News Release
span.heading4
{
text-align: left
}
p
{
margin-top: 0px;
margin-bottom: 1px
}
body
{
font-family: "Times New Roman", serif;
font-size: 12pt;
font-weight: normal;
font-style: normal
}
Wall, Bullard receive SBA honors
John Wall, President, Wall/Goldfinger, Inc, Northfield, Vermont, has been named the
U.S. Small Business Administration’s (SBA) 2006 Vermont Small Business Person of
the Year. Nominated by Richard Angney, Executive Vice President, Central Vermont
Economic Development Corporation, Wall was selected for outstanding leadership related
to his company’s staying power, employee growth, increase in sales, innovative ingenuity,
response to adversity and contributions to the community.
Wall/Goldfinger designs and manufactures high-end board and conference room furniture
for Fortune 500 corporations and leading financial and academic institutions including the
Federal Reserve, the International Monetary Fund, the United Nations, the New York Stock
Exchange, CBS, Bank of America and Pfizer. Many of the important decisions of our time
are made around Wall/Goldfinger boardroom tables equipped with state-of-the-art
communication technology.
John Wall’s leadership is a model of innovation, integrity and sustainability,” said Kenneth
A. Silvia, SBA Vermont District Director. “When his company came to a virtual standstill
during the aftermath of September 11, John managed to retain his employees and,
working with them as a team, made an outstanding come-back during the recovery
period.”
Wall/Goldfinger began with four employees in 1976 and by 2006, the number had grown to
40. The original shop, a rudimentary 2,000 square ft. facility, had expanded into a 52,000
sq. foot factory accommodating state-of-the-art finish applications, computer-controlled
routing and sophisticated wood machining and sanding systems. With the help of an SBA-guaranteed loan through Northfield Savings Bank, John Wall purchased Michael
Goldfinger’s share of the company in 1993 and led the company to nearly $7 million in
sales in 2005.
Since its inception in 1976, the company’s resilience has been tested a number of times
but never to the degree produced by the terrorist attacks of September 11, 2001.
Immediately following the attacks, corporate business in Manhattan and Washington, DC
came to a standstill. In 2002, U.S. contract furniture industry sales dropped from $12
billion to $8 billion. While much of the business world gradually returned to normal, the
custom furniture industry suffered a second and even more dramatic setback. The
planning cycle for new business had been seriously disrupted by the 9/11 attacks. With an
average gestation period of two years for new projects, an even more dire business “hole”
emerged in 2003.
Wall/Goldfinger found itself at a critical crossroads. The company faced huge losses that
could be mitigated by a reduction in manpower. However, Wall and the management team
considered the company’s skilled work force its only trump card. Losing employees would
have provided instant relief, but at what cost to the company’s long-range success? Wall
and the management team decided to retain the work force as long as financially possible.
In many cases, employees were put on non-revenue producing tasks. Sales dropped 8%
in 2001, rebounded 35% in 2002, and dropped again by 26% in 2003. The cost was great
to Wall/Goldfinger’s bottom line, capital resources and Wall’s personal net worth.
However, the company concentrated on product development and marketing and
developed an interactive relationship with their top 100 architectural clients. The gamble
proved successful as the market turned around in early 2004. With an experienced work
force in place, the company was well-positioned to seize new opportunities, and seize
them it did. Wall/Goldfinger experienced record sales in 2004 (up 43%) and by 2005,
sales topped out at nearly $7 million.
Wall/Goldfinger, Inc. offers numerous employee benefits including matching 401k
contributions, payment of over 95% of the total health insurance premiums, one-on-one
consultations with a financial planner and continued development of employee skills
through the Vermont Training Program. The company has made cash donations to more
than 80 local organizations and, over the last six years, donated over 10% of its profits
back to the community.
Environmental responsibility is another Wall/Goldfinger strength. For their work in
redesigning a new finishing facility, the company received the Vermont Governor’s Award
for Pollution Prevention in 2001. Later in 2006, the company invested in a recycling
system that reduces both pollution and the cost of heating fuel. The system pulls dust and
wood shavings away from employees and stores the waste outdoors to be recycled into a
returning stream of clean, heated air.
As Vermont’s Small Business Person of the Year, John Wall will compete for the national
title at National Small Business Week ceremonies in Washington, D.C., April 12-13. Mr.
Wall will be locally honored by the U.S. Small Business Administration (SBA) at a
ceremony presented by Vermont Business Magazine, June 7th at Burlington’s Waterfront
Park, 4:00-7:00 p.m.
SBA also salutes winners of the 2006 Vermont Small Business Champion Awards,
including National Winner Janet Bullard, Vermont Commission on Women:
Janet Bullard
Vermont Commission on Women, Montpelier
State, New England Regional and National Women in Business Champion
Jim Keyes
Citizens Bank, Burlington
Financial Services Champion of the Year
Robert Johnson
Omega Optical, Inc., Brattleboro
Small Business Exporter of the Year
Mark Johnson
WDEV Radio, Waterbury
Small Business Journalist of the Year
Laurie Hammond
Triple Loop Skate and Dance, Colchester
Vermont Microenterprise Award
John B.Durfee and Lang Durfee
Bethel Mills, Bethel
Family-Owned Business of the Year
Margaret Ferguson
Micro Business Development Program,
Central VT Community Action Council, Barre
Home-Based Business Champion of the Year
Steve Brochu
Vermont Department of Labor, St. Johnsbury
Veteran Small Business Champion of the Year
# # #