Whether you’re making custom furniture or building hotels, when you ask people the secret to success in business, there are two schools of thought. On the one hand, you’re given this advice: Pick one thing that you understand, that you’re good at, and specialize in that. And then there’s the other school of thought. It says, because all markets are unpredictable, the only way to be sure you’ll succeed is diversify.
So, which path is the secret to success? Specialization? Or diversification?
And this is where New Orleans custom furniture and hotel construction meet: Peter Ricchiuti’s guests on Out to Lunch today are, strangely, on both paths at the same time. They’re specialists, who are diversifying.
Louis Scott is the owner of a company called Tectonic Designs. The interesting thing about Tectonic Designs’ diversification is, it’s a one-man company. Louis is a master craftsman in wood. He designs and builds furniture. He does architectural renovations, and all kinds of carpentry. And, Louis is a master craftsman in steel. He makes things like wrought iron fences, metal awnings, and more.
David Fuselier is a contractor in his family business, Perle Construction. They’re a construction company that does rebuilds and renovations, as well as new construction. Now here’s the diversification: David has founded an allied company with partner Patrick Schoen, called Schoen & Fuselier. Schoen & Fuselier are a property development company. They buy properties to develop, and contract Perle Construction to do the development. Their most visible current project is the Crescent Hotel, on the river near NOCCA.