As was once observed, people in the midst of good fortune often forget to say thank you. Thus Tuesday’s luncheon at the Hilton for Guy Richard, which was hosted by the Franklyn Wilson and his colleagues of the Sunshine Group, was particularly memorable. In his opening remarks, Mr. Wilson noted that there had been men whose actions had transformed forever, the way in which business was and continues to be done in The Bahamas.
“Men like Jack Smith of Royal Bank who funded and helped to make Arawak Homes, which has built more homes in The Bahamas than any other company,” he said to the group of approximately 60 persons, representing domestic financial services.
Recalling the work of men like Royal Bank’s Hal Jacobson and the late Bobby Symonette of Bahamas First, who together pioneered mortgage-guarantee insurance, Mr. Wilson said today, those actions made it possible for others such as Peter Thompson at Finco and Chase Manhattan to continue to create innovations such as “the five percent down for mortgages” “cash flow lending” which, he said, although taken for granted today, were made by men among whom is Guy Richard (pronounced Geey REE-shard) is a member.
Mr. Richard came to The Bahamas a decade ago to sell Imperial Life Assurance, a company which he described when he arrived as having “60 percent of its portfolio in mortgages, 60 percent of which were non-performing.”
It is a testament to Mr. Richard’s financial acumen, in that he transformed Imperial from a sluggish underachiever to the country’s premier pension fund manager.
Two speakers gave insights into his approach to business. Senator Phil Galanis said that when Mr. Richard arrived in The Bahamas, he met with him on behalf of a client whose company was then valued at $5 million.
As Mr. Galanis relates with his client’s blessing, the client needed $1.5 million to grow his company capital, which was not forthcoming from the banks. Mr. Richard saw the company’s potential and gave the loan. Later another $2 million was required.
The banker said it could loan the money but the restrictions “tied his hands” and again Mr. Galanis approached Mr. Richard, who looked at the company and said no because “it was too early to put more money into the company” but he eventually said yes, investing directly into the company.
“Guy did not ask for my client’s wife and children or place any restrictions,” Mr. Galanis said, “In fact he invested in the company. Today that company is valued at $35 million because he believed and saw an opportunity.” Keith Major a vice president at ColinaImperial, who also worked with Mr. Richard at Imperial Life Assurance, noted that the outstanding quality was Mr. Richard’s belief in and commitment to empowerment.
“At Imperial, we had managers who were making decisions that only CEOs in other Bahamian companies would make,” Mr. Major said, in explaining the extent to which Mr. Richard entrusted the people who worked with him.
Mr. Major noted that when Mr. Richard promised him that he would be a vicepresident, it was not just window dressing or a title for its sake. With such position, Mr. Major would be on par with every other Vice President of the parent company DesJardines, Canada’s sixth largest insurance company.
In his response to the many kind remarks, Mr. Richard observed that success in business depended primarily on surrounding “yourself with the best people.”
“Some people do not believe in having the best people around them because they believe they will lose their jobs but you will lose your job if you do not have the best people around you,” he said. “Success in business is having the right people in the right place. Get the best people.”
By: C. E. HUGGINS, The Nassau Guardian
