Today we’d like to introduce you to Nick Richmond.
Nick, please share your story with us. How did you get to where you are today?
Born and raised in Flint, Michigan, I come from humble beginnings. My father was a millwright for General Motors and my mother an LPN (nurse) going to school by day, working by night. For as long as I can remember, if I wanted something I had to go out and earn it.
I have been involved with the home remodeling industry my entire adult life. At the age of 26 (9 years ago), I founded Matrix Basement Systems from the spare bedroom of my Chicago apartment. With a very limited budget, but a wealth of knowledge, I grew the business from $0 to a projected $20,000,000 in sales for 2017. Since starting in 2009, my remodeling company has produced over $75,000,000 in residential remodeling projects with very few complaints from customers and an excellent track record for service and quality.
Matrix Basement Systems has been recognized by Qualified Remodeler Magazine as one of the “Top 500” contractors nationally for the last 8 years and by Remodeling Magazine as one of the “Big 50” for the home remodeling industry on a National level. In 2013, Remodeling Magazine awarded Nick Richmond (me), founder of Matrix Basement Systems, with the “entrepreneur of the year” award which is a National award that recognizes the industry’s most innovative remodeler. See article- http://www.remodeling.hw.net/business/design/2013-fred-case-award-winner-nick-richmond.
We recently launched a new division, Luxury Bath Technologies, and we are quickly gaining traction. In just 3 short months on the bathroom remodeling circuit, we have contracted over $450,000 in bathroom remodeling projects. We are confident that the bathroom remodeling division of our business will rise to that of our basement division. Once we eclipse the $25,000,000/year sales volume level, we will be recognized as one of the top 50 home remodeling contractors in the United States (keep in mind, there are MILLIONS of contractors in the residential world).
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
It has not been a smooth road. Every day is an adventure filled with challenges, successes and learning experiences.
One of the most challenging aspects of what we do is profitability. There are so many moving parts within our business from sales/marketing to estimating, designing, financing, project management, service and administration. To have every level of the business functioning efficiently and simultaneously is the recipe for obtaining real profits (easier said than done).
This is a business that is very “people intensive”. The key is to find great people, train them like crazy and hang on to them like your life depends on it. Sharp people who are willing to work hard are not easy to find!
My mindset is to wake up every day at “zero”, as if it is the first day in business. When businesses or the people within the business become complacent, everything falls apart.
Alright – so let’s talk business. Tell us about Matrix Basement Systems and Luxury Bath Technologies – what should we know?
Matrix Basement Systems is the only basement finishing company that also manufactures its own product. That’s right – other basement companies rely on an external manufacturer, which results in higher prices across the board, less accountability, and no room for product innovation. On the other hand, we’ve managed to develop an exclusive product that is:
Incredibly energy efficient
100% resistant to moisture and mold
500% stronger than drywall, and…
Backed by the expertise of America’s largest basement finishing company!
Founded in 2009 in Chicago’s northwest suburbs, Matrix Basement Systems is the largest basement finishing contractor. With nearly 100 employees including showroom, warehouse and office staff in two locations — Arlington Heights, IL, and Livonia, MI — we have the experience and professionalism as well as the right products to offer the best solution for each client. Matrix has revitalized more than 2,500 basements with its innovative designs and superior waterproof, mold proof, mildew proof wall panels. We pride ourselves in being on-time and on-budget for every project, and our customers can testify to this as well.
You can trust the basement experts at Matrix Basement Systems, Inc. to create a suitable environment for you to entertain family and friends. At Matrix, our true love is in turning ordinary basements into awe-inspiring spaces: we transform your unique vision into reality.
In addition, we act as a full-service basement contractor. We’re equipped to handle every aspect of your basement remodeling project, from decoration and interior design to electrical and plumbing. When you work with other basement contractors, you often have to hire a separate professional for certain jobs, like a plumber to set up your basement bathroom. Matrix prides ourselves on providing a full turnkey solution to your basement remodeling needs! With our approach, you can have maximum security knowing that we will always take responsibility for our work, while being able to offer incredibly competitive pricing on basement remodels.
Any shoutouts? Who else deserves credit in this story – who has played a meaningful role?
My brother taught me the sales/marketing aspects of the business- which drive the ship. Ironically, he is now the partner of Wisconsin’s largest home remodeling company (Mad City Windows).
I have been lucky to have mentors in the industry who have set great examples as business professionals. My father-in-law whom owns “Colletti’s Restaurant” in Chicago (which has been around since the 40’s) has taught me some great values in business and as a successful entrepreneur. He is a frugal, penny-wise, down to earth business owner although he doesn’t have to be. So many business owners get a taste of success and lose their drive and focus, I have been mentored to stay humble and driven, while respecting the value of a dollar.
One of my mentors growing up in Michigan was Nino Vitale, owner of TEMO Sunrooms in the suburbs of Detroit. Nino was an immigrant from Italy who came here unable to speak English. He worked his way from the bottom up and built a $60,000,000/year Sunroom manufacturing company and bought half of the property in Clinton Township and made unbelievable investments. Nino taught me how to take care of people and show respect and appreciation for everyone involved in your personal success. I’ll never forget our great dinners together at “Ernie’s” where he would fill the entire table with more food than we could ever eat.
Contact Info:
- Address: 1435 E Algonquin Road Arlington Heights Illinois
- Website: www.mymatrixbasement.com
- Phone: 8473054445
- Email: nrichmond@mymatrixbasement.com
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