#116 Sam Bronfman (Seagram's and the Bronfman family dynasty)

About this episode

What I learned from reading Samuel Bronfman: The Life and Times of Seagram’s Mr. Sam by Michael R. Marrus. ---- The story of Sam’s rise to fame and fortune from a hard life on the Canadian frontier is inherently dramatic and yet touches a familiar nerve in a broad spectrum of the population. There is something in Sam’s response to his disappointments that most people recognize in their themselves. [0:01]  I found out about the Bronfman family on Founders #53 Mike Ovitz when Mike Ovitz brokered a deal that led to Seagram buying MCA Universal for $5.7 billion. [2:58] Generational Inflection Point: A single individual that changes the trajectory of his entire family for generations to come [3:35]  Why did his family have to flee Russia? [6:42] Sam was ashamed of the poverty is family endured and NEVER forgot it [10:45]  Sam starts running his own hotel at 23 [14:35]  Sam figures out a new plan to overcome the powerful temperance movement / The good ones know more. — David Ogilvy [18:00]  The advantages of Sam’s mail order strategy + Copying and improving on his competitors [20:12] Some people just want it more [22:23] Sam would tell you to focus on the long term [24:26] Sam would tell you don’t waste any opportunity and be a learning machine [31:50] Sam would tell you to learn from the best [35:44] Sam would tell you to think big and appeal to interest [37:20] Sam’s view on money / Go First Class [42:04] After prohibition is lifted Sam goes on a buying spree / Default aggressive [48:53] Sam does something brilliant: He repositions whiskey as a luxury product [53:02] Sam’s personal curriculum [57:30] How Sam’s business survived WWII [59:00] The company proved to be one of Sam’s shrewdest moves; bought with only $50 million in borrowed cash it was sold [by his heirs] in 1980 for $2.3 billion [1:03:35] ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here.  ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast