Profile: Getting to know Iv Culp

Iv Culp

HIGH POINT — As the third generation to lead his family’s company, mattress and upholstery fabric maker Culp Inc., Iv Culp initially stepped into the role of CEO on Jan. 1, 2020, right before the start of the pandemic.

Culp had worked for the company since 1998 and had served in several capacities including as president of Culp Home Fashions, the mattress fabrics division, since 2004. He became chief operating officer in 2018 and president in 2019. As a member of Culp’s senior leadership team for more than 15 years, he has played an integral role in the company’s business and strategic planning.

Culp succeeded Franklin Saxon, the previous chairman and CEO, who has since assumed the role of executive chairman. Culp’s grandfather Robert Culp II, along with his father Robert Culp III, started R.G. Culp & Associates in 1972 in High Point as a distributor that offered a complete line of fabrics to the upholstered furniture industry.

“It was the vision of my grandfather to be in two businesses: mattress fabrics and upholstery fabrics. These are two distinct operations, two different markets and two sets of customers,” Iv Culp said. “That means Culp is less susceptible to market downturns and has been able to adapt to challenges.

“For most of our years, one business has supported the other. But for the past several years, both divisions are performing well and trending positively. This gives us confidence that our best years are ahead of us.”

Furniture Today spoke with Culp about the lessons he’s learned, the risks he’s taken and where he hopes the industry is headed.

Where do your best ideas come from?

My best ideas come from listening. I realized early in my career that people have such different talents and perspectives, and there is nothing more rewarding than a high functioning, collaborative team.

I think leaders understand that they don’t and can’t know all the answers. Good leaders benefit tremendously from bringing together individuals with different skills and ideas, from varying backgrounds and experiences. To me, there is much to gain by being a great listener.

I am amazed at the talent level we have within Culp Inc. and within our industry, and I have learned that the more I listen and bring forward the best collective ideas, the more we succeed.

Who opened doors for you?

Well, it’s obvious to note that the biggest doors that were opened for me were via my grandfather and father. They had the inspiration to build a textile company from the ground up. They were the epitome of entrepreneurs, they were excellent salespeople, and they always did business the right way. I am blessed and honored to have the opportunity to continue their legacy.

I also pay a special nod to Frank Saxon, who proceeded me as CEO at Culp Inc. Frank is largely responsible for providing sound financial discipline to our company during the most difficult times, and he remains as a steady and constant support to me now.

What is the biggest risk you’ve taken?

My biggest risk has been making the decision to continue operating during the height of the COVID-19 pandemic. We knew that the best way for our business to stay financially solid was to remain open and ready to meet the needs of our customers. We also understood this was the best option to support our employees in an extremely uncertain period.

We are a manufacturing company, and our equipment needs to run. Looking back, we can see that we weren’t perfect in every decision, but the move to remain open, maintain our employee benefits and support COVID relief efforts by making masks, appears to have been a great success. But it was definitely an agonizing (and risky) decision.

Where is the most interesting place your job has taken you?

Without any doubt, the textile industry is a global business, so we have visited many interesting places. The stories are endless. I have loved my trips to Asia (China and Vietnam primarily), and I cherish the many trips I have taken to Turkey. We have been fortunate to develop an excellent family culture with all of our associates and partners around the world.

Currently, I am most enamored with Haiti. Our operations and associates there are incredible, and Haiti feels like the ultimate convergence of opportunity for both our business and the people of Haiti. We are very proud of our presence there, and it’s a great place to visit.

How do you balance work and home life?

Work life balance is something I think about a lot, and I believe I manage it well. I had the greatest example in my own home watching my father. He was a true gentleman who treated everyone with respect, whether it was his family or his work. He did everything with class.

I learned there is no substitute for hard work, but you must always keep family first. I would never miss a game or an event that involved family — that will always be a priority — but I may also be back on emails that night.

What questions related to the industry have you been asking yourself lately?

I have been wondering what is in store for the consumer in the coming months. Our industry has been through such tumultuous times, experiencing supply chain challenges, peak demand and now rising inflation.

The furniture business has always been resilient, and consumers should continue to value the products we collectively produce. But trying to discern the short-term demand cycles is challenging.

What has been your biggest business mistake, and what did you learn from it?

I once led a decision to invest in a business that offered us a chance to diversify our revenue opportunities, but we didn’t fully understand the shifting industry dynamics. At the time, we were blessed with very strong conditions, and we purchased a company with an intent to target a new marketplace. We had an immediate new opportunity, but the marketplace changed and didn’t value our intellectual property or product innovation.

As painful as it was, I re-learned that due diligence in any deal must be extremely robust, and there is merit to staying within your core competencies.

When you get together with others in the industry these days, what is the key topic of discussion?

Most of the discussions I have these days are centered around supply chain opportunities, changing subtleties in the labor market and what business levels will be in the near term. I believe it is critical to have redundant supply chains that can react to any opportunity (or challenge) we may face in the future.

If you could change one thing about the industry, what would it be?

I wish our industry would further embrace the value that we bring to consumers’ lives. We provide comfort and feelings of safety within the home, and we make products that can enhance personal health and promote environmental sustainability.

I am disappointed when we forego those benefits to focus on price, and I always hope for our industry to be given the respect and credit that we deserve.

What’s the best piece of advice you’ve been given and by whom?

I am not sure exactly where I got this advice, but I have been told “that things are never as good, or as bad, as they may seem.” For me that bears out in a mindset: Never be too high or too low, but be consistent and calm.

I believe it is possible to be ultra-competitive and have a strong desire to win in everything you do, but that should not come with any change in demeanor. I have watched successful people act in this way on an athletic field and in a boardroom. There are very few things that should invoke excessive frustration or celebration, and I think this is a good approach for business and life.

What are the three things that people would be surprised to learn about you?

I love live music, and I like to think that I am up to date on current music trends, but my kids often remind me that I am not.

I love everything about UNC-Chapel Hill sports, and I brainwashed my kids that way. Somehow, I ended up with a son who attends the University of Georgia, and I do find myself saying “Go Dawgs” every now and then.

I have found a new sport in pickleball. I play quite frequently, and I love the game, but I still don’t think I can beat our Culp Inc. Chairman Frank Saxon.