Sharing successful entrepreneurial stories

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[00:00] SPEAKER_00: Welcome to Canada's podcast.
[00:05] SPEAKER_00: Hello, I'm Mario Tonigusi, managing editor of Canada's podcast.
[00:09] SPEAKER_00: Joining me today on Calgary's podcast is Basil Carmelli, who is an author, talk show host,
[00:17] SPEAKER_00: business analyst, financial advisor based in Calgary.
[00:21] SPEAKER_00: Have I missed anything, Basil?
[00:23] SPEAKER_00: Yeah, thank you for having me.
[00:25] SPEAKER_00: Thanks for joining us today.
[00:27] SPEAKER_00: Thank you for having me.
[00:28] SPEAKER_00: Well, let's talk, first of all, before we get into some of the media stuff you do, tell
[00:35] SPEAKER_00: us a little bit about your financial background and what do you do in that area.
[00:41] SPEAKER_01: Yeah, so my business partner, Dave Poppich, we started a practice called the Poppich
[00:45] SPEAKER_01: Carmelli Advisory Group.
[00:47] SPEAKER_01: We merged our individual practices 15 years ago, and we decided to focus on two major
[00:55] SPEAKER_01: categories of two different groups.
[00:57] SPEAKER_01: Our key pro-practice is working with people who are transitioning to or living in retirement.
[01:02] SPEAKER_01: We also have worked with entrepreneurs who are building their wells and getting ready
[01:06] SPEAKER_01: for retirement within 10 years or less than 10 years or already in retirement.
[01:11] SPEAKER_01: That's the most vulnerable stage in a person's financial life when they're basically going
[01:16] SPEAKER_01: to be living off their savings and they're going to be able to work around their lifestyle
[01:20] SPEAKER_01: based on that versus a paycheck or business income or whatever it may be.
[01:25] SPEAKER_01: So, most vulnerable time and state in their stage of life, so we wanted to build an entire
[01:29] SPEAKER_01: practice where we can add value, give support, advice, and proper money management around
[01:34] SPEAKER_01: it.
[01:34] SPEAKER_01: And that's what we built about 15 years.
[01:36] SPEAKER_00: So, I'm just curious of yourself personally, like, how did you get into this and why?
[01:43] SPEAKER_00: Like, I can imagine growing up as a kid, your problem, weren't thinking, I want to be
[01:47] SPEAKER_00: a financial advisor when I grow up.
[01:50] SPEAKER_01: Yeah, well, Mario, what was interesting is when I was 16 years old, an individual gave
[01:54] SPEAKER_01: me an opportunity to work on a summertime job at a financial advisor's place where I was
[01:58] SPEAKER_01: basically calling people to book appointments for the advisor.
[02:01] SPEAKER_01: That was my job.
[02:03] SPEAKER_01: The gentleman left the door opened about, it's a crack where I could even hear the conversation.
[02:08] SPEAKER_01: And that's where I got inspired.
[02:10] SPEAKER_01: That's where they go, this gentleman is actually helping his family with their finances,
[02:14] SPEAKER_01: talking about money, talking about how much money they can make and how they're going
[02:18] SPEAKER_01: to grow and reach their goals and he gets paid for it.
[02:21] SPEAKER_01: That sounds pretty cool.
[02:22] SPEAKER_01: I want to do that.
[02:24] SPEAKER_01: And literally, since I was 16, I was pretty much focused on, I want to make sure I can
[02:28] SPEAKER_01: help people.
[02:29] SPEAKER_01: I can make sure that they can help them reach their goals and if I can make them money
[02:33] SPEAKER_01: and make myself money as well.
[02:35] SPEAKER_01: Well, that's a definition of happiness when I was 16.
[02:38] SPEAKER_00: Okay.
[02:38] SPEAKER_00: Now, one of the things that you do beyond this, obviously, but connected is media stuff.
[02:45] SPEAKER_00: You're often quoted in media, but you're also looked upon as a financial advisor.
[02:52] SPEAKER_00: You know, with certain different media venues, you talk a little bit about that and how
[02:58] SPEAKER_00: do that start?
[03:00] SPEAKER_01: Yeah, about 16, 17 years ago, I was approached by a course radio to be an expert on certain
[03:07] SPEAKER_01: topics within the financial world.
