Hardwood Floors February/March 2024

WHAT IS YOUR BEST ADVICE FOR BUILDING THE FOUNDATION FOR A SUCCESSFUL CAREER IN THE WOOD FLOORING INDUSTRY?

everything else needs to be included in your price because you’ll have to pay for it later,” explains Moss. “You won’t make money by lowballing everyone in the market either.” He also notes the importance of investigating the subfloor before quoting a price because it is easy to lose money with callbacks. As much as you love what you do, you may not want to work forever. Start thinking ahead for retirement. Zizza employs the theory of “profit first for prosperity.” “I suggest that small companies put 5 percent and larger companies can do 3 percent. With every single dollar that comes into the company, you take 3 percent to 5 percent and place it into a money market account and don’t touch it,” he explains. “You’re going to be in business for a long time, and a self-funding account will grow substantially over time. After it does, you can make decisions like buying your own showroom or warehouse facility and then become your own landlord. Keep saving 3 to 5 percent, and now your bank account is growing in value along with your real estate.” Zizza says this type of long-range planning can ensure a better retirement down the road. If it is later in someone’s career and they need to catch up, he might still suggest doing a self funding account, but take 7 percent instead of 3 to 5 percent. This may hurt cash flow, so Zizza says consider raising prices to help with that burden. BUILDING A COMMUNITY Having a firm foundation can be easier when surrounded by a community. That might mean other wood flooring professionals, but it also could be loyal customers or others involved in a charitable cause you care about. Lambright says listening to and learning from others has impacted his business. He’s been blown away by how generous people in the wood industry have been with their time.

RICK HOLDEN, RETIRED FROM DERR FLOORING CO.:

RANDY HARRIS, HIGH DESERT HARDWOOD: “The best advice I can think to give anyone wanting to start a business in the wood flooring industry is to focus on your own skills. Invest yourself in quality work. That, along with a good attitude and strong communication with clients, will help your business grow naturally.” “Be informed of issues affecting you and your company, such as changing government policies, economic conditions, or design trends. And, build a network of people that you can speak with regarding your business or the industry as a whole. It is important to hear different points of view so that you may have a more well-rounded perspective.”

Rick Holden

Randy Harris

TOMMY MAXWELL, MAXWELL HARDWOOD FLOORING: “Never be afraid of hard work, always stay honest, and maintain the highest integrity in your personal and business life.”

Tommy Maxwell

the magazine of the national wood flooring association

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