This Canadian Billionaire Changed Business For the Better | CEO Frank Stronach | EP 396
ฝัง
- เผยแพร่เมื่อ 29 ก.ค. 2024
- Dr. Jordan B. Peterson sits down with founder and CEO of Magna International, Frank Stronach. They discuss the keys to starting and maintaining a successful business, and the ideas contained within the Economic Charter Rights, which advocates for the input and autonomy of all workers and profit sharing to be exercised company wide.
Frank Stronach is the Founder and Honorary Chairman of Magna International Inc., the world's most diversified automotive parts supplier with more than 170,000 employees in 43 countries and sales of over $40 billion US. At Magna, he introduced his unique management philosophy known as Fair Enterprise, which is based on a business Charter of Rights that predetermines the annual percentage of profits shared between employees, management, investors and society.
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Ep.396
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The Stronach Foundation for Economic Rights; economiccharter.ca/
On Instagram / officialfrankstronach
The Greed Factor (Book) www.amazon.com/Greed-Factor-S...
Official website for the SARIT car saritmobility.com/
- Chapters -
(0:00) Coming up
(0:22) Intro
(1:25) Meeting Frank Stronach
(2:27) Immigrating to Canada, Magna Enterprises
(12:27) Making a system that works
(16:54) We stand at a crossroad: who will rule the world?
(18:39) What this law would employ for small and big businesses
(19:45) You could not build Magna today, we need to reform
(22:32) Studying a trade: spending a week to make a two-inch square
(29:09) The preference of many small businesses over a few big ones
(32:40) From zero to one: getting your first customers
(33:55) Opportunity, the rise of Magna
(38:54) The nature of a deal: its not about compromise
(46:43) How you develop a good reputation in a capitalist system
(50:06) The Economic Charter of Rights explained
(59:55) Anthropology, group size in primates and the most efficient community size
(1:02:10) Pursue happiness, but make money too
(1:04:49) We don’t teach young people to be active contributors to society
(1:06:27) Checks and balances, managing employee growth within the hierarchy
(1:09:02) Breaking the mindset: why the ECR has not been widely adopted
(1:14:52) It’s not the bureaucrats, it’s the system.
(1:16:52) Introducing the SARIT micro mobility Car
(1:22:30) Specs and expectations for the SARIT
(1:26:30) A vision for fostering generous productivity
(1:28:10) Frank Stronach’s personal motivator
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Comment no. 1 requesting Dr. Peterson interviews Tomas Sowell before he leaves us
Can't see it 😉 "So Tom, you've written this book, "Intellectuals and Society", what's that about? 😂
@@djh."Well, its about intellectuals and society"
I’m on break at a Magna mirrors and boy was I surprised to see a Jordan b Peterson interview with the ceo of my company this is kind of cool
Yeah I'm currently at trade school being payed for by magna in a building named after magna.
I've got two friends who became millionaires because of Frank's help.
Stronach has been convicted of multiple sexual assaults in 2023 and just recently, in 2024.
Mr. Stronach's success is unquestionably remarkable. His business ethics,he speaks of, like taking care of his employees, is unprecedented. Loosening the noose on small business is essential. Giving back is what he's all about, after he was given so much.
