One by one, sons came back to Park Towne

As Gerry Ring built his business, he wasn't one to dream of his three sons one day running the real estate company, Park Towne Development Corp. and its affiliates.

He also wasn't one to bring his job home, so the boys grew up not knowing much about what he did for a living.

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"I always thought it was really important for them to do what they wanted to do with their lives," Ring said.

But later when he took full ownership of the company, Ring also made it clear that his sons were always welcome into the fold.

The three boys � Mike, Jim and Joe � did odd jobs like mowing and weeding for Park Towne when they were young. After graduating from Edgewood High School, each studied at least some real estate in college. But then each took a divergent path.

Mike followed his love of flight, an interest he shared with his father, and became an airline pilot. Jim entered the professional bowling circuit and Joe pursued life as a professional golfer.

Although Jim and Joe Ring eventually left their sports and the older brothers held a number of different jobs, one by one Gerry Ring's three children returned to the family business.

The senior Ring got into the development business in 1964 when he and brother-in-law Gerry Dohm and another partner, John DeBeck, purchased 220 acres surrounding the parcel where Memorial High School now sits off Mineral Point Road. They created the 420-lot Parkwood Hills subdivision, which eventually included some apartment buildings and commercial properties. In 1965, they formed Parkwood Hills Corp.

Then in 1969, Ring and Dohm purchased 178 commercially zoned acres across Mineral Point Road for the Park Towne commercial development, which still has about 12 vacant acres.

A year later, Park Towne Development was created to develop the 178 acres. That led to the start of a management firm - Park Towne Management � and then a commercial realty firm � Park Towne Realty.

While the partners started out as land developers, they wound up having some commercial properties built and then leasing them, and managing apartments.

Then in 1994, Ring and Dohm split the partnership for estate-planning purposes. Ring purchased Dohm's part of Park Towne Development (having purchased the realty and management companies a few years earlier), and they split the buildings.

About the same time, the oldest son, Mike, now 47, jumped into the business, leasing properties through the realty company where an opening had occurred. Soon after, middle son, Jim, now 41, followed his brother into the business.

It was a temporary situation for Mike Ring because he was still involved in the airline business. He left Park Towne in 1998 and came back in 2002, about the same time the youngest son, Joe, now 34, was brought in.

The elder Ring, on the other hand, stopped taking any ownership role in the new developments starting in 1997. Then in 2001, he officially stepped down.

In all family businesses it is important to have a succession plan and activate it, Gerry Ring said, so Mary Feldt, who has been with the company for 35 years, became president and chief executive officer of Park Towne Realty and Park Towne Management. Jim Ring took over as president and CEO of Park Towne Development Corp.

Mike and Joe Ring are vice presidents of Park Towne Development. Gerry Ring is chairman of the board.

With the introduction of young talent, Park Towne started getting back into development.

"I always say the development side is a young man's job," said Gerry Ring, 77, an East High School graduate.

The first new subdivision was Snyder Estates in the village of Dane where 12 single-family lots were created.

Other subdivisions followed: Rolling Oaks in the town of Verona, Park Ridge in Baraboo, Blooming Meadows in Sun Prairie, Park Crest in Whitewater and now Conservancy Place in DeForest.

The 652-acre Conservancy Place off Interstate 90/94/39, which was formerly part of adjacent ABS Global's land holdings, is the company's biggest project yet. The Yahara River runs through the property, which includes 180 acres of open space including a nature conservancy.

The first home was started in 2003. Eventually, 350 single-family homes, 380 apartment units and 544 condominium units will be built. Conservancy Place also will contain a 140-acre business park and other parcels have been set aside for retail, service providers and small offices.

This development encompasses the major thrusts of the Park Towne companies, which provide real estate services including commercial leasing and sales, owner and buyer representation, development, property management, business brokerage and consulting.

At times, the Rings have entered partnerships with builders so they have been involved in the construction of homes.

The company has adapted to changes in the industry such as the move toward "green-built" construction.

"The biggest (change) is probably the sharp rise in land prices," Mike Ring said.

The size of the company has allowed it to branch out and take a few chances, said Gerry Ring, who was formerly chairman of the Greater Madison Chamber of Commerce and the CUNA Mutual board and is involved in other causes, including the rehabilitation of neighborhoods.

Jim Ring said the success of the company has depended on meticulous financial planning, including annual and quarterly budget reviews and looking at the long term. The company makes sure its cash planning allows for projects that don't occur as quickly as anticipated. It also budgets for major expenses and that possible "rainy day," he said.

The business has been able to grow by putting as much as it can from any development back into the company for the next project, he said.

A family business also has its benefits.

"The biggest advantage is we get along really well. We go on vacations together," Joe Ring said. "It makes it better for all of our employees as well."