With a host of business ventures, Frederick W. Penney lives by the mantra that there is a name value in everything, you just have to pick the right fit for your brand.
There are lawyers, and there are entrepreneurs. It is rare to meet someone who is exceptional at both. Meet Frederick Penney, best known for the personal injury law firm he founded in 1992, Penney & Associates, Frederick has made quite a name for himself. No small operation, the firm has offices in Sacramento, Roseville, Santa Clara, Chico, Rocklin, and Irvine with satellite offices in Fairfield, Sunnyvale, San Francisco, San Diego and Southern California.
Penney grew up on a small ranch in northern California. His father was in law enforcement, and mother was a full-time homemaker. Similar to most residents in his community, his family did not have a lot of money, but he was not aware of it because the same was true of most of his friends. His dad impressed upon him the importance of spending summers gainfully employed. He secured his first position at age 14 picking peaches at a local peach farm and continued working there and in a local small market until age 18. His father drove home the point that if his sons wanted great financial success, they should study law and become attorneys. The boys took their father’s counsel to heart, earning law degrees.
Post-law school, with only a year of law firm experience, he resigned his position and set up a solo law practice. His entrepreneurial traits kicked into high gear from that point forward, as he innovatively networked with successful attorneys to get referrals. In his caseload, he had wins and losses. Still, he learned from both and became adept at evaluating the risks that are part of a personal injury practice.
For many years, he focused on building his firm, and success was the reward for his hard work. While some of his peers spent lavishly on material possessions, Penney and his wife paid off their small, humble tract house and paid cash for the vehicles they purchased. Instead of living the high life, spending to the max, he opted to diversify, investing for 10 years in small businesses. Among other things, he built a real estate portfolio and invested in fast food chains.
Penney’s interests are also diverse: “I’ve always loved cars, tractors, motorcycles, you name it! I love that stuff! I got the idea to sponsor a race car by grabbing top race car enthusiasts – well-known guys who build race cars, and approximately 22 years ago we started Penney Racing. We became the second-largest distributor of racing parts in the West Coast.”
Another of Penney’s endeavors is his Saturday morning radio show. Why did he get involved in racing and radio? “I do it to market my name,” he says. “My name is plastered on race cars and race tracks all over the place. I enjoy these things, but I do it to market my name and my company.” The savvy entrepreneur in Penney recognizes the value of investing in other companies. His mission has always been to build his name and from that his company name. “I am able to think outside the box and to recognize business opportunities that are on the horizon for five to ten years from now,” he says. “One of the strangest things I’ve invested in is a private jet. Why do I have it? It’s for law business and name recognition. My name is on it wherever that jet rolls, and everybody knows who I am. I market my name first, and everything follows after that.”
Frederick Penney has a unique philosophy about running a business. A proponent of finding the right human resources to run a business before acquiring it, he maintains contact with those business leaders he interacts with – with the clear intention to offer them a position when it becomes available. He believes the success of a business is dependent upon having the right human resources to run it. “Sometimes I encounter powerhouse sales-people, young superstars,” he points out. “I keep them in my pocket, and when the time is right, I invite them to work at one of my businesses.”
Often pragmatic, Penney admits that he has “made and lost money.” But rather than dwell on his errors, he learns from them; stating: “you have to take calculated risks, asking yourself {if I lose on this investment, and this company goes under, will this bankrupt me?} If the answer is yes, do not do it! If not, take the risk!” Penney is not in favor of relying on a committee to make decisions about business ventures. “My experience has been that there are generally a couple of committee members who want to over-investigate before making a decision, and by that point, it’s too late. The opportunity is already gone!” He continues, “listening to input is helpful, but one person needs to have the role of final decision-maker. Understanding this has contributed to my success.”
Penney is tuned in to social media and believes it will continue to be the way of the future. “I rely on younger partners in the firm to manage our presence on Twitter and TikTok. I stick to my genre, FaceBook and Instagram.” Why does he value having a strong presence on social media? It’s all about building his name and brand!
Penney’s advice for young entrepreneurs is: “It might take five to ten years to build a business. It’s okay not to get rich right away. Stay the course and keep working hard. Be patient, and resist spending all your money. Invest in other companies and live within your means. If you get knocked down, just keep getting up. Then the odds are that you’ll be successful.”
Frederick Penney is savvy and generous with the wisdom he has gained in his years of building a firm, practicing law, investing in companies, and promoting his name. His investments of time and money in racing, hosting a radio show, and flying around the world in his private jet can not disguise the fact that he lives and breathes integrity, honesty, and an impeccable work ethic. To top it all, Mr. Penney will soon be rolling out a new book series about his life and how to succeed using a multitude of ways to build the brand. He is among the best with the accolades to prove it!!
Media Contact:
Glenda Hovenkamp, Writer
