Today we’d like to introduce you to Steve Greenspon.
Steve, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.
I was previously a co-owner of another company in the consumer products category. After a few years I sold my portion of the business and began looking for a new business venture. I walked the aisles of retail stores and determined that I really enjoyed the home goods category and I also saw an opportunity because in general it looked like bad packaging, unnecessarily high pricing and not a lot of innovation. In a not so humble way, I just thought I could do it better.
We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
No! There were a lot of struggles along the way, most of them coming in the beginning stages: difficulty scaling; hard to find folks willing to take a chance and jump on board; an underestimation of capital needed to operate; a lack of process in place; and so on.
Luckily, I was fortunate to be surrounded by wonderful people who believed in what I was doing. From a supportive bank who showed leniency when I needed it to vendors who opened our first accounts to merchants who put their reputations on the line and took a chance on Honey Can Do. We have been fortunate even from the beginning to attract highly intelligent and motivated people with great attitudes who believe in what we are doing.
Most of all, I had my wife and family behind me. It was a big risk at the outset, signing a piece of paper that allowed the bank to come and take everything I had if it did not work out. There were times I wasn’t sure if we were going to make it. I remember a particular time in December of 2008 when things were looking bleak. I was in Beijing visiting one of our factories and Skype’d my wife and began discussing an exit strategy – sell some inventory, take care of my employees, etc. – and she essentially gave me the old, “You got us into this mess, now you get us out” speech. It was a little more supportive than that but you get the picture. After that, there was no Plan B. Eventually, we got some positive momentum and I look back on that moment as a pivotal time in our evolution.
So let’s switch gears a bit and go into the Honey Can Do story. Tell us more about the business.
We began as a storage and organization company and have evolved a bit where, through some acquisitions we’ve made, now include things like kitchen organization products. Our tagline is “Ridding the world of chaos, one room at a time” and we truly believe that can be done through our product offering.
Our differentiator is a design and development team that through research helps us determine what people are looking for in each of our products. It might be something subtle or it could be the main product benefit, but we’re proud that each of our products has a little something that sets it apart.
Another differentiator, in my mind, is my senior staff. They work tirelessly, with great precision and attention to detail but also understanding the hi-level and long-term vision of where we are taking Honey Can Do. I have a great appreciation for what they do, day in and day out, to keep this company moving forward.
How do you think the industry will change over the next decade?
Industry data shows the housewares category growing at a 2-4% clip annually over the next 5-10 years. We are after much stronger growth than that, and will look at acquisitions and potentially some new categories to help us achieve our growth objectives. Additionally, we are developing a channel strategy to maximize our potential, and as the world continues to shift from a brick & mortar landscape to an e-commerce and mobile-focused retail environment we will strive to continue to remain at the forefront of that shift.
Contact Info:
- Address: 5300 St. Charles Road, Berkeley, IL, 60163
- Website: www.honeycando.com
- Phone: 708-240-8100
- Email: pskertich@honeycando.com
Image Credit:
Maurice Victoria
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