hi I’m Evan Carmichael and welcome to another edition of maalula masters I
another edition of maalula masters I
another edition of maalula masters I believe that the fastest and most
believe that the fastest and most
believe that the fastest and most effective way to grow your business is
effective way to grow your business is
effective way to grow your business is to model the strategies of people who’ve
to model the strategies of people who’ve
to model the strategies of people who’ve already done where you’re trying to do
already done where you’re trying to do
already done where you’re trying to do so today we’re going to look at how
so today we’re going to look at how
so today we’re going to look at how young man whose early ambitions was to
young man whose early ambitions was to
young man whose early ambitions was to be earning ten thousand dollars a year
be earning ten thousand dollars a year
be earning ten thousand dollars a year went on to become a billionaire one of
went on to become a billionaire one of
went on to become a billionaire one of Canada’s wealthiest entrepreneurs this
Canada’s wealthiest entrepreneurs this
Canada’s wealthiest entrepreneurs this is the story of Jerry Schwartz and
is the story of Jerry Schwartz and
is the story of Jerry Schwartz and enough three lessons that you can learn
enough three lessons that you can learn
enough three lessons that you can learn from his success Gary Schwartz is a
from his success Gary Schwartz is a
from his success Gary Schwartz is a Canadian businessman in 1977 he
Canadian businessman in 1977 he
Canadian businessman in 1977 he co-founded can us global communications
co-founded can us global communications
co-founded can us global communications followed by onyx in 1983 the report on
followed by onyx in 1983 the report on
followed by onyx in 1983 the report on business ranked Schwartz is one of the
business ranked Schwartz is one of the
business ranked Schwartz is one of the 30 wealthiest Canadians with a network
30 wealthiest Canadians with a network
30 wealthiest Canadians with a network that exceeds 1.5 billion dollars in high
that exceeds 1.5 billion dollars in high
that exceeds 1.5 billion dollars in high school he said he wanted to be an
school he said he wanted to be an
school he said he wanted to be an executive and to have a big job that
executive and to have a big job that
executive and to have a big job that would pay at least ten thousand dollars
would pay at least ten thousand dollars
would pay at least ten thousand dollars a year I thought $10,000 was a big deal
a year I thought $10,000 was a big deal
a year I thought $10,000 was a big deal he said he learned about business from
he said he learned about business from
he said he learned about business from his father putting the shorts I can’t
his father putting the shorts I can’t
his father putting the shorts I can’t remember a day going up without my
remember a day going up without my
remember a day going up without my father talking about business if he
father talking about business if he
father talking about business if he bought real estate he’d explained how
bought real estate he’d explained how
bought real estate he’d explained how and why today his investment firm onyx
and why today his investment firm onyx
and why today his investment firm onyx as over 235,000 employees and Schwartz
as over 235,000 employees and Schwartz
as over 235,000 employees and Schwartz continues to look for opportunities to
continues to look for opportunities to
continues to look for opportunities to buy struggling companies turned him
buy struggling companies turned him
buy struggling companies turned him around and sell them for a handsome
around and sell them for a handsome
around and sell them for a handsome profit he was named ernst & young’s 2005
profit he was named ernst & young’s 2005
profit he was named ernst & young’s 2005 entrepreneur of the year and was also
entrepreneur of the year and was also
entrepreneur of the year and was also made an officer of the order of canada
made an officer of the order of canada
made an officer of the order of canada in 2006
by listening to his father’s advice and
by listening to his father’s advice and by keeping his eye open for
by keeping his eye open for
by keeping his eye open for opportunities jerry shorts was able to
opportunities jerry shorts was able to
opportunities jerry shorts was able to become a billionaire to help you find
become a billionaire to help you find
become a billionaire to help you find your opportunities here are three action
your opportunities here are three action
your opportunities here are three action items you can learn from Gary Schwartz
items you can learn from Gary Schwartz
items you can learn from Gary Schwartz action item number one keep your team
action item number one keep your team
action item number one keep your team together if you want to grow your
together if you want to grow your
together if you want to grow your business it’s important not only to find
business it’s important not only to find
business it’s important not only to find good people to work for you but also to
good people to work for you but also to
good people to work for you but also to keep them on board high employee
keep them on board high employee
keep them on board high employee turnover hurts productivity and morale
turnover hurts productivity and morale
turnover hurts productivity and morale and will limit how far your company can
and will limit how far your company can
and will limit how far your company can go people love working for Jerry
go people love working for Jerry
go people love working for Jerry Schwartz because he gives some
Schwartz because he gives some
Schwartz because he gives some opportunities and respects their
opportunities and respects their
opportunities and respects their opinions every Monday morning Schwartz
opinions every Monday morning Schwartz
opinions every Monday morning Schwartz gathers his top executives and decision
gathers his top executives and decision
gathers his top executives and decision makers in the onyx boardroom to discuss
makers in the onyx boardroom to discuss
makers in the onyx boardroom to discuss the merits of transactions and
the merits of transactions and
the merits of transactions and strategies both new and old if one of
strategies both new and old if one of
strategies both new and old if one of his key team players is unable to be at
