Banking relationship and business grow in tandem
Wells Fargo expertise played a key role in helping the owner of a New Mexico remodeling company continue to expand his business.
Larry Chavez’s relationship with his bank is as old as his business, Dreamstyle Remodeling of Albuquerque, New Mexico. And since 1989, both his business and his relationship with Wells Fargo have flourished.
“The day I started this company, I opened an account at Wells Fargo,” Larry says. “We’ve had pretty dramatic growth since, and Wells Fargo has been an important collaborator throughout.”
In the past five years, the home-remodeling company has expanded from 110 employees to 360, and annual sales have increased substantially. With Wells Fargo’s financing, the company recently expanded into Southern California, Arizona, Idaho, and west Texas, including three new facilities.
Just like the customers who want to enhance their homes for the future, Larry is intent on securing Dreamstyle Remodeling’s future. “We’re very focused on the company’s succession, and we have the best people in place to lead us,” he says.
In an industry where women make up, on average, 2 percent of the total workforce, Dreamstyle has five women in top management positions.
Dawn Dewey, marketing director, says, “It is an honor to work for a company that promotes equality in the workforce, from entry level to management positions. The remodeling industry is such an exciting field, for men and women.”
Larry added that he takes a lot of pride in his company positively impacting the local economies where it’s based, through job creation, payroll, equipment and vehicle purchases, and the construction of facilities.
Wells Fargo plays a big role in the company’s future, Larry says, noting that bankers Katrina Tracy and Laurie Cini-Donovan (that’s Laurie with Larry in the photo above)“know my business inside and out, and they’re responsive to all my business needs.”
Dreamstyle Remodeling’s relationship with Wells Fargo stretches from multiple commercial accounts to financing, merchant services, personal accounts, and investments. The company also relies on Wells Fargo to provide consumer finance options to its customers.
“The bank gave us confidence . . . to be aggressive when others were retreating.”
“It goes beyond the bank accounts and financing,” Larry says. “Everything we’ve done with Wells Fargo has increased our efficiency.”
Laurie said, “Knowing his business so well has deepened our relationship. Larry sees the potential and benefits in thinking of us as if we were true consultants.”
Larry says Wells Fargo’s support helped a good deal when the economy sagged a few years ago.
“The bank gave us confidence during the recession to be aggressive when others were retreating,” he says. “That was huge.”
Note: A version of this story also appeared in the 2015 Wells Fargo Annual Report (PDF).