His electrical supply business operated in the basement of a drug store in Sioux City.
The business struggled at first, but in the second year gained profitable contracts from the Stockyards and the Peavey Grand Opera House in Sioux City.
In 1902 the McGraw Electric Company moved into larger premises on Fifth Street, Sioux City.
[2] In 1903 McGraw organized the Interstate Supply Company in partnership with his father and four others, selling mill, railroad and electrical equipment.
In 1912 McGraw bought the Lehmer Company, a mill supply and electrical equipment manufacturer which he had used as a model for his earlier enterprises.
[6] The Waters-Genter Company of Minneapolis had been formed in 1912, and manufactured a pop-up toaster for restaurants called the Toastmaster.
[2] In 1926 McGraw used his private capital to buy an interest in the company from Glen Waters and Harold Genter.
[7] He provided the capital needed to enter the household market in 1927, and that year acquired Waters-Genter.
[7] In 1938 McGraw built a new plant in Elgin, Illinois, which housed Toastmaster and other product lines.
[5] Other acquisitions over the years included Clark Water Heater, Buss Fuse, Speed Queen, Albion Humidifiers, Tropic Aire, Village Blacksmith, Allover Clippers, Duracrest, Spartan Bottle Warmers, Coolerator, Zero and Halo Lighting.