[03:09] SPEAKER_01: And then at that point, that were Dave Pop, which and I were also introduced to the station
[03:15] SPEAKER_01: managers and the content team and they needed a business analyst.
[03:18] SPEAKER_01: I went to go over the business news in the local area as well as what's happening throughout
[03:22] SPEAKER_01: the world.
[03:23] SPEAKER_01: And so we were actually on the radio about 17 years ago and we've been doing that ever
[03:28] SPEAKER_01: since CTV came on board and global came on board many years later.
[03:32] SPEAKER_01: And so now we're also on those two era platforms as well.
[03:36] SPEAKER_01: So we've covered TV and radio now as business analysts and business experts for those
[03:41] SPEAKER_01: media outlets from a local level.
[03:43] SPEAKER_01: And then we also get on the national international to flavor to it.
[03:46] SPEAKER_01: So we've not only been able to work with clients, but also be able to help people understand
[03:50] SPEAKER_01: the day-to-day news stories of what's happened.
[03:53] SPEAKER_01: How do you like doing that?
[03:55] SPEAKER_01: It's nerve-wracking still.
[03:56] SPEAKER_01: So today, after so many years, a year or one on one of our shows as well, many years
[04:01] SPEAKER_01: ago when we were working with the publication companies out here.
[04:05] SPEAKER_01: And so it helps us kind of communicate, it helps us stay on top of things, but it's
[04:11] SPEAKER_01: nerve-wracking.
[04:11] SPEAKER_01: I don't always like it so much, but I try to do as a best of a job as I can.
[04:16] SPEAKER_00: Okay.
[04:17] SPEAKER_00: Now you've also kind of transitioned into doing a lot of podcasts and the Carmalley Exchange.
[04:24] SPEAKER_00: Can you talk a little bit about that?
[04:26] SPEAKER_00: How did that come about and what do you do with the podcasts?
[04:30] SPEAKER_01: What I've noticed, I think over the last 15, 16 years, is that when I've had the opportunity
[04:37] SPEAKER_01: to analyze and review and discuss about major corporations around the world, I've got
[04:43] SPEAKER_01: the opportunity beyond conference calls, speak with C-Sleep members, do some research with
[04:49] SPEAKER_01: them and learn how to pick portfolios or select investments for my clients.
[04:54] SPEAKER_01: And these companies generally have five key areas.
[04:57] SPEAKER_01: When I take it down to the private, small, medium-sized corporations in this country, not
[05:05] SPEAKER_01: all five pieces of a successful business are being applied.
[05:10] SPEAKER_01: And I didn't think that these businesses actually had a place where they can learn those
[05:13] SPEAKER_01: five, what I call them the five P's on the success of a business.
[05:18] SPEAKER_01: And so one of my passion is to help a force and to help business owners.
[05:22] SPEAKER_01: And so I built an entire platform to help business owners on this and give them some
[05:28] SPEAKER_01: feedback on how their business can grow.
[05:30] SPEAKER_01: We have workshops, we have podcasts, we have interviews, we have conversations.
[05:35] SPEAKER_01: And so it's pretty interesting.
[05:37] SPEAKER_01: And those are the key things I think, a lot of our business owners in this country are
[05:41] SPEAKER_01: very good at their craft.
[05:43] SPEAKER_01: They're not always as great with business itself.
[05:46] SPEAKER_01: I think that those five P's, they need to work on knowing how to handle their people,
[05:51] SPEAKER_01: their product or service, they have to have passion, a purpose behind what they do.
[05:55] SPEAKER_01: They have to have a process in their business.
[05:58] SPEAKER_01: And they know how to get paid.
[06:01] SPEAKER_01: And if you put those five P's, people, passion, product, process and get paid,
[06:06] SPEAKER_01: you've got a very good business, you can handle all of that.
[06:09] SPEAKER_00: So over the years, who are maybe some of the most famous people you've done on your podcast?
[06:17] SPEAKER_01: Oh, there's been quite a few.
[06:19] SPEAKER_01: I think I'll use the most impact or more than the most famous.
[06:23] SPEAKER_01: I think that's where the key comes in.
