Alright – so today we’ve got the honor of introducing you to Steven Silverman. We think you’ll enjoy our conversation, we’ve shared it below.

Steven, appreciate you joining us today. What do you think matters most in terms of achieving success?

It takes a combination of luck and skill, with a strong dose of persistence. It helps to be a good judge of character and to surround yourself with a dedicated team who does not think the same as you. Sales are critical, but Cash is king- understanding your business’s cash flow is critical to weathering head winds. Seeking out counsel from those higher up the ladder in your profession will save you precious misstep’s and help speed up your business acumen, Turning towards the places you are uncomfortable and embracing the coming lesson is a skill worth developing- it will be an incredible return on investment,

Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers

I have always learned best through my hands, and after working in the family motel business for 15 years after college, I had to reinvent a career path. I choose building things. I started small and eventually found my way to Northampton ,Ma and Valley Home Improvement. This residential remodeling company was founded in 1992, and it’s where I cut my teeth professionally, The former owner, Nelson Shifflett, allowed me to run my own business within the larger company. I went on sales calls, did design and estimates and then ran the projects I sold. I started with baths, moved on to kitchens and gradually kept broadening my skills, always with the mentoring of Nelson. 10 years removed from purchasing the company from Nelson, I hope to one day sell VHI to some current employees, The road to business owner has been full of self discovery, a few gut punches, joyful team successes, and never a dull moment, If you are not busy building it , you are busy selling it .

We’d appreciate any insights you can share with us about selling a business.

I have bought and still own a construction company; I have started a PV design and installation business and sold it to two key employees after 5 years. And I have just launched a new fencing company in 2023. In all 3 ventures, I evaluate the business from the perspective of, “Is this operation ready to be sold ?” From Day 1. Meaning, our we providing value to our clients? Are our financials in order- such as having an operating budget, generating monthly financial statements. Are we profitable? Can we generate repeatable results, and are these results from having a team approach? We do want to be overly dependent on any one individual If you view your company from the perspective of a potential buyer, you will more easily identify where to make improvements. By operating your business as if it’s always ready to be sold, not only will you be more successful, the effort to get it ready will not seem so heroic.
My experience in our industry (construction) is that the most likely buyer(s) is already working for you. When I applied for a carpentry position with the firm I now own, the former owner told me that one day I could own his business. After spending all of 15 minutes with me. ( when he said this, I literally thought someone else walked in behind me). The mentoring occurred over many years, and 9 years after I got the job I bought the company. We both used the same attorney and CPA to help structure the deal, because we both agreed that the health of the business was more important than either of our self interest. We gave ourselves approx 1 year to craft the deal, and 10 years later, we’d both say the stucture of the sale was handled as well as it could have been. It’s a template I will continue to use

We’d love to hear about you met your business partner.

When my wife and I and two young children moved to Northampton, MA without a job, I cold called Valley Home Improvement. During my interview with the owner, Nelson Shifflett, he quickly told me that some day I could own his business. I was applying for a carpenter position, and figured he must be talking to someone who walked in behind me. Then I realized he was talking to me- and I dismissed him. I took the job, and this conversation happened a few more times over the next year. Finally, my thought shifted to “why is he talking to me?” to Why Not me?” I soon dropped my toolbelt, came into the office and learned the business from the inside- how to design , estimate and sell projects, how to create an operating budget, execute a marketing plan and read an income statement. And how to fail, pick yourself up and try again. It was the most incredible mentoring program over the next 9 years. I faced my weaknesses and felt supported no matter the situation. One year prior to buying the business and the building from Nelson, we started to determine the value of the various assets and always split the difference when we got a high/low valuation. And we used one accountant and one lawyer to represent us both, in order to prioritize the health of the business over any of our own self interests. 10 years later, we keep in touch often, sharing many interests and a love of small business. I remain very grateful to Nelson and what he helped develop in me- and change for the better the financial trajectory of my family. I plan to pass this forward, as many times as possible. I’ve done it once already, and have at least two more opportunities in the recent future.

Contact Info:

• Website: valleyhomeimprovement.com; valleyfenceMA.com

Image Credits
all images provided by Leigh Chodos, Inc