Phenoyd Nunley has operated Classic Woods by Phenoyd Inc., a piano refinishing business for many years, having grown the business from one started by his father, Lafayette Nunley. “Our clients, dealers, and technicians return to us for major and high-end projects that need to be executed with the highest level service,” the company’s website said.
What inspired you to start your own business?
My father inspired me to start my own business; he was self-employed (Lafayette & Sons Piano) for 25 years. He was resilient by facing challenges head-on. He was committed and dedicated to building a legacy, not only for the company but for his family. I’ve learned the trade under his authority as a teenager. I come from a long line of entrepreneurs, a second-generation piano refinisher. My grandfather owned a farm in Texas. As a young boy growing up, my grandfather taught me to be self-sufficient, and of course, that’s how he raised my father.
Do you like being your own boss? Do you ever think about trading it for a steady paycheck?
Being the boss gives me the flexibility of having no time commitment. I choose the hours I want to work, set up how much I want to get paid, and take a nap between times if needed.
What is the best aspect of running your own business?
Running my own business gives me freedom and control. I love having the ability to grow my business if I want to or leave it at the same level. I can work as long as it requires me to, but it may seem like a double-edged sword because I find myself working more hours than a person on a 9 to 5 job. Another aspect I love is the appreciation and gratitude I receive from my customers. I love having the ability to interact with my clients one-on-one, hearing their stories and being impressed with the refinishing colors for their piano.
And the worse?
Not spending quality time with my family. When I first started my business, I was the person to open the doors of my business and close at the end of the day. Running a business takes commitment which can entail finishing up with a client or a particular job, answering and addressing a caller issue or rushing to my final estimate for the day.
What is the biggest challenge your business has to face and how did you deal with it?
One of my biggest challenges in business was customers’ delay in paying their bills. We resolved the issue by revising our payment guidelines, such as asking customers to pay 50 percent against their invoice before we start the job, along with their approval. The product is not released until the invoice is fully paid. This requires a lot of discipline in money management. I also give my clients different payment options. Another challenge I faced was not having enough employees. I would work in the front office as well as in the back. I even reached out to fellow workers for support.
What is your favorite story about running your business?
I was running from bank to bank, looking for one to offer me startup capital for my business. I was running my father’s business, he banked with Bank of America for 15 years. I was involved in handling the banking for my father, but B of A nor other banks wanted my business. I went from bank to bank requesting a loan to start my business. Sumitomo Bank of California had been in the news accused of not offering business loans to Black Americans. So I applied for a loan with Sumitomo and got it; they offered me my first loan. It was just enough to get started. I am currently banking with California Bank & Trust (which acquired Sumitomo Bank of California). I now have a great relationship with the president and vice president of my branch.
Has your race or culture affected your business?
When it comes to working on a customer piano, whether it is a Steinway or Yamaha or even fine furniture, it has nothing to do with race or culture. It’s having the ability to meet their expectations.
How has the pandemic affected you and your business?
The pandemic did not affect my business. It could be because we have been established as a company. We have customers across the country, so when the pandemic hit and people were at home, it seems as though people started spending more money on construction and remodeling their homes, looking at their old piano wondering what to do with it.
What advice would you give someone who wanted to start their own business?
Have a passion for the business, because it will pull every ounce of energy from you in a good way, so you should love what you’re doing. You should also have a business plan; it is your road map to succeed.