon innovation. Daniel, born in 1825, came from a family of gunsmiths. Having worked closely with his brother Edwin, a renowned target rifle maker, Daniel brought an exceptional understanding of precision engineering to the partnership.

But we must go back even further for the start of our story. In 1848, Walter Hunt, a New York inventor and mechanical engineer, came up with a groundbreaking idea for a rifle. Instead of loading each shot manually, his lever-action mechanism allowed bullets from a tube magazine to be loaded into the barrel, fired, and then ejected—all with a single lever movement.

This design was a game-changer compared to the slow, cumbersome muzzleloaders of the time, letting shooters fire nine rounds in the time it took to load just one in a musket. Hunt sold the patent for both the mechanism and a new bullet design to Robbins & Lawrence Co., where gunsmith Lewis Jennings improved it into the Volcanic Rifle. Ben Henry, overseeing production, insisted on top-notch quality, ensuring the rifle was as advanced as possible. Meanwhile, Hunt moved on to other inventions, like the safety pin and the closed-stitch sewing machine.

Despite its innovation, Robbins & Lawrence struggled to turn the Volcanic Rifle into a successful business, eventually going bankrupt. In 1854, gunsmiths Horace Smith and Daniel B. Wesson entered the picture. They teamed up with Courtlandt Palmer, who had purchased the patents from Robbins & Lawrence, aiming to refine the design and give the rifle another shot at success.

Their initial goal was ambitious: to create a firearm that could use self-contained metallic cartridges—a groundbreaking concept at the time. Their first major product, the Volcanic repeating pistol, introduced in 1854, showcased this innovative design.

“This was the birth of the Volcanic Repeating Arms Company in 1855. Smith and Wesson had indeed improved the lever-action design and perfected a rim-fired casing for this new bullet. They ended up creating not only a rifle from the new design but a lever-action pistol as well using the same cartridge. This was pretty smart business. Buyers of Volcanic’s products would have a rifle for hunting and a pistol for self-protection both using the same ammunition and all bought from one company. They had also brought in an additional investor who had made a name for himself in the shirt-making business, his name was Oliver Winchester.”

Unfortunately, financial troubles forced them to sell their interest in the Volcanic Repeating Arms Company, which would later morph into the famous Winchester Repeating Arms Company. That’s another story entirely, for another day.

Refusing to give up, the pair regrouped and, in 1856, launched Smith & Wesson in Springfield, Massachusetts when:

“…Wesson made an interesting discovery. The patent on the Sam Colt’s revolver was about to expire. Now anyone could use Colt’s original design to make their own revolvers. Wesson had been working on a new pistol cartridge and found another inventor named Rollin White who had a patent on a bored-through cylinder that was a perfect fit for the new cartridge.

So Wesson convinced Smith to join together again on a new venture, this time for a pistol using a revolving cylinder that held a self contained charge, primer, and bullet. It could fire in the rain or humid weather, was quick loading and small enough to fit in a coat pocket.”

Their first big success came with the Model 1 revolver, a .22 caliber pistol that was the first commercially successful revolver to use metallic cartridges. This invention not only solidified their reputation but also set a high standard for the emerging firearms industry.

The Civil War and Beyond

Before that, the Civil War (1861-1865) was a pivotal moment for Smith & Wesson. Although the company did not secure large-scale military contracts, their Model 1 revolver became a favorite among Union officers, many of whom purchased it privately. This exposure catapulted Smith & Wesson into the national spotlight and boosted sales significantly.

The post-war period saw the company expand its reach internationally. By the late 1860s, Smith & Wesson firearms were being exported to Europe and South America, marking the beginning of a global presence that continues today, and making the founders very wealthy.

Horace Smith retired in 1873 selling his share of the company to Wesson, who brought his two sons in to help run the company. He lived a quiet life until his death in 1893 at the age of 85. Daniel Wesson, on the other hand, remained deeply involved with the company, overseeing critical innovations. He passed away in 1906 at 81, leaving behind a company that was well on its way to becoming a household name. After their deaths, leadership transitioned to members of the Wesson family and key executives who upheld the founders' commitment to quality and innovation.

