After graduating with a degree in petroleum engineering, Wade Lipscomb spent nearly the first decade of his career in the industry before transitioning into the world of construction. His journey into business ownership began with a residential construction firm aimed at buying rental properties, which served as a steppingstone for his larger aspirations.
Wade’s residential company, established in 2018, allowed him to gain experience in the construction field, despite having no prior background or experience. His initial interest in real estate began in high school, driven by the desire to generate income without working until retirement age. Wade’s strategic approach involved becoming a real estate agent to understand properties better and build a team that could support his ambitions.
With the encouragement from a mentor from a large commercial real estate company, Wade applied to the University of Pittsburgh’s Mentor-Protégé program for commercial construction. This opportunity led Wade to dive headfirst into commercial construction, a leap that proved to be transformative for his career. In 2021, Wade founded Triple 3 Construction, marking his official foray into this industry.
Triple 3 Construction has experienced rapid growth since its inception. Wade was surprised by how quickly they picked up work, both in residential and commercial sectors. The company’s ability to maintain a packed schedule and grow consistently underscores Wade’s strategic business acumen.
A pivotal part of Wade’s journey was his involvement in the BizFIT–Community Power to Prosper (CP2P) program, facilitated in partnership with the Riverside Center for Innovation. Wade credits the program for providing valuable contacts and insights, particularly in employment law and financial statement analysis. These sessions equipped him with the knowledge necessary to set up his company correctly, especially when dealing with general contractors who scrutinize financials, insurance, and bonding capabilities.
Looking ahead, Wade has ambitious goals for Triple 3 Construction. He aims to hire additional staff, secure a physical location for the business, and continue growing to compete with the companies that once mentored him. Currently, Wade manages a team of ten union carpenters in the field, with plans to hire the first office employee soon.
Despite the challenges, particularly with cash flow and obtaining lines of credit as a young company, Wade remains optimistic. His advice for others considering the CP2P program is to view it as a logical step, especially for those without a business background, as it provides a solid foundation for success.
Triple 3 Construction’s name is a nod to Pittsburgh’s iconic Three Rivers and the initial plan to sign with three trades—carpenters, drywall finishers, and laborers—as well as its three original owners. Though Wade started the business with two partners, he is transitioning to sole ownership but sticking with the name as it embodies the company’s roots and aspirations.
As Triple 3 Construction continues to grow, Wade’s journey serves as an inspiring example of following one early interests, veering from one’s presumed trajectory, and navigating one’s own path to success.
