From Basement “Blue Ocean” to National Category Leader

In the PowerChat, Greg Cummings pressed Nick Richmond on where the original idea came from: why basements, and why build a company around a space many contractors treat as an afterthought.​

Power100’s takeaway is simple: Nick saw a blue ocean where others saw leftover space. Growing up in Flint, Michigan, Nick Richmond knew basements as rough, partially finished hangouts—sheets over concrete, leftover carpet, and makeshift game tables. After selling windows and sunrooms while attending Western Michigan University and working in a competitive Midwest market, he realized that:​

• There were already “Titans” in windows and siding.
• Almost no one ran a scaled, brand-led company focused only on basements.
• Most contractors were using conventional above-grade materials in basements, even though those environments needed specialized systems for moisture and humidity.​

From Power100’s perspective, this is classic category-creating leadership. Instead of following the crowded path, Nick Richmond set out to build “the nation’s largest and greatest basement finishing company” and has consistently aligned decisions around that mission.​

Greg Cummings’ Perspective: Discipline, Focus, and Saying “No” to Easy Revenue

Throughout the PowerChat, Greg Cummings highlighted a specific leadership trait: Nick Richmond is willing to sacrifice short-term comfort and even revenue to protect the long-term health of Matrix Basement Finishing.​

One example that resonated strongly with Power100 was Nick Richmond’s decision to shut down a $20 million bath division to go back to being a basements-only company. Many leaders talk about focus, but very few are willing to walk away from tens of millions in annual revenue to achieve it. As a result of that decision:​

• In 2024, Matrix Basement Finishing generated roughly $72 million between baths and basements.​
• In 2025, after refocusing on basements only, the company reached about $90 million in basements alone.​
• In 2026, Matrix Basement Finishing is pacing toward approximately $120 million in basement revenue without proportionally increasing overhead or marketing spend.​

From Power100’s vantage point, this is textbook leadership: saying “no” to good opportunities—like one-day baths—to say a stronger “yes” to the mission that best serves customers and the company’s future. As Greg Cummings put it, many people in that revenue range would be thinking about “another Ferrari”; Nick Richmond chose to double down on his people and his core business instead.​

Leading Through Scarcity: The First Eight to Nine Years

Power100’s 5-layer system gives heavy weight to how growth is achieved, not just the headline numbers. During the PowerChat, Greg Cummings drew out how difficult the early years of Matrix Basement Finishing really were.​

Launching at the height of the 2009 recession with just a few thousand dollars in capital and coming off a failed business at 22, Nick Richmond spent the first 5–6 years making roughly $40,000–$60,000 per year, often working 15-hour days. As he has shared publicly, that season taught him humility, discipline, and the realization that “success is a long process” built through trial, error, and relentless improvement—not overnight luck.​

For nearly a decade, Matrix Basement Finishing operated on razor-thin margins while Nick Richmond and co-founder Brian Barrick experimented, refined pricing on more than 250 line items per project, and built a proposal system that allowed them to give homeowners accurate quotes on the first visit.​

From Power100’s leadership lens, this is the kind of story that often sits behind the glossy brand: a CEO who chooses to protect the company’s financial health and reinvest in operations instead of extracting maximum personal profit early. It’s one reason Nick Richmond now leads a company that can confidently stand behind warranties, invest in technology, and scale into markets like Wisconsin, Michigan, Illinois, Indiana and beyond.​

Culture, Equity, and “The Fish Stinks from the Head Down”

In Power100’s rankings, leaders score higher when they build durable cultures that outlast individual personalities. During the PowerChat, Greg Cummings called out the depth of loyalty around Matrix Basement Finishing: childhood friends, long-term business partners, and leaders who have been on the journey for more than a decade.​

Nick Richmond explained that one of his Michigan partners is his best friend from age 11, and that COO and co-founder Brian Barrick has been with him since their early days in college. Roughly a third of the company, by his estimate, is made up of people he either knew personally or who came from that tight network. This creates a family feel—but also a culture where candid conversations are both possible and productive.​

Power100 also took note of his approach to equity and shared success. Rather than hoard ownership, Nick Richmond proactively offers equity or phantom equity to key leaders who have earned it, influenced in part by what he observed at high-growth organizations and through watching his brother scale Mad City before it was acquired by larger platforms.​

“If someone earns something, I’m going to give it to them,” Nick Richmond explained. “I don’t always like when people have to ask me for something, especially if I think they deserve it.”​

From Power100’s standpoint, this philosophy matters because it keeps top performers engaged, gives them a true stake in the company’s future, and allows Matrix Basement Finishing to sustain growth to $100M+ and beyond without relying on constant external turnover.​​

Faith-Driven, People-First Leadership

One of the unique aspects that Power100 considers in its 5-layer system is values alignment—how a leader’s beliefs show up in how they build and run their company.

