Location: Rye Brook, NY
Industry: Propane (energy)
FOUNDING PRINCIPLES: When Paraco Gas Corporation was founded as Patsems, Inc., it was a distributor of welding supplies and industrial gasses. From there, the company developed a niche for propane servicing, and in an effort to eliminate the middle man, Patsems purchased its own propane company and became Paraco. Over the years, the company has dabbled in industries like heating oil, retail fireplaces, barbecues and residential alarm systems, but ultimately it has found success through an acquisition-based strategy, resulting in more than 30 propane acquisitions in a 15-year span.
Quick Tip: “Never bring in family members who are not passionate about the business.”
ONBOARDING FAMILY: CEO Joseph Armentano says Paraco doesn’t allow family members to join the company without first gaining at least two years of experience in a position that will prepare them for working at Paraco. Additionally, the company requires family members to go through a full series of interviews, just as any other employee would. “Every position for any family member must add value to the company, or they will not be considered for a role within the organization,” says Armentano.
CULTURAL VALUES: Armentano says culture has always been a critical component of Paraco’s success. To that end, every leader within the company is encouraged to make day-to-day business decisions, and Paraco has spent a significant amount of time defining roles for team members. Additionally, the company provides continuous training for employees to help grow their skill sets.
LASTING LEGACY: “We hope our legacy will be defined as a business focused on its customers and employees and as a company with … strong management that is entrepreneurial and innovative as compared to other companies within our industry,” says Armentano.