Management Today - Spring 2012 - (Page 194)

Builders Offering More Services > FO R I N O CO. L . P. TONY FORINO KNOWS HOW TO HANDLE SLOWDOWNS, AND RESIDENTIAL BUSINESS IS PICKING UP. BY R U SS G AG E R In the construction industry since 1970, Forino Co. President Tony Forino knows you have to stay flexible to be in the business for the long run. That flexibility has enabled his company to shift its game plan for residential homebuilding and take on additional municipal business to keep his employees busy. “We’ve changed our game plan for our industry, where we do a lot of the work ourselves,” Forino points out. “We are state-certified now,” he adds. “We do additions, we do some industrial work and we do a lot of municipal work. We used to do that in the mid-1970s when we first started. We used to do concrete work, excavation for other people and other businesses. That has helped us survive the downturn and keep our people employed. We will continue to do that even when the homebuilding comes back. My job is to make sure people have a job, and we’ve accomplished that pretty well during this crisis.” Forino is operating 22 active developments in Reading, Lancaster and Berks -----------------------------------------------[ P R O F I L E ] Forino Co. L.P. Projected 2012 revenue: $40 million proprietary Headquarters: Sinking Spring, Pa. Employees: 75 Specialty: Single-family homes -------------------------------------------------------------- >SPECIAL SECTION Top Home // Diversifying into municipal projects like street paving, concrete work and excavation has kept Forino Co. L.P.’s employees busy. Counties and one in eastern South Carolina. The company – which purchases and develops the land and builds on it – has approximately 1,600 buildable lots in inventory and has built nearly 1,500 homes in the last five years. The company offers an entry-level, 1,400-square-foot ranch home starting at $160,000. “Our median price used to be in the $240,000 range,” Forino remembers. “Right now, people are taking amenities out and not really buying many extras as opposed to where they were before. They’re looking for the largest square footage. People aren’t purchasing as much as they used to. Five years ago, the average extras in a home would exceed $35,000 in a $240,000 home. Now it’s closer to $5,000 – that’s how much different it is. Interest rates are much lower, but what people fear is their job security.” Forino says people continue to be cautious in today’s economy. “They just want to move in and maybe do some changes later on,” he observes. “We’ve seen that where people do not purchase more extras, and then they say, ‘We’ll put our crown molding up later,’ as opposed to having it done upfront. The biggest drawback you have today is people really don’t understand that it’s easier to place all their extras in the home when you’re building it as opposed to trying to do it 194 MANAGEMENTTODAY-MAGAZINE.COM SPRING 2012 http://www.MANAGEMENTTODAY-MAGAZINE.COM

Table of Contents for the Digital Edition of Management Today - Spring 2012

Management Today - Spring 2012
Millionaire Mega Toys
Power Words
Marketing Strategy
Wisdom Era
Mid-America Real Estate Group
The HT Group
Supply Chain
Carvajal Empaques
Graham Partners
Carley Foundry
Cotter Bros. Corp.
SMS Siemag
Allied Alloys
Albiasa Corp.
Columbus McKinnon
4 Guys Fire Trucks
Metalcraft of Mayville
MMIC Global
Tom James
US Pole Inc.
Kaivac Cleaning
Playworld Systems
Global Mergers
ADA Environmental Solutions
Kalahari Resorts
Genghis Grill
NewMark Merrill Companies
Rose Pest Solutions
Westgate Resorts
Marquis Alliance Energy Group
Ross Video
Daniels Electronics
Chatters Canada Ltd.
Metro Paper Industries
Special Section: Aviation
Honolulu International Airport
Edwards Jet Center
Greenpoint Technologies
Special Section: Peru Focus
Zip-Pak South America
La Viga S.A.
Special Section: Top Home Builders
Gehan Homes
Ole South Properties
The Warmington Group
Forino Corp.
Special Section: Most Promising Companies
Virtual Instruments
RGB Networks
Salient Federal Solutions
Ad Index
Last Look

Management Today - Spring 2012