Babson Business: CustomMade.com
Name of business: CUSTOM MADE VENTURES CORP, owners of CustomMade.com
• Mission: To connect Custom Woodworkers with customers in an online craft fair.
• Began Purchased in 1/2009
• Where: Boston, MA
• Founder: Michael Salguero, Mike@CustomMade.com, 857-233-5125
• Babson MBA student
• Employees: 15 Freelancers, Consultants and Advisors
• How The Idea Began: A friend and I were looking for a custom coffee table, we searched through the Internet, but kept coming back to CustomMade.com, the site had a great base of subscribers, really good search engine placement, but was in need of a total overhaul. We realized that by adding some business expertise and Web 2.0 techniques to what had been created, we could start to change the way people buy furniture.
• Initial Preparation to Germinate Idea: Took Babson Professor Kevin Mulvaney’s class, “How to Buy a Small Business,” “How to Buy a Small Business the Search Experience,” and “M&A for Entrepreneurs”… took 60 day due diligence period with 30 days to close to raise money and solidify business plan.
• Favorite Thing about the Business: Helping Woodworkers to manage their business and leads better.
• Worst Thing About the Business: Existing inherited website is very hard to use.
• Biggest Challenge: Catering to the needs of a large subscriber base.