his key team players is unable to be at
his key team players is unable to be at the meeting in person shorts make sure
the meeting in person shorts make sure
the meeting in person shorts make sure they are brought in by telephone one by
they are brought in by telephone one by
they are brought in by telephone one by one shorts goes around the table and
one shorts goes around the table and
one shorts goes around the table and let’s each and every one of his staff
let’s each and every one of his staff
let’s each and every one of his staff have their say it with a future
have their say it with a future
have their say it with a future direction of the company and they do not
direction of the company and they do not
direction of the company and they do not have to go along with whatever shorts
have to go along with whatever shorts
have to go along with whatever shorts proposes if one person raises a doubt
proposes if one person raises a doubt
proposes if one person raises a doubt about a proposal on the table the team
about a proposal on the table the team
about a proposal on the table the team may still proceed but with greater
may still proceed but with greater
may still proceed but with greater caution if two executives razor
caution if two executives razor
caution if two executives razor dissenting voices then the deal is
dissenting voices then the deal is
dissenting voices then the deal is dropped right then and there according
dropped right then and there according
dropped right then and there according to shorts collectively we make onyx I
to shorts collectively we make onyx I
to shorts collectively we make onyx I dynamic and collegial place to work one
dynamic and collegial place to work one
dynamic and collegial place to work one of the hallmarks of onyx is that since I
of the hallmarks of onyx is that since I
of the hallmarks of onyx is that since I started the company in 1983 every
started the company in 1983 every
started the company in 1983 every professional who has joined the company
professional who has joined the company
professional who has joined the company at our Toronto head office is still here
at our Toronto head office is still here
at our Toronto head office is still here we’ve had no turnover
action item number to take risks being
action item number to take risks being an entrepreneur involves taking risks
an entrepreneur involves taking risks
an entrepreneur involves taking risks you’re often venturing out into the
you’re often venturing out into the
you’re often venturing out into the unknown and you have to be willing to
unknown and you have to be willing to
unknown and you have to be willing to take that leap of faith even when you
take that leap of faith even when you
take that leap of faith even when you don’t have all the information or
don’t have all the information or
don’t have all the information or resources that you might need to be
resources that you might need to be
resources that you might need to be successful there’s no such thing as high
successful there’s no such thing as high
successful there’s no such thing as high returns without risk and among
returns without risk and among
returns without risk and among investment bankers shorts a skinny
investment bankers shorts a skinny
investment bankers shorts a skinny reputation for being willing to stick
reputation for being willing to stick
reputation for being willing to stick his neck out take that risk he continues
his neck out take that risk he continues
his neck out take that risk he continues going for the long shots for companies
going for the long shots for companies
going for the long shots for companies that others haven’t thought about
that others haven’t thought about
that others haven’t thought about acquiring and if the deal doesn’t work
acquiring and if the deal doesn’t work
acquiring and if the deal doesn’t work out short says he takes it personally
out short says he takes it personally
out short says he takes it personally but he dusts himself off and comes back
but he dusts himself off and comes back
but he dusts himself off and comes back again for another try according to
again for another try according to
again for another try according to Schwartz I’m still a long distance from
Schwartz I’m still a long distance from
Schwartz I’m still a long distance from smart but I’m also a long distance from
smart but I’m also a long distance from
smart but I’m also a long distance from dumb the hardest lesson that I’ve
dumb the hardest lesson that I’ve
dumb the hardest lesson that I’ve learned has been not to repeat the dumb
learned has been not to repeat the dumb
learned has been not to repeat the dumb mistakes I’ve made over the years which
mistakes I’ve made over the years which
mistakes I’ve made over the years which are too numerous to list
action item number three look for new
action item number three look for new opportunities business growth always
opportunities business growth always
opportunities business growth always comes from seizing new opportunities as
comes from seizing new opportunities as
comes from seizing new opportunities as they come up around you you’ll have to
they come up around you you’ll have to
they come up around you you’ll have to make tough decisions if you pursue the
make tough decisions if you pursue the
make tough decisions if you pursue the opportunities or not make sure you take
opportunities or not make sure you take
opportunities or not make sure you take the time to really think about it and if
the time to really think about it and if
the time to really think about it and if it’s going to work out instead of
it’s going to work out instead of
it’s going to work out instead of jumping on board every opportunity that
jumping on board every opportunity that
jumping on board every opportunity that comes by over as long career shorts has
comes by over as long career shorts has
comes by over as long career shorts has come to recognize that they’ll always be
come to recognize that they’ll always be
come to recognize that they’ll always be another deal success however only comes
another deal success however only comes
another deal success however only comes from investing in the ones that he’s
from investing in the ones that he’s
from investing in the ones that he’s really researched and dug down deep to
really researched and dug down deep to
