Mainebiz

V O L . X X X N O. V I M A R C H 1 8 , 2 0 2 4 16 B U S I N E S S L E A D E R S O F T H E Y E A R AWARD overcame the challenge with the sup- port of an incredible fundraising team, and broad support from the state of Maine, the town of Madison, the log- ging and lumber industries, and many individuals across the state. MB: How important was repurposing the Madison mill in your initial plans? MO: e mill was key to the project's viability. Not only the building, but the talented people who ran it, who joined our team — and the people of the town of Madison. When we bought the mill, the paper-making equipment was being removed. e timing was fortunate, because we were able to preserve the value of the infrastructure, which repre- sented a major savings. MB: As you mentioned, the pandemic changed your plans. How did you respond? JH: We had financing in place that looked probable to close in May 2020, and our largest investor was going to be a multinational corporation based in Europe. Matt and I were there, final- izing details, but had to leave immedi- ately. ere is no doubt that the pivot we had to make — to a much larger financing, underwritten by a tax- exempt bond — is a better approach. It allows us to access a much larger market and has more favorable returns for our investors. MB: As you look back at the past nine years, what have been the most rewarding aspects of the TimberHP journey? JH: I just love the people I work with. I am so grateful to our investors and to the Maine forest products industry for embracing us. I think our prod- ucts are going to make a meaningful difference in the world and help make the lives of builders and our customers better. I know all of this isn't some- thing everyone gets to experience, so I find gratitude there. MO: For me this has been a story about trying to create a solution for the next generation of sustainable buildings, and how that can actually be a driver for opportunity and economic growth in rural communities — while sup- porting renewable, natural resource- based economies. MB: Where do you see the company going in the next nine years? JH: Right now, we're just focused on Madison being a thriving, successful mill, but I suspect we will have addi- tional facilities across the country. e need to improve the energy efficiency of buildings in a sustainable way is just huge. And the fact that we can reinvigorate the forest products indus- try and support the growth of other rural economies is kind of irresistible. But Madison will always be our birth- place and our home. MB: What advice would you offer another company that's innovating in a legacy industry? JH: Be resilient. ere have been many times when Matt and I have hoped a big investor would come in and fund us in a way that would make this eas- ier. But our investors and team have been extremely committed and under- standing, and have stuck with us. e great thing is, that only strengthens our resolve to reward their belief. MO: Be open to collaboration, diverse ideas and abilities that can unlock opportunity. Wil l iam Hal l, Mainebiz Managing E d i t o r / D i g i t a l O p e r a t i o n s , c a n b e r e a c h e d a t w h a l l @ m a i n e b i z . b i z • Strategic Planning • Team Building • Board Governance • Executive Search • Executive Coaching • Fundraising Counsel ACHIEVE STELLAR RESULTS with STARBOARD Transform your organization with Maine's Premier Leadership Consulting Firm. Bringing over two decades of expertise to nonprofit leaders, CEOs, and business owners 207.992.4400 • info@starboardleadership.com starboardleadership.com » C O N T I N U E D F RO M PA G E 1 4 Right now, we're just focused on Madison being a thriving, successful mill, but I suspect we will have additional facilities across the country. — Joshua Henry

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