Nick Richmond is open about the role of faith in his life and leadership. Drawing on Philippians 4:13 (“I can do all things through Christ who strengthens me”), he frames leadership less as a path to “incredible things” and more as the strength to endure anything, especially during seasons of hardship.​

Recently, he shared how meeting Tony Dungy at an FCA event reinforced his commitment to lead with humility, purpose, and a focus on shaping people—not just performance.​

“Coach Dungy built his teams on a Christ-centered foundation, focusing not just on developing great football players, but on shaping young men of character,” Nick Richmond wrote. “The world needs more leaders like Tony Dungy. Lead like Dungy!”​

From Power100’s perspective, that same mindset shows up inside Matrix Basement Finishing:

• The company invests in design and sales teams across Chicago and Michigan, recently celebrating hitting a bold $75,000,000 net sales goal for 2024 and honoring their “dedication and perseverance.”
• Nick Richmond emphasizes that momentum begins with belief—believing in the team, the service, and the mission.
• Leadership messages focus on growth, humility, and staying “green and growing,” echoing lessons from his late mentor Rick Grosso, whom he recently honored in a memorial speech.​

For homeowners and employees alike, Power100 sees this as a marker of trusted leadership: a CEO whose decisions are rooted in something deeper than quarterly numbers alone.

Matrix Basement Finishing gathered Chicago and Michigan design teams to celebrate everything they accomplished

Innovation With Restraint: AI, Buildertrend, and Systems That Serve People

From an innovation standpoint, Power100 doesn’t just look for technology adoption—we look at whether that technology actually serves people and performance. In this PowerChat, Greg Cummings and Nick Richmond had a candid discussion about AI, automation, and tools like Buildertrend.​

Matrix Basement Finishing has evolved from manila folders and physical job files to modern platforms that centralize schedules, communications, documents, and customer updates. From Power100’s vantage point, this shift shows operational maturity: the company can now manage 1,300+ basements a year while maintaining visibility and control across multiple states.​

On AI, Nick Richmond has partnered with Channel Automation to nurture a database that can see approximately 9,000 inquiries per month, using segmented messaging, video, and automation to keep Matrix Basement Finishing top-of-mind for homeowners who may take months—or years—to move from interest to action.​

Importantly, he is not trying to replace human relationships in the home. As he told Greg Cummings, AI remains “a small but important part” of the business, focused on follow-up and engagement, while the core of the company’s value—patient, in-home design consultations and expert installations—stays deeply human.​

From Power100’s leadership lens, this is the right posture: adopt technology in ways that support your people and processes, test modestly, measure results, and avoid breaking what already works.

Brand, Partnerships, and National Credibility

Power100 also evaluates how leaders build trusted brands and align with reputable partners.  Matrix Basement Finishing have established a strong reputation through:

• Official partnership with the Detroit Lions, giving fans and homeowners the opportunity to create custom “fan caves” designed and built by the Midwest’s largest basement finishing company.
• Media features such as a WGN-TV segment where Nick Richmond gave Sarah Jindra a tour of his own basement, showcasing the attention to detail delivered to every client.​
• Recognition on Qualified Remodeler’s Top 500 and Remodeling Magazine’s Big50 lists, as well as honors like Entrepreneur of the Year from Remodeling Magazine for Nick Richmond.
• Strong ratings and reviews on platforms such as HomeAdvisor, BBB, Yelp, and Houzz, where customers highlight professionalism, communication, and quality of the basement systems.

To Power100, these external markers align with what we heard directly in the PowerChat: a leader who takes brand stewardship seriously, invests in partnerships that reinforce excellence, and consistently delivers on the promises those partnerships represent.