Gary and Cheryl met in high school in the 1950s. While she went on to obtain a college education, Gary joined the small “digging” business started by his father and uncle.

Within months, the uncle died, and Gary took over the company’s bookkeeping. Gary faced another crisis in the late 1960s, when his father was killed in a car accident. With all of the company’s accounts listed in his father’s name, Gary found himself without access to cash when the accounts were frozen.

“I had $5,000 to keep the business going until things could get sorted out,” he says. “I didn’t know how long I would make payroll.”

With hard work and business savvy, Gary made it through that difficult time and soon began expanding his business to serve the many businesses springing up in the area. As he picked up more contracts for snow plowing, Gary expanded his fleet. He took advantage of the investment credits offered during the gas shortage of the mid-1970s to upgrade his equipment.

Cheryl, meantime, had taken over the accounting for the business, working on the books in the evening after teaching school during the day. At the same time, she and Gary were raising three boys.

Gary continued to build the “digging” business, to the point that today it is one of the premier excavation companies in the region. In addition to large-scale excavation, the company offers snow plowing and other services. Gary still looks for new business opportunities. Indeed, he recently spent more than $1 million to make his company the only one in the region to offer equipment that grinds concrete.

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Operating a family business can be a complex and emotional endeavor. As Gary’s family has matured, he has had to determine how to successfully pass on the business to his children.

Gary’s oldest son decided he wanted to work with his father and was able to master the excavation business quickly. His second son, however, was more interested in college and, after graduation, started his own successful business, thanks to seed money from Gary. The third son also pursued college but eventually decided to apply his skills to the family business.

It took some convincing, but the youngest son was able to prove to his father and older brother the benefits of automating billing, project proposals and other administrative tasks that were not terribly time-consuming when the business was small but have become increasingly important as the business has grown.

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Creating Perpetual Wealth provides a periodic glimpse inside the personal lives of the wealthy. The stories of these individuals are true, but all names are changed to protect the privacy of those involved.

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