How To Live A Rich Life Through Giving Back

Harley Finkelstein (00:00):
One of the reasons that you and I are so excited and passionate about this big shop project is because, one, we get to create this archive. But the other thing is we get to spend time with these people that you and I deeply admire, and we admire them for a bunch of reasons, or we admire them for their entrepreneurial success.

(00:15):
We also have got a chance to know them personally now, and some of them have become our friends. We also have learned about how they're with family, how they're with community, but all of them are incredible philanthropists that they believe, I forget who said this, but someone said, oh, I think Charles Bronfman said "If you make, you give." If you make you give, and that concept, if you make you give, I think has affected both of us. You and I have both began to think about our own philanthropy, our own community involvement, how we also give back and that is one thing that every single one of our guests thinks deeply about. Not just how you built the business, but once you build it, once you have success, what do you do with it? How do you have an impact on your community, on your country, and on the world?

David Segal (00:54):
The importance of philanthropy was every one of our guests spoke about it. Each one of them has given tremendous amounts of money, time, energy, to make things happen in the community. And if you drive down of the main streets of some of the biggest cities in North America. You'll see a Mount Sinai hospital. You'll see various medical institutions, all of which were made possible by these big shots, who were giving their money and their time to make it happen.

(01:18):
I think that's something that as a culture, we should be very proud of.

Harley Finkelstein (01:22):
I'm certainly proud. I've tried to emulate that myself. The fact that I love this line that Charles Bronfman says, "If you make you give." As if it's a fait accompli. If you have success, you must do something with that success beyond your own household for the community.

(01:37):
And I love the fact that one of the things that a couple of the guests mentioned to us, they asked us after the interview, "So what are you doing for the community?" Like, okay, we are passing the torch down to the next generation, and the next generation, better be as ambitious and as thoughtful and as generous, not just with their own business and their own family, but with the community at large.

David Segal (01:55):
Absolutely. And Aldo even talks about the concept of Tikkun Olam, which is healing the world, which is a concept in Judaism, it's around giving. If you look at the culture at very much, we're taught at a very young age to give, to participate. And I think part of that comes from the fact that if we didn't take care of the community, no one else would. The persecution played into that, as well. But now, what's so beautiful about it is we don't just get to give to the Jewish community. We get to give to...

Harley Finkelstein (02:24):
Every community.

David Segal (02:24):
... Every community, and we get to contribute to the countries that we live in and you see that across all the major cities in the world, frankly.

Harley Finkelstein (02:34):
Look, if you're like us, obviously you're going to want to emulate the business success, the entrepreneurial ambition and the strategy that these incredible people have had. But I encourage you also to look at what they've done from a philanthropy, from a charity perspective, because I believe that is as admirable as their business successes have been.

David Segal (02:52):
This is a great topic. We're going to hear from each one of them on the importance of giving, how they think about giving.

Harley Finkelstein (02:57):
And even in terms of their strategy around giving. Remember, Issy Sharp helped to create the Terry Fox Run.

David Segal (03:01):
The Terry Fox Run.

Harley Finkelstein (03:03):
That is almost as big of a brand as Four Seasons is.

David Segal (03:06):
On top of building a cancer wing at the Mount Sinai Hospital, on top of creating a performance center for the arts, right smack in the middle of Toronto, Canada's biggest city.

Harley Finkelstein (03:16):
No, that's great. Also, you got to give more money.

David Segal (03:29):
You're going to hear from Aldo Bensadoun, who started Aldo Shoes on how he pioneered cause marketing and the impact that it had.

(03:40):
Where did you make the connection between I'm going to use my power as a businessman to raise awareness for AIDS and contribute to this cause?

Aldo Bensadoun (03:48):
To me, even our Jewish heritage, we are put on earth to fix the world.

(04:01):
What was the name of that? Judge Ginsburg? And she said, "I'm there to fix the tear of society and each one of us should make sure that whatever we can do to make the world a better place to be for each one of us."

Harley Finkelstein (04:23):
It's quite amazing. Everyone we spoke to in anticipation of this interview to do research had just the most unbelievable things to say about you from an ambition perspective, integrity, family, thoughtfulness, deep respect, and kindness, you've been a huge influence on us without even maybe knowing it.

David Segal (04:43):
And you have school of retail.

Harley Finkelstein (04:45):
And you created a school.

David Segal (04:46):
You have the school of retail.

Harley Finkelstein (04:47):
We were just thinking...

David Segal (04:48):
Which is remarkable.

Harley Finkelstein (04:48):
...Not only have you done all this stuff, now you're like, I want to teach other people how to understand retail.

David Segal (04:53):
School of retail, tell us about it.

Harley Finkelstein (04:54):
Why'd you do that?

