Drew Fellon founded his consulting firm 26 years ago. Here is what he has to share about the experience.
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Tell me about your current business. What are you doing exactly?
As a leading energy management consulting agency, Fellon-McCord & Associates' core competencies are a focused effort in both Electricity and Natural Gas consulting services. We work with each client on a very specialized and individualized basis to determine the energy strategy that will benefit them the most. We specialize in a Risk Management focused energy plan with services that are customized for each client optimizing the use of a number of different energy products. We offer a number of specialty projects in addition to our ongoing consulting and management services as well as international capabilities allowing us to work with clients as they continue to grow and expand.
By leveraging our physical market presence as well as industry relationships with producers, generators, transmission and distribution providers, financial counterparties and others, we offer the resources, information and systems to manage your company's needs from the energy source to point of end use.
What were you doing before this, and is this your first business?
Prior to starting Fellon-McCord, I was the Senior Vice President - National Accounts for Centran Corporation a grain, coal and natural gas trading and merchandising company based in Minneapolis, MN. I, along with John McCord, attempted to buy the Eastern Division of Centran's natural gas business. When we did not succeed, we decided to create Fellon-McCord & Associates, Inc.
Where did you get the startup money?
John McCord and I each put up equal amounts of cash. We each owned 50% of the business.
Who are your main competitors?
We compete with Summit Energy, Mobius and Pace Global to name a few.
How has your experience in running the business been different from what you expected?
I really had no idea of what exactly to expect, so nothing was really different. We developed a business plan around what we thought we would be able to do and then we went to work everyday and adapted our actions to what the market, clients and industry, and business presented us with each day, week, month… etc.
What have you done that has been very effective in helping to grow the business?
Learned to listen to the clients and employees more and watch closely for emerging trends to use.
What advice would you give to somebody else who wanted to start a similar business?
Don't, we are tough competition, and we will only become even better.
Well, there you have it. The inside scope from Drew Fellon. Thanks for your time, Drew.