Just seven years ago, out Chicago businessman Cary Weldy was broke—and broken ( spiritually ) . However, he managed to turn his life around and is now a very successful entrepreneur who has even made a foray into the world of television. In an interview, he told Windy City Times about his nadir, his turnaround and his means of inspiring others.
Windy City Times: I'm interested in how you got started. When you grew up, were you always interested in design?
Cary Weldy: When I grew up, I drew plans. I went to Rose-Hulman Institute of Technology for chemical engineering; I followed my father's business in plastics. I got my engineering degree and, for 11-12 years, I worked for Fortune 500 companies and went up through the ranks.
I moved to Chicago 10 years ago, and was a victim of the dot-com [ bust ] . I literally lost everything. I was really broke; I was about $150,000 in debt and had cashed in my 401 ( k ) , and lived in a studio apartment. I had the clothes on my back and had to sell my furniture just to pay the rent. It was suggested that I file for bankruptcy, but I chose not to—and I'm glad I didn't.
I was exhausted physically and emotionally, plus I just gotten out of a relationship at that time. I applied for jobs in the corporate world; nothing panned out because it was a bad time for the economy in 2001. Thank you, George Bush. [ Smiles ] So I decided to go to law school; I was going to use my engineering background to become a patent attorney. In the interim, I decided to do little odds-and-ends jobs, like caulking bathtubs; eventually, I realized that I could make a living doing this.
I realized right away that people need help with [ interior ] design; I would help them select tiles, for example. For my first job, I took buses and trains to get to this guy's house, and I showed up with a backpack full of tools. I loved my freedom and I loved creativity. I called the law school and said that I had decided to make a change, and I forfeited my deposit. Around month four or five, I bought a car and I got more tools. Around that time, I incorporated Eagle River [ a construction and real estate development firm ] . I had no idea it would get as big as it is. Two years later, I bought my condo, and redid it; HGTV came and filmed it about three years ago. The business grew and grew, and I paid off all my debt.
WCT: This is what is amazing to me: You were basically down and out—and there are so many people who don't climb out of that hole.
CW: I was invited a couple years ago to speak to a class, and I talked about how you can live your dream, and I talked about spiritual values. I can teach someone how to hold a hammer, but what I can't teach is passion. I look for spiritual qualities. When I talked about how bankrupt I was—financially and spiritually—you could've heard a pin drop. I said that it's not about the money; I still don't do it for the money.
WCT: So if you were still living in a little studio apartment in 2008, you would still do what you're doing?
CW: I knew I would get out of it. I had visions of getting my own home and getting out of debt.
I probably would still do it, but I knew that because of the money I was making, I wouldn't stay in a studio. Things are going well; this year, sales are double what they were last year. We're doing lighting on Tavern on Rush, one of the best restaurants in Illinois. [ I did ] an [ episode ] of the HGTV show 'My Big Amazing Renovation' [ that involved four condos in ] Newberry Plaza.
WCT: What's been your most challenging project?
CW: In terms of clients? [ Laughs ] When I have great clients and they're fun, I have a ball. I've had some projects that have really challenged me, working around existing stats and being creative about that.
WCT: Where do you go for inspiration?
CW: [ Inspiration ] just comes. Most of my clients [ defer ] to me; I like to design a home around the client's personality, and then take it up a notch or two—not in terms of expense but finding an inner core that I know exists in them.
I can get inspired early in the morning if I'm in a quiet room and I'm meditating. The answer will come. There are various ways. I also consult other people. It's like the guru says: 'Never get so full of yourself that you can't stop learning.' The more I think I know, the less I actually know—so it's very humbling.
WCT: How did you make the emotional turnaround from your bankrupt days?
CW: I got busy. I had to become grounded and emotionally clear. It's funny how your dreams can continue to chase you; it happened when I was 10 years old and it happened [ a few years ago ] . Your dreams do chase you until you eventually yield. I do think there's a place for all of us in the universe; we need to open our hearts and minds. I told those kids [ in the class ] to do things for the passion, not for the money.
The other thing is that I'm completely honest with my clients; I'll tell them if I think they're going down the wrong path [ regarding a design ] . Even though it may hurt initially, when I speak the truth, it comes from a place of love.
WCT: I also want to talk about the charities you support. Could you name some of the organizations you're behind?
CW: I've been blessed, and I want to make a difference in people's lives. I've supported [ dozens of ] organizations, such as TPAN [ Test Positive Aware Network ] , Vital Bridges, Lambda Legal, Joffrey Ballet, Hubbard Street Dance, youth shelters and GenderPAC; it's important for me to contribute back.
There are people who can't afford things, or people who [ simply ] need help. I really want to do my part. I once donated The Color Purple tickets to [ a young actor ] who couldn't afford to go. [ Becomes emotional ] It was an amazing experience. She showed up and was so elated.
My father has a manufacturing business, and about five years ago. He's hired people who have been [ in trouble ] , so he's doing his bit to [ help people ] . It cost him some profit, but he doesn't care.
WCT: Is there anything you want to add?
CW: I think I'm a better designer because I build, and a better builder because I design. It's great, because people love a one-stop shop. Ultimately, I hope I can inspire people through what I do. I don't just build beautiful homes; I change the way they feel about themselves.
See more about Cary Weldy at www.caryweldy.com and www.eagleriverinc.com .
