3 DAY BLINDS, INC.2000-2007
3 Day Blinds (www.3day.com) has become the largest vertically integrated retailer/manufacturer of custom window treatments in the United States, with 195 showrooms in 21 states coast to coast, and two large manufacturing facilities, one of which is in Mexico. Serving nearly 200,000 clients annually, the company was reinvented to become a high touch, high service leader in the home fashion space. With annual revenues approaching $150 million, the company became the leading innovator in its industry, generating organic growth of 50% over 5 years through numerous pioneering growth initiatives.
PRESIDENT/CHIEF EXECUTIVE OFFICER2000-2007
Responsible for all facets of company operations, reporting to the Board of Directors. When recruited by the private equity firm owning the company in April 2000, the company was suffering from a serious deterioration in profitability, 3 consecutive years of double-digit negative comps due to severe big box competition, an acute cash shortage, poor strategic execution, and an unusual $100 shareholder lawsuit stemming from its original sale in 1998.
· Redefined strategic positioning of the company’s brand, moving the company from a low-end provider to the premier upscale retailer of custom window treatments, resulting in average order size increases of 233% from $388 to $901 per transaction over five years.
· Negotiated favorable settlement of the $100 million litigation which threatened the survivability of the company.
· Completed two rounds of fund raising, the first a restructuring of debt and equity in late 2000, and the second a growth infusion of equity in early 2003, raising $50 million in new debt and equity capital. Completed the sale of the company in June 2006, managing the process from selection of investment bankers through closing.
· Produced five consecutive years of positive store comps and EBITDA growth; EBITDA improved from $3.9 million in 1999 to $11.1 million in 2006.
· Closed 40 marginally performing or unprofitable locations; opened more than 100 new or relocated showrooms; implemented disciplined store model economics in conjunction with detailed demographic/psychographic data from an outside data analysis firm.
· Reorganized the company, removing and replacing all senior officers except one within the first 12 months. Implemented strict income statement accountability. Established the core values of the company and its business mission. Improved personnel turnover from 180% annually to less than 40%.
· Developed a new showroom merchandising format, “Inspired Solutions”, which produced comp increase of 40% on average within the first year per location, and remodeled over 2/3 of the store system.
· Completely overhauled the company’s information systems and technology, putting key real-time data in the hands of front-line decision makers.
· Became the first company to introduce premium, celebrity-branded product line, the Christopher LowellCollection in 2002; followed with additional brands of Eddie Bauer, Laura Ashley, and Tommy Bahama. All brands were exclusive to 3 Day Blinds. New products introduced since 2000 represented 60% of all product sales in 2006.
· Introduced and patented the first absolutely child safe window covering approved by UL in the industry. Using this platform, the company created a new category of window treatment called window murals, and introduced the first collection for children with an exclusive license from Disney. Additional exclusive content licenses followed, including MLB, NBA, Star Wars, Smithsonian, Nickelodeon, NCAA, and numerous others.
· Introduced the first store-within-a store in the industry in partnership with The Great Indoors, followed with additional partnerships with Sears, Interior Specialists Inc., and Jo-Ann Stores.
· Introduced the first kiosk referral model with high data integrity in partnership with Costco Wholesale Corporation.
· Grew the in-home sales force of design consultants from 20 in 1999 to more than 200 in 2007.
· Introduced a new internally developed proprietary technology, iDesign, which enabled in-home design consultants to take a digital photograph of a room, download it into their laptops, color match using a PMS software program, and “drag and drop” various window treatment options to show the homeowner exactly what her purchase would be when installed, eliminating the problems of color coordination and visualization.
· Worked closely with the Consumer Products Safety Commission to establish child safety education guidelines patterned after the company’s own safety programs.
· Transitioned promotional medium from newspaper to television and online. Introduced e-commerce in 2002, and by 2006 nearly 1200 appointments per month were booked representing approximately $1 million in revenue per month.
· Relocated 55% of the company’s unit production to a maquiladora shelter operation in Ensenada, Mexico resulting in annual savings of approximately $3 million per year.
· Implemented a Lean reengineering initiative in manufacturing operations resulting in a substantial improvement in raw material inventory turns and labor productivity.