Lumberyard tries to raise $1 million
Staff writer
John Wheeler hopes to raise $1 million from investors for The Building Center, which has stores in Marion and Hillsboro.
Building Center’s Marion store will mark its fifth year in December. The Hillsboro store opened in August 2021. The stores sell lumber, tools, deck materials, appliances, and supplies such as nails and screws.
Wheeler, co-founder and CEO, said he began receiving calls from venture capitalists about a year and a half ago. He talked to some, but “they won’t touch anything lower than $20 million in revenue,” he said.
He searched for investment opportunities for smaller companies and “settled on about four or five of them,” he said.
“It took six months to decide who would fit us best,” he said. “In the end, it came down to Microventures. I felt more comfortable with their people. They were easy to work with.”
Prospective supporters now can invest in Building Center for as little as $100. More information is available at https://invest.microventures.com/offerings/thebuildingcenter.
Though it was a “grueling process,” Wheeler said, “I think we’ve got a bunch of businesses that could really benefit from something like this. I’m excited to see if it’s something that people are interested in.”
Building Center will put what it raises toward debt and growth, he said.
“There are two or three lumberyards that are for sale,” he said.
There’s a dearth of lumberyards in areas such as Marion County, Wheeler said.
“Rural markets are where the vacuum is,” he said. “It’s a tough industry to get into. It’s very cash intensive.”
His son, Morgan, and his brother, Jason, also work at the lumberyard.