Mr. Rauch attended Lehigh University from 1929-1932, before returning home to continue his father's legacy as president of The Ideal Business. He finished his degree in Business Administration in 1935 at New York University, and received an honorary Doctorate of Laws from Lehigh.

While attending Lehigh, Rauch earned a varsity letter in wrestling, and received the Lewis Cup, which was awarded to the most improved freshman wrestler.

His interest in education has remained evident as he has long been a benefactor of Lehigh University's College of Business and Economics. The Rauch Foundation also made noteworthy grants to Lehigh University to establish the Philip Rauch Field House, the Rauch Center for Business Communications, and the Rauch Business Center.

Under Rauch's guidance, The Ideal Business went through continuous expansion until its merger with Parker-Hannifin Corporation, a Fortune 500 company supplying fluid power systems and components to the industrial, aerospace, marine and automotive markets. He was elected as a director at the time of the merger.

Rauch served as chairman of the board for Parker-Hannifin from 1975 to 1977 and chairman of the executive committee from 1974 to 1975 and 1977 to 1982. He is the vice president of the Rauch Foundation, Inc. Rauch was the recipient of the Eye Research Institute of Boston's Sundial Award. In recognition of his lifetime of service to Lehigh, he was honored in 1978 with the Alumni Award, the Alumni Association's highest honor.