James Jarrell IV organizes items at The Tool Box Co. near the intersection of William Street and State Route 3 in Fredericksburg. (Peter Cihelka/The Free Lance-Star)
James Jarrell IV doesn?t have a lot of stories to tell about wild escapades at the University of Richmond. While some of his classmates were partying, the Fredericksburg resident was building a business that has developed a loyal following.
In 2009, while a sophomore at the university, Jarrell started buying tools from contractors who were going out of business amid a brutal recession for the construction industry. The James Monroe High School graduate had grown up watching his father and grandfather ? Jay and Jimmy Jarrell, respectively ? work with their hands, and he developed an interest in the tools needed.
Jarrell sold the tools through eBay as well as to customers who found him through word of mouth and advertisements.?Before long business grew to the point where he needed a commercial space to store and sell his tools.
During his junior and senior years he spent weekends holding regular business hours at a storefront in the Four-Mile Fork area of Spotsylvania County. He named his company The Tool Box Co.??Jarrell majored in history, but says business was more important to him than schoolwork.
Jarrell graduated from the University of Richmond this past spring and returned to Fredericksburg to buy and fix up a house, plan for an upcoming wedding and work on his business. He is now expanding into a larger storefront at 1529?Olde William Street next to Mike?s Glass & Mirror in Fredericksburg. The store will open Oct. 15.
Jarrell estimates that he has about 10,000 items in stock. His inventory constantly changes, which helps attract repeat customers. Jarrell buys tools on the spot using comparative price data from eBay. He doesn?t pawn items or haggle on price. He?s hired an employee to help run the shop and would like to find a couple of people skilled in selling goods on eBay. He also plans to hold local auctions for his tools.
Jarrell buys some tools new when he can get them for cheap enough, for example when a store closes. But for the most part he can?t compete with the likes of Amazon and Lowe?s on new tools, so he focuses on used ones.
Eventually Jarrell plans to get involved with his family?s real estate company but says The Tool Box Co. is a good way to get early business experience.
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