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RUNNER-UP
'Closet Architect'
John Cannon
Founder, president
John Cannon Homes Inc.
Sarasota
The day John Cannon returned home from his 1990 honeymoon, he started a business with the moral and practical support of his wife, Phillipa, then a banker with Barnett. His first office was in the family's garage.
It was a risky time to enter the home-building industry, but Cannon saw opportunity - not recession.
"We figured that'd enable us to grow as the economy grew," he says.
Cannon's first step took nerve. The young, would-be builder didn't have the means to build a model home, which meant he had to do some fast talking. Cannon convinced a developer to sell him a lot, even though Cannon had no name recognition. And then Cannon couldn't pay for the lot until after he sold the house since the bank wouldn't give him credit.
Cannon persevered.
He talked the developer into personally financing the deal. Then he sweet-talked an interior decorator into furnishing the house on consignment.
The model home sold, everyone was paid, and John Cannon Homes built two more homes that first year, collecting revenue of about $800,000. Last year, the company sold 101 homes and counted $72 million in revenue. (It sold about 85 homes in 2002.) The average Cannon home sells for about $500,000-$800,000. The more expensive ones are in the $2 million to $3 million range. He says his homes are more Cadillac than Rolls Royce.
The company is clearly on a growth spree.
"We're projecting 120 homes for 2004," Cannon says. "We want to continue to grow."
Cannon has found his niche building custom homes in Sarasota and Manatee counties' most posh neighborhoods, including University Park Country Club Shores, Prestancia, The Oaks, Sarasota Ranch Club and Lakewood Ranch. He estimates about 5% of his business is moving outside of the Sarasota/Manatee area, primarily into Charlotte, Hillsborough and Pinellas counties.
Cannon homes include hurricane-engineered concrete, energy-saving vented soffits, Fiberglass sound insulation, security system sensors, marble, tile and ceramic in kitchens and bath, Corian countertops and natural wood cabinetry.
The attention to detail comes straight from the top. Cannon calls himself a "closet" architect. In fact, he admits a leadership challenge he faces is micromanagement.
"Most entrepreneurs are very hands-on," he says. "When I started I had to do everything myself. I had to create the revenue before I could hire people. It was a challenge to let go as we hired people; to trust other peoples' judgment. I think I probably over-managed for a while. I learned to trust the people I entrusted the process to, but I still stick my nose in more than I should."
Cannon's wife, who joined the company full time a year after its inception, calls her spouse's style "intense" but says it is justified by the breadth of his vision. "He knows where he wants to go and how he wants to get there," Mrs. Cannon says. "He has a vision and a knowledge of the industry because of his college and experiences living in this area. He thinks ahead more than normal people."
Cannon expects employees to run with his vision, according to Mrs. Cannon. "When you're someone who doesn't think in the moment, you want to be surrounded by people who are thinking ahead and not thinking day-to-day," she says.
Cannon was born in St. Louis and raised in Jackson, Mich., one of three children. His father was an electrical engineer; mother, a homemaker. When he's not working, or serving on the Sarasota Homebuilders Association, Cannon spends his free time with his wife and children, ages 10 and 11.
STATS
Employees: 2001: 46; 2002: 47; 2003: 53;
2004: 70.
Revenues: 2001: $31.4 million; 2002: $41 million; 2003: $72 million.
Average annual growth: 54.5%
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