WINSLOW – In 2019, after experiencing 20 percent growth the previous two years, Standard Waterproofing broke ground on a $1.2 million expansion in Winslow, Maine. Now fully operational in its new 9,000 sq.ft. facility along Route 201, the company recognized nationally for its coating expertise is growing its workforce and service lines.
As President and majority owner of the certified woman-owned Maine-based business enterprise, Theresa Thompson catalyzed Standard Waterproofing’s growth through strategic diversification. With an 80% command of the market share in its construction division, Thompson worried that an economic downturn would have an outsize negative impact on the company. She set a goal of adding a new service line every ten years; the first addition was spray foam insulation, and the second was fireproofing, which at the time was offered by only one other applicator in the state.
The economic challenges associated with the COVID-19 pandemic underscore the foresight of planning for a downturn. Standard Waterproofing is fortunate to remain busy with projects across the state and locally, including the new Lockwood Hotel in downtown Waterville.
“General contractors want to single-source as much as possible, so as a subcontractor, we are more valuable and competitive if we offer additional services,” explains Thompson. “The credit goes to the incredible crew at Standard Waterproofing for their hard work, skills, and ability to adapt and add expertise. Together we’re building a culture of safety, continuous learning and growth to achieve our aspirations both personally and professionally.”
Many of Standard Waterproofing’s current employees were part of the crew when Theresa joined the company in 2005. Coming from the financial services industry, she started as a project manager and worked 12-hour days, absorbing the crew’s wisdom to learn every aspect of Standard Waterproofing’s operations. As President, she works with the crew to establish employee retention initiatives to maintain a high-quality workforce, such as adding new benefits to the company’s benefits package.
“With the growth mindset of Theresa Thompson and her team, we can only expect more expansion and innovation from Standard Waterproofing,” explains Garvan Donegan, director of planning and economic development at Central Maine Growth Council. “This new facility marks an exciting milestone in the company’s evolution, and we are proud to have an industry-leading enterprise call mid-Maine home.”
For its operational growth, high-quality and safe work environment, and commitment to the community, Standard Waterproofing was named the Mid-Maine Chamber of Commerce’s 2019 Business of the Year.
Last modified: July 22, 2020