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Building Legacy: From Family Trade to Luxury Construction with Doug Peterson · Epic Entrepreneurs

• 0:29
  Speaker 1: Hi there.
• 0:29
  Speaker 1: Welcome to this week's episode of Epic Entrepreneurs.
• 0:33
  Speaker 1: I'm Bill Gilliland, your host.
• 0:34
  Speaker 1: I am the principal at Action Coach, Business Growth Partners and also one of the founders of the Asheville Business Summit.
• 0:41
  Speaker 1: So we're welcome.
• 0:42
  Speaker 1: We're glad to have you on the podcast.
• 0:45
  Speaker 1: We're welcoming Doug Peterson from Peterson Builders and I'm excited to have him as the focus today on our business spotlight.
• 0:52
  Speaker 1: Thanks for being here.
• 1:02
  Speaker 2: Yeah, thank you sir.
• 1:05
  Speaker 1: So introduce us to you and Peterson Builders and tell us a little bit about you and your business uh, yeah, absolutely.
• 1:17
  Speaker 2: Peterson builders tx.
• 1:18
  Speaker 2: We are a third generation construction company.
• 1:22
  Speaker 2: Uh, out of course, my dad and grandpa both built houses, but kind of in a different manner.
• 1:27
  Speaker 2: Uh, started building, had dad, grandpa, grandpa and my uncle and then built.
• 1:33
  Speaker 2: Basically someone would get a new house in the family Basically every two years.
• 1:38
  Speaker 2: Everybody moved and then got a new house and it was a way to get from there.
• 1:44
  Speaker 2: My grandpa started building spec houses as he had something else to do and my dad did the same thing and I went off to now do something different and then just kind of found my way back into construction and started building stuff and moved to Texas about 15 years ago and just been why they build mainly in Horseshoe Bay, texas.
• 2:11
  Speaker 2: We've got some stuff in Marble Falls we did one in Wimberley, but it's in the Hill Country, nice, nice.
• 2:25
  Speaker 1: So let me ask you some questions about business.
• 2:26
  Speaker 1: So if you had to start from square one in your business, what would you do differently?
• 2:34
  Speaker 2: start from square one in your business.
• 2:36
  Speaker 2: What would you do differently?
• 2:37
  Speaker 2: So I probably started a little riskier than I started.
• 2:39
  Speaker 2: I originally started as one at a time in my pocket and, seeing what I've seen in the area now as far as growth, I probably would have been here and started two or three at a time and grown because our area is just continuing.
• 2:54
  Speaker 2: The demand is there, especially for a quality house.
• 2:57
  Speaker 2: There are some houses that aren't selling, as in a different tax bracket.
• 3:02
  Speaker 2: So in our area it is the retirement community around golf courses and so a lot of people are moving from California, colorado, colorado you know all of us to move here to retire and enjoy, you know the resort and all the amenities it has, with a bunch of it's a higher scale uh house than than what I was doing in nashville and that's the house for their retirement home.
• 3:28
  Speaker 2: So it's you $1.5 million to $20 million.
• 3:36
  Speaker 1: Yeah, got it.
• 3:37
  Speaker 1: So what you're saying is that, hey, you may have taken on more faster.
• 3:45
  Speaker 2: Absolutely, I think, risk of the unknown in the new area and, knowing what I know now, and especially during COVID, it would have been okay to take a little bit bigger risk.
• 3:58
  Speaker 1: Why did you move?
• 4:03
  Speaker 2: uh, a woman just like met a girl met a girl in nashville and she was from texas.
• 4:12
  Speaker 2: Leave the girl or leave nashville.
• 4:14
  Speaker 2: So it was kind of an easy decision yeah, no, well, it's great.
• 4:19
  Speaker 1: I mean it's an interesting one to to be have a business in in one city, and then I mean you have, you obviously knew how to do the business, but you got to start over, you got to get new subs, new everything.
• 4:30
  Speaker 1: So, yeah, it's an interesting move.
• 4:35
  Speaker 2: It is especially in our business with our subcontinent, part of our trade.
• 4:40
  Speaker 2: You know I can have, I do design all my own homes.
• 4:42
  Speaker 2: We do everything based.
• 4:45
  Speaker 2: So everything is based, you know, one off.
• 4:48
  Speaker 2: Every single house is unique.
