Each week, the Daily News profiles a locally owned business.

Name of business: Golden Farley Men’s Shop

Location/address: 436 E. Main Ave.

Contact: 842-6371

Type of business: Menswear specialty shop

When did it open? 1958

Owners: Sam Hall and Larry Stewart

Number of employees: Five

Specialties: Classics to updated traditional menswear

How did the business get started? Bob Farley and Wendt Golden purchased the store in 1958 and changed the name to Golden Farley. In 1981, Sam Hall and Larry Stewart bought the store and kept the name.

What is your background? Hall took a part-time job at Golden Farley while attending Western Kentucky University and has been there ever since.

What are your biggest challenges as a business? So many things are changing and are much faster than they used to be. It’s all about the current economy. Keeping current inventory and controlling the amount of inventory is key to being successful in the short run. As a specialty store, having the right styles for our customers is always a top priority.

What’s your business philosophy? To make sure our customer is dressed properly. His needs are the highest priority and, at the same time, he is a representative of our store. We continue to shop the markets for new and interesting products. Finding the next trend before anyone has seen it is always our goal.

What issues are affecting your industry? First is the issue of fewer clothing products being made in the USA. We shop and sample clothing products before we put them in our store. Second is the changing attitude in the way we dress. A more casual appearance has become the norm for a lot of people. The issue with this form of dress is that most people find it difficult to dress down and still look professional. Casual dress is appropriate, but get help coordinating if you don’t understand how to do it.

What are the factors that make your business successful? Customer service is a real product with us. We give each customer the time and attention needed to make sure their needs are fulfilled, whether it would be a simple thing like socks or a complete suit for a very special occasion. All clothing needs to fit properly and we take pains to make sure that happens. Because of the importance of fit, we include alterations with all purchases.

How do you handle competition? We shop the best markets for menswear including New York, Chicago and Las Vegas. By shopping these markets, we stay alert of new products and styles. If we do our job, the competition will take care of itself. We will survive for another 50 years if we pay attention to our most important asset, and that is our customer.

What is your advice to someone thinking about opening a business? Everyone should be able to own their own business. The challenges are many, but the rewards are great and the least of these is the money. It’s not an easy job and you will work much harder and spend a lot more time than you would working for someone else. If you do, make sure you have extensive plans and a good banker.