[06:25] SPEAKER_01: So let's talk with the founder of, when Brian Smith came on board,
[06:30] SPEAKER_01: he was, he has such a great story and talked about how he actually was selling shoes out
[06:36] SPEAKER_01: of his back of his van on the beach in California all the way to how you'd see it as a multi-million-dollar
[06:44] SPEAKER_01: company, how he lost his company, got it back, sold it.
[06:48] SPEAKER_01: Those experiences of that journey is fantastic.
[06:53] SPEAKER_01: When you look at some more of a national brand, like Ashley Freeborn and what Smash and
[07:01] SPEAKER_01: Teth has done and how they built it from out of it, who were going to it?
[07:05] SPEAKER_01: A national brand having major artists where her clothing is fantastic.
[07:09] SPEAKER_01: And then you can see local brands in the Calgary area, for example, you've got service-based
[07:15] SPEAKER_01: businesses such as Warren and her entire studio and how she's built her entire
[07:22] SPEAKER_01: business.
[07:23] SPEAKER_01: You've also got Joy Drop doing fantastic work and the retail side of things and these
[07:28] SPEAKER_01: stories are not heard, but it's the learnings of what they need to do to make it better
[07:34] SPEAKER_01: is where entrepreneurs come.
[07:36] SPEAKER_01: So when I talk about the impact, these are the ones that give them the biggest impact
[07:40] SPEAKER_01: I think to the viewers and listeners of our show.
[07:43] SPEAKER_00: What have you learned in interviewing all these people?
[07:47] SPEAKER_00: What have you learned in terms of the lessons for success of being an entrepreneur?
[07:53] SPEAKER_01: I think one of the key lessons I learned is there's no one way of doing it.
[07:57] SPEAKER_01: We talk about in the investment world, you have to have a certain type of process or
[08:02] SPEAKER_01: certain type of metrics to reach what's called a pinnacle type of company.
[08:07] SPEAKER_01: In the private sector, small medium-sized corporations, it's not all done the same way.
[08:13] SPEAKER_01: So that's the number one learning.
[08:14] SPEAKER_01: You can become a successful business without being a conventional business.
[08:18] SPEAKER_01: Number two, not surprising, but confirmed by my thesis, most business owners don't know
[08:25] SPEAKER_01: their financials.
[08:26] SPEAKER_01: The ones that do very well are the ones who know their numbers.
[08:30] SPEAKER_01: Many of them will say, I'll hire an accountant, I'll hire a financial person to take care
[08:35] SPEAKER_01: of that.
[08:35] SPEAKER_01: So they don't know their metrics.
[08:37] SPEAKER_01: They don't know how to move the levers of the business.
[08:39] SPEAKER_01: So I think that was confirming my thesis about what the individuals had and how to actually
[08:46] SPEAKER_01: connect with your customer base.
[08:48] SPEAKER_01: It was probably the third one.
[08:50] SPEAKER_01: When you look at what have free pandemic, during the pandemic, you're looking at things
[08:53] SPEAKER_01: that are happening now, your connection with your client, there are so many different
[08:58] SPEAKER_01: ways and you always have to be in connection and have that interaction with your customer
[09:04] SPEAKER_01: base.
[09:04] SPEAKER_01: Because if you don't, your competition will take over.
[09:06] SPEAKER_01: That's what we've seen with a lot of businesses around the world.
[09:10] SPEAKER_00: As funny as you mentioned, the connection with the customer base and how important that
[09:17] SPEAKER_00: is.
[09:18] SPEAKER_00: I was just thinking of the controversy we have right now with Bud Light and some of their
[09:23] SPEAKER_00: marketing.
[09:24] SPEAKER_00: Obviously, they misread that situation.
[09:30] SPEAKER_00: Which leads me to a question about success and failure.
[09:36] SPEAKER_00: How many of these companies have failures along their journey and the process, but they
[09:43] SPEAKER_00: have learned they don't give up.
[09:46] SPEAKER_00: That's one of the things I found in a lot of these businesses.
[09:50] SPEAKER_00: Can you talk a little bit about the importance of plowing through those challenges and plowing
[09:58] SPEAKER_00: through those obstacles?
[09:59] SPEAKER_01: When I had a chance to talk to like Shane Wenzel with Shane Holmes and Sophie.
[10:06] SPEAKER_01: One thing that he mentioned to me is through his journey, he would see a failure as a failure
[10:13] SPEAKER_01: because he was at a certain part of his journey.