He earned so much*, he wasn't just given it. and I would disagree, it is not unprecedented... it is very common among billionaires, actually. But this is a nuanced topic... so allow me, this is my perspective on this: Most smart business people aim to pay more than they have to when they are hiring competent personelle. Also "giving back" is what a business does by creating superior products and services and offering them to customers and then using that revenue to create jobs (risk free money making opportunities) for other people, then the customers repay that value with value coupons aka money. The bill is settled at this point. The customer has given back the value he received from the business and the business can service the cost of continuing to bring that value to more people. that is an even exchange.There is no need for "giving back" from the business to the people after that. The transaction is settled when the money hits the company bank account. Also, then, Employees get a fair wage for helping the business by solving internal problems. And yes, of course they deserve to be paid fairly for it. that's why there is a labor market to make sure the wage is appropriate and reflects the demands of the workers. And If the employee agrees to the wage, it is just, because he can decline the offer and also counter. But obviously there are several ways one could organize this. Not all workers want to carry risk. Most don't, in fact. So in order to actually go about this in a way that is sustainable you need to hire the right people. But the share of the profits is fairly distributed according to the share of the responsibility and risk in the business, so employees get less of a share than the people who run the business and the people who carry its risk and supply it with resources before they are selling anything, aka the owners. That is also fair and just. I agree with him though, that over regulation and over taxation hinders people getting what they deserve to get and just hollows out the productive capacity of the economy for the people. the only beneficiary of high taxes and over regulation, on paper, is the government as it takes people to administer the nonsense. But even the government would have higher revenue with lower taxes as history shows so... yeah it's more complicated than just "we need to pay workers". And the way he distributed it is key here. because he did it sustainably and kept the weighting right, then there isn't a problem. But this is a complex topic. The way he did it is very smart. I would do it the same way, pay half in cash and half in shares so the workers are incentivized correctly.
@@leoxd7029Yea, but what he did would be utterly impossible today- especially in Canada. Elon is trying to do this too, and getting attacked at every turn
A lot of my friends and their fathers worked for and later on with Uncle Frankie and had nothing but respect and love of Frank. He was the Canadian dream. 🙏🍁
I used to work for Magna when Frank was there. It was an amazing working atmosphere and something employers should strive for. They really cared about their employees. Christmas bonuses, RRSP matching, profit sharing, and rate of inflation yearly raises, and an amazing employee wellness program
It's funny how mr. Stronach often does not answer the question but gives a ton of useful information from experience driven by passion of sharing and giving back. I have seldom seen someone that keeps Dr. Peterson so quiet :). Great conversation, thank you gentlemen!
Yes, I noticed that as well. What starts off as a rambling tangent does end with some good insights.
Haha, indeed!😄
Mr Jordan's ability to listen, understand and then the formulation of the almost unreal level of clearness of questioning mastery is evident while unprecedented.
40+ years of practise with pure intent. That I see in the background of content Mr Jordan delivers here. 😮❤
Thank you all, Mr. Jordan Peterson and Mr. Frank Stronach
Great information.
Motivate a workforce, share the profits and they will feel highly loyal and put more into whichever company they are employed by. John Lewis in the uk call their employees partners and share the profits with them. In 2022
John Lewis Partnership said today that its 78,000 staff would share a £46 million bonus pot, equivalent to 3% of wages for every worker. The department store scrapped its bonus scheme during the pandemic for the first time since 1953 as shops were closed and the chain lost millions.
John Lewis said the reintroduction of the bonuses is mainly down to the dedication of their 'partners' (employees). This is what can happen when you share the profits with everyone from the shareholders down to the people who clean and tidy the stores overnight. What's more their customers know where the money goes and in my particular case John Lewis is the first store I think of when I need to buy larger household items. 😊
Great podcast. Need to hear about and from more people like this. Especially in Canada now. We need positive messages to rebuild our country.
Won’t happen. Getting rid of Trudeau will be a start- but even that won’t solve the problem of our gynocentric government treating citizens as small children
This was definitely worth spending the time to listen. Real world experience is important to add to academic studies and way more important than the news, politicians speak, and pop opinions. Jordan is always masterful. I appreciate Mr Stronach sharing his time and expertise and a peak into the future.
I worked for the Kamtek division of Magna for 2 years. I was shocked to find you interviewing the CEO of my former job.
Kamtek in a bad part of Birmingham is an unsafe workplace unfortunately.
I only wish what he espoused here held True through his business practices. I worked at a Magna factory here in northern Michigan and they had a temp agency that they hired everyone through. They would wait until you were about to hit your 1 year mark (when the company would hire you in directly) then let you go claiming they no longer required your services. They'd then have the temp agency rehire you to them, starting your year over again.