really researched and dug down deep to make sure that it’s a good deal because
make sure that it’s a good deal because
make sure that it’s a good deal because of his reputation onyx is now informed
of his reputation onyx is now informed
of his reputation onyx is now informed whenever any major company comes up for
whenever any major company comes up for
whenever any major company comes up for sale anywhere in North America shorts
sale anywhere in North America shorts
sale anywhere in North America shorts and his team then inspect the books of
and his team then inspect the books of
and his team then inspect the books of each company and the respective markets
each company and the respective markets
each company and the respective markets to see if it’s worth buying shorts is
to see if it’s worth buying shorts is
to see if it’s worth buying shorts is also keen on finding his own potential
also keen on finding his own potential
also keen on finding his own potential acquisitions one that have yet to be
acquisitions one that have yet to be
acquisitions one that have yet to be advertised and that are hiding within a
advertised and that are hiding within a
advertised and that are hiding within a larger parent company according to
larger parent company according to
larger parent company according to Schwartz every decision onyx makes is
Schwartz every decision onyx makes is
Schwartz every decision onyx makes is made on the basis of creating long-term
made on the basis of creating long-term
made on the basis of creating long-term value our philosophy is to operate like
value our philosophy is to operate like
value our philosophy is to operate like a forever owner of an asset we take an
a forever owner of an asset we take an
a forever owner of an asset we take an excruciating length of time to buy an
excruciating length of time to buy an
excruciating length of time to buy an asset we did nothing in the late 1980s
asset we did nothing in the late 1980s
asset we did nothing in the late 1980s because of all the pressure to do deals
because of all the pressure to do deals
because of all the pressure to do deals that’s not our game investments are like
that’s not our game investments are like
that’s not our game investments are like trains and if you miss one don’t worry
trains and if you miss one don’t worry
trains and if you miss one don’t worry because another one will come down the
because another one will come down the
because another one will come down the line
so remember keep your team together take
so remember keep your team together take risks and look for new opportunities to
risks and look for new opportunities to
risks and look for new opportunities to finish up this video I wanted to share
finish up this video I wanted to share
finish up this video I wanted to share one of my favorite true stories about
one of my favorite true stories about
one of my favorite true stories about Gary Schwartz and some of his best
Gary Schwartz and some of his best
Gary Schwartz and some of his best quotes in nineteen-sixty-nine when
quotes in nineteen-sixty-nine when
quotes in nineteen-sixty-nine when shorts of pursuing his MBA at Harvard
shorts of pursuing his MBA at Harvard
shorts of pursuing his MBA at Harvard the school was offering an introductory
the school was offering an introductory
the school was offering an introductory course on computers it was a popular
course on computers it was a popular
course on computers it was a popular course but Schwartz didn’t sign up for
course but Schwartz didn’t sign up for
course but Schwartz didn’t sign up for it quoting the Schwartz I thought I’d
it quoting the Schwartz I thought I’d
it quoting the Schwartz I thought I’d have assistants to do that stuff for me
have assistants to do that stuff for me
have assistants to do that stuff for me which is why I missed the value of the
which is why I missed the value of the
which is why I missed the value of the digital error in so many ways you can’t
digital error in so many ways you can’t
digital error in so many ways you can’t understand the power of technology
understand the power of technology
understand the power of technology unless you use it shorts might have
unless you use it shorts might have
unless you use it shorts might have missed out on the computer course at
missed out on the computer course at
missed out on the computer course at Harvard but what he calls his ridiculous
Harvard but what he calls his ridiculous
Harvard but what he calls his ridiculous attitude towards computers changed after
attitude towards computers changed after
attitude towards computers changed after trip to Bill Gates’s house he gave me a
trip to Bill Gates’s house he gave me a
trip to Bill Gates’s house he gave me a Palm Pilot I got on a plane from Seattle
Palm Pilot I got on a plane from Seattle
Palm Pilot I got on a plane from Seattle to Florida a five hour flight and
to Florida a five hour flight and
to Florida a five hour flight and started on the instruction book I
started on the instruction book I
started on the instruction book I couldn’t figure it out but a time
couldn’t figure it out but a time
couldn’t figure it out but a time Schwartz had landed back home he was
Schwartz had landed back home he was
Schwartz had landed back home he was only on section 3 of 15 in the
only on section 3 of 15 in the
only on section 3 of 15 in the instruction
instruction
instruction I said that’s it recall Schwartz I
I said that’s it recall Schwartz I
I said that’s it recall Schwartz I decided to learn from that day forward
decided to learn from that day forward
decided to learn from that day forward I’m existed onyx be on the leading edge
I’m existed onyx be on the leading edge
I’m existed onyx be on the leading edge of information technology
thank you for joining me for another
thank you for joining me for another edition of modern masters if you enjoyed
edition of modern masters if you enjoyed
edition of modern masters if you enjoyed the video please give a thumbs up I’d
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also love to hear your thoughts and
also love to hear your thoughts and feedback if you want to leave a comment
feedback if you want to leave a comment
feedback if you want to leave a comment below the video and stay tuned to the
below the video and stay tuned to the
below the video and stay tuned to the next episode
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