Nordecor owner cites help of organizations
A successful entrepreneur's advice includes planning ahead, preparing for the worse and having plenty of cash.
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"In terms of lessons learned, don't underestimate the amount of working capital you are going to need," said Jeff Forsythe, Nordecor owner.
One of the reasons new businesses fail is that they run out of money, Forsythe said.
"We spent six months just developing the business plan," he said.
Nordecor owner Jeff Forsythe talked about his life-long dream of his own company and the future he sees in reclaimed wood. A display wall in the company's showroom helps set the tone for the business and is an art gallery of its own showing the variety offered by different wood species.
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Brainerd Dispatch/Steve Kohls
Nordecor planned to break even the first year and did just that. But Forsythe said they prepared to go two years without making a profit if necessary.
Forsythe said Northern National Bank was more than a source of funds and has been a business partner. Assistance came from Central Lakes College and the Small Business Administration. The Brainerd Lakes Area Development Corp. was key, Forsythe said, particularly in help as Nordecor developed a business plan.
Forsythe also credited the efforts of Gordy Winzenburg an ex-banking executive and now business financing consultant, for help with the business move.
About Nordecor
- The company creates standard and custom wood moldings, flooring, paneling, stairs, along with cedar siding and shakes to log siding and trim.
- Employs 10 workers, including part-timers.
- Is in its fifth year in business in Brainerd.
- On July 1, 2006, the firm moved from the Northern Pacific Center into a new building on Thiesse Drive in the Brainerd Industrial Park. The move took them from 4,000 square feet of space to 12,000 square feet.
"I don't think I would have been successful without all that network of support," Forsythe said. "I don't think it would have happened."
"Brainerd is really fortunate," Forsythe said, noting not many small communities have assistance such as BLADC. Beyond the organizations, Forsythe said the effort is really about the individuals behind the desks. "It's really the people part that makes it work."
A loft area off Nordecor's showroom is the reclaimed wood studio. Cory Cronquist, sales support manager, repositioned a door in the studio. A bronze of running horses accents the door made of reclaimed Douglas fir. Display panels on the walls give visitors an indication of the various wood grains and colors as does the flooring underfoot.
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Brainerd Dispatch/Steve Kohls