This is the model most of these "economic democratic co-ops" use. In the end, the best way to ensure employment is having skills employers need and negotiating for a decent wage.
The first business-focussed personal development video by Mr. Peterson!
Thank you, Sir, and thank you to the honourable guest!
Though, "rationed gasoline" and "special permits to use large vehicles" are sure to start some critical thought.
Offer an experienced person slightly more than they're currently making in salary and shares, include a shotgun clause in your contract so you can gain required permits, and then potentially buy that value back from them once they hire more talent or exit.
I found Mr. Stronach's commentary on enabling small business insightful. I also enjoyed hearing his views on running companies. I wish I had an idea for a small company that I could run, but I have none, and no idea how to begin. Plus, being in my late 50's, it's probably too late. I wish I had met someone like him early my career.
Never too late mate. I'm stating something at 68.
Look up a biography on Colonel Sanders :)
It's never too late and with today's tech you could DEFINITELY do it !
Never say it’s too late! Ask your brain to solve the problem of what idea you would like to build a business around.
The man who invented Grey Goose was 78 at the time. Colonel Sanders was 62 when the first KFC opened. You're not as old as society wants you to think you are, you still have plenty of time to build a tremendous future for yourself and your family.
Whats so hard about the business idea? Find a service people need, preferably one that pays reasonably well and is scaleable, start working for someone else, impress your customers and open your own shop. If you're good your service will sell itself. Then hire employees and scale.
There's no mystery to it. Great ideas are not necessary. What Stronach did wasnt a great idea. He just made tools for his customers. He didnt set out to cure cancer.
Frank Stronach is a legend in global business. He is very caring man who always looked out for his employees. We would be wise to listen to him and gain from his experience in these difficult times. A great Canadian 🇨🇦 🍁 and humanist.
He is Austrian
I found this conversation very insightful. It's quite inspirational and educative.
I am having a really hard time listening to it, because through all the questions until the 43 minute mark, none of them were answered, he starts a story that does not answer the question.
The point is, he tied an onion to his belt, which was the style at the time.
Worked his way up from nothing. The best kind of individual in my book.
Note: $5,000 then is ~$70,000 now
Exactly the question I had…
Making money is not the real goal , producing something useful is ! Then comes money .
Problem solving.
@@umer_69 "Problem solving" Is very broad expression to say the least, as in it can't be assigned to any field or precise activity...and lets not kid ourselves, if the problem is complex, not every one is good at it.
But how do I turn $5 into $5000? That's the advice most of us need.
Guess, the question is how to handle $5000.
Actually though.
Find out what the minimum amount you can live on is and reduce it by 10% and save the remainder.
By exploiting people and having sociopathic tendencies like all billionaire CEOs.
Fined a great mentor
thank you frank stronach, I remember when you founded team stronach in austria, unfortunately the media did not portrait you very well back then but I really liked this interview you did today and I can proudly say the company I work for has magna in their customer portfolio ! It was very enlightening to listen to your leadership principles
Geh bitte Frankie Boy und sein Team😂
I keep hearing critical truths!! Honored to may have listened, very informative, Great stuff!!! Many thanks.
Fantastic interview with a smart man with great integrity. Our world is a better place with people like these two inspiring men.
We sure would love the input of this man, in creating the bones of what an economic constitution might look like.
and yes, treating employees as contributors to the success, with positive inclusion, is simply mountains ahead of punishment and restriction.....and much more fun.
Great Conversation, thank you.
This is a great man. He reminds me of my own father. Stronach is absolutely right. He understand the value good workers provide, and that they deserve just pay. This is not all workers. Some workers are self-entitled nitwits. Then again, Stronach struggled, he knows the struggle. It is often the offspring of magnates, those who have never suffered, who are the most penny pinching when it comes to labor wages, benefits etc. The offspring, usually, have never worked a hard day in their lives, and they certainly have never struggled. Therefore, they can have no compassion and no sense of duty to their employees.
