Latest news with #MichaelNeal
Miami Herald
03-04-2025
- Business
- Miami Herald
Tariffs Should Have Little Effect on AAA Distributor's Home Improvement Product Inventory or Prices
The national distributor and retailer of cabinetry, doors and other home renovations products leverages its business model to ensure steady supplies and pricing for wholesalers, contractors and DIY homeowners. PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / April 3, 2025 / The Trump Administration announced tariffs on April 2 that are expected to increase the price of all imported goods by at least 10 percent, and by 20 to 34 percent on goods from China, Japan and Europe. However, Michael Neal, president of AAA Distributor, one of the nation's largest home improvement outlets, said the tariffs will have little if any effect on the company's prices or product availability. AAA Distributor, with massive distribution centers in the Philadelphia, Dallas, and Spokane, Washington areas, and with sales via multiple online channels, is a national distributor, wholesaler and retailer of flooring, kitchen and bath products. Neal, an industry veteran with two decades of experience as a regional director for Lowes and Home Depot, said AAA Distributor's business model minimizes its exposure to the effects of tariffs, which are import taxes that usually are passed on to consumers. "We have millions of dollars of inventory in cabinets and doors in each of our locations," Neal said. "We've already purchased to service the customers essentially through all of 2025. We already have the orders, and we already have them in the warehouse. We've positioned ourselves to weather any storm and then decide where to buy from." Neal said AAA Distributor's business model is diversified, marketing to wholesalers, contractors and individual homeowners, and it does the same with its suppliers. "We wanted to make sure that we were spread out, so we also did that with domestic versus international suppliers," he said. "We can swing our business very quickly and still service all of those segments of our business and not impact the consumer's bottom line." AAA Distributors maintains business relationships with suppliers worldwide, which means it can avoid tariffs that target specific countries. AAA Distributors also purchases home improvement products from multiple domestic suppliers, including longtime partner Fabuwood, which manufactures cabinetry at facilities in New Jersey. "That means all I have to do is transition my business to one of my other manufacturers or to our manufacturers here in the United States," he said. AAA Distributor sells cabinetry, doors and other supplies for kitchen, bath and general home renovation projects at its primary location in Philadelphia, The Ugly Duck Warehouse in Spokane, and Surplus Building Materials in Dallas, and at online channels including and Each outlet features AAA Distributor's proprietary brand, as well as products from hundreds of other suppliers, to ensure the company meets the needs of its varied customers. "It's about the customer experience and being able to cater to the customer in your line of business the way that customer has expectations, keeping in mind that that customer has never done a door or kitchen project before, so their experience will be based off their first experience with you," Neal said. For more information, visit About AAA Distributor AAA Distributor is a distributor, wholesaler, and retailer of kitchen, bathroom and flooring home improvement and remodeling products. Headquartered in Philadelphia, its large showroom (120,000 square feet) in Philadelphia offers samples, displays, and free 3D design services with the assistance of 12 full-time interior designers. AAA designs and imports its own proprietary product line, LessCare, which includes cabinetry, vanities, bath furnishings, plumbing supplies, flooring and fixtures. In addition to warehouse locations in Philadelphia, Surplus Building Materials in Dallas and The Ugly Duck Warehouse in Spokane, AAA Distributor has showrooms in the southeast and northeast U.S.
Miami Herald
18-03-2025
- Business
- Miami Herald
AAA Distributor Shares Sales and Design Trend Insights from Top U.S. Kitchen and Bath Trade Show
President Michael Neal forecasts surge in demand as homeowners track interest rates and plan upgrades, with an old style that's making a comeback in design circles. PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / March 18, 2025 / Executives from AAA Distributor and Surplus Building Materials attended the annual Kitchen & Bath Industry Show (KBIS) in Las Vegas, North America's premier home improvement trade show, and offer insight on economic and design trends from meetings with leading vendors and designers in the industry. AAA Distributor is one of the nation's largest distributors, wholesalers and retailers of home improvement products. With its headquarters in Philadelphia, a warehouse in Spokane, and the Surplus Building Materials branch in Dallas, AAA Distributors maintains one of the industry's most extensive inventories of flooring, kitchen, and bath remodeling products. The KBIS event, held in conjunction with the National Kitchen & Bath Association, drew 40,000 attendees and featured more than 250 exhibitors of innovative products, breakthrough designs, and the latest trends in kitchen and bath remodeling. Michael Neal, president of AAA Distributor, and managers Jenya Teplitskaya and Ulyana Shnauderman met with vendors and researched emerging trends in home improvement. "The outlook is that the pent-up demand that has not been taken care of pre-election continues to be there," Neal said. "There are a lot of people out there right now who need to remodel their homes." Homeowners fall into two groups, both with incentives to upgrade, Neal said: "We have a large generation that wants to upgrade and sell their homes, and we have another group that wants to upgrade because they have 2.5 to 3 percent interest rates and don't want to move because they're not going sell their $400,000 home that's now worth $600,000." Neal said the industry is also continuing to see demand from homeowners who are still repairing their homes after 2024's tragic series of natural disasters - in particular, hurricanes in Florida, flooding in North Carolina, and wildfires in California. The AAA Distributor team has identified six key design trends for 2025 as homeowners plan and execute their remodeling and improvement projects: Mid-century modern style, featuring warm natural wood tones for kitchen cabinets and bathroom cabinetry, are making a big tiles for kitchen floors and walls, which make the room appear larger, are a hot "concealed kitchen" design is a popular choice for are adopting artistic, creative bathroom tile wood cabinetry in functional bathroom features like built-in linen hampers and laundry chutes is a new finishes on faucets, mirrors and hardware, and arched, oval and curved, are timeless and remain popular in 2025. The AAA Distributor team was pleased to attend KISA and build bonds with current and new vendors, while gaining insight into industry news and trends. As a leading provider of kitchen and bath products for both professionals and do-it-yourselfers, AAA Distributor continually monitors industry developments to better serve customers. For more information, visit and About AAA Distributor AAA Distributor is a distributor, wholesaler, and retailer of kitchen, bathroom and flooring home improvement and remodeling products. Headquartered in Philadelphia, its large showroom (120,000 square feet) in Philadelphia offers samples, displays, and free 3D design services with the assistance of 12 full-time interior designers. AAA designs and imports its own proprietary product line, LessCare, which includes cabinetry, vanities, bath furnishings, plumbing supplies, flooring and fixtures. In addition to warehouse locations in Philadelphia, Surplus Building Materials in Dallas and The Ugly Duck Warehouse in Spokane, AAA Distributor has showrooms in the southeast and northeast U.S. Contact Information Buse Kayar busek@
Associated Press
18-03-2025
- Business
- Associated Press
AAA Distributor Shares Sales and Design Trend Insights from Top U.S. Kitchen and Bath Trade Show
President Michael Neal forecasts surge in demand as homeowners track interest rates and plan upgrades, with an old style that's making a comeback in design circles. PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / March 18, 2025 / Executives from AAA Distributor and Surplus Building Materials attended the annual Kitchen & Bath Industry Show (KBIS) in Las Vegas, North America's premier home improvement trade show, and offer insight on economic and design trends from meetings with leading vendors and designers in the Distributor Team at KBIS 2025 AAA Distributor is one of the nation's largest distributors, wholesalers and retailers of home improvement products. With its headquarters in Philadelphia, a warehouse in Spokane, and the Surplus Building Materials branch in Dallas, AAA Distributors maintains one of the industry's most extensive inventories of flooring, kitchen, and bath remodeling products. The KBIS event, held in conjunction with the National Kitchen & Bath Association, drew 40,000 attendees and featured more than 250 exhibitors of innovative products, breakthrough designs, and the latest trends in kitchen and bath remodeling. Michael Neal, president of AAA Distributor, and managers Jenya Teplitskaya and Ulyana Shnauderman met with vendors and researched emerging trends in home improvement. 'The outlook is that the pent-up demand that has not been taken care of pre-election continues to be there,' Neal said. 'There are a lot of people out there right now who need to remodel their homes.' Homeowners fall into two groups, both with incentives to upgrade, Neal said: 'We have a large generation that wants to upgrade and sell their homes, and we have another group that wants to upgrade because they have 2.5 to 3 percent interest rates and don't want to move because they're not going sell their $400,000 home that's now worth $600,000.' Neal said the industry is also continuing to see demand from homeowners who are still repairing their homes after 2024's tragic series of natural disasters - in particular, hurricanes in Florida, flooding in North Carolina, and wildfires in California. The AAA Distributor team has identified six key design trends for 2025 as homeowners plan and execute their remodeling and improvement projects: Mid-century modern style, featuring warm natural wood tones for kitchen cabinets and bathroom cabinetry, are making a big comeback. Large-format tiles for kitchen floors and walls, which make the room appear larger, are a hot trend. The 'concealed kitchen' design is a popular choice for 2025. Designers are adopting artistic, creative bathroom tile applications. Natural wood cabinetry in functional bathroom features like built-in linen hampers and laundry chutes is a new development. Luxurious finishes on faucets, mirrors and hardware, and arched, oval and curved, are timeless and remain popular in 2025. The AAA Distributor team was pleased to attend KISA and build bonds with current and new vendors, while gaining insight into industry news and trends. As a leading provider of kitchen and bath products for both professionals and do-it-yourselfers, AAA Distributor continually monitors industry developments to better serve customers. For more information, visit and About AAA Distributor AAA Distributor is a distributor, wholesaler, and retailer of kitchen, bathroom and flooring home improvement and remodeling products. Headquartered in Philadelphia, its large showroom (120,000 square feet) in Philadelphia offers samples, displays, and free 3D design services with the assistance of 12 full-time interior designers. AAA designs and imports its own proprietary product line, LessCare, which includes cabinetry, vanities, bath furnishings, plumbing supplies, flooring and fixtures. In addition to warehouse locations in Philadelphia, Surplus Building Materials in Dallas and The Ugly Duck Warehouse in Spokane, AAA Distributor has showrooms in the southeast and northeast U.S.
USA Today
13-03-2025
- Business
- USA Today
If a big inheritance is your retirement plan, don't get your hopes up
Hear this story If you're biding your time until Mom or Dad or that rich uncle passes on, passing their wealth to you, then prepare yourself for a shock: Most of us will never inherit. Inheriting money from a departed loved one is a gateway to wealth for millions of Americans, especially those who are older, white, college-educated or wealthy already, according to numerous studies. But fewer than half of Americans inherit anything. 'Most households will pass on little or no inheritance to the next generation,' said Chuck Collins, director of the Program on Inequality and the Common Good at the progressive Institute for Policy Studies, or IPS. Only about 30% of older Americans, ages 47 to 70, have received an inheritance or other intergenerational wealth transfer, according to a 2022 analysis by the Federal Reserve Bank of Richmond. Need a break? Play the USA TODAY Daily Crossword Puzzle. If you look at younger adults, the share who have inherited dips well below 20%. By age 75, nearly two-fifths of Americans have reaped an inheritance, according to a 2023 report from the Washington Post. 'That means the typical family is not leaving an inheritance,' said Michael Neal, a senior fellow at the Urban Institute. This age range is the sweet spot for inheritance You're most likely to inherit between the ages of 56 and 65, according to a 2021 analysis by researchers at the Wharton School of the University of Pennsylvania. Americans ages 46 to 55 are next most likely to inherit. Spend your money smart: Sign up for USA TODAY's Daily Money newsletter. All of those studies draw from the federal Survey of Consumer Finances, conducted every three years and most recently in 2022. Among those who do inherit, the average amount is $266,000, as of 2022, the Washington Post reports. The good news, if you hope to inherit, is that inheritances are becoming more common. 'Simply put, there are more people aging into prime inheritance age over time,' said Kent Smetters, a Wharton professor who is involved in inheritance research. Whether you inherit, and how much, depends on your age, your race, your education, and the wealth you already have, among other factors. Among older Americans, 35% of white households have received an inheritance, compared with 13% of Black households, the Richmond Fed reports. For those who inherit, the average amount is $154,260 for Blacks, $303,100 for whites. 'In aggregate, there just tends to be less transferred to Black families,' Neal said. One reason why Black households receive fewer and smaller inheritances is that Black Americans are less likely to have a will, according to research by the Center for Retirement Research at Boston College. 'The racial wealth gap has proven to be a persistent problem,' said Gal Wettstein, a senior economist at the research center. Wealth transfers go to about 22% of older Americans who have only a high school degree. The share rises to 39% for college graduates, according to the Richmond Fed. Most Americans hope to leave an inheritance America's inheritance story comes with a sad twist: Most people really do want to leave something behind. Roughly three-fifths of Americans hope to pass a sizable estate to their heirs, either definitely or "possibly," the Urban Institute reported in a 2023 study. Those expectations are roughly the same for white and Black families. Yet, for many families, life gets in the way. Some households don't adequately plan to leave a significant estate, researchers said. Others spend down their assets paying for long-term care. Many families never achieve homeownership, a key step in building wealth. "You can't pass the wealth off if you don't have the wealth in the first place," Neal said. Inheritance makes wealthy Americans wealthier Though it might sound unfair, Americans who have high incomes tend to inherit a lot more money than those with low incomes. The median inheritance across all incomes is $12,353, in 2019 dollars, Wharton researchers found. For households with incomes in the top 5%, the sum rises to $51,499. If you inherit a really large bundle of cash, you're more likely than ever to be allowed to keep it, thanks in part to President Donald Trump. As recently as 2008, estate taxes applied to estates as small as $2 million, according to the Tax Foundation. By 2017, the estate tax threshold had risen to about $5.5 million. Trump's 2017 Tax Cuts and Jobs Act doubled the non-taxable limit to $11.2 million. In 2025, the threshold stands at nearly $14 million. As a result, fewer wealthy Americans pay estate taxes. The number of returns subject to estate taxes dropped from 15,100 in 2008 to 4,000 in 2023, according to the nonpartisan Tax Policy Center. That trend 'will only accelerate existing wealth disparities,' said Collins of IPS, 'including the racial wealth divide.'
