Our Utah-based company, Modal Living, is expanding into California. Hear Chief Operating Officer, Colin Jube talk about how the company plans to keep growing in the coming years, including how leadership plans to make the jump from $4 million net profit to $12 million by 2023.
From Utah Business:
It’s time to scale our business, Jube says.
Modal plans to jump from the $4 million net profit earned last fiscal year to $12 million by 2023. How? The people of California’s empty backyards. Salt Lake has been following in the steps of the West Coast with these housing trends, but California, in particular, has been a good example, Jube says.
The success Modal found in Salt Lake selling and placing 25 units in the Valley alone prepared them for the bigger market in California. In terms of the equity that people have in their homes over there, it’s a lot easier to finance the products, Jube says. It’s also easier regulation-wise, where California has mandated that every local jurisdiction must allow the use of ADUs.
Modal’s primary shareholder and chairman of the board is a former CEO of a California-based home builder, so Jube says the transition of focus was simply in the cards. We’ll be actively hiring representatives on the ground in California, building model complexes and increasing marketing efforts across the state, he says. I expect we’ll open an office in California within the next year.
Of course, they won’t be leaving Salt Lake any time soon. The market for these kinds of homes grows every day, he says.
Read the full article here to learn more about Modal's desire to bring modular living to California.