This was great. This entrpeneur and the lady you interviewed about cattle management have been very positive and insightful. Every young person (and parents) should see these videos...
Imagine a cellist playing a musical score. Beautiful production. The entrepreneur IS the cello. The entrepreneur resonates in the environment. That is one way of describing Frank Stronach and his creations.
I loved what you had to say Mr Stronach but I don't know if it works anymore in our frayed society! Thank you for your insight Dr Peterson!
Thanks for this Dr. Peterson, I’m trying to open my own business because I can’t work anymore in the ideological place I’m working at the moment. I’d rather much more do honest work than keep doing what I’m doing. You helped me to stop with the lie, I’m just not compliant anymore, but now I want to fully change. I have a plan and I’m saving to implement it. This has been a very useful talk for me so far.
A big Thank you to two gentlemen. The conversation proved that good stuff makes a perfect sense.
Mr. Stronach is very wise… decades of experience. Appreciate your wisdom and insight.
Wow what an inspiration!! Thank you Dr P!!! What a guest !!
Quite an inspirational and motivating discussion. At times, instead of answering a question, the guest seems to wander off on a tangent, but eventually, returns with several meaningful insights. A lot of wisdom from the great entrepreneur, and he seems sharp as ever, despite his advanced age.
This was truly excellent. If more folks in the business world followed these philosophies, there would be more positivity, motivation affluence and a sense of mental and physical well being in the general public.
way to blame peoples problems on anyone but themselves lol. Mental health issues have a cause. that cause is the persons decisions and their mental health is a consequence of those choices. Not their employer XD. Most folks in the business world... do already follow these principles. There is a labor market for a reason.
@@leoxd7029C’mon man. Are you trolling? Do you even live in Canada, or the West for that matter? I’ve read your other comments and I wonder what your game is
Dr. Peterson . . . you DA MAN
We live in very different times compared to his time of "rise". Of course it's the nature of the argument to think of the world as the same as it always has been. It makes for a less discomforting conversation but at the cost of not being realistic.
Someone will tell this same story 50-60 years from now. The times may not be the same but the principles don't change.
@@toku_gawa Keep believing so.
He's saying out loud what many have known for years.
As someone struggling to turn my hobby into a small business, this was quite informative. Thanks for the interview Jordan.
What is your hobby if I may ask?
Thank you gentlemen, for an inspiring conversation with exactly the right questions and so many informative answers.
The release of the employees energy by letting them share on the profits, implicitly explains why communism in practice fails and always will.
Awesome Dr. Peterson and thank you and Mr. Stronach.. love this.. 🤗🤩
I think you should get Dr. George Grant on your podcast. He is a pastor, author, and history professor of history in the Classical tradition. It would be very interesting to listen to the two of you discuss Classical education, the corruption of the public school system, looking at history, biblical worldview, etc. he is the founder of Franklin Classical School, New College Franklin, and president of Kings Meadows Study Center. You can find a small bio of him, and more information if you search: Dr. George Grant, Franklin Tennessee. Thanks for your work in making these podcasts, I love them!!
Great inspirational video ! Love from 🇨🇦
Great interview, really gets me thinking about some stuff.
What an inspirational man. Thank you both for this outstanding interview.
Hearing his stories about going to oakville, aurora, and kitchner made me feel right at home man! Im from brampton and this was great ahaha
Stronach is blending the best of socialism with the best of capitalism. Satisfied workers and profit.
Thank you Mr Stronach for telling your inspirational life story and contribuiting to society by providing jobs to people and services and products to consumers.
I know, that every European background person, raised and educated in central Europe did have, and probably still does have, a great advantage over equally educated, or even the majority of perosons in any other country of the world. Their culture and high quality education, even in trades, will stand them appart.
Therefore in order to succeed in another part of the world then only requires capital and risk taking.
That would be my question, what are the fundamentals for entrepreneurship and business?