[10:15] SPEAKER_01: Further along his journey, he wouldn't look at it as a failure but an opportunity.
[10:19] SPEAKER_01: Now he looks at failure completely different than when he first started.
[10:23] SPEAKER_01: I think you can tell where an individual is in their journey based on how they describe
[10:28] SPEAKER_01: failure.
[10:30] SPEAKER_01: To me, failure is a learning opportunity.
[10:32] SPEAKER_01: It's not in that.
[10:34] SPEAKER_01: It can hurt you or really impact you.
[10:36] SPEAKER_01: You can make mistakes.
[10:37] SPEAKER_01: You can have impact on those mistakes.
[10:40] SPEAKER_01: But it's what you do with that going forward.
[10:41] SPEAKER_01: So that rebound, that bounce back, that plow through that you were talking about, it's
[10:46] SPEAKER_01: all now come back to mindset.
[10:47] SPEAKER_01: There are a lot of people who are going to fail in their business, 80% of businesses fail
[10:53] SPEAKER_01: in the first five years.
[10:55] SPEAKER_01: There's a reason for that.
[10:57] SPEAKER_01: That's why I want to help.
[10:59] SPEAKER_01: The other part of it is if you do fail, how do you, in any format, how do you jump back
[11:03] SPEAKER_01: up and move forward?
[11:05] SPEAKER_00: Let's face it, it's not an easy time for anybody these days, right?
[11:09] SPEAKER_00: When it comes to the economy and finances and as you mentioned, a lot of businesses fail.
[11:15] SPEAKER_00: What does it take for an entrepreneur to overcome that?
[11:22] SPEAKER_00: What do they need to have up here, I guess, and considering the times we're in now with
[11:31] SPEAKER_00: costs flying off the roof in terms of everything that they're doing and issues with supply chains,
[11:39] SPEAKER_00: all that type of stuff.
[11:40] SPEAKER_00: What does it take to be a person of success in this environment?
[11:46] SPEAKER_01: The one thing that all entrepreneurs that are successful have as part of their DNA is vision.
[11:53] SPEAKER_01: They look through the bigger picture.
[11:55] SPEAKER_01: They want to make sure that their vision is being accomplished, whatever that vision may
[12:00] SPEAKER_01: be.
[12:00] SPEAKER_01: I think that's the first thing.
[12:02] SPEAKER_01: If you give up on your vision, you're going to give up on your business.
[12:05] SPEAKER_01: Number two, one thing I see, common between entrepreneurs through the ups and downs is that
[12:12] SPEAKER_01: they have an objective or a goal.
[12:15] SPEAKER_01: They're almost so egotistical that they can't let things fail, that they push through it
[12:21] SPEAKER_01: and try to make it work.
[12:23] SPEAKER_01: There's a lot of insecurity and issues that we have as entrepreneurs that we want to
[12:27] SPEAKER_01: make it be successful for whatever reason that may be.
[12:30] SPEAKER_01: But those reasons are the driver.
[12:32] SPEAKER_01: Now, that could be because you got to take care of family.
[12:35] SPEAKER_01: You want to make sure you're got your name and life.
[12:38] SPEAKER_01: Whatever it may be, you've got the best way to help people.
[12:41] SPEAKER_01: There's a reason or purpose behind why we do what we do.
[12:45] SPEAKER_01: Whatever that purpose is, you're going to see entrepreneurs just be laser focused on
[12:50] SPEAKER_01: that purpose and do what they have to do to make things get things done.
[12:54] SPEAKER_01: And so all through all the adversity, either pandemics, labor shortages, inflation,
[13:00] SPEAKER_01: tax increases, all the different things, supply chain, all the things that go on, you're
[13:06] SPEAKER_01: going to have all these challenges, that vision and that tenacity to stay with it because
[13:12] SPEAKER_01: you have a purpose is the most important driver.
[13:14] SPEAKER_01: That's what doesn't get people through it.
[13:16] SPEAKER_01: We innovate and we create because we have that tenacity.
[13:20] SPEAKER_00: So you're based in Calgary, what about the environment here?
[13:24] SPEAKER_00: What do you see when it comes to the entrepreneurial spirit that everybody talks about about Calgary?
[13:31] SPEAKER_00: Is that a myth or is that reality?
[13:34] SPEAKER_01: I think Calgary is one of the most undervalued cities in this country.
