After spending 50 years in the bike business, store owner retiring

Bill Schmoldt was 15 when he started working at Prospect Bikes and was tasked with changing flat tires and learning other parts of the business. Now 50 years later, he is retiring from the same bike store.

After a short stint in the corporate world after college, Schmoldt bought the business where he worked as a teen. After nearly 39 years running the operation and many industry changes, he is closing the shop at 506 E. Northwest Hwy in Mount Prospect.

"It's sad. It's just not turning the dollars and making the money anymore," said Schmoldt, who is now liquidating the inventory and expects to close at the end of the month.

Schmoldt, 65, says the internet is the biggest problem he has seen. Like with other brick and mortar businesses, Schmoldt finds that people often come in and gain all the knowledge about his products and then check the internet to find a better price. "Sometimes they are checking out pricing on their phones right while they are in the store," he said.

The Des Plaines resident said it was also a challenging summer. "We have a lot of fair weather riders in the Chicago area. And the weather was not good this summer," he said.

The holiday season also has become difficult. About 15 years ago, Christmas used to be a big time for sales and he would sell about 100 bikes in December. Now he sells between 15 and 20 during the holiday retail season.

When the business was thriving, Schmoldt had 15 employees and they were busy selling and repairing bikes. He now has one full-time employee and four part timers.

Schmoldt says he owns the building where he operates the business and will continue to repair model trains, a small part of his operation that heats up at Thanksgiving and Christmas. He will continue to do some internet sales with this aspect of the business.

The entrepreneur said he has always been very mechanical and has enjoyed his career. When he was 15, he accompanied his mother to the bike store to help her load his brother's bike into the car. He recalls that his mom asked the people at the shop if there were any job openings for her son. Schmoldt's career in the industry had begun.

He grew up in Arlington Heights, went to Prospect High School and then Western Illinois University. He briefly worked in the corporate world, then for another bike shop for a couple of years until 39 years ago discovered Prospect Bikes was for sale. The business has been around for 60 years. He said he and his wife, Betty, refinanced their home to purchase the business.

Schmoldt said his wife, who works for Pepsi, is encouraging him to retire. "I'm looking forward to retirement," he said, adding that he hopes to travel, play his guitar and ride his bike more.

Retirement planned

Sandy Burgess will retire at the end of 2018 after 23 years with the law firm Meltzer, Purtill & Stelle.

For the past seven years, she has been at the Schaumburg office of the national firm that spun off in January 1996 to become MPS.

Burgess began in an administrative capacity, moving up to manage the Schaumburg office. When MPS was formed, she became the firm's administrator, a position that evolved into the role of chief operating officer.

Brian Meltzer recalls, "In 1989, we hired Sandy to be our receptionist. We soon recognized her talent for relating to people and navigating the challenges of a growing law office and promoted Sandy to office manager. Together we worked to build MPS into the firm our clients wanted and deserved, including opening a downtown Chicago office, where half of the firm's lawyers now work."

New name

The Management Association, a Downers Grove-based association of 1,200 Chicago-area employers, is now doing business as HR Source.

The refreshed brand is the result of a yearlong initiative, according to President & CEO Mary Lynn Fayoumi. "Following extensive research with our stakeholders, including the companies and organizations we currently serve, it became clear that HR Source better describes who we are and what we do. It's more memorable and more easily rolls off the tongue and fingertips of anyone who wants to find us," she said.

"HR Source is an already familiar term to the association's customers and members. It has served as the group's web address and email domain for almost 20 years. The association's logo has been updated as well, but "nothing under our hood has changed," Fayoumi said. "We're still a not-for-profit trade association serving employers. Our mission, benefits, essential services and staff team are all staying just the same."

New bank on board

Wintrust Financial Corp. said that its subsidiary, Northbrook Bank & Trust Co., plans to buy American Enterprise Bank with locations in Buffalo Grove, Schaumburg and Highland Park.

AEB has approximately $200 million in assets, including approximately $151 million in loans and approximately $157 million in deposits.

"This transaction provides a wonderful opportunity to expand and complement our market presence in the north and northwest suburbs of Chicago," said Wintrust CEO and President Edward J. Wehmer. "We look forward to continuing the community banking approach that American Enterprise Bank has established and to providing its customers with an expanded array of products, services and resources." Wintrust is based in Rosemont.