Northern Nevada Business Weekly: Tell us about ERGS Inc.
Gregory Peek: ERGS Inc. is celebrating its 50th anniversary this year. I am lucky enough to still work every day with my father, George Peek, and honored to be the third generation in this family business. Founded by my grandfather in 1959 as a land sales and development company, ERGS began constructing multi-family housing (apartments). Today, ERGS has three primary activities: land development (commercial and residential); construction of new apartment units for our own portfolio; and management of our complexes. Currently, we have 23 employees, who are either part of leasing or maintenance team. We employ as many as 75 when under construction.
NNBW: What role do you play in the company?
Peek: As vice president, currently I oversee the day-to-day management of the company, working with the managers to ensure the smooth, efficient performance of ongoing activities, and lead various one-time projects. Before the downturn, I concentrated on new projects, taking a number of developments through the various stages of the entitlement and approval process.
NNBW: What kind of boss are you?
Peek: In a word, demanding. I have a high degree of faith and belief in the members of the ERGS family and believe in allowing great autonomy in reaching goals and completing tasks. With this autonomy, though, comes responsibility.
NNBW: How did you get into this business?
Peek: I started nailing walls together and scooping out sewers for the family business when I was 13. As I became older and started to understand what it takes to put together large-scale projects, I also started to understand the opportunity I had and what I needed to prepare for the role.
NNBW: What do you enjoy about it?
Peek: The people with whom I work and the promise of the future. I enjoy the creation of a project the implementation of an idea.
NNBW: What do you find annoying about it?
Peek: People who can't see the larger picture.
NNBW: What are some of the challenges that face your profession in the next few years?
Peek: Simply put, the housing industry is on its knees whether single family, condos or apartments. For ERGS, our higher-end properties are struggling because people are buying foreclosures. Our entry-level units struggle because we must lower rents to attract tenants. Across the board, occupancy has fallen; vacancy has risen. Whether commercial or housing development, until we chew through the foreclosure market, we will continue to be under great strain to give huge incentives to attract renters, which significantly affects the bottom line.
NNBW: What effect has the changing economic environment had on your company?
Peek: In the short term, sadly, we've had to reduce staff, which is never fun and very difficult to do. We've effectively postponed all development activity to focus solely on our existing apartments. We've been forced to re-evaluate each and every expense, activity and process. We are now leaner and more efficient, which is a positive.
NNBW: How do you spend your time away from the office? Why are these activities important to you?
Peek: I enjoy outdoor activities and spending time with friends. Snow skiing, mountain biking, road biking, softball and golf are my current hobbies. Spending time with friends and family is key. I work very hard at trying to keep balance in my life ... otherwise work would be all consuming!
NNBW: If you could have a mulligan on your career, what would you do differently the next time around?
Peek: I spent 11 years in Washington, D.C., including the opportunity to work for Congresswoman Barbara Vucanovich. It was a true honor and learning experience that I would not trade. In fall 1994, I left Mrs. Vucanovich's office to attend law school full time. Upon my 1996 graduation, I should have come home to the business rather than waiting until 2000.
NNBW: What's the best advice anyone ever gave you?
Peek: There are three quips that have really stuck with me. A professor in the MBA program hammered home: "Understand someone's motives," my father once told me that my grandfather told him, "There's plenty of room at the top without having to push someone off," and of course, Gary Player once said "The harder I work, the luckier I get." These little truisms continue to rattle around in my little brain.
NNBW: Any final thoughts?
Peek: I find it ironic that the older I get the less I know.
The basics:
Name: Gregory Peek
Position: Vice President, ERGS, Inc.
How long have you been in this job? Nine-plus years
How long in the business? Off and on my whole life. I was nailing walls together at 13 years old.
Education: BA, Colorado State University, 1989; Juris Doctor (law degree) Catholic University, 1996;
MBA, Nevada, 2002
Best book you've read? Can't list just one: "7 Habits of Highly Effective People," "Primal Leadership," "How to Win Friends and Influence People," "Atlas Shrugged," "Hunt for Red October" ...
What's on your iPod? My music is very diverse and very much mood driven: lots and lots of grunge ... some first-wave '80's tunes, some electronic chill, classic rock, first-generation hip/hop, old-school jazz, and blues guitar.
The best movie ever? "Godfather II"