Aldo Bensadoun (04:58):
Basically, I became very friendly with Heather Munroe-Blum, who was the principal of the School of Miguel, and we were on vacation together and with my wife, Leonard, her and myself, and we were just talking, and I was explaining to her that when I came as an immigrant here, I just... And I was at Miguel during those formative years that I was very lucky, I was looking around me and I was looking at name of buildings, and you see the Bronfman building, and then you see Steinberg, and you see [foreign language 00:05:54], and you see [foreign language 00:05:56], and you see... And I said, "But how could they? Look at that tall building? How could they donate? How could they give that much money?" Even when you look at combined [inaudible 00:06:14], I was looking at gift given by family, like the Bronfman, and I said, "But it's impossible. How could they give so much?"

(06:28):
I mean, could you imagine? Can I do it? One day, would I be able to do it? And same thing with the Reitman and all of family. And to me, again, it was a dream. So, you dream. So, you said, "One day maybe I'd be able to do it." Honestly, I don't do it to feel good myself for anything like that. Obviously, I feel I'm proud of what I'm doing, but the purpose is really to share, to... Again, it's tikkun olam, is to make the world better. And as a retailer, I realize that it's not only accounting that's going to help you being a good retailer, but it's psychology, it's architecture. It's like all the various computer science. And I said, "Could you imagine if we could create a school that has all those various discipline together? Then you could form some great retailer." And that was basically the source of my gift to Miguel.

Harley Finkelstein (07:57):
You're going to hear from Issy Sharp, founder of the Four Seasons, about why and how he created the Terry Fox Run an impact it's had on the whole world.

David Segal (08:07):
Most people, I don't think know this, but Betty Fox, Terry Fox, famous Canadian once said, without Isadore Sharp, there would be no Terry Fox Run. I mean, I'd love to hear the story on how that...

Harley Finkelstein (08:23):
Had off in your plate at that point? There wasn't enough going on in your life to serve the Terry Fox Run.

David Segal (08:28):
No, not going on. You had come off a difficult time. You're building this business, and here you hear about this kid who's running and nobody's really donating, I believe at early days.

Issy Sharp (08:41):
I guess because of my problem that Rosie and I faced with our son dying from cancer. That's something that's with you forever.

David Segal (08:51):
How old is your son when he died from cancer?

Issy Sharp (08:53):
17. Turning 18.

David Segal (08:54):
17 years old. Wow.

Issy Sharp (08:56):
So, the loss of a son for any family is an unnatural event, especially when they're young on that, and that's with you forever. Over time, you're able to, and when that occurred, we had three other kids. And the trauma and tragedy, you've got to make sure it doesn't get worse than what it is. So, both Rosie and I independently didn't talk about it, but independently, we both approached it the same way with we can't cause this to be hurtful for our other kids, so we sucked it up as best we could. We didn't cause each other a problem because a lot of times, families break up because each person is so deep in their grief, but we didn't, sharing or displaying grief.

(09:59):
And what you do, you build up a shield that when you know you're going to a social event, a Bar Mitzvah wedding, et cetera, you're going to hear stories that are going to affect you. So, you really build up that preparation knowing there's going to be things that it's going to bother you, but sometimes there's something happens you're not expecting and the tears flow, you just can't stop it. So, I think I like a lot of people who have been affected. I have a different connection when you deal with cancer. So with Terry Fox, what he set out to do and what he talked about, the suffering that he wanted to do something about, so the pain would stop, resonated with me in a way that I figured we got to help this kid. So, I had somebody who went out and tracked him when he first started. Her name was Bev Norris, and she reported back. She said, "It's terrible. People don't believe him. They think it's some gimmick, advertising stunt. How could a kid on one leg run across Canada?"

(11:13):
And she said, "Cars are almost running him off the road because they think he's just some advertising." So, I decided we'd try to do something it'd be more visible and put ads in the newspapers and magazines, which said something like Four Seasons will donate $10,000, and I invited 999 other companies to join with Four Seasons to make it a $10 million run and put ads in the newspapers. And he heard about it and then called me on the middle of a highway somewhere, I guess, and in a voice, you could hear the tears. His voice was breaking down saying, "I was just ready to throw in the towel, but if one person cares enough, that's all I need." And he kept going, and then it did take off. People started saying, "Hey, look what this kid has already done. A marathon a day?" And he hit all..

Harley Finkelstein (12:23):
With one leg.

Issy Sharp (12:23):
Yeah.

David Segal (12:24):
Unbelievable.

Issy Sharp (12:26):
So when he came to Toronto, I did meet with him and I held a big luncheon for him and events that went well and told, I said, "Look Terry, this is bigger than you ever thought. This is much more than Canada. This is a world event, should talk now and organize what could be done when you get to Vancouver." And what was remarkable about this 18-year-old kid, he was a mature adult, and he just said very calmly, "No, I don't want to think about that now." And I knew then...

