Entrepeneur Profile: W. Malone Schooler

This week I got the chance to sit down with Malone Schooler, owner and President of The Malone Schooler Company, a commercial real estate group based in Fredericksburg, VA.

Sam: First off, what is your name, title, and business

Malone: W. Malone Schooler, President, The Malone Schooler Company

S: When did you start The Malone Schooler Company?

M: 1977 

S: What sort of education or training did you have in dance or business prior to opening your own business?

M: I worked for three years on the survey party and ended up as road inspector where I was certified in concrete, asphalt, and compaction testing with the Virginia Department of Transportation. Subsequently I spent two years working for a custom home builder in estimating and plan review. I worked for a commercial real estate developer for three years, leasing commercial office and retail space and was involved in other activities such as permitting, site plan approvals, architectural approvals, etc. as I grew within that company.

S: Who were some of your earliest mentors when you got into the commercial real estate business?

M: Carl Silver, the leading regional developer in Virginia. Warren Sullivan, Residential Real Estate Broker in 

Fredericksburg. 

S: What were some of the toughest obstacles in your first few years of business?

M: The biggest early obstacle was starting a business with no money. I took a squirrel gun to an elephant hunt. Fortunately I had credibility from my experience working with Carl Silver for three years and was able to convince land owners that I would be able to purchase their property and convince banks to loan the dollars that I needed to be able to execute the development plan and complete the project.

S: Since you opened MSCO, what has been one of the most gratifying projects you've been a part of?

M: There are two projects which come to mind. The first shopping center would be to me the most gratifying project. I realized I had put all the pieces together from the formal and informal training to make this project happen. The second project would be building and leasing a 70,000 square foot office building to the Northrup Grumman defense contractor. This was my first major office building that required state of the art quality throughout. One interesting fact about this building is that we installed 10 miles of various computer and security wiring throughout the building.

S: Has being an entrepreneur opened other doors in your life, outside of the business world.

M: Yes. It has allowed me the opportunity to give back to my community, to travel the world and see other cultures and learn new ways of thinking and looking at things. I have made many friends across this country as a result of being in business, including employees who have become life-long friends.

S: Currently, how many people do you have working at MSCO? What kind of roles do they play in the day to day operations?

M:  I have two full time employees at MSCO. Since we are not currently purchasing property for development and construction, we have been able to outsource the largest part of managing the properties to a property management company. The employees at MSCO oversee their performance, obtain financing, review budgets, evaluate the fiscal performance of the properties, review and evaluate new tenants, arrange and execute tenant build outs and large property repairs, and consolidate property and financial reports to keep me aware of the activity of my businesses.

S: If you could change anything about the business, what would it be?

M: I would have thought more creatively so I wouldn’t have missed as many deals as I think I have. Also, I would have given more consideration to expanding with other divisions in other states.

S: What advice do you have for young professionals who want to start their own business?

M: Research a location you want to live, work, raise a family and die. Second, work for a company in the area to see if the location fits the life you want to create for yourself. Third, have several mentors from all walks of life in and out of that area to be able to confide in and discuss life’s other opportunities.To be in the top 2% of any business, you need to keep the fire in your belly, have the vision and keep the course, and be willing to 

work the 80 plus hours in the beginning, be willing to accept some of the failures that come with success, and still be able to balance time for family, community and yourself.

W. Malone Schooler / MSCO

Entreprenuer Profile: Jennifer Cleaton

This week I got the chance to sit down with Jennifer Cleaton, owner of Fredericksburg Ballet Centre. I was able to ask Mrs. Cleaton a lot of interesting questions about her roles and her experiences within FBC.

Sam: First off, what is your name, title, and business

Jen: Jennifer Cleaton, President, Zunic Incorporated which operates under the name Fredericksburg Ballet Centre

S: When did you start Fredericksburg Ballet Centre?

J: October 31, 1997, I took over the company from the previous owner, Fran Taylor

S: What sort of education or training did you have in dance or business prior to opening your own business?

J: I went to VCU and received a minor in dance, my major was History. Owning a dance studio wasn't in the plans at the time. I worked under Fran and gained a lot of on the job experience that way. I was a teacher, I worked in the office, and I did stage management.

S: Who were some of your earliest mentors when you got into the dance business?

J: Fran Taylor, who was the previous owner. Amy Holland, who was a fellow Jazz teacher. And Rosi Whitescarver.

S: What were some of the toughest obstacles in your first few years of business?

J: Learning the calendar was a big one. I had things that I had do get done on time, and this time, they really HAD to be done. Also taxes. Woah, learning taxes was hard, and I do all of my own. So those two things were the main obstacles I had to overcome.

S: Since you opened FBC, what has been one of the most gratifying projects you've been a part of?

J: The creation of the spring ballet, because that was my vision. A lot of things were in place when I took over, so that was neat. I was also able to expand the studio in order to offer more disciplines. It was very gratifying to see the company grow.

S: Has being an entrepreneur opened other doors in your life, outside of the business world.

J: I have been fortunate enough to share my love and passion of dance with different organizations across the community. Such as the Hope House, the Jaycee Christmas Parade, and shows at Nursing homes in the area. I have also been able to give to organizations such as Goodwill and the Boy Scouts and Girl Scouts.

S: Currently, how many people do you have working at FBC? What kind of roles do they play in the day to day operations?

J: 16. Rob, my husband, does all of the website stuff. He is also responsible for logos and videos. I have teachers who instruct and choreograph, I have an office staff which deals with student accounts and maintaining our store, and I have a costumer. 

S: If you could change anything about the business, what would it be?

J: I go back and forth on this a lot. But probably the name. People think that all we offer is ballet, when we have so many more offerings than that. I wanted to change it to Fredericksburg Dance Centre. If you asked me this ten years ago, I would have said nothing, but looking back, the name is something I would probably change.

S: What advice do you have for young professionals who want to start their own business?

J: Owning a business is more than an idea. It's a full time job and you have to realize that beforehand. I teach, I do taxes, I unclog toilets. There is a lot of work that goes in, that not a lot of people see. You also have to realize that the business is what pays the bills, not necessarily your passion. It's nice to have a partner at first, not only for moral support, but also financially. You need to use your resources to the best of your advantage, and be creative. You don't need to spend money to make money, you need to use your resources effectively to make money. 

Fredericksburg Ballet Centre Logo/Facebook.com

Introduction

Over the next 12 weeks, I will be doing a feature profile on 12 different business owners. We will spend time talking about their business, their passions, and their advice for young professionals looking to become entrepreneurs. I am looking forward to picking the minds of different professionals in different areas of expertise, and I hope you are looking forward to learning about them as well. That is all for now. Check back every Monday for our new feature profile! -ST