Taylorsville Times Newspaper

WEDNESDAY, JUNE 21, 2006
Paladin Industries named among fastest growing businesses in U.S.
by Stephanie Foy

Competition from countries such as China and the rising imports of furniture in the United States have led many North Carolina furniture manufacturers to shut-down plants and lay off workers. In fact, North Carolina furniture manufacturers experienced a 26 percent decline in employment from 2000 to 2005, losing an estimated total of 2,000 employees. Through the midst of this declining industry, one local upholstery furniture manufacturing company is excelling. Paladin Industries of Hiddenite was recently named one of the top 100 fastest growing businesses in America by Entrepreneur Magazine. Ranking 59 out of 27,000 eligible companies, Paladin Industries, which began shipping in May 2002 at one of the lowest points in the furniture industry, has grown from only two employees to over 100 since opening. “We literally started the business with no customers and no orders, when the market was a t rock bottom. Looking back on it now, we ask ourselves, what were we thinking?” comments Tim and Elaine Bolick, owners of the Hiddenite-based company. So what keeps this company, which produced over $10 million in 2005 sales, thriving in a dying industry? According to business owners, the answer involves a combination of quality products and fast turn around with a family-like employee/employer relationship and work environment. Paladin provides medium to high-end custom furniture to customers with an astonishing turn-around rime of only 30 days, compared to the industry average of 8 to 12 weeks. “A lot of manufacturers want to run large quantities of the same thing to maximize efficiencies. We took a different mindset when we started Paladin, and decided that we wanted to deliver to our customers a custom product on a quick ship basis. Because of this strategy, we have, for the time being, distanced ourselves from our domestic competition, and have all but eliminated foreign competition,” states Tim Bolick. In fact, over half of Paladin’s business comes from special orders in which customers can mix and match their own fabric designs and furniture features. In addition to a superior product, Paladin Industries places a large emphasis on the input and importance of their employees. “The people here at Paladin are the ones who built this company. Elaine and I had the vision, but without the people that we work with, we could never have accomplished what we have.” With a current workforce of over 100, the company’s management strives to treat their employees as their most valuable asset. Luncheons are held at the end of every month to keep both employers and employees up to date on the furniture industry, and to discuss what can be done to keep Paladin moving ahead of competition and imports. In addition, Paladin always puts family first. “We understand children get sick, and that everyone has personal problems from time to time,” states Tim. As a result of such leniency and devotion to their employees, absenteeism is minimal, and employee input and effort are maximized. Employers at Paladin do not see any slowdown in the company’s success in the near future, and hope to continue their growth without getting so large that the family feel of the business is lost. “We have no desire to be the biggest,” states Tim and Elaine, “but we do strive to be the best.”

PHOTO CAPTION – Meet the business owners – Tim Bolick, left, and Elaine Bolick, right started Paladin Industries in Hiddenite, a medium to high-end upholstery furniture manufacturing company, in 2002 with an investment of $950,000 and only two employees. With sales in 2005 reaching $10 million, and with a current staff of over 100 employees, Paladin Industries was recently recognized in the June 2006 issue of Entrepreneur Magazine for being ranked 59th of the top 100 fastest-growing businesses in America.