WARROAD, MINN. – If you live in the Twin Cities, the home business is booming. Builders are being issued permits in levels not seen in more than a decade.
However, those numbers are not the same across the country. U.S. housing starts are just half what they were before the Great Recession, said Paul Marvin, who took the helm earlier this month at the family's window and door business.
The industry is "good, not great," Marvin said at a recent interview at the Marvin Cos. headquarters campus in Warroad, a small town near the Canadian border. "It's been a long, slow recovery. It's surprising just how slow and how long a recovery it's been. It's an interesting time for me to come on as CEO."
Undaunted, Paul Marvin has set an aggressive goal to grow the company's annual sales by an average 10 percent. "It won't be easy," he said.
He doesn't favor lowering prices. To grow, Paul Marvin envisions a future in which the company pursues new product innovations, "value-added adjacencies" and previously rare acquisitions.
His goal is to bolster Marvin's well-hewn reputation for high design and customized products. Two years ago, Marvin Cos. bought TruStile, a maker of custom creative interior doors. Unlike the hollow doors sold in hardware stores, TruStile's doors are high end and made of leather, suede, mirrors and barn wood among other materials.
"Expect more acquisitions like this," he said. But don't expect the company to expand into other industries.
"We won't start buying golf courses. And we will stay centered around the housing industry," said Marvin, who at 42 is the first of the fourth generation to be CEO of the nearly 6,000-employee company. "Still, some things will have to change."