Why the heck is Canadian business legend Jimmy Pattison working on a Saturday morning?

Why not, is Pattison’s matter-of-fact response.

Indeed, why not? It’s the way Pattison has always played the game and it’s how he stays ahead of the game.

And to the hard-charging CEO of the Jim Pattison Group, going to the office is not so much like going to work as it is going to the game.

Bayne Stanley photos, Business Edge
Busy entrepreneur Jimmy Pattison says while timing is all-important in the art of deal-making, diversification is a big part of his strategy for success.

At 75, Pattison still has his game face on and still gets a huge kick out of executing the big play.

Just days after this interview, booked on a Saturday at Pattison’s request, the Vancouver tycoon found a new play in his playbook by jumping into the drug-making game, purchasing 10 per cent of CEO Eugene Melnyk’s stake in Biovail for $48.6 million US.

Biovail shareholders were so impressed with the investment from the ultimate value investor that they bid the stock up 13 per cent in two days, increasing the value of Pattison’s shares by $6.3 million U.S.

Pattison is also rumoured to have been the catalyst behind Canfor’s recent acquisition of Slocan Forest Products and will hold about a 20-per-cent stake in the merged company once the deal is finalized.

But Pattison, Canada’s sixth-richest entrepreneur with a net worth of $3.19 billion, is reticent about any specifics regarding his legendary deal-making. He is fiercely private about his solely owned business and delights in telling reporters that it’s none of their damned business what he’s up to.

He’s not just the quarterback in this game – he owns the team and the league.



And if you try to wrestle the game ball from him on Monday, forget it. Jimmy’s two steps ahead of the competition.

He also works Sundays. 1. Did you have a mentor in your youth?

“It was my father (“Pat” Pattison). He was a very big influence on my life. He taught me all of the things that were what I consider values. He taught me to work hard. He taught me to tell the truth. My dad was a great example because he didn’t just talk about it but he did it. I never saw my father one time do anything that was ever wrong from a point of view of dishonesty.”

2. What’s your most prized personal possession?

“It’s a poem that my mother (Julia) gave me. When I started in business, I didn’t have any money and my parents didn’t have any money. On the first day that I got into business, my mother gave me a poem she had found in the library. She had written it out by hand and had it framed. She brought it to the office and it’s been in my office ever since. The last two lines of the poem talk about failure not being the crime, but low aim being the crime. I’ve kept that on the wall ever since.”

3. What was the turning point in your career where things really started to click for you?

“I think we’re still aiming to be successful in business. I don’t think it ever ends. The world changes all the time and you just have to try to change with it. There’s no formula. Timing is important. Being in the right place at the time is important. In my case, I grew up in Vancouver and Western Canada where opportunities presented themselves. I was fortunate enough to be raised here. And I just happened to be in a good spot.”

4. What do you see as the most important ingredient in the art of deal-making?

“I think timing is important. It’s people that make deals. It’s always people. The numbers have to work but, in the final analysis, it’s people that make deals. It’s not buildings. It’s not assets. It’s people. So I think what’s important is looking at the people side of it when you’re making a deal.”

5. Is winning everything to you?

“Oh heck, we don’t win lots of times. We have lots of defeats all the time. I always remind myself that Babe Ruth, the home-run champ, had the record for the most strikeouts in baseball while he was setting his home-run records.”

6. If I were to apply for a job with one of your companies, what would you want to see on my resume?

“Stability. That’s the first thing I want to see. If you’re a job jumper, I stop reading the resume right there.”

7. How important is diversification in your business plan?

“That’s a big part of our strategy because we always have something that isn’t going the right way and we try to have more than one string to our bow. At one time, we were just car dealers and then we got into radio and broadcasting, then manufacturing.”

8. You had your best year in business in 2002. How do you expect 2003 to stack up against that?

“We expect to have the best year we ever had again in 2003. We don’t have the final numbers yet, but it’s looking pretty good.”

9. In which of your business divisions do you anticipate the most growth in the next few years?

“Oh, we never talk about that. We’re a private company and we never talk about that. I don’t want to be unco-operative but I don’t comment on those things. One of the advantages of being a private company is that you don’t have to tell anyone what you’re doin’ – and we don’t. We just sort of mind our own business and move along.”

10. Geographically, what parts of the world do you see the most potential in business in the next decade?

“Maybe somebody can answer that, but I can’t. It depends on the way the world is working out. Right now, China’s hot, but things go in cycles. But if you have a few terrorist attacks some place, you’ve got a different mentality on your hands.”

11. Are you more comfortable doing business in the U.S. where you’ve made a lot of inroads in recent years?

“Well, we like both countries. The United States is an easier place to do business than Canada. The U.S. tends to be more business-friendly in my opinion. We find it easier to do business in the U.S.”

