Electrical Help Available in Kissimmee Florida

Riding the development boom that followed Walt Disney World's opening in the 1970s, the Quigley family of Kissimmee built Terry's Electric Inc. into one of the state's largest electrical contractors.

Now the family is working its way through the development bust that has left it a much smaller operation than it was just a few years ago, though it's still ranked fifth in the state in terms of size, according to Southeast Construction magazine.

The Quigleys had sold the company in 2002 to a Connecticut electric utility that was building a network of contracting and service firms along the East Coast. But as the housing boom turned into a housing bust, the utility refocused, and company founder B. Terence "Terry" Quigley and his wife, Jeanne, reacquired control of their Kissimmee-based operation, which they had continued to manage.

In buying back the company's outstanding stock, the couple also made shareholders out of key managers, including several family members. And last year, after running the company for nearly three decades, Terry Quigley promoted stepson Marc Neveu to president and chief operating officer.

"He's pretty much been making the decisions since July of last year," Quigley said. "He thinks a lot like me, and I'm pleased with the way he's handling things."

The housing slump and ensuing recession have driven down annual revenue from about $50 million during the boom to about $35 million this year, and the company's work force has shrunk from 750 people four years ago to 250 now. According to Neveu, the company's residential business has taken the biggest hit, with revenue plummeting from $1 million a month during the gravy days to about $100,000 a month now.

Diversification has helped the company survive, he said. The commercial division expects to stay busy through September of next year, thanks to the $450 million Peabody Orlando hotel expansion, and the utility division has a series of continuing contracts.

"We're on target with projections and proper strategies to get through these times," said Neveu, who remains the company's commercial division manager. "We hit the Peabody at the perfect time, and five or six other great projects we are working on. The utility division has ongoing work with Tampa Electric, OUC [Orlando Utilities Commission], Progress Energy and Kissimmee Utilities."

Neveu, 46, said he grew up learning how to wire homes, working when he got home from high school and on weekends. He obtained his journeyman's license at age 18, coming out of Mid- Florida Technical Institute. He earned his master's electrician license at age 23 and a Florida unlimited electrical contractor's license in 1989.

According to the U.S. Securities and Exchange Commission, the Quigleys' 2007 reacquisition of the business required a $2.75million note payable over seven years, plus a share of the company's pre-tax profit each year from 2008 to 2012. But Neveu said the deal's terms were subsequently renegotiated, and the debt has already been paid off.

Meanwhile, every month that passes brings the company, and the economy, a month closer to the end of the recession, he said.

"Working for the utility companies helps out considerably, and you have to have the right type of people to do that," Neveu said. "It's taken us years to get the teams up that can do that type of work. We do high-quality work for a good price, and it's not something anybody can do."

Linda Florea can be reached at 407-420-6063 or lflorea@orlandosentinel.com.

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