How would you compare Ferguson to Winsupply, a major competitor in waterworks, in terms of this before and replacement value add?

Historically, Ferguson has been limitless in what they would do. I believe the quality and commitment of their people have been unmatched. Winsupply has been more of a franchise business, with a strategy of local ownership in local markets. That's a different business model from Ferguson's current one. We were somewhat similar in the early days, but that quickly evolved. Winsupply is not exclusively a franchise anymore. They acquired Nolan Corporation years ago, which operates separately from their traditional business. They're a good business and a formidable competitor. No competitor should be underestimated. However, I think Ferguson's real advantage lies in the quality of their people. They know how to identify good talent and maximize their potential, providing customers with exceptional support.

If I were a general contractor building a hospital, how would I choose between Winsupply and Ferguson?

The choice would likely be based on price and confidence in the supplier's ability to deliver the specified goods on time. This applies to all sectors, whether it's HVAC, waterworks, plumbing, safety supplies, or tools. Confidence in the supplier's ability to support when things go wrong is crucial. If a mistake is made and a change is needed, who will be there to help? Who will deliver late at night or early in the morning? Who will fix it? Once a project starts, commitments are made and there are usually penalties for delays. At that point, they'll do anything to connect with a supplier who can resolve a problem on the fly.