Credit: Courtesy Medina Construction
After Bill Medina was named Big50 in 1994, his company experienced record growth, nearly tripling in size after acquiring roofing, framing, hardwood flooring, and distribution companies.
“We were on this path of ‘explore and conquer,’” Medina says. But before long, managing the company’s 43 employees and many divisions became tiresome, and he eventually scaled back to focus on the firm’s core market: high-end remodeling and new construction.
Medina Construction, in Salina, Kan., cut its volume by more than half and its personnel by two-thirds. Even so, by 2005, after 30 years in business, Medina was experiencing burnout. He considered closing the company, but eventually decided to look for a buyer instead.
In 2006, Medina brokered a five-year buyout with Rob Hague, now the company’s minority owner. Medina has since taken on a reduced role, working three days per week, and plans to further limit his involvement as the transfer of ownership is completed.
Since the sale, the company has become reenergized and refocused. And, despite his initial worries about life-after-remodeling, Medina has found relinquishing ownership to be refreshing. “After 32 years, it’s time,” he says. “Rob and I are both ready to make the change.”