In 2000, David Karsten and his family left an 11-year equities market-making career in Chicago to return home to Scottsdale. While the financial markets were rewarding in many ways, Karsten said something was missing that left him feeling hollow inside and unfilled.
“The desire to connect with and support a tight-knit community where you live, work, play, worship, learn, and connect on a personal level drove me to come home to Arizona and start our own business – a business that would match our passions and a business that we could directly control and support a family with,” he said.
Currently with five Ace Hardware stores scattered across the Valley of the Sun, with plans to open more, Karsten and his wife, Cheryl, have built a business that makes a difference in neighbors’ lives each day. Karsten’s hardware career began with one store in Cave Creek, Arizona, and came to life with the help of many family and community members, he said.
Since 2001, Karsten has led a team that has grown from a small company with $0 in revenue and three employees to a company today with over $25 million in revenue and 140 employees. Although he followed the Ace Hardware playbook, Karsten and his team branched out from the core business and built categories in home décor, pool supplies, and horse and pet supplies. Under Karsten’s direction, the horse and pet category now account for 60% of the gross sales.
Karsten’s efforts in business and philanthropic work have been recognized with multiple accolades including awards from the Phoenix Children’s Hospital Foundation, the Cave Creek Unified School District, the Carefree Cave Creek Chamber of Commerce and the National Association of Corporate Directors of Ace Hardware.
To be a successful leader, Karsten said it’s essential to be humble servants dedicated to the mission of the organization. “Successful leaders encourage, support and challenge those that they lead,” he said. “Great leaders are self-aware and understand where their opportunities lie to grow and improve themselves so they can more effectively influence and lead others.”
In his role, Karsten said he has the ability to see and understand people’s different perspectives on topics. “To step outside of myself and into the shoes of my customer or my teammate or my spouse is pretty powerful,” he said. “The better we understand the needs and wants of others, the better we can be at delivering solutions and influencing others to affect change.”