• 4:50
  Speaker 2: Understand my vision and understand what I'm trying to do is very important.
• 4:55
  Speaker 2: So some of the guys over half have been with me since the very beginning.
• 5:01
  Speaker 2: So there's a couple of concrete guys that didn't pan and most part I settled in and just started watching.
• 5:07
  Speaker 2: The guys are doing a great job and started trying to get their business and I did and I've got the same guy since.
• 5:16
  Speaker 2: So I'm just happy and it keeps me from chasing new subs.
• 5:21
  Speaker 1: I love it.
• 5:22
  Speaker 1: I love it.
• 5:23
  Speaker 1: So what have been your biggest learnings as a business owner?
• 5:28
  Speaker 1: And I don't know if you're an employer, but as subs, you're definitely employees.
• 5:33
  Speaker 2: So since you started your business, lesson that I learned out of lead time on stuff.
• 5:45
  Speaker 2: I've completely changed how I do business now from when I used to ordering tile, getting everything.
• 5:53
  Speaker 2: When we're doing plans and I'm about to pull up, ordering appliances even as far as fire-powered room that I keep, it's just supplies for later down the road.
• 6:08
  Speaker 2: I think better appliances, the high-end stuff that you can't get at Home Depot, is not sitting on the panel-ready fridges and stuff.
• 6:18
  Speaker 2: They just they don't exist in a warehouse somewhere and a lot of those are made to.
• 6:22
  Speaker 2: Also, we make sure that as soon as we're ordering everything that the kitchens are designed around and then we buy those appliances right away as soon as we start love it.
• 6:34
  Speaker 2: That's probably the biggest prepared and being ahead of the curve on ordering stuff.
• 6:39
  Speaker 1: That way I'm never waiting for materials yeah, it makes sense because it's a lot of people don't understand.
• 6:47
  Speaker 1: But in construction there's there's labor, there's materials, and then there's the time it takes to actually build the house.
• 6:56
  Speaker 2: And if you can squeeze the time down, then that's a better deal for everybody yeah, I can say two or three months just on having a storeroom with everything ahead of time the cabinets, as soon as we get to the sheetrock stage you know we've already planned them, but they come in and remeasure them the last rock.
• 7:15
  Speaker 2: That way they're going into production.
• 7:16
  Speaker 2: So, planning ahead with the owners, um, the owners understand I mean it is a custom home and lots of people do make changes being ahead of time, being overprepared with 3D renderings, and give the owners what they can that they make less changes.
• 7:37
  Speaker 1: Perfect.
• 7:37
  Speaker 1: So what are some of the common misconceptions about running a business?
• 7:48
  Speaker 2: You have lots of free time and I, literally, as I was trying to get my calling, we're on vacation with my wife.
• 7:56
  Speaker 2: She is one of the most patient people in the world.
• 8:00
  Speaker 2: I'm always on.
• 8:01
  Speaker 2: I try to keep it, you know seven to seven, but everyone knows I'm involved.
• 8:07
  Speaker 2: My guys are calling me, asking questions.
• 8:09
  Speaker 2: There really is no such thing as turn my.
• 8:14
  Speaker 2: My dad is helping with the business now and he's he's sending me information that way I can help make decisions from here.
• 8:21
  Speaker 2: But even when we're gone.
• 8:23
  Speaker 2: You know we just started a half a million dollar remodel, so we're doing remodel, we're tear out and demo right now, and it was now or never, because next week we start two brand new homes.
• 8:36
  Speaker 2: So, um, you know he understands that my phone's gonna ring and and she's okay with it.
• 8:44
  Speaker 1: Got it, got it.
• 8:47
  Speaker 1: So what do you attribute your growth to?
• 8:54
  Speaker 2: Probably my attention to detail.
• 8:55
  Speaker 2: Even as you walk house two, three, four million dollars in our area After the floor is in and you'll see other guys and it's the five million dollar house and they'll have a corner around molding between their baseboards and the floor and essentially what that is to me is like they know they missed so they had to use another piece of trim to hide it.
• 9:21
  Speaker 2: Um, board of operation oriented, um not scared to blue tape the entire house four or five times until it's just perfect.
• 9:31
  Speaker 2: You know that's it like.
• 9:33
  Speaker 1: It's just add overboard yeah, well, if you're building high-end houses and attention to detail is super important, so well done there.
