Authorities say 39-year-old Philip Crawford used the power tool to drill a hole in the man's nose after a deal involving drugs, money and store merchandise went awry last week.
Crawford waived his hearing on aggravated assault and kidnapping charges Tuesday. A Franklin County magistrate also reduced his bail to $175,000.
Police say Crawford hauled the man into a back room of his Waynesboro store, ordered him to strip to his underwear, then drilled a hole in his left nostril.
Investigators say Crawford told police the man was shoplifting and got injured in a struggle.
A phone message left for Crawford's attorney was not immediately returned.
