Purdy Crawford – The Way to Do an Acquisition, Summer Series Interview
This is the final interview from my book, Tales of People Who Get It that I committed to publish on the blog for the Summer Series Interviews. My intent is for you to learn from some of the interviewees, as well as introduce the interviewees to a new audience. This week, I feature Purdy Crawford, who reminds us of the importance of taking risks. Purdy Crawford recently died at age 82, but his wisdom lives on.
Related:
Living an Authentic Life – Gabriel Draven, Summer Series Interviews
Leading Women toward Self-Sufficiency, Anthea Rossouw – Summer Interview Series
Pay Your Taxes – George Fraser, Summer Series Interviews
Building Relationships – Andrea Nierenberg, Summer Series Interviews
Samy Chong – Employees, Your Most Valuable Asset, Summer Series Interviews
Nanci Govinder – Downsizing Risks, Summer Series Interviews
Claire Hoy – Recovering from a Bankruptcy, Summer Series Interviews
Janice Lawrence-Clarke – Bringing a New Product to the Right Clients, Summer Series Interviews
In 2007, I published my book, Tales of People Who Get It, which is based on interviews with successful people. The Invisible Mentor blog was born of my book. Let’s take a step back in time to the fall of 2007, I had been thinking about ways to market Tales of People Who Get It and hoping for a burst of inspiration. While I was taking a walk in High Park in Toronto, it popped into my consciousness that Tales of People Who Get It was my Board of Invisible Mentors. What happened, without being aware of it, is that when I faced a problem, I would remember parts of interviews that I had conducted, and would know how to solve that problem. After conducting research, The Invisible Mentor blog was born, and five years later the concept of the invisible mentor has changed.
~Challenge~
I’ve had many business challenges over my long career in law and business, but, the biggest business challenge that I had was when I joined Imasco Limited as CEO in 1985 and we acquired Genstar in 1986 to get Canada Trust. The deal worked well, but it was a huge challenge because it was expensive, and risky if we hadn’t done the acquisition right.
~ Resolution~
We were successful in the acquisition by getting the right people to run it. We paid $2.5 million for it and sold it to TD Bank in 2002 for $8 billion.
~Lessons Learned~
- Have a broad view of things.
- Have a strategy on how you do things, execute the strategy with a passion and don’t be captivated by investment bankers.
~How to Integrate Your Personal and Professional Life~
It’s hard at times. We have six children and 15 grandchildren. We spend a lot of time with them, though I neglected them somewhat when they were quite young. We attend our grandchildren’s hockey and soccer games. Overall, I keep a reasonable perspective. We have a country place where the children come to, and we meet them there.
~Formula for Success~
To become successful you have to have a certain amount of intelligence, wisdom, good judgment, fire in your belly, read widely and have a broad perspective on issues.
~Major Regret~
A major regret is as a young lawyer not being tough enough with clients. I was too accommodating to some of my clients and may have compromised some of my opinions to make them happy.
~Favourite Quote~
I like “If you can keep your head when all about you are losing theirs and blaming it on you” from the poem “If” by Rudyard Kipling because it teaches you not to panic and to stay in control when bad things happen. Don’t be impulsive and think that you have to do something. Sit in a room for a while and be quiet and let the world go by while you think about things.
Another quote that I like is by a famous European general in World War I and it relates to strategy in business. He said that Generals plan for months on the way they are going to fight the battle and then ten minutes into the battle plans are useless and those who have the most passion win. This quote is relevant to the business world because everyone talks about the importance of strategy, but I talk about the importance of execution.
~Influential Book~
I read many books, so this is very difficult for me to answer. I like Alexander Hamilton
by Ron Chernow. This book had a major impact on me because it is a biography of an incredible person whom I admire very much. At the age of 13, Alexander Hamilton ran a trading company in the Virgin Islands on behalf of a New York Trading firm, and at age 14 he immigrated to the United States. Former Secretary of the Treasury, Hamilton fought in the Revolutionary War with George Washington, created the first financial structure in the United States, and understood the financial structures of the United Kingdom and France. The biography showcases Hamilton’s varied life, as well as painting a rich picture of the America that was emerging from the Revolutionary War.
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Author Bio: Avil Beckford, an expert interviewer, entrepreneur and published author is passionate about books and professional development, and that's why she founded The Invisible Mentor and the Virtual Literary World Tour to give you your ideal mentors virtually in the palm of your hands by offering book reviews and book summaries, biographies of wise people and interviews of successful people. Connect with me on Facebook and Twitter.
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