Foreclosurepedia sat down this past week and did an in depth Interview with Milan Thompson, Chief Executive Officer of A-Son’s Construction, Incorporated. Thompson, in a rare and never before seen move in the Property Preservation Industry; with respect to non mainstream media, gave Foreclosurepedia unprecedented access across the board. This Article is the Introduction to a Three Part Series on ASONS.
In 1999 Carolyn (Beeson) Thompson and her son Jeffrey formed a small construction company to buy and rehab homes for resale in Muncie, Indiana. Carolyn chose to name the Company with her son in mind: ASONS (A-SON’S CONSTRUCTION, INC.). Quite obviously the name, in and of itself, conveyed both the pride and confidence she had in her son Jeffrey Beeson. Prior to ASONS, Beeson ran a realty firm named Beeson Realty. Milan Thompson, a silent partner, was brought on board to both assist with funding and overall directional bearing.
After successfully becoming the #1 Realtor in the community in 1995, Carolyn Beeson resolved to establish the most technologically progressive real estate company for East Central Indiana. In 1997, Carolyn Beeson’s dream became reality when she founded her real estate firm Carolyn Beeson Realty (CBR). [From Beeson Realty’s Website]
ASONS began its stellar rise by purchasing a United States Department of Housing and Urban Development (HUD) foreclosure with the intention of flipping it. Typical of most HUD foreclosures, this property was replete with the knee high grass, debris and the normal list of issues. Novice to the normal HUD foreclosure conditions, Jeff reached out to the Broker and began discussing the conditions and what lead up to them. The Broker, then as most do now, apologized and stated that,
[they] had recently taken over the HUD Contract [referring to the HUD Management and Marketing (M&M) Contract] due to another company failing miserably and were in the process of hiring field sub-contractors.
Similar to many Companies before and many after Jeff had a wild idea in that he felt they could “…make more money cleaning maggots out of refrigerators than flipping houses.” As a direct result and after consultation with Carolyn and Thompson, ASONS executed a Waiver prohibiting them from ever buying another HUD house and their new Company stepped out upon a leap of faith and into the murky netherworld of the Property Preservation Industry (PPI).
Today’s ASONS’ Executive Management Team is far different that what it was in 1999. Jeff Beeson is the Owner of ASONS. Carolyn (Beeson) Thompson, listed as Vice President in the Ohio Secretary of State’s 2006 Foreign Corporation Filing, is now married to Milan Thompson whom is the Chief Executive Officer (CEO). From 2009 – 2011 Thompson was a National Representative for the National Association of Mortgage Field Services (NAMFS) and was elected to fill the a vacancy created when Paul Magaha assumed the position of Interim President of NAMFS. Chuck Sockol, ASONS Vice President of Vendor Relations is also the NAMFS Membership Committee Chairman.
To get a fundamental understanding of how ASONS has evolved, take a look at this Semantic Data Map.
In one of the larger conquests ASONS, in 2010, successfully bid on the HUD M&M Field Service Management (FSM) Contract. ASONS, under the leadership of Thompson, was awarded 9 states (HUDCCOPC 23653 seen here) which then included ME, NH, VT, MA, CT, RI, NY, NJ and MI. A year earlier in 2009, ASONS was a recipient of US Government Recovery Act funding for a US Department of Interior (DoI) Contract which was successfully completed (This Link has a GREAT Graphic!). Coming from what Thompson described as a “…pencil and paper operation…” to now occupying a Corporate Headquarters with over 17,000 square feet displays the talent, tenacity and perseverance with which Thompson and his Team have brought to bear within the Property Preservation Industry.
To close out the Introduction I need to note several Disclosures. Thompson was kind enough to offer to fly me up to Muncie on their leased Corporate Jet (leasing time on a Corporate Jet is a fairly common practice and actually the genesis of what became this Article). While tempting, I wanted to ensure there would be no perception of bias in my writings. I have absolutely no doubt that Thompson’s motivations were innocent and simply attempting to be transparent. Thompson offered to make available any employee or Contractor or Sub Contractor under the direct or indirect control of ASONS for me to Interview without Thompson present. Finally, Thompson has shared both confidential and proprietary information to ensure that Foreclosurepedia had complete understanding of ASONS and their day-to-day operations.
I am Disclosing this because I want there to be no doubt whatsoever that this Article will be the honest assessment of ASONS. In a time when most Property Preservation Industry Companies are sulking in the shadows with an enormous concern for the anticipated Service Contract Act (SCA) and Davis – Bacon Act (DBA) Investigations coming down the pike, ASONS is far more interested in displaying the honesty and integrity upon which has been responsible for their meteoric rise.
Folks, you DO NOT want to miss this Series! Ironic as it may seem, ASONS appears to be one of the very few Companies within the Property Preservation Industry which I feel deserve a closer look at. When I begin to discuss their timelines for pay, their Policy last year with respect to Backbilling, their selectivity of partnering with SMALL BUSINESSES and finally their overall opinion with respect to the current State of Play in the Industry you will be floored! A final note: While all of you know of our continued excoriation of NAMFS, it is hard to square the role ASONS plays with respect to them. Stay tuned as Foreclosurepedia goes Rogue and goes down the Rabbit Hole with Milan Thompson and ASONS!