At a pivotal moment, with little money and a bold choice, George Rivera stepped away from the security of employment and into the uncertainty of entrepreneurship. “It was his wife and son who inspired him to quit his job,” George recalls.
He and his wife, Margarita, started Doc Watts, which has since become a staple in Central Florida and is aiming for a broader perspective. Nearly 20 years later, JPMorgan's commitment to employee benefits has further strengthened through initiatives such as his Everyday 401(k).
“We truly believe that it is important for people to save for their future, and we want to provide them with the opportunity to do so,” Margarita says. And as Chase for Business customers, they're making it happen.
succeed on your own terms
With a vision of a do-it-yourself future filled with possibilities, George turned his passion for electrical work into a leading contracting company. Recalling his decision, he says: “I was running a multi-million dollar project for my previous employer and I thought, 'I can do this myself.'”
The early stages were full of challenges, especially in building credibility and securing customers. “The real challenge was getting new jobs and getting people to believe in us,” he says. George's youth and lack of managerial experience made the task even more difficult.
But his determination and unique approach to customer service set Doc Watts apart early on. “I was enthusiastic. I was hungry,” George says. The company stands out by providing excellent service and being committed to completing difficult jobs quickly and efficiently.
While overcoming these early hurdles, George and Margarita laid the foundation for what would become a thriving business. What's behind it all? George's practical experience and expertise, and Margarita's steadfast support and adaptability to her role, which she herself had never imagined.
What's your name?
Doc Watts' unique approach to branding and marketing has played a vital role in its success. This unforgettable name came from a brainstorming session with his close friends. “He was so corny but catchy,” George recalls. From there, an identity emerged.
After coming up with this name, George adopted a unique marketing strategy of wearing a white coat while working. The uniform not only differentiated the company from its competitors, but also reinforced the “doctor” aspect of the brand.
“I'm a very shy guy. … It took every ounce of my soul to do that, but I knew I had to offer,” George explains. These authentic touches have created a memorable and trusted brand that continues to stand out in the market.
Wiring for growth
“Growth can be difficult to manage; it's like building an airplane while piloting it,” says George. The goal is sustainable expansion. “We want to grow, but we want to grow right.”
Over time, Doc Watts expanded from small homes to large commercial projects. This move is strategic and reflects George's vision for the company. “I watched it all the time,” he says. “I was never a resident.”
His wife's involvement in the business added a new dimension. “I did not follow the career path that I originally thought,” says Margarita, who had planned a career in the field of psychology. Her role has evolved significantly and has become integral to the company's operations and growth. Together, she and George grew the business into what it is today, expanding their footprint throughout Central Florida and setting their sights even further afield.
Expansion of business finance
Chase's relationship with Doc Watts began at a critical time in the company's growth. “We were having a hard time raising money, but Chase made everything seem to flow,” Margarita says. George and Margarita, who moved from another financial institution, found in Chase a partner who understood his business vision and actively supported him.
The reason behind the switch to Chase was the need for a banking partner that understood and supported the nuances of small and medium-sized businesses' needs. Chase's role extends beyond financial assistance to networking opportunities and business advice. “They opened lines of credit and included us in other networking events,” George explained, highlighting the comprehensive support they received.
401(k) for today and tomorrow
As their business continued to grow with Chase's support and guidance, George and Margarita wanted to do even more for their employees, a very important element of Doc Watts' success.
So when Doc Watts decided to offer a retirement plan, he chose JPMorgan's Everyday 401(k) and a business banker at Chase introduced him to the Everyday 401(k) team.
The impact of this initiative extends beyond employee satisfaction. “It helps our employees and our business,” George says.
The plan provides flexibility and growth opportunities for employees to decide how much they want to save, contributing to a more stable and motivated workforce. Additionally, a portion of employee contributions is reflected in this plan. By integrating this plan with a payroll provider, Doc Watts has significantly reduced plan administration tasks. The company also plans to take advantage of tax credits created by Congress to encourage small businesses to offer retirement plans.
Moving forward while giving back
Dr. Watts extends that caring spirit to the community. “We are very blessed and feel it is very important to give back to the community and others,” Margarita says.
The spirit of giving back was poignantly evident in the company's response to the Puerto Rico hurricane. George and Margarita's grandparents and George's parents immigrated from Puerto Rico, which brought a personal element to the crisis. “He heard there was no electricity there, so he sent two portable generators,” George recalls.
Born out of a genuine desire to help, this initiative launched a new business unit focused on generators. For Dr. Watts, philanthropy and business growth go hand in hand, reflecting a deep-rooted belief in the power of positive impact.
What's next?
George and Margarita are proud of their past and enthusiastic about their future. From a flicker of an idea to a lighthouse in the electrical industry, Doc Watts is a story of transformation and growth.
George expresses it well. “The satisfaction of seeing where we started and where we are now, it's a sense of fulfillment.” As the couple looks to the future, plans for expansion and innovation shine brightly on their horizon. Their hard work and vision are a source of inspiration for entrepreneurs around the world.
If you're ready to consider whether a 401(k) is right for your business, or if you're interested in converting your current 401(k) to JPMorgan's Everyday 401(k), Please feel free to contact us. in order to help. Simply fill in your details in a short form and one of our retirement planning specialists will contact you.