David Segal (13:04):
You're not going to make it.

Issy Sharp (13:05):
He's not going to make it because he was running under pain and you could almost feel it when you're with him. So when he had to stop, I spoke to him and his mother and suggested that if he wouldn't mind, I'd like to organize to do something and that we'd maybe start a run, not to finish his run and not to make it a marathon of hope, but just a Terry Fox annual run of raising money for cancer and sent him a telegram outlining what we would try to do. He liked that idea. And he said, "But I don't want anybody to finish my run." I said, "Nope, we'll just make it a family affair." So now, it's going on to its 43rd year, I think.

David Segal (13:54):
$850 million.

Harley Finkelstein (13:56):
850 million.

David Segal (13:57):
Is what the Four Seasons Terry Fox Run has raised.

Issy Sharp (14:00):
What occurred to me this year, I've never thought of it until this year when I was making a speech to our crowd. That's an additional $850 million that would never have been raised had we not started this Terry Fox Run. So in Terry's name...

David Segal (14:20):
Almost a billion dollars has been raised.

Issy Sharp (14:22):
Yeah, remarkable. A young kid set out on an improbable journey and...

David Segal (14:29):
He becomes a Canadian legend. Worldwide legend.

Harley Finkelstein (14:31):
A global legend. Yeah.

Issy Sharp (14:32):
Yeah. He's our Daniel Boone.

David Segal (14:34):
That's right. Yeah.

Issy Sharp (14:35):
People that will talk about him for generations.

David Segal (14:39):
And if he doesn't strike a chord in your heart and you don't end up giving him or giving 10,000 for and inviting the other 999 businesses in, he may be quits.

Issy Sharp (14:57):
Yeah.

Harley Finkelstein (14:57):
You're going to hear from Ed Sonshine, the founder of RioCan. And he talks about how the Mount Sinai Hospital is actually the Jewish gift to the community.

Ed Sonshine (15:04):
And the majority of the board is Jewish.

David Segal (15:09):
And the majority of the funding, government aside, I mean a big chunk, what? Probably, 25% is private donors.

Ed Sonshine (15:15):
Yes. And 95% of that comes from the Jewish community.

David Segal (15:18):
From the Jewish community.

Ed Sonshine (15:19):
Right. And I was chairman of the foundation for a few years, and I used to go around to Jews and they'd give me that argument back. It's not a Jewish hospital anymore. I said, "You know what? We did a poll. And yes, you're right." Are most of the doctors Jewish? No. Are most of the patients Jewish? No. So in that sense, do we own it? No. In that sense, it's not a Jewish hospital. Let me tell you what our research showed us. 90% of non-Jews in Southern Ontario consider Mount Sinai a Jewish hospital. They just do. Was there a Morgan David on the front door, maybe that helped. It's name? And I said, "So the quality of care given at Mount Sinai Hospital, and that's why I got so involved in it, reflects back on the entire Jewish community."

(16:14):
I said, "You got to think of Mount Sinai as number one, being the Jewish community's gift to the people of GTA. And you got to think of it as how we are seen and represented to the people of the GTA." So, it's our duty to make it the best hospital that it can be considering it's not UHN. It's 6700 bed hospital. And I said, "I think it's an obligation because of that." I think of the UJA as taxes. I have an obligation because Jews got to look after their own. And I think philanthropy has become ingrained. First of all, if you go on the religious side, you have to get...

Harley Finkelstein (17:03):
10% required, Right?

Ed Sonshine (17:04):
Right. You have to. Now, not that many Jews are religious. I'm certainly not. But it's something that's been in our culture for 2000 years.

David Segal (17:11):
Yeah, you learned it as a little kid.

Ed Sonshine (17:13):
Yeah. And my parents weren't big givers. I remember my father said, "Who helped me?" I said, "Dad." So he gave in his own way. And for me, I just figure the more money you make, the more privileged you are to be able to give and actually help people. And I don't just restrict myself to Jewish communities. I give a million dollars to TMU. I've been on the United Way Cabinet for many years and we do other stuff, but I have to admit, the vast majority of our philanthropy, my wife and I, does go to the Jewish community because we need it.

Harley Finkelstein (17:55):
So, you're going to hear from Charles Bronfman, this incredible man, entrepreneur and leader about how the best part of making is actually giving.

Charles Bronfman (18:03):
I always know my dad said this, and I just worship him as may have come out in this discussion. He said, "First of all, choose your country. See that it has a good economy and is fair-minded with socially, then choose your industry. Make sure your industry is a healthy one and is going ahead. Then choose your company. But first, you must choose those other two. And if you choose right in the company, don't worry about it. You'll succeed."

Harley Finkelