Charge more. "If you're looking for ways to make earnings tick up, and you have such a big backlog, the simplest way is to increase prices," says Siegel.

Been there, explored that, Monn replies. Every year he tests the pricing waters by attending a big crafts show in Philadelphia. "We're already pushing it," he says.

Attract more buyers. Rather than jack up prices, Monn would like to snag more customers for Irion's entire line, from $100,000 highboys to $3,000 beds. Simpler, more affordable items such as plain cupboards and beds are a mainstay for Irion. "We rely on them for steady cash flow," Monn explains. "It's about half our business."

But Irion's first priority should be to boost sales of its high-end pieces, Siegel says. That will burnish the brand and allow Irion to charge a premium for its low-end offerings, which are simpler but handcrafted to the same exacting standards as the fancy stuff. "Nobody wants an $80,000 Volkswagen," he notes, "but everybody wants a $30,000 BMW."

Start coming up with original designs. "Have you ever thought of the same quality but a different look?" Siegel asks. "The price limits start to go away." To avoid confusing or alienating existing clients, Siegel suggests that Monn and Richard Herzog (shown at right), a part owner of Irion who manages the company's upholstered-furniture line, market their original designs under an entirely new brand.

Create buzz in decorating magazines and at trade shows. Siegel urges the partners to hire a good PR pro. Simple advertising won't do it, he cautions. "You don't want to just put your face on a milk carton," he says. "A good PR firm will charge $3,000 to $5,000 a month, but it pays for itself if you sell one more $80,000 piece."

Leverage workers' skills. It takes as long as ten years to turn a beginner into a craftsman, so Irion must be very careful not to take on too much work too soon. To lift some of the pressure from their staff, Monn and Herzog should outsource some of the simpler pieces to former Irion employees who have set up one-man shops in the region. That will free up Irion's master builders to work on the most expensive items with the fattest profit margins.

Figuring out how to carve the elaborate finials that top the best pieces is an expensive trial-and-error process for Irion's artisans. But each additional copy is vastly easier and cheaper to produce once the craftsmen learn the right technique. Siegel suggests that Irion crank out additional spec copies of each antique masterpiece instead of a single replica made to order.