Peggy & Jon C. Fischrupp
377 Ridge Lane
Murphy, NC 28906
- How did you start your entrepreneurial ventures?
After graduating from the University of Wisconsin I went to work for Advance Construction Co. in Hinsdale, Illinois. I had previously worked for that Company during my summers at college. After a year experience I was chosen by the President to start a separate division for them, later called Advance Valve Installations. After another two years, an engineering friend of mine, and me, were going to start a competing business. Instead we formed a three way partnership. Several years later I sold my interest in that business and moved to Ft. Lauderdale, Florida to start a similar business with additional interests. After that relationship failed I started another similar business with four other partners. My brother-in-law and I later bought out the partnership. Several years later we sold the business to a Public Company in Kansas who wanted to get into our type of business. Once they purchased our Company my wife and I continued to be the operating management team for the next twenty years until we retired.
2. What were the most challenges and the most rewards as an entrepreneur?
As in any business there were many ups and downs. Good years and not so good. The challenge’s involved in creating an entity of relevance and putting together the functional organization was the part that was fun and rewarding. Not so rewarding, were the times we forfeited our paychecks to buy a new truck or other needed equipment.
3. What important qualities are you looking for when recruiting the employees?
It is particular important to hire the best people for the positions you are trying to fill. We used all the available media to recruit personal. The foremost qualities we looked for in hiring personal were loyalty, integrity, and reliability.
4. How do you balance between work and personal life?
To anyone wanting to startup a new business, be aware of all the hard work. Required government procedures and local business requirements are enough for even the hardy. Dealing with the banks to receive a line of credit can also be enduring. Normally, a pro-forma detail of the business is required and fully examined by the banks top officer. For this you must have a lot of patience. I suggest to anyone starting up, have an extra source of cash if needed. There are always unexpected needs the arise that might that might make you fail, if you didn’t have that backup.
5. What would you be doing if you weren’t in your current field?
If I had changed fields I might have been interested in becoming a General Contractor building new homes.