[13:41] SPEAKER_01: We have been pegged as a typical one industry type of city, which is oil and gas.
[13:50] SPEAKER_01: And then they have reason to have that view.
[13:53] SPEAKER_01: What's not being discussed as much as I'd like to see is the opportunities in other areas.
[14:01] SPEAKER_01: And most people will go right to the tech industry.
[14:04] SPEAKER_01: There's a whole bunch of life sciences companies, technology companies, agriculture
[14:10] SPEAKER_01: corporation, manufacturing fabrication.
[14:13] SPEAKER_01: Like we are diversified more now than we have ever been in the history.
[14:19] SPEAKER_01: And I don't think that's being mentioned.
[14:21] SPEAKER_01: We're still oil and gas town according to many outside the city.
[14:26] SPEAKER_01: But if you actually go through the core of the areas in Calgary,
[14:31] SPEAKER_01: you will see how great and how diverse this city is.
[14:35] SPEAKER_01: Not only by industry, but by people, backgrounds, knowledge, and what they contribute to the city.
[14:41] SPEAKER_01: So I think we're undervalued.
[14:43] SPEAKER_01: I use hockey as an analogy.
[14:45] SPEAKER_01: Think of your most undervalued hockey team.
[14:48] SPEAKER_01: That's the Calgary.
[14:49] SPEAKER_00: Now what about the actually the underlying business conditions for here or for the rest of the
[15:00] SPEAKER_00: province? How does that fuel, I guess, entrepreneurial spirit?
[15:07] SPEAKER_00: There's a lot of talking about that, you know, obviously taxes are lower and all that type of stuff.
[15:12] SPEAKER_00: Is that a driver of the entrepreneurs if you're in the province?
[15:18] SPEAKER_01: I'll say taxes is an incentive.
[15:20] SPEAKER_01: It's not a driver. It's an incentive.
[15:22] SPEAKER_01: I can say that Alberta by nature has a different type of, I've lived in three eight provinces in
[15:30] SPEAKER_01: this country. And the atmosphere in this province of we can do this ourselves, we can make it happen
[15:37] SPEAKER_01: is a little bit different than it is in other provinces or even other states in the United
[15:44] SPEAKER_01: States as well. And so we want to build on our own. We've had this mantra, this mindset,
[15:51] SPEAKER_01: or this history in this province.
[15:53] SPEAKER_01: Now we just us against the rest.
[15:56] SPEAKER_01: And so we better make it work for us.
[15:58] SPEAKER_01: And so that's kind of been a part of the culture of Alberta.
[16:02] SPEAKER_01: In Sweden, that's why you see the entrepreneurs that you do.
[16:05] SPEAKER_01: That being said, we find it the most challenging to go east to west in our business while activities.
[16:12] SPEAKER_01: It's easier to go north and south. It is easier for us to work down south and is to work with our
[16:17] SPEAKER_01: our fellow provinces across the country for multiple reasons, government reasons, bureaucracy,
[16:23] SPEAKER_01: politics, whatever it may be. But I think Alberta have figured out that we're going to break
[16:28] SPEAKER_01: these border barriers going east and west. We're going to break these borders going north and
[16:33] SPEAKER_01: south so we can open our lines of business more. And I see that more and more happening in this
[16:37] SPEAKER_00: province.
[16:38] SPEAKER_00: Okay, a little bit of a strange question, but I'm just curious. The entrepreneurs that you've
[16:44] SPEAKER_00: interviewed for your podcasts, male, female. Any differences that you've noticed between a male
[16:52] SPEAKER_01: and a female entrepreneur? I don't want to generalize on any one gender based on that, but what I
[17:00] SPEAKER_01: can say is that all of them are driven to reach a goal. Now their goals might be different.
[17:06] SPEAKER_01: I have not seen as many entrepreneurs focused on end result being money.
