Nick Richmond, president and owner of the Arlington Heights, Illinois based Matrix Basement Systems, was named the winner of the 2013 Fred Case Remodeling Entrepreneur of the Year Award. The highly acclaimed national remodeling industry award recognizes the individual who best exemplifies excellence in entrepreneurial innovation based on specific company initiatives. Richmond, who started Matrix Basement Systems in the summer of 2009, is the seventh person to receive the annual award, which judged hundreds of nominees based on business acumen, company financial strength, community and industry involvement, and entrepreneurial spirit. He was chosen by a panel of judges from Case Design/Remodeling, Hanley-Wood, and Harvard University’s Joint Center for Housing Studies, and was honored at a ceremony in conjunction with the Remodeling Leadership Conference in Arlington, VA earlier this month. “Nick Richmond not only demonstrates forward-thinking ideas, but he exhibits the strong execution of these ideas, allowing him to excel in today’s marketplace,” said Fred Case, founder, CEO and co-chairman of Case Design/Remodeling. “He should be very proud of his company’s success,” he adds. “He is truly a role model for the industry.” Richmond's company had over $5.6 million in sales in 2012. His Matrix Basement Systems was recognized in part for deciding to manufacture (in-house) the structural insulated panels that are an integral part of his company's basement work. As the judges noted, taking over manufacturing is a daunting task given the challenges in sourcing raw materials, making the product, and assuring its quality. But by doing so successfully, Richmond boosted profits, cut lead times, and built a dealer/distributor network, which impressed the judges. The judges also took note of the innovative open house program that Richmond created in which customers are asked to open their house during the weekends to showcase their finished “Matrix” basements. Nick’s team distributes 3,000 direct-mail pieces for each event, places signs in the customer’s yard and throughout the neighborhood, posts the events on their website and canvasses the area with door hangers. “In 2012, Matrix Basement Systems conducted over 80 open houses, which produced $2.5 million in sales – half of their revenue for the entire year,” one of the judges noted. “This unique marketing approach has led to an extremely high lead/conversion rate with a high level of comfort in their company well before the first meeting." I am honored and very grateful to have been chosen,” said Richmond when he was told he had won the Remodeling Entrepreneur of the Year award. “I’m passionate about the industry and very proud of Matrix’s success,” he adds. “I’ve got a great team of people surrounding me who are just as dedicated to Matrix as I am,” he says. “And the smiles on our customers’ faces when they see their new basements speak for themselves. I feel very fortunate.” "We are proud to recognize such a deserving individual for all of his accomplishments over the past year,” Case concludes. “Nick Richmond truly exemplifies what the Fred Case Award is all about.” For more information about Matrix Basement Systems, please visit www.MyMatrixBasement.com. For additional information about the Fred Case Award, please visit www.casedesign.com/Awards.
