How Dreamstyle Remodeling plans to follow up its big year in 2018
Opportunity, philanthropy and growth.
That’s what Larry Chavez, president and CEO of Dreamstyle Remodeling, says he sees when he looks at 2018. Dreamstyle is a finalist for our new Top 100 New Mexico Private Companies Company of the Year award. The winner will be revealed at our awards event June 14.
His home remodeling company’s goals include expanding into new territories and products in Dreamstyle’s home state of New Mexico and beyond. That follows the big splash Dreamstyle made in 2017 by announcing a $10 million, 10-year naming rights commitment for the football and basketball stadiums at the University of New Mexico.
Dreamstyle Remodeling owner Larry Chavez gifted $10 million to the University of New Mexico for the naming rights to the school’s football and basketball facilities.
"It’s been terrific," Chavez said of how the deal impacted awareness of his company.
He said the naming rights deal inspired pride in his employees and their families, plus visibility and credibility, both locally and within the industry nationally.
"The majority of our motivation was to support the university," he said, adding that "it’s nice to get the benefit" of additional awareness too.
Dreamstyle plans to hire another 100 people by the end of the year, Chavez said. It’s also expanding farther in Southern California and exploring expansion in West Texas.
In terms of expansion, Dreamstyle aims to "bring back profits from other markets to invest in New Mexico," Chavez said.
Locally, it will convert some space in its facility at 1460 Renaissance Blvd. NE into a call center to accommodate the company’s growth.
Dreamstyle’s still on track to hit $250 million in revenue and add 500 employees by 2020, a goal Chavez shared with Business First last year.
Acquisitions will likely contribute about 25 to 30 percent of that growth, Chavez said. The company’s goal with acquisitions: "pick up something small in a good market and expand it."
The company’s also growing its philanthropy, adding support for Casa Esperanza to its UNM-related philanthropic commitments. Casa Esperanza provides housing for families receiving cancer treatment in Albuquerque.
Dreamstyle has beefed up its executive team, and Chavez said he feels good about succession prospects in key positions, including at the top.
Last year, Larry Chavez Jr. told Business First he’d like to take over the company with his brother. Chavez Jr. will be a succession candidate, Chavez Sr. said. He’s confident the company will have multiple strong candidates to succeed him when the time comes — which he says is likely still five to seven years down the line.
John Garcia, Home Builders Association of Central New Mexico executive vice president, isn’t surprised by the success Chavez Sr. has led Dreamstyle to.
“He looks for opportunities and exploits them as much as possible, as a good businessman has to do,” Garcia told us last year.