[17:15] SPEAKER_01: And I think that's a very interesting piece. The ones who are chasing the money,
[17:21] SPEAKER_01: you can see it. You can hear it in their tone. And I think that's a big one. When you look at the ones
[17:27] SPEAKER_01: who are who are focused on their purpose or what they want to deliver, they know the money will
[17:33] SPEAKER_01: follow at some point. And so when I talk about individuals like Jane Lothbrinner, Amanda OVC and
[17:39] SPEAKER_01: these, these individuals, these ladies have done a great job. You'll never hear them say it's
[17:45] SPEAKER_01: about the money. And then you talk to individuals like Shane Wenzel or members from Lit Color,
[17:50] SPEAKER_01: and so forth. They're not talking about money. They're talking about a service or a product that
[17:56] SPEAKER_01: can make a difference to people in their lives. So I think that's the common bond. The differences,
[18:01] SPEAKER_01: I would say, is how they approach it from a nurturing perspective, from an ongoing active
[18:07] SPEAKER_01: perspective. I think that's where the differences lie. That's why I think diversity is good.
[18:11] SPEAKER_01: But I don't think it's a gender based. I think they're all focused on the outcome not the money.
[18:15] SPEAKER_00: Okay. Now, so what you've said right there kind of tweaked in something in my head. Like a lot of
[18:22] SPEAKER_00: the companies focus on the end goal and not so much the make in the money, but building a company
[18:31] SPEAKER_00: in order to sell it. Okay. You know what I mean? And then there's a lot of companies that do that.
[18:38] SPEAKER_00: That is, you know, what's your thoughts on that as opposed to is that where you lose the focus
[18:44] SPEAKER_00: of as you're talking about the purpose and the mission of what your company is? You know, I think
[18:50] SPEAKER_01: the purpose can be ability to build and to build something in order to sell it. That could be your
[18:56] SPEAKER_01: your future for your formal financial perspective or because that's what you want to do. Rarely
[19:07] SPEAKER_01: I would label them as business owners. Yeah. At some point, not entrepreneurs. Most entrepreneurs
[19:15] SPEAKER_01: have got this attention deficit to stay in one focus and they want to go into other areas as well.
[19:23] SPEAKER_01: And I look at myself, you know, I can talk about my my my financial practice. But even within that
[19:29] SPEAKER_01: financial practice, we've got other ways of doing things that are not conventional. And so we're
[19:34] SPEAKER_01: not going to stay with the same old same old. But I think that there's a change there. I think
[19:38] SPEAKER_01: business owners or individuals who set up a business in order to for it to be sold have a different
[19:43] SPEAKER_01: purpose or outcome they're trying to achieve. Not so they can't give a good product or service
[19:47] SPEAKER_01: or anything like that. But I think the people who buy them and want to have a different ad value
[19:51] SPEAKER_01: to the success of society will see a bigger a bigger bang for their buck because it's already been
[19:56] SPEAKER_00: set up to be sold. I think there's opportunity. All right. So based on what you do a lot of stuff,
[20:02] SPEAKER_00: you're a very busy man. Where do you find the work like balance in your life?
[20:08] SPEAKER_01: Yeah, I don't really like the conversation of work and life being an opposite to end and you have
[20:13] SPEAKER_01: to balance it out like you're on a scale or a seesaw. I honestly think it's part of your life.
[20:18] SPEAKER_01: I'm here. Literally, I'll be going spend some time with my my family very shortly. And so it's
[20:24] SPEAKER_01: part of my life. So I'm not a big fan of this whole concept of work versus life. So the
[20:31] SPEAKER_01: is who I am. I've never seen people who have a part of their life have a problem balancing.
[20:38] SPEAKER_01: Sure, there are times you want to spend more time in one thing versus another. Sure, I like to
[20:42] SPEAKER_01: spend more time in my family than I can right now. But I have a purpose as well. My businesses are
[20:48] SPEAKER_01: are like my my children as well. They need nurturing. They're all at different stages of their journey
[20:53] SPEAKER_01: and they're in their and their course. My children, my actual biological children are all at
[20:59] SPEAKER_01: different stages of their life. So I think they're all like different different parts of me. And so
[21:04] SPEAKER_01: I believe there's something as a life on work life balance. I think it's just life.
[21:08] SPEAKER_00: All right. Wonderful. Thank you, Facil, for joining us today.
[21:13] SPEAKER_00: Thank you for having me. All right. That was our guest on Calgary's podcast, Facil Carmallie,
[21:18] SPEAKER_00: who is an author, talk show host, financial advisor and business analyst based in Calgary.
[21:24] SPEAKER_00: I'm Mario Toniguzzi, managing editor of Canada's podcast. Thanks for joining us today.