Location: 11451 N.W. 36th Ave., Miami
Service: Outdoor furniture, awnings and railings for the hotel, restaurant and residential markets.
Years in business: six
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Management team: Led by founder and Chief Executive Gerald Shvartsman.
Revenues: 2009: $1.8 million; 2010: $2.8 million; 2011: $4.4 million; 2012: $10 million; 2013: $17 million.
Milestones: Having started primarily as an outdoor furniture manufacturer, the company launched an awnings division in 2013, and most recently, a railings division, in 2014.
This fall, Source Outdoor will complete the move to a new 100,000-square-foot corporate office and manufacturing facility in Miami in response to its rapid growth. When it was founded in 2009, the company had a 12,000-square-foot facility with only four employees. Source Outdoor expects that the additional space and new production technology will allow it to hire more employees and continue to manufacture aluminum furniture, awnings, railings, fences and gates, as well as see growth in its upholstery division.
Keys to success: The inspiration behind the company began when Shvartsman was looking to furnish his own patio and could not find any well-designed, yet affordable options. One thing led to another, he said, and before long he founded Source Outdoor, primarily as an import business. He has since built his business around identifying what elements can be produced locally, rather than overseas.
“This goal has also presented new opportunities for property owners, designers and homeowners placing custom orders, produced by skilled seamstresses and craftsmen, to be available for delivery at a much faster rate,” he said. Source Outdoor is also committed to moving overseas manufacturing to America for several additional reasons, he said, including improved control over product quality, faster order fulfillment with more product in stock year-round, the ability to customize cushions and finishes for clients, and ultimately providing jobs for the local community.
Impact: “Our reputation for being solution oriented, by providing customizable outdoor furnishings that are tailored to our clients’ needs has allowed us to grow at a rapid pace,” Shvartsman said. “We have also hired skilled craftsmen, seamstresses and a sales team that have truly made our company what it is today. In addition, we’re proud to say that over 65 percent of our product offering is made in America.”
Strategy for next steps: Shvartsman said the company will continue to exhibit at various trade shows throughout the year that allow it to have face-to-face time with prospective clients.
“With the launch of the Source Awnings and Railings division, we are also in a better position to respond to client needs and become a one-stop-shop of sorts since we already have the skilled staff and machinery required to manufacture these custom products,” he said. “We have also recently launched the UNiQ series, a new sling application for outdoor furniture that mimics the look of wicker, but it is much more durable, customizable and sustainable as it extends the life cycle of the framing by introducing a high-quality tie-on sling that is easily replaceable. So far, our hotel and restaurant clientele have responded very positively to the series as they frequently undergo renovations or replace damaged furniture every couple of years, but can now maintain their initial investment in the product by simply replacing the sling as needed.”
INA PAIVA CORDLE
Small Company Spotlight highlights recent business milestones such as major contracts, mergers or acquisitions by established South Florida companies with 300 or fewer employees. To be considered, companies must be willing to discuss revenues over the past five years. Email ideas to smallbusiness@MiamiHerald.com