Research
A company’s strategy is no better than the thinking behind it. The thinking is based on an intimate understanding of entrepreneurial practices. This is a combination of extensive experience and the study of other companies in similar situations and circumstances.
Rick Goossen heads up the research division of M & A Capital Corp. The company has extensive body of research based on client-related studies. Rick Goossen’s research is an integral part of one of the world’s leading texts on strategic management (Fred David’s Strategic Management, 11th ed). He has also produced ground-breaking work on entrepreneurship.
WHO ARE THE TOP TEN ENTREPRENEURIAL THINKERS IN THE WORLD?
Rick Goossen’s book titled The Practice of Entrepreneurial Thinking and Learning (2006) is based on first-hand contact with the top ten entrepreneurial thinkers in the world and filtered though his own 20 years of practical research. The “top ten thinkers” include: Peter F. Drucker of Claremont Graduate School, Claremont, CA (d. Nov. 2005); Larry C. Farrell, The Farrell Company, Staunton, VI; H. Irving Grousbeck, Stanford Graduate School of Business, Palo Alto, CA; Rita Gunther McGrath, Columbia Business School, New York City; Henry Mintzberg, McGill University, Montreal, PQ; Kenneth P. Morse, MIT, Cambridge, MA; Gordon Redding, INSEAD, Fontainebleau, France; Howard H. Stevenson, Harvard Business School, Cambridge, MA; Jeffry Timmons, Babson College, Wellesley, MA; and Karl H. Vesper, University of Washington, Seattle, WA.
GREAT ENTREPRENEURS – INTERVIEW SAMPLES
Rick Goossen has personally interviewed some of Canada’s most successful entrepreneurs, including Jimmy Pattison, of The Jim Pattison Group, and Ray Loewen, of The Loewen Group. He is the editor of Volume I (2005) and Volume II (2006) of The Christian Entrepreneur: Insights From The Marketplace, which explores the application of a values-based system to entrepreneurial practice.
RICK GOOSSEN IN CONVERSATION WITH RAY LOEWEN, FOUNDER OF THE LOEWEN GROUP ON THE HIGHS & LOWS OF ENTREPRENEURSHIP
INTRODUCTION: Ray Loewen founded The Loewen Group, which was the second largest death care provider in North America. At its peak in the 1990s it generated US$2 billion in annual revenue and for a number of years enjoyed 30% annual compound growth, making it a well-known “acquisition model” success story. Ray Loewen was at one time listed as the 17th wealthiest person in Canada.
The growth of Ray Loewen’s company was abruptly halted in a courtroom in Mississippi in 1995 with a $500 million judgment against it. Under Mississippi law at the time, Loewen Group needed to file a $625 million bond if it wished to appeal the jury verdict. Under pressure to act quickly, Loewen Group settled in January 1996 for $175 million. In 1999 Loewen Group and Ray Loewen filed claims under NAFTA’s Chapter 11, which allows foreign investors to sue nations for, among other things, denying them “fair and equitable treatment.” After filing, Loewen Group went bankrupt and reorganized under American law.
RG- What was your most triumphant moment in business?
RL- In 1996 our dream [at The Loewen Group] was to do a serious fundraising “road show” in the US. The equity market in the U.S. valued companies at least a one year premium to your stock price. For us, as a Canadian company, to do a serious road show in the US signified a new level of accomplishment or maturity. We had done successful road shows in Europe and we had exceptional earnings. Our road show turned out to be very successful road show. So, from a business perspective, that really was a real highlight.
RG- What was your worst moment?
RL- The moment in Mississippi when I was sitting in the courtroom and the judge pronounced a $500 million judgment against our company – for nothing, absolutely nothing. I knew immediately that for our company to survive that ruling would be almost impossible.
RG- What was the original claim?
RL- At one point the plaintiffs said they would have settled for $2 million. We didn’t settle because there was no substance to their claims. They weren’t entitled to $2 million – there was nothing to it. Later they claimed that the total value of the assets in question was about $6 million. The whole thing was a kangaroo setup. Up to that point, we had a beautiful company – and then it ended.
RICK GOOSSEN IN CONVERSATION WITH JIM PATTISON, FOUNDER & CEO OF THE JIM PATTISON GROUP ON THE HIGHS & LOWS OF THE ENTREPRENEURIAL LIFE
INTRODUCTION: Jimmy Pattison is one of Canada’s best-known entrepreneurs. The Jim Pattison Group has 27,000 employees, generates $5.7 billion in revenue and has $3.3 billion in assets. He was recently ranked the 104th wealthiest person in the world.
RG- What would you say was your most triumphant moment?
JP- One of the most exhilarating times for me was first day I got in my own business. We had a gas station and a two car showroom at Cambie and 18th Avenue. Starting up my own business was certainly a highlight of my life. I didn’t have any money. I was loaned money by the Royal Bank; General Motors also helped me. Since then I have had a lot of highlights—and a lot of days that I got beat up pretty good. But dealing with both sides is just part of an entrepreneur’s life.
RG- What was your worst moment as an entrepreneur?
JP- I have had a lot of those. I’ve had the bank call my loans a couple times. Those weren’t good times! The lowest points for me were when the bank called my loans and I had no where to go. I’ve had a terrific amount of disappointments. But, having perseverance and being optimistic is important to get through these situations.
RG- You are known to have contributed to many charitable causes. Is there one that has been particularly meaningful to you?
JP- I don’t think I could single out one. However, I do remember one event that happened when I was a kid. I didn’t have a bike. My mother and dad didn’t have any money and we didn’t own our own house. But I did get a bike for Christmas one year and that was a big deal. Some time later a young couple from our church went as missionaries to India. I got a card from them about their ministry and how the guy had to walk 8 – 10 miles a day to go from one village to the other. They didn’t have enough money for a bike. So I gave them my bike. Thereafter, I always took an interest in this guy in India. My whole life’s ambition up to that point was to get a bike—and then I ended up giving it to this missionary. So I always paid more attention to what he did than anything I could recall.