Swiss-based Bauwerk Group expanded its presence within the North American wooden flooring market final 12 months with the acquisition of Somerset Hardwood Flooring, a producer situated in Kentucky. The group additionally owns the manufacturers of Bauwerk Parkett and Boen. Paul Stringer, longtime VP of gross sales and advertising for Somerset Hardwood Flooring, was named the brand new CEO and president on the time of the acquisition. Now, after practically 40 years within the wooden flooring trade (24 of these with Somerset), Stringer has retired.
Although Stringer has a level in psychology and deliberate initially to be a psychologist, he ended up at Hartco Flooring after school. That “job” grew to become a decades-long profession the place he additionally frolicked at Zickgraf earlier than finally working with Steve Merrick, founding father of Somerset Hardwood Flooring.
Adam McCombs succeeds Stringer as CEO of Somerset Hardwood Flooring. As this transition in management befell, Stringer mirrored on his time within the trade, and McCombs shared ideas on the wooden flooring market, in addition to the way forward for the corporate.
What are a number of the largest modifications you’ve seen within the wooden flooring trade?
Stringer: I loved the early years of my profession promoting to all of the distributors and all of the personalities, making offers for truckloads, and determining easy methods to promote extra and develop the market share. It was lots of enjoyable and nice working with all my prospects. It was a less complicated time. However, it has modified lots over the past 10 to fifteen years. So many new merchandise, the influence of plastics on the wooden flooring market, imports, and so on. Distributors are extra subtle now, watching their inventories, spreading their stock {dollars} throughout so many SKUs that these truckload gross sales are way more tough, and stock administration controls the choice. I can’t argue with the enhancements distributors have made, and it’s sensible for his or her enterprise, nevertheless it’s not as a lot enjoyable because it was within the previous days for me.
What are you seeing by way of the marketplace for wooden flooring proper now?
Stringer: The wooden flooring trade goes by one more transformation. We’re seeing a present cycle of consolidation for each producers and distributors. I believe there shall be fewer wooden flooring producers 10 years from now, and whereas the wooden pie could also be smaller, you should have fewer producers with bigger slices of the pie.
What has your expertise at Somerset been like, and what do you hope for the corporate sooner or later?
Stringer: I had an impressive group round me, and it was a terrific working atmosphere. We had fantastic progress, constructed a wonderful model, and labored with the very best distributors within the trade. What our firm completed was very satisfying. I’ll miss that teamwork and camaraderie. I’m excited in regards to the individuals coming in, working with our current group. We’d like individuals like Adam (McCombs) and Dan (Natkin, chief business officer of Bauwerk Group North America). They may carry Somerset into the long run and do issues that aren’t in my toolbox. I sit up for watching that much-needed transition and what these modifications will do for our prospects.
Is there a bit of recommendation you’d provide to wooden flooring professionals that you simply want you had recognized within the early days of your profession?
Stringer: As we undergo the day-to-day hustle of working, promoting, regardless of the job is, we get so busy that each one we do is attempt to make the following price range, get the following bonus, take market share, and so on. What I acknowledge in the present day is all of the relationships that I made, and I had by no means stopped to understand what number of and the way robust they’re. I’ve had the honour to work with a number of the main gamers within the trade, who took the time to show me, they usually helped me immensely. Reflecting, this “county boy” walked into Hartco in 1986 understanding nothing about wooden and knew nobody within the trade. To go away the trade in 2023 with so many fantastic relationships with those who have helped present for me and my household for nearly 40 years is humbling. Cherish your working relationships, each prospects and fellow workers. They’re extra valuable than you may understand. It’s not simply enterprise. It’s lifelong relationships.
What are you wanting ahead to doing in retirement?
Stringer: Since my father put me to work in our small nation retailer after I was 10, I’ve not had time, so I sit up for simply having time. My spouse retired as a trainer in Could, and we are able to’t wait to go the place we wish after we need. Sitting on the deck, studying e-book, taking a swim, driving my bike, and going mountaineering. I’ll be spending lots of time with
my two granddaughters, who’re three and 4 years previous. This previous man goes to calm down.
The Nationwide Wooden Flooring Affiliation (NWFA) has established an NWFA Named Scholarship for Paul Stringer. Named Scholarships honor those that make important and lasting contributions to the hardwood flooring trade. Study extra about this system or contribute at nwfa.org/scholarships.
Insights from Adam McCombs
Are you able to share what Paul has meant to Somerset and the wooden flooring trade?
McCombs: Paul has been a real innovator and chief, constructing the Somerset prefinished product traces from zero to one of many largest producers within the U.S. in lower than 25 years. He’s referred to as a buddy to all, and beneath his southern attraction lies one of many smartest businessmen on this trade.
Since final 12 months’s acquisition, how has Somerset grown/modified?
McCombs: The wonderful thing about Somerset is its excellent individuals. Everybody right here sees the potential of what we have now already established as a pacesetter in strong hardwood flooring mixed with the European management in engineered. Our dad or mum firm, Bauwerk, has made North American progress one of many key strategic initiatives over the following few years. Everybody is happy in regards to the plans and alternatives and what meaning for our prospects, workers, and the trade.
What’s subsequent for Somerset?
McCombs: There are such a lot of “nexts” for Somerset. We’re re-entering a cycle of annual, significant new product launches to refresh the road. We’ll put money into up to date manufacturing applied sciences and proceed bettering our high quality and repair to our prospects. All “nexts” could have a watch towards progress in wooden flooring solely.
What are the alternatives for the wooden flooring market within the 12 months forward?
McCombs: Certainly, we’re already seeing a return to wooden flooring. Customers who bought a number of the wooden look-alikes are seeing that they honestly don’t final so long as the actual factor. We wish to be on the forefront of the wooden flooring trade, be the very best long-term associate for our prospects, and be the protected harbor in a stormy sea of consolidation and alter. As others attempt to discover their footing in wooden flooring or can’t determine the place to play, we’ll lead.
