Parkway Corp. Chief Executive Joseph Zuritsky, whose father Herman founded the company in 1936 and whose son Robert is president, has watched his nearly 40-year interest in koi fish morph from fascination to hobby to a side business called Quality Koi Co.
Quality Koi is based on a 43-acre converted asparagus farm in Carneys Point, N.J. It has 28 ponds measuring 50 feet by 150 feet, and four larger ponds between a quarter of an acre and 1 acre each. Zuritsky, 67, said he speaks on the phone with Matt McCann, who manages the operation, about twice a day and visits the farm in person about every 10 days.
In an interview with Jonathan Berr for PhillyInc, Zuritsky said he can indulge his interest in koi because he’s confident in the management team at Philadelphia-based Parkway, which very much remains a family affair. His daughter Anna Z. Boni is vice president for risk and claims management. His sister Etta Winigrad is a senior vice president and Etta’s son Jake Winigrad also is a Parkway vice president.
Parkway has 100 locations with 30,000 parking spaces in nine markets including Philadelphia and also designs and develops parking garages and commercial properties.
PhillyInc: What lessons did you learn about business from your late father?
Zuritsky: He was not the typical full-time entrepreneur. He gave me room to grow. (For the next generation) I gave them space. I let them learn on their own as I have done.
Q: Did you have any problems being the boss’ son?
A: I was fully conscious of the employees’ view that this is some spoiled kid coming in to be my boss. I sort of became an angel during my business hours. I was very, very conscious that everyone was watching me, waiting for me to stumble.
Q: How is business going?
A: I’d say that finally our long-term investments have started to pay off. … There is an advantage to how we approached our business, which is to own property and to develop property.
Q: With its stable cash flows, I bet parking is starting to attract the attention of private equity companies and other big investors?
A: They have discovered parking and now it’s even more difficult for us to buy.
Q: Has anyone asked you about selling Parkway?
A: Of course, yes. Through the years many have approached us. What we’re interested in is buying not selling.
Q: How did you get interested in koi?
A: It goes back approximately 38 years. … There was a Martin’s Aquarium (and) I went to it for many, many years. Suddenly they had koi. … I was absolutely captivated by them. … In those days there was virtually no information on them. … Over the years, the knowledge and the equipment began to improve.
Q: What did you do?
A: I learned how to build filtration systems. Ultimately, I of course found Japan (as a source) and became more and more interested in quality and understanding quality, which is not as simple as it sounds.
Q: When did you buy your farm?
A: I bought the farm in 2002. It’s been an enormous undertaking way, way, way beyond anything I could possibly imagine. … Our goal was to produce top-end fish, the highest quality in the U.S. … These fish can grow to three feet or longer and be 30, 40 pounds …. The colors and patterns are fantastically beautiful.
Q: Do you have any interest in retiring from Parkway and devoting yourself full-time to the koi?
A: My dad died at 96 and at 93 he was still coming down to the office I don’t think about retirement.