People in central Europe tend to be more inclined of being employees and I could imagine it arises from the excellent social wellfare system. Why taking entrepreneurial risk and existential anxiety if one can live a high standard life on a wage.
I'm not a fan of your car though, nevertheless all the best for your future endeavours.
Sharp suit, J. Cheer for you always
This episode was great!
I have always felt this way as you get the best out of people and productivity. Everybody wins.
It's called the trickle down effect.
Not a them and us mentality as this is very unproductive.
Big business are continuing to want to make more and more money every year.
Amazing!! 2 ethical, amazing men.
Thank you for your hard work its helping me a lot❤
Hi Jordon, my humble suggestion that when you welcome your guest, you allow them to reply and then you can make your introductory remarks. Thanks all the same for these motivational testimonies.
My son just got an employee profit sharing program enacted at his small business. He hasn't bought it yet but plans to. He never would have known the owner would do it if he didn't ask, he asked and walaa an employee profit sharing program has been enacted.
Thank you Mr. Peterson
I loved it when I could watch/listen to someone tell their business success story and then be motivated by it. Now it just reminds me of my failure of a life.
But you know, just keep positive! Or whatever generic advice people give.
We expoit the vulnerable, and punish the virtuous, and we do this because we lack the bravery to recognize our capacity to do so, and are therefore blind to it when we do. We lack the bravery to be humble, this is the root of almost all self induced suffering.
Wonderful interview!
As always absolutely amazing
Thank you and Greetings 👋
Man, Jordan is relentless.
I'd love to see Dr Peterson talk to Doug DeVos, whose father started the Amway Corporation. I haven't seen a bigger advocate for free enterprise.
Please use your platform to talk about the FCC vote tomorrow. Im so scared its already too late and these are the building blocks of a dictatorship.
Lots of good business insights, but the problems with our economy are more fundamental. Ground rents and devaluation of currency are the two greatest factors siphoning the value of productivity away from the citizenry.
100%. Mr. Stronach assumes things like a stable currency, a high trust society, a certain spiritual baseline that we can no longer take for granted. Things like "economic rights" ride on top of more fundamental cultural layers.
@@jacquedegatineau9037 Additionally, while I like this idea of profit sharing, I'm wary of it descending into "means of production" type thinking. But that's more a criticism of the population's response rather than the man himself.
Americans seem to be blaming dealers and stores for higher prices and have no idea that runaway government spending has caused a devaluation of the currency itself. In fact the average person seems to believe that the more fake money the government prints the more money there should be for all of us to share.
*if Frank came to Canada in 2023 instead of 1952, he would probably leave out of frustration and go back home, nobody would rent a room to him in Brampton, the line up to get a job at Tim Hortons would be too long, and the government would make it super hard to get permit to open a business in the garage* jk.... 😅🤣😂
Thank Yall so much
Great interview.
1 point that scares me though, gas/fuel to double within 2-3 years ?
Everything Frank said that he wants for Western countries can only be achieved by reducing and eliminating government regulations, restricting government power, and protecting the right to private property.
Yes. Still, by the way he talks he seems to think "capitalism" is the problem and that politicians are the solution.
@@vladmordekeiser1054 Funny how all the WEF elites seem to be obsessed with the same kind of "solutions" that Karl Marx wrote a lot about. But that doesn't make any sense, they're "capitalists", right?
@@vladmordekeiser1054 I certainly didn't hear that!
Great conversation as always Dr. Peterson. And keep the beard. It's you. Looks great.
What a wonderful man. Very interesting
Very interesting fellow. A person could do well by emulating him. I have a question about the e.v.'s. How are the cabins heated and how well do they do on icy roads?
There should be subtitles in every language on everything that dr.peterson posts.
There should be subtitles for this bloke, he might be a brilliant CEO but I know of foreign barmaids who speak better english than him.
Besides english is not that difficult a language to learn.
How long has he lived in Canada? And his accent is still this strong and he still makes this many mistakes?
