When I introduced you to Alan Petersen Sr. 13 years ago, he was 64 and had a well-stocked bank account from the 1988 sale of a company he had co-founded and built to $20 million in revenue from the sale of fire-detection systems.
In short, there was enough cash lying around to finance a comfy retirement at his Minnesota lake cabin and Florida winter retreat. Trouble was, he quickly discovered that entrepreneurship was his only hobby.
And so he had started another company in 1992, this one a designer and manufacturer of gas-sniffing sensors used primarily by the oil and gas industry to detect toxic and explosive gases in the production and refining process.
By the time I stumbled across the business, dubbed Sensor Electronics, it was headed for $1 million in 1995 sales with a line of sensors used to detect methane, hydrogen sulfide and nearly 20 other gases.
There has been considerable change since then: The Edina company has added sensors to monitor nearly 100 more dangerous gases and expanded its reach into a variety of industries ranging from semiconductors to pharmaceuticals to medical devices.
The result: a 21 percent annual growth rate that hoisted 2007 sales to $10 million.
Some things never change, however: Petersen, 76, still flunks retirement, remaining CEO of Sensor Electronics. Oh, he jets down to Florida regularly, leaving his son and business partner, Alan Petersen Jr., in charge. But he can't seem to stay there very long.
"This business is a whole lot more interesting than getting up in the morning and doing the crossword puzzle," the senior Petersen explained.