Once a month, Utah Business hosts Founder Friday, a free event that showcases the wisdom of Utah-based founders. In June, Kiln hosted a conversation between Utah Business Executive Editor Catherine Bennett and the CEO and Chairwoman of FJ Management Inc., Crystal Maggelet. This event was sponsored by Kiln and Northwestern Mutual. Here are a few takeaways from the conversation.
1. Be confident. Stay committed.
Both of Maggelet’s parents taught her vital lessons that would stick with her throughout her career. Her mother was a businesswoman and a constant cheerleader, believing her daughter could do anything she put her mind to and instilling that confidence in her along the way.
Her father began his career at 24 and was also a lifelong entrepreneur. Unlike his modern counterparts, Maggelet says her father never considered selling the family business or going public.
“He was extremely committed,” Maggelet says. “Even in an era where people do that all the time, as the second generation, I have a huge desire to continue our legacy and our family, which I know I got from him.”
2. Ignore the naysayers.
When Maggelet came to Salt Lake to found the Crystal Inn Hotel & Suites, she says the rumor mill wasn’t always kind to her.
“‘She has no clue what she’s doing.’ ‘They’re gonna fail,’” Maggelet recalls. “Those were probably the biggest naysayers … in my life. … I’ve been deaf to naysayers [since] I got on my feet and became confident and failed a few times. … You can’t have other voices [telling] you that you’re not good enough. It’s just not productive.”
3. Step into your opportunities.
When Maggelet was 18, she became a board member of Flying J. She attended every quarterly meeting, even while at Harvard, and stayed up-to-date on company proceedings throughout the following years.
In 2008, the price of oil dropped and Flying J faced bankruptcy. Maggelet sat her family down and decided to leave and take at least the next six months to help in any way she could. Around three weeks later, she became CEO and has been ever since. A year and a half after that, the company came out of bankruptcy and paid everyone back plus interest.
“Opportunities don’t always come when you want them, or when you’re prepared. You have to step into them and embrace them and make them work.”
