Denver Is Where It Is At!
Denver Upholstery was founded by Steve Volz. Steve got into the business at an early age. He stated out at a shop, resting space for $100 a week to work on projects and learn the trade. The owner of the space gave him a key so that he could “fool around at night” working on side projects, learning different techniques, which he would receive guidance and critiques on by mentors in the shop. It was a great opportunity.
When Steve was 12 he started working. He always envisioned himself owning his own business. At first he thought he would make millions, and it would be so easy. He quickly realized that to be a successful business owner, you have to be prepared to work 24 hours a day 7 days a week. It’s a full time commitment.
It is because of his dedication to his business that Steve and his wife Megan were able to purchase the building in Dec. 2013. Steve has always worked hard, often 18 hours a day, to make money to reinvest into the company to avoid having substantial debt and overhead expenses. With little debt history for the business Steve and Megan originally struggled to find financing for their building. They first tried to use their original bank relationship but their bank wouldn’t work with them, because although they had cash in the bank and knew what they were doing, they hadn’t been in business long enough on paper to make the bank feel comfortable. Then they found once he found Preferred Lending Partners and Champion Bank and the process became very smooth. Steve admitted that it was “easier than buying our house”.
Now in their own building Steve acknowledges that there are ups and downs. The maintenance is a pain, and it can be difficult to meet all the city expectations and requirements and even though owning your own building comes with a cost, if can reinvest your money back into the business and double up payments to pay off the loans it is all worth it. This is Steve’s retirements plan. The property values continue to improve, especially in Denver, and he fully expects to get his investment back.
His advice to other business owners in the Colorado, work your butt off. “Denver is where it is at right now, you can open a store front and be busy.”