Gregg Eisenhardt

Good Electric president learns what stress can do
Stress is no stranger to the small businessman — and certainly not to the subcontractor. The combination of cashflow challenges, time schedules and conflicting demands of the general public and the client can put a business owner’s nervous system through the meat grinder.
Gregg Eisenhardt — president of Good Electric, Milwaukee — knows this all too well. Good Electric bills about $4 million a year and relies on commercial and industrial construction projects — as well as maintenance and repair work through a fleet of 10 service trucks — for its revenue. While service and construction provide relatively stable revenue, even the best-run contracting business is far from predictable.
That volatility can have an effect on a business owner — particularly a business owner like Eisenhardt. With his quiet intensity and sincerity, Eisenhardt obviously cares deeply about the business, its employees and clients. And that caring attitude can hurt when things don’t go as planned.
Eisenhardt was sitting at his desk late one night in 1990 when the words of his father — uttered as the reins of the business passed to Gregg as the third generation owner — began to seem remarkably prophetic.
“He told me, ‘Look at this with common sense,'” Eisenhardt said. “‘This business is an investment. If it starts to kill you, get out.'”
That night, Eisenhardt was facing the unpleasant consequences that paradoxically can come with a successful year in contracting — the firm had maxed out its line of credit with the bank. All of the money was tied up in projects, and the resulting draws would not take place for quite a while. Eisenhardt was working the phone, trying to collect on aging receivables so he could make payroll when he started to feel dizzy. He called St. Michael Hospital. He refused the hospital operator’s insistent request to allow her to send an ambulance, and drove the two miles to the hospital himself.
Eisenhardt was suffering from an erratic heartbeat. In the emergency room, he blacked out as his heart slowed to 18 beats per minute. When he awoke, the physician laid it on the line.
“The doctor looked at me and told me that it was all stress-related,” Eisenhardt said. “He said I had to find some way to release all that stress. He said your mind can do funny things with your body.”
Eisenhardt has heeded the warning, making significant changes in his lifestyle, including a renewed devotion to his lifelong passion — sailing. Aboard his 35-foot J105, Eisenhardt gets the blend of escape and physical activity that is literally just what the doctor ordered. After an absence from the sport, Eisenhardt and his family are back into racing sailboats.
“When you are concentrating on a race, you are not able to worry about something else,” Eisenhardt said.
Good Electric’s office is decorated with a sailing motif — allowing Eisenhardt to stay focused on his bliss even in the midst of a hectic business day.
There have been other changes for Eisenhardt: exercise two to three times a week, a lower-fat, sparser diet, and medication to reduce his cholesterol level, which had been creeping up. And on the business side, Eisenhardt has learned to delegate more.
“It is important to hire good, trustworthy people,” Eisenhardt said. “Pay the premium. Good people cost more. Give them the authority to make decisions so you are not consumed by every decision to come along.”
Some of the change has been inward, too, according to Eisenhardt.
“I try to take things less seriously,” Eisenhardt said. “I rely more on my staff. I do have some great people. When I am on vacation, I call in once a week instead of daily like I used to.”
Now 53 years old, Eisenhardt is also looking ahead to retirement by planning an exit strategy.
“None of our kids is interested in the business, which is fine with me,” Eisenhardt said. “I am working on two different plans. One would be an Employee Stock Ownership Plan (ESOP). The other would involve an outside person or competitor purchasing the company.”
Dec. 21, 2001 Small Business Times, Milwaukee