Recently I’ve spent time at two day-long meetings attended by non-competing design/build remodeling companies. Company revenues varied from about $2 million to about $25 million, but these were all successful remodelers who met as equals. The meetings weren’t about bragging rights. They provided safe, supportive environments in which owners and key employees could put egos aside and admit that they didn’t have all the answers; that somebody else might have a better idea.
I found it telling that the average number of years in business for these companies hovers at around 30. Shouldn’t the businesses looking for this kind of help be younger? Maybe there were hundreds of these meetings taking place at the same time that I didn’t know about, meetings with a whole new generation of owners who understand the value of this kind of exchange of ideas. Maybe, but I doubt it.
These are social events, and although remodelers are not joiners, they—like the rest of the human race—are social creatures. They will share a beer and an opinion with anybody. But gatherings like this are more than meet-and-greet gab fests. The people in these meetings share hard data about their companies, identify weaknesses as well as strengths, and aren’t shy about respectfully challenging practices or policies they find questionable.
So it isn’t talking to each other that remodelers have trouble with. And it’s not talking to each other about business either. It’s talking to each other about their business that’s the issue.
This is changing, partly because of the Internet and social media, which provide a wider circle of influence and greater access. But while online participation is easy and increasingly less anonymous, it’s still discretionary. If we don’t have time or don’t like where the discussion is going, we can tune it out. Not so in a face-to-face meeting; participation is mandatory and immediate. There are other advantages to peer get-togethers as well:
Structure. A scheduled meeting is more formal than a casual conversation. It requires preparation and self-examination, and it works toward stated objectives.
Perspective. Most company owners are too personally invested in their company to honestly evaluate its performance. Their colleagues don’t operate with that handicap.
Commitment. To be accountable only to yourself is to be accountable to no one. Facing the expectations of a group is a powerful motivator.
Solutions. Remodelers are infamous for reinventing the wheel. It just makes sense to first learn about solutions that others have tried.
Support. In my experience, peer groups build strong personal and professional bonds. When something comes up between meetings, you can rely on a group of people you know and trust to see you through the crisis.
It doesn’t have to be lonely at the top. You can join an association or sign up with an industry peer group. Or you can arrange to regularly meet with friendly competitors over breakfast or lunch. But you can’t continue to do the same thing and expect different results.
Time for change.
Why do remodelers have a problem talking to each other about their business?
Add new comment
Related Stories
Peppermill Finish
NAHB Announces Action Plan for Housing Affordability
Six of the proposed 10 action items are important to residential remodelers
Re-Bath Expands its Reach with New Franchise
The company signs a deal with brothers who are first-time franchisees
NARI Renames Awards Program
The awards program has a new name, but continues its tradition of recognizing the best in residential remodeling
Registration Open for Women in Residential+Commercial Construction Conference 2024
Join 300+ women in construction for three days of impactful idea-sharing and networking in Phoenix
Power Home Remodeling Expands Financing Offshoot with $400M from Goldman Sachs
Industry-leading home improvement company Power plans to grow its fintech offshoot fivefold with new investment
Great Day Improvements Acquires LeafGuard and Englert
Leading home improvement company Great Day Improvements purchases two major brands from private equity firm Audax
Metros with the Highest and Lowest Remodel ROI
First-time homebuyers can find fixer-upper listings priced between 5 to 10% lower than move-in ready homes. The high return on investment of these projects shows that remodeling remains a strong option to navigate the current housing market
Latest Private Equity Activity Signals Continued Strength in Home Improvement
A hot month for private equity means the industry remains opportunity-rich
Pro Remodeler Wins Two Prestigious Jesse H. Neal Awards
The editorial team was honored with one of B2B journalism's most prestigious awards in the categories of Best Subject-Related Package and Best Range of Work by a Single Author