Post-War Innovation and Success

Smith & Wesson’s reputation for innovation didn’t stop with the Civil War. In 1870, they introduced the Model 3 American revolver, the first large-caliber cartridge revolver, which gained favor with the U.S. Army. An adaptation, the Model 3 Russian, found even greater success abroad, particularly in Imperial Russia.

In 1899, Smith & Wesson released the .38 Hand Ejector Model, known today as the Model 10. This revolver became a staple for police forces around the world, solidifying the company’s reputation as a trusted supplier for law enforcement.

Over the years, the company continued to innovate. The 20th century saw advancements such as the introduction of the .357 Magnum revolver in 1935, which became a hallmark of performance and reliability. Later, in the 1950s, the company developed the iconic .44 Magnum, famously described as “the most powerful handgun in the world” at the time.

Smith & Wesson’s product line expanded further in the 21st century with the M&P (Military & Police) series, catering to both law enforcement and civilian markets. The M&P Shield, a compact and concealable pistol, became one of their best-selling models. Meanwhile, the M&P15 rifle series brought the company into the tactical firearms market, attracting a wide range of users, from sport shooters to professionals.

Leadership Changes and Growth

After the founders’ passing, the company remained in the Wesson family for several decades, ensuring that the original ethos of quality and innovation was preserved. However, as the 20th century unfolded, Smith & Wesson faced new challenges and opportunities.

In 1965 it was acquired by the Bangor Punta Alegre Sugar Corp. in Bangor, Maine. This conglomerate had interests in railroads, textiles, foundry equipment, sewage, yacht manufacturing, commercial banking, agricultural equipment like grain elevators. Bangor Punta is believed to have paid $22.6 million to the Wesson family to take over the company (sofrep.com). In January 1984 Santa Monica, California-based Lear Siegler Corporation gobbled up Bangor Punta. Then Siegler in turn sold Smith and Wesson to a British conglomerate called FH Tompkins PLC in 1997. Under their ownership, Smith & Wesson faced public backlash, including boycotts from gun rights advocates over agreements with the U.S. government on firearm safety measures. In 2001, the company returned to American hands when Saf-T-Hammer Corporation acquired it for $15 million and assumed its debt. Renamed Smith & Wesson Holding Corporation, the company refocused on its core strengths and reignited customer loyalty.

Financial Milestones

Smith & Wesson’s financial journey has been marked by significant milestones. During World War II, the company experienced a surge in revenue thanks to contracts for military firearms, including the Victory Model revolver. In the 21st century, the company reached new heights, with fiscal year 2021 revenue hitting $1.06 billion, nearly double that of the previous year, driven by soaring consumer demand.

Diversification and Global Expansion

Smith & Wesson didn’t just stick to revolvers. Over the years, the company diversified its product line to include semi-automatic pistols, rifles, and even non-firearm products. The introduction of the M&P (Military & Police) series in the early 2000s marked a new era, catering to both law enforcement and civilian markets. The M&P15 rifle series brought the company into the tactical firearms market, attracting a wide range of users.

Geographically, Smith & Wesson’s presence expanded dramatically. Today, the company sells its products in over 50 countries, with key markets in Canada, Europe, and Asia. The brand’s reputation for quality and reliability has earned it a loyal following across the globe.

Adapting to the Digital Age

With the rise of e-commerce, Smith & Wesson embraced online sales to meet modern consumer demands. The company established a robust digital strategy by partnering with major online retailers and launching a (fairly!) user-friendly website featuring detailed product information and virtual tools to help customers choose the right firearm. These efforts were complemented by a strong social media presence that engaged enthusiasts, shared instructional content (useful for content marketing), and showcased new product launches.

Smith & Wesson also invested in optimizing its supply chain for e-commerce, ensuring faster delivery times and efficient inventory management. This approach not only expanded their reach to a broader audience but also allowed them to stay competitive in an increasingly digital marketplace. They got ahead of it a little.

A Legacy of Excellence?

From its humble beginnings in a Connecticut workshop to its status as a global leader, Smith & Wesson has remained a symbol of American innovation and resilience, whatever your feelings on the product. The company’s history reflects not only the ingenuity of its founders but also the ability to adapt and thrive in an ever-changing world. Today, with over 170 years of expertise, Smith & Wesson certainly continues to honor its heritage.