From the day it was founded in 1988, VB Contractors (Big50 2006) was a 50-50 partnership between Chancey Walker III (far right) and his son-in-law, Chris Ettel (second from right) ó until a couple of years ago, when they saw the opportunity to bring on two new owners.
Until recently, roughly 90% of The Lykos Group's work was done on condominiums, according to company president Tom Lykos. That changed, he says, when the condo market ó like new homes ó started its sharp decline. So he began focusing on marketing to the single-family segment.
Remodeling activity fell sharply in the fourth quarter of 2007, according to the National Association of Home Builders (NAHB), and the outlook for the first quarter of 2008 is worse.
Legislation passed last month in the District of Columbia mandating paid leave for employees has some business owners up in arms, but their colleagues in California say it's nothing to get sick over.
While it's true that remodeling is in better shape than the new-home market and that the slowdown has hit some areas and some companies harder than others, there's no denying that these are difficult times. Companies of all sizes and business models doing all types of work are affected. Remodelers offer tips for weathering the downturn.