12. Do you find American business people to be more aggressive?

“We find they’re much more aggressive, generally speaking. Management tends to work harder in the States than they do in Canada, generally. But we’re still investing a significant amount of money into Canada still. We’re putting money into both countries and aggressively trying to grow our businesses.”

13. Do you find the business environments in Vancouver and Calgary to be quite different?

“Yes. I think Calgary business people tend to be more entrepreneurial. They tend to be more Americanized, if you like. They tend to be more free-spirited.”

14. How much of an impact do you see the 2010 Winter Olympics having on the Vancouver and area business environment?

“I think it’s going to be very positive. I think that psychologically it’s good for us and our people.

"We need a shot in the arm. We’re going to get it. It gives us something to look forward to. It’s going to create some good construction. It’s very positive and I’m delighted to see it happen.”

15. Have you ever considered taking one of your companies public?

“Why? You don’t have to worry about each quarter and each year when you’re private. You can take a longer-term view of building a company. It’s less expensive. You can hide your mistakes easier. There are advantages to being public and there are advantages to being private, but we prefer to be private and it has worked out okay for us.”

16. What’s your view of the rash of corporate scandals in recent years involving public companies, and do you think the system has to be tougher cracking down on some of the culprits?

“I think the people who have done the wrong things should be harshly dealt with. When you run a public company, there’s a trust given to you. You’re like a government official. When you’re dealing with other people’s money, there’s a trust level that has to be respected. When people break that trust, I think there should be very strong action against those people. Absolutely, I believe they should be tougher on them.”

17. What’s your best advice for a young entrepreneur?

“My advice is that when you fail, don’t be discouraged. When you make decisions and try and fail, don’t be discouraged. Don’t look back. Look forward and keep moving. I don’t know anyone who has made as many mistakes as I have, so I can speak with authority on that topic. Yeah, I’ve made some bad ones. (Laughing) The key was survival.”

18. What are your favourite pastimes away from work?

“I love driving cars (Pattison drives a white Cadillac). I don’t do anything else really, except work in business. I know I can’t play golf and I’m not very good at tennis. So I spend most of my time having a good time, which is going to work, checking our facilities and meeting with people. That’s what I like doing. I love getting up in the morning and going to work.”

19. Have you ever put your feet up on the desk and said, ‘Yeah, I’ve done it, I’m successful?’”

“No. I haven’t gotten to that place yet. I’ve always felt that there are a lot of things we should be doing and can be doing. Success isn’t making money. I think the Bible says that godliness with contentment is great gain. A lot of people who are successful have a good life – they’re content, they’re happy, they have a nice family and their health is good. I don’t think any of the real values in life come from money. I think they come from other things – your health, your family, your friends, your faith. Those are the true values.”

20. How long do you think you can continue as CEO of the Pattison Group?

“We don’t talk about that either. Retirement has never crossed my mind (he also won’t comment on a succession plan that apparently is in place). None of us know those things. It all depends on health.”

IN PROFILE: Jimmy Pattison
* Title: Chairman/CEO/sole owner, Jim Pattison Group.
* Born/raised/age: Saskatoon, Sask.; Saskatoon, Vancouver; 75.
* Education: University of British Columbia, commerce major.
* Career: Pattison’s entrepreneurial career began as a used-car salesman in Vancouver and he launched his private company in 1961 by purchasing a General Motors dealership with a $40,000 loan.
* Moonlighting: Pattison is a trustee on the board of the Ronald Reagan Presidential Foundation and was the volunteer chairman and president of the Expo ’86 World Exposition.
* Accolades: He is a recipient of the Order of Canada, the Order of British Columbia, the Governor General’s Commemorative Medal for the 125th anniversary of Canada and an inductee in the Canadian Business Hall of Fame and Canadian Professional Sales Association Hall of Fame.
* Vital Stats: Pattison was recently ranked as the sixth-wealthiest Canadian entrepreneur by Canadian Business with a net worth of
$3.19 billion.
* Claim to fame: Pattison owns the former California home of Frank Sinatra.
* Passions: Cars, playing the trumpet and piano.

THE COMPANY: Jim Pattison Group
* Profile: The Pattison companies are involved in a vast array of industries including food services, packaging, distribution, manufacturing, communications, entertainment, transportation and export services, primarily in Canada and the U.S. Companies include the Overwaitea Food Group, Pattison Sign Group, the Automotive Group and Ripley Entertainment, operator of the Ripley’s Believe-It-Or-Not! museums.
* Numbers: The Pattison Group has annual sales of $5.5 billion, assets of $3.5 billion and employs 26,000 people.
* Website: www.jimpattison.com
* Address: 1055 West Hastings St., Vancouver, V6E 2H2
* Phone/Fax: 403-688-6764, 687-2601