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