Lacem Construction Named SBA Minority-Owned Business of the Year
Owner Marco Castillo will be honored during a ceremony on May 3.
Lacem Construction of West Jordan, Utah, will be honored by the U.S. Small Business Administration’s Utah District office as Minority-Owned Business of the Year during a National Small Business Week event May 3.
The company’s president, Marco Castillo, began working in the construction industry in California when he was 18 years old. Soon after that, he found himself in Utah with a new-found energy to increase his skills and provide quality service for others.
It was 2002 when Castillo followed that well-known whispering voice that many business leaders hear, and he took his first attempt at running a small construction business with his brothers. Their primary focus was updating and remodeling homes, and then selling them in pristine condition. They called their company Handyman Castillo.
As the years went by, Castillo felt his leadership skills and overall business knowledge sharpen. The Castillo brothers enjoyed working together.
“I learned so much working with my brothers, but we tried to do too much with our own money, without using other sources of capital to help us grow,” said Castillo. Unfortunately, the 2008 economic downturn took its toll on the Castillo brothers’ business, and they found themselves in a position with very few options other than to close .
Down, but not out.
For some, the sting from closing a business can hinder the eagerness to try something new again. But Castillo could hardly wait for his next opportunity.
He found a new partner and they began focusing on subcontracting various projects. After a year of hard work together, their small business was growing quickly, and they knew they needed some financial guidance, which led them to meet Zions Bank’s Vice President and Business Banker Marlon Morales.
“My greatest motivations to start a new business, after closing the first one, were my family and the potential to earn more money,” Castillo said. “I have goal to help my boys through college, and working for somebody else can sometimes limit your earnings. Additionally, I find a lot of satisfaction in helping my friends have a job, too.”
After a year of strong business growth, Morales showed Castillo and his business partner that they were both capable of running their own company, which led Castillo to start Lacem Construction in January 2015. Castillo, along with his employees, work hard to perfect the art of installing frames and drywall for commercial and residential projects.
Expanding across Utah, Idaho and Wyoming.
With ongoing financial guidance from Morales, Castillo learned to better manage cash flow. After a few years, Castillo has been able to grow Lacem Construction from starting with five employees and roughly $200,000 in annual sales, to now employing more than 30 people and achieving over $3 million in annual sales. Today, the company has ongoing projects across Utah, Idaho and Wyoming.
Beyond his business focus, Castillo gives back to the community. Each year, his company donates drywall sheets to nonprofit organizations that focus on updating and repairing seniors’ homes in the community. They also sponsor the Community Utah cycling team, supporting gear, repairs, uniforms and travel expenses.
Lacem Construction will join other business award honorees at the SBA’s Utah District office awards ceremony at tthe Zions Bank Building in Salt Lake City on May 3.