Whatever happened to "be precise in your speech"? Consider me uninspired. 😆
@@Malthus his English is perfect
@@Malthuskeep crying løser
@@farkovukints-jn3iz Sure bud.
@@umer_69 Ouch! I thought snowflakes only roamed in leftist comments sections...consider me unsurprised.
Thank you bout time.
Next up Jordan B Peterson x Sebastian Kurz?
I liked this interview right up until the end, where he said his company was inventing a golf cart.
Nice suit JP! Looking sharp 👌
The economy is driven by three forces:
Smart managers
Hard working employees
Investors
Great video! Can you please Interview Andrew Yang on Politics & Dr. Carl Hart on Drugs? 🙏
About that vehicle: 2 wheels in the back, one wheel in the front on a narrow, tall vehicle is a terrible idea as it will tip over on every turn. If you want a three wheel vehicle you either have to make it wide or put 2 wheels in the front and 1 in the back. Also 32 km/h seems very slow for traveling in a larger city, 50 km/h would be more reasonable or if safety is concern then 90 km/h with a speed limiter that people will set themselves.
Incredible!
Thank You Dr. Peterson
To be truly hungry is life changing.
Can someone please explain what happens with the profits?
If the profits he mentioned 30% share holders, 6% to managers, 2% charity, 7% to R&D and what happens to the rest of the profit percentage?
Turn $5000 into lots more by working hard and leading a good life! Maybe not a billion..but how happy would most people be with a billion..Not Very Id suggest!
Why are some people so dead set on making so much money? So much that it would be hard to spend and would test your very morality merely to be a guardian of and appropriate wisely! Just try not to be greedy and settle for a good wholesome and fulfilled life!
Elon Musk. Trying to do the same thing as Stronach. I wish him well and this man here is a giant and an example of how things should’ve “stayed”
Halfway through and throughly enjoying his insight. Better product at a better price - love the simple message amongst the complex journey. Also, love his humanity
Yes interesting man.
But also Thomas Sowell … a legend - he needs to be interviewed
So, you like Jodran Peterson? I like him!
It was kinda funny how jbp asked him the same question 3 times and he just told stories lol
the love of the employee will not be lost in the void. that care will spread and hold the system together that one is running. Profit is irrelevant if the system doesnt work.
Well when you see what kind of comments he made a few years back when he created a political party back here in Austria, you would definitely question his sanity and wonder how the hell he was able to create this business 😅
I love the idea of a small electric car but I would never drive a shoe box in traffic.
Frank's general ideology has a foundation of productivity, freedom, and trade. These are principals of the natural state of human sustainability. Canada, unfortunately, has a crushing Government bureaucracy that stifles said principals.
wow, 200 my high school class was just under or just over 200 and there may have been one person not to graduate, and we were not just a middle class school they bussed in people from all over the county.
Jordan! Love all of your videos!
Very inspiring and insightful. But did you all forget about walking and beautiful cities?
Why no one gets that it's harder to get from 0 to 500k than from 500k to billion.
Not even close. $500k is nothing these days, getting to a billion is at a least an order of magnitude harder.
@@The_Fridge you don't get it.
I'm talking from zero without any outside help(even an roof over your head is help while you learning) or guidance
1 million seconds = 11.57 days
1 billion seconds = 31.7 years
That should help put the numbers into perspective.
Does amazon follow these rules?
This is a very important conversation for me personally. I often wonder about the company I work for has no mission other than generate profit… it has no mission, purpose or vision that isn’t superficial. … it was bought by another company, and will be bought by another company. I cant help but think 100 years from now it will be a completely autonomous profit generating monstrosity with no real purpose. It scares me.
Hello Dr. Peterson,
I would be very interested in a conversation between you and Christopher Watkin. He wrote a book called "Biblical Critical Theory" which is a fascinating read. From what I saw he is also a very nice and humble person who surely would be a great guest for an enthralling conversation on your podcast.
Best Regards
Clemens