When The Farrell Company in Los Altos, Calif., began seeing a significant drop in revenue starting at the end of 2008, president Steve Farrell had to cut his staff by 50%. However, he predicts that the homeowners who placed projects on hold earlier this year will be confident enough to give the green light to those projects in a few months. Farrell plans to hire back some of his laid-off staff by August. “The [homeowners] waiting on the sidelines are going to feel more comfortable and jump in," he says. "Many of them have the money, but they are scared. I foresee a busy fall.”
Farrell says that the company’s niche for doing high-end, specialized projects helped it ride out the downturn. “We do everything from replacing window to building a $5 million new home,” he says. “I have not had to actively look for work. We are known for doing challenging projects. If people come to us, they are serious about the project.”
This same niche attracts professional subcontractors. “We actively seek highly educated, knowledgeable people that are not afraid to try new things,” Farrell says.