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Global Markets & Expansion: One Client’s 3-Step Success Story

[upbeat music]

(Visual Description: Truist title and logo

William Thayer, Owner, Palm Beach Cast Stone)

William Thayer: I work in stone, but it's a lot more than that. It's the people we work with. It's the relationships we build. We are Palm Beach Cast Stone. We've been a manufacturer of cast stone products and an importer of natural stone and installer for about 30 years.

The experience in our shop is invaluable and it's the heartbeat of our company.

(Visual Description: William wanted to take his vision worldwide.

But he wasn’t sure where to begin.)

William: Having a great partner like Truist is huge for us because running a business is hard enough. When we need a solution, we call Ann.

(Visual Description Step 1: Digitize

Ann Rodriguez, Truist Relationship Manager)

Ann Rodriguez: When I first met William, William needed everything from me. Ideally, his business needed to go digital.

William: With Ann, it was such a breeze. She brought digital wiring to us. The accuracy was perfect. You get confirmations. I can send 10 wires in a minute. The time savings and the comfort that it gives me not wondering if we just sent $100,000 to the wrong place is huge, and we couldn't have done that without Ann.

(Visual Description: Step 2: Diversify)

William: After our digital improvements, the next step was credit. We can't predict the economy moving forward. So one of the things we've done is invest. We've invested in equipment, we've invested in new services that we can provide so when there isn't as much work around, we can still maintain our employees, maintain our quality, and maintain our client base.

(Visual Description: Step 3: Expand)

Ann: As William and I follow up on a quarterly basis, we discuss where the business is going. So we started a conversation about finding a new location because he needed to expand, the business was growing, and getting prepped to get that done.

William: We need space for people, we need space for supplies, we need space for manufacturing. With Truist, they were able to find a loan that worked exactly with the type of property we're buying, with what we had to offer, and what we needed. Ann just has absolutely hit a home run.

Ann: It's exciting because I get to partner in finding locations, partnering up with brokers, doing the appraisals, the evaluations, anything that he needs, to take it off his plate.

(Visual Description: Palm Beach Cast Stone now exports to Caribbean markets. Next stop? Dubai.)

William: Truist is absolutely different than other banks. They can make sure that you have the ability to expand into those markets, expand into those services when you need to. It is such a great feeling to know that our product is appreciated and accepted all over the world, not just in our backyard anymore.

Ann: No matter what the future brings for William, he's really prepared, and I'm looking forward to be his partner on his side throughout the whole thing.

(Visual Description: Imagine tomorrow. Build it today.

Truist title and logo

Disclosure:

Truist Bank. Member FDIC © 2022 Truist Bank Corporation, Truist, the Truist logo and Truist Purple are service marks of Truist Financial Corporation.

Redefining his market: One client’s 3-step story of global expansion

Strategic Advice

Insights on how to digitize, diversify, and expand

Take a trip inside the mind of architectural stone supplier William Thayer as the artisan and owner of Palm Beach Cast Stone, Inc. shares how a virtual banking relationship with Truist helped him build a global presence.

Challenges

  • Risk and inconvenience of wire transfers by phone
  • Market fluctuations and uncertainty
  • Rental property was too small and expensive

Solutions

  • Digitize core financial processes, including wire transfers
  • Finance new equipment and services to diversify
  • Find and purchase a location with room to expand

Palm Beach Cast Stone, Inc.

Headquarters

Headquarters
West Palm Beach, Florida

Title

Industry
Architectural cast stone manufacturing company for luxury markets

Title

Founded
1995

Headquarters

Employees
About 50 

Title

Annual revenue
$5 to $10 million (FY 2021)

Title

Website
pbcaststone.com

Build key relationships to prep for business expansion

Beyond taking the three big steps—digitize, diversify, and expand—shared in the video, William gained plenty of insights for business leaders who want to expand their markets. And he wants to share them. Hint: It’s all about relationships.

Connect and communicate in new ways.

William and Ann first met by phone during the pandemic, but virtual meetups worked so well that William never felt a need for a face-to-face. William admits that expanding the use of email, chat, and video calling may require some extra effort at first, but he says it’s worth the investment. Global time zones are challenging, but digital communication tools make it easier to connect with clients and partners when and how they prefer.

“You don’t have to meet in person to build a good relationship. But you do have to have a connection to understand each other and get to the solutions to be successful.” —
Ann Rodriguez
Truist Relationship Manager

Diversify your client base.

Prepping for global expansion may require investments in additional storage, software, equipment, staffing, and other expenses. If you have only a handful of clients, they may not be enough to help you fund those improvements. And in tough times, losing one or two clients means your bottom line can take a big hit. Finding new and larger local clients can boost your bottom line. A good place to start is by networking with other partners—in William’s case, contractors and architects—and letting them know you’re ready to take on more work.

Hold out for quality—in products and people.

The global marketplace means consumers have more choices than ever, so your quality needs to be on point if you hope to attract new revenue. William toured European quarries a few years ago to build relationships with his suppliers and to let them know what he’s looking for from them. Every person in your employ matters too, he adds. The quality of his workshop and install crews is the heartbeat of his company, but working with reliable outside partners, such as architects, is also key.

“Ann for us is more than a banker. She’s a partner. And she connects us with the people we need.” —

William Thayer
Owner, Palm Beach Cast Stone

Ask for advice early and often.

William talks with Ann on a quarterly basis to discuss what’s new and on the horizon. These check-ins helped Ann uncover emerging challenges and opportunities that she could help address, such as his need to purchase a new location for his headquarters. If you started as a lone entrepreneur, you may not be accustomed to asking for help, he says. But taking advantage of others’ specialized knowledge allowed him to focus on his own business, rather than trying to become an expert in commercial real estate, for instance.

Have a plan to keep people employed.

That may mean checking your debt-to-liquidity ratio and shifting investments so you can keep people on the payroll if there’s a shutdown or if production stalls. Also, talk to your advisors about your business transition plan. Having one in place now can help ensure your employees are taken care of if you decide to retire quickly, as the previous owner of Palm Beach Cast Stone did. William’s purchase, with the help of Ann and Truist, meant the team could keep doing their work without missing a beat.

How your business can get there

William’s advice: Think big and use your imagination about what the future can be—then find partners like Ann and Truist who will understand your vision and help you give it form and substance.

Icons and text descriptions for The Results   The results: Improved timing and safety on large-scale receivables. Diversified goods and services for a competitive edge Increased cash flow and credit to support future growth. Expanded into international markets, including the Caribbean

William Thayer
Owner, Palm Beach Cast Stone

“It is just such a great feeling to know that our product is appreciated and accepted all over the world, not just in our backyard anymore.”

Ann Rodriguez
Truist relationship manager

“I like to learn about a client’s business in detail so I can better understand their needs, what they’re looking to do in the future, and how Truist can make a difference for them.”

Purple PaperSM

What’s your next bold business move?

For insights from 40 Truist thought leaders on 7 opportunities for growing and reimagining your business, download our Purple PaperSM: “Imagine tomorrow. Build it today.”

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