Room & Board

“And we determined that the only advantage you have making it in China is wages, right? It's about a 30% advantage in cost of product. Well, we felt like between freight and quality and a series of other things, we could make up that difference.”

“How much people like to know what they just spent a fair amount of money for, what the story is behind it. They like to know that piece of furniture in their home and where it was made and why it was made that way and what the materials are. That's not everybo…”

“The way that makes sense for us to do it is have a hundred percent owner finance, so there's no bank loan involved. We just, we gave a loan to the employees, basically, the ESOP, to buy the shares from the owners at an established price”

“I mean, we are truly a vertically integrated company through partnership. That, that's how I think about it. I mean, we care a lot about that steel manufacturer, about how they grow, about are they profitable? About how we balance our business. It's effective …”

“I spent those next six or eight, eight years. I did a variety of things. I started a business called bedrooms for kids. I had a wholesale showroom. I bought a design studio. So I spent, as I look at it now, I kind of wasted eight years doing things instead of …”

“There's a ratio always in making something between the material and the labor. So if you're making a simple classic something out of solid wood, the labor cost is a fairly small percentage of the cost. If you're making something very elaborate, the labor cost …”

“Much of the industry thinks they're in the fashion business, and I think it's a big mistake. We think we're in the business of good design, so you'll be happy with it Five years from now, 20 years from now, but we're definitely not in the fashion business from…”

“Early on, we just said no bank debt. We're going to operate with no debt. And we did for years and years and years.”

“It has a side benefit of it evens your business pretty, if you have a sale, you're creating peaks in your business. So you got the back end of the business, which is handling the product and delivering to customers. Now you're dealing with these ups and downs …”

“So the unique thing we bring to the process is we bring the design, and then we have these different manufacturers Make the components, which actually reduces the cost of the piece, because we got these specialists doing what they do really well. And it has th…”

“We, you know, we haven't, but we know that some of those people have gone to some of our manufacturers, like our steel manufacturer is a good example.”

“One, if you'd looked at their performance generally They've ruined more businesses that they've grown. They just don't, one, they think they're smarter than the owners of people that created the business in the first place. Second, they think they can over lev…”

“I own about 30% of the business, and I would trade that 30% for the full ownership of room and board.”

“This customer we were trying to appeal to, you know, out of college, not a lot of income they don't mind having the IKEA-like product. Well, now it's 10 years later, and they're established in their job, and they want more, not temporary furniture, they want p…”