• 9:43
  Speaker 1: So how do you I mean, maybe you don't, but how do you balance personal and business?
• 9:53
  Speaker 2: um, my wife's involved in the business with that partner.
• 9:57
  Speaker 2: She goes to work with me some days um.
• 10:01
  Speaker 2: I try to um during, even during the business day.
• 10:06
  Speaker 2: You know like I'll go home for lunch um, because we and we live in the neighborhood, you know I can pop in the house and and see her um in between times she'll go on on job, uh stops with me and we're going checking on things.
• 10:22
  Speaker 2: She'll ride with me saturdays.
• 10:23
  Speaker 2: So a lot of sat Saturdays.
• 10:25
  Speaker 2: She'll go with me to the job sites and we'll go catch brunch somewhere and hang out.
• 10:29
  Speaker 2: And then Sundays is the day that I'm not available If somebody calls on Sunday.
• 10:36
  Speaker 2: So that's the one thing that my dad and grandpa taught me is work six days a week, sunday or anything.
• 10:43
  Speaker 2: So you know, in our area they're not allowed to work on Sundays anyway, or they're not supposed to.
• 10:48
  Speaker 2: They're out on job sites.
• 10:50
  Speaker 2: But if there's a customer calling me on a Sunday, they're going to wait until Monday to get a response.
• 10:57
  Speaker 1: Yeah, I like that.
• 10:58
  Speaker 1: I like that.
• 10:59
  Speaker 1: It's a good plan right Six days on, one day off for sure.
• 11:02
  Speaker 1: So what qualities do you look for in an employee or a sub?
• 11:14
  Speaker 2: punctuality is tidiness.
• 11:16
  Speaker 2: I can't stand the subs that leave a mess everywhere.
• 11:21
  Speaker 2: So my job site and I just want people to walk in and be able to see the house at pretty much any time.
• 11:28
  Speaker 2: So cleanliness, attention to detail and self-driven.
• 11:34
  Speaker 2: There are a lot of guys that need constant supervision.
• 11:37
  Speaker 2: Some guys that work for me teach them how to read plans and understand it.
• 11:44
  Speaker 2: That way they can help themselves without needing it.
• 11:49
  Speaker 2: So self-motivated, clean guys.
• 11:55
  Speaker 1: I like it.
• 11:55
  Speaker 1: Product yeah Punctual, tidy, detail-oriented and self-driven.
• 12:02
  Speaker 1: That's pretty good.
• 12:04
  Speaker 1: So what words of advice would you offer other business owners who are looking to grow?
• 12:14
  Speaker 2: Just step out there and do a little more than you think.
• 12:16
  Speaker 2: You can Hire your family, you can jump and put you know.
• 12:23
  Speaker 2: That way, if you're working 60, 70, 80 hours a week, at least it's always being gone.
• 12:28
  Speaker 2: So even though we work a lot, you know, I'm still getting to spend time with my wife, my dad, pretty much every day, which is great.
• 12:35
  Speaker 2: You know, take the people that you already love and put the time with them.
• 12:42
  Speaker 1: I love that you know most people would say don't work with your family, but I love that you say hey hire your family.
• 12:49
  Speaker 1: Yeah.
• 12:50
  Speaker 2: Absolutely.
• 12:53
  Speaker 2: Yeah, my son is the next one we're going to bring on board.
• 12:56
  Speaker 2: He's 20, he's like ready to run something yet, so and and he has a good paying job now, so it'll be hard to step in, but he's he's the next person we're going to bring in, and and that'll be awesome well, yeah, I think it's, I think it's great.
• 13:14
  Speaker 1: I that'll be fourth generation then.
• 13:19
  Speaker 2: My dad didn't force me to do building.
• 13:21
  Speaker 2: He actually encouraged me not to because it is a high stress.
• 13:25
  Speaker 2: I'm going to do the same thing If he wants to come in the family business.
• 13:29
  Speaker 2: I'm really in trade so he could do HVAC, electrical plumbing, something like that, and he could have his side of our company where we hire him to do plumbing.
• 13:41
  Speaker 2: You college and we really need just pipe fitters.
• 13:44
  Speaker 2: I mean everything.
• 13:45
  Speaker 2: Those are dying trades that we don't have enough people.
• 14:06
  Speaker 1: Yeah, we absolutely need trades.
• 14:07
  Speaker 1: I tell any kid that if you're good with your hands and you're not suited for an office job and a lot of people are kinesthetic, in other words they learn best by doing and those kind of people they can make a really good living in construction, in the trades in home services, something along that, where they get to be out and they can make things happen.
• 14:31
  Speaker 1: So we're on the same page on that one happen.
• 14:37
  Speaker 2: So, uh, we're on the same page on that one.
• 14:40
  Speaker 2: But you can start at a hvac company right now in my area no skill show, 23 bucks an hour.
• 14:47
  Speaker 2: Oh yeah, they'll teach you the trade and you know, make it decent, and then you can go from there to you know, starting your own company.
• 14:54
  Speaker 2: But it seems like a lot of the guys work for someone else and do what they're told, and you know, that's the exact opposite of me, like I want to go and learn more and do more.
• 15:06
  Speaker 1: Yeah, the only place that earn comes before learn is in the dictionary right.
• 15:15
  Speaker 2: Exactly.
• 15:16
  Speaker 1: Yeah, you got to learn.
• 15:16
  Speaker 1: What else would you like to tell people about you or your business, or any advice you'd have for any other people in business?
• 15:25
  Speaker 1: We'd love to hear it.
• 15:30
  Speaker 2: I guess don't be scared to start on your own.
• 15:33
  Speaker 2: Protect yourself.
• 15:34
  Speaker 2: Do something that will save.
• 15:37
  Speaker 2: If something does happen, you're protected.
• 15:40
  Speaker 2: Make sure you understand your insurance policy.
• 15:43
  Speaker 2: If you do have a claim, you know you're not out.
• 15:47
  Speaker 2: So one of my lessons I've learned is through Galloway Insurance and just making sure that I had the proper insurance guy fall through one of framers, uh, fought through a house about five years ago.
• 16:01
  Speaker 2: He was missed a step and you know he was a subcontractor.
• 16:07
  Speaker 2: He did have his own injury, doubt thinking that you know this is it for me, because he was hurt pretty bad and my thing worked out and it was really good to know at that moment that I was covered.
• 16:19
  Speaker 2: So just make sure business, make sure you don't just you know two guys in a truck you know pay your dues, pay your tax and have insurance, because it's the difference between going out of business or starting.
• 16:34
  Speaker 2: Don't just do it, Do it right.
• 16:37
  Speaker 1: Yeah, that's great.
• 16:38
  Speaker 1: I love that.
• 16:39
  Speaker 1: Don't just do it.
• 16:40
  Speaker 1: Do it right, because otherwise you're setting yourself up for I call it an oops in business.
• 16:47
  Speaker 1: It could be more than that.
• 16:48
  Speaker 1: It could be something more critical.
• 16:53
  Speaker 2: People work 10 or 15 years and build up their money and then all of a sudden they have a claim or something happens and that's starting over.
• 17:01
  Speaker 2: That's 10 or 15 years of your life gone versus you know.
• 17:05
  Speaker 2: Yeah, I pay a year in insurance, but I'm covered.
• 17:12
  Speaker 1: Yeah, I believe in overinsurance.
• 17:13
  Speaker 1: Yeah, I believe in having-insurance.
• 17:16
  Speaker 1: Yeah, I believe in having too much insurance.
• 17:23
  Speaker 1: It's worth it whatever.
• 17:24
  Speaker 1: It is not to have the peace of mind.
• 17:27
  Speaker 1: So, lastly, what's the best way for someone to get in touch with you?
• 17:35
  Speaker 2: Sure, so our website is Peterson Builders and my email is info at petersonbuilderstxcom.
• 17:43
  Speaker 2: Got it?
• 17:45
  Speaker 2: If you're starting a business and need a mentor or just want to ask some questions, feel free to drop me an email.
• 17:54
  Speaker 1: Perfect, I love it.
• 17:55
  Speaker 1: I love it.
• 17:56
  Speaker 1: Well, thanks for this Fantastic.
• 17:58
  Speaker 1: We appreciate you being part of the Epic Entrepreneurs community and all you're doing out there in the workplace, and we certainly wish you continued success.
• 18:14
  Speaker 2: Thank you, sir, thanks for having us hey and until.
• 18:17
  Speaker 1: Can't wait to see.
• 18:18
  Speaker 1: Yeah, hey, until next time, all the best.