Jaime Maldonado is ready to take advantage of the ductless revolution.

Maldonado, the president of two HVAC distribution companies, spent 15 years with Carrier before seizing an opportunity to distribute Daikin products in Puerto Rico.

In San Juan, he founded Air-Con Inc. in the year 2000, and the company has since grown to nine locations, keeping pace with the substantial growth of the ductless market on the island. In 2002, in Florida, Maldonado began Air-Con International Inc., which now has locations in Pompano Beach and Miami.

Although his businesses aren’t limited to ductless products, Maldonado believes ductless is coming into its own on the U.S. mainland, and he has aggressive plans to expand Air-Con International into states where he predicts there will be big markets for ductless.

A native of Ecuador, Maldonado came to the U.S. at age 20 with much of his family; his father worked as a glass factory in New York City. Jaime Maldonado attended La Guardia Community College and Queensborough Community College, both in the New York borough of Queens. He later studied business at several other schools, including New York University and the Massachusetts Institute of Technology. At Carrier, he started as an assistant comptroller and worked his way into other executive positions.

Distribution Trends met with Maldonado via Zoom to talk about his unusual career path and his distribution businesses. Here, edited for clarity and length, is our conversation.

DT: Tell me what drew you to the industry. How did you get your get your start in it?

Maldonado: I was working at the Singer Company, in the Latin American division. Unfortunately, the Singer Company went bankrupt. Fortunately, one of my Singer employees went to work for Carrier in Europe. They were looking for an employee at Carrier Latin America. So he recommend me.

The [Carrier] international groups in Syracuse [New York] were splitting into the different regions, to Latin America, to Europe, Asia Pacific, and so on. I was one of the three employees that started the new company called Carrier InterAmerica Corporation, in Miami. The division was in charge of all Latin America except for Brazil and Mexico, where Carrier has direct operations.

DT: You said the Singer Company?

Maldonado: The Singer Company, yes — like the Singer sewing machine. But, actually, when the company went down, only 20% of the business was sewing machines. They were in many different, many types, many different businesses, including defense.

DT: Why did you decide to strike out on your own with a distribution company?

Maldonado: That's a very good question. First of all, I would say that I gained so much knowledge and experience in the distribution business at Carrier Corporation.

Always, of course, I dreamed to have my own business. I think I was born as an entrepreneur.

During my years at Carrier, I did three expatriate assignments. I worked in Mexico for three years, in Monterrey, Mexico. I worked in Venezuela. And then I worked in Puerto Rico for four years, controlling Puerto Rico and the Caribbean. And then I get back to Miami. My last position at Carrier was managing director for all Latin America, except for Mexico and Brazil.

My first daughter was ready to go to college. And I have moved my family to so many, so many places. The chance for me was either to become the president of the Latin American division, or go to Carrier Europe. So I started looking for an opportunity in distribution. I was very fortunate because I had a colleague at Carrier who became the vice president for Daikin Latin America, in Miami. He gave me the opportunity to have a distribution business in Puerto Rico and the U.S. Virgin Islands.

And since I worked in Puerto Rico for four years, I knew that it was a very good HVAC business. So I actually jumped into it, to own my own business.

DT: Ductless technology seems to be catching on in the States, and it sounds like Air-Con is poised to take advantage of that. Where do you think ductless is going in the next two years?

Maldonado: I knew 20 years ago, over 20 years ago … that the ductless technology eventually would enter the United States and, again, for multiple reasons.

The ductless technology has the ability to transport refrigerant long distances. So that was very, very key technology. Another one is, as you know, the invention of Daikin inverter compressor, capable of increasing or decreasing the speed based on load requirements.

Definitely the ductless technology will increase dramatically in the United States.

DT: How have your companies been able to weather the problems of the last few years in the industry, such as the supply-chain issues, inflation?

Maldonado: I'm not a guru on economics, but let me tell you, it’s been very tough for everybody. Everybody, I mean — you name it.

For us, a critical element was to reduce exposure.

The important thing was to have solid relationships. We have maintained our relationships with a few companies, but very strong relationships that you build up throughout the years.

And, obviously, having a good banking institution to support you, because there are tough times. And so cash flow is a big issue, because a [shipping] container was so expensive that it drains your cash.

We had a tight grip on the factory orders. In some cases, we had to have additional stock because of many delays of shipments, and also production. Factories couldn’t produce. Nowadays, you bring a container from Thailand, it’s 45 days. In some cases, it was taking 180 days. It was very, very, very difficult.

Obviously, we need to daily monitor our prices and also our costs, to establish prices that are acceptable in the marketplace. Our margins were reduced because we couldn’t pass on the costs.

The inflation is another challenge that we have to live with, even nowadays. We have to have tight control on the product cost, good negotiation with suppliers, reviewing continuously our internal expenses, maximize margins for each product, and constantly look at the market, being competitive. And, obviously, be profitable.

DT: What is the best business advice you've ever received?

Maldonado: I would say: Get as much experience as you can get in the business you are ready to be in. Always go forward. Be ready at the beginning for tough times. Be consistent. The reward will be enormous, very rewarding, as a result of your hard work.

DT: And did that advice come from one person? Or was that sort of the summary of advice that several people have given you?

Maldonado: From several people. But also it has to do with the way you are: Anything, any business or anything that you get into, you gotta be passionate about it and be ready for tough and good and bad times.

I have my father as an example. My father really was a hard-working man. He worked in the railroad in Ecuador … and he was an extraordinary employee. In his last few years of work in Ecuador, he was the president of the railroad there. So he is my big, big example.

DT: If you could have a do-over, what would be your fantasy career?

Maldonado: A fantasy career. [Chuckles.] You're gonna love this one, Matt. Obviously besides business, music has been my passion. Particularly, I would like to be a professional drummer. I played drums at my high school.

DT: Do you keep up with it?

Maldonado: I have my music room at my house. Sometimes I don't have enough time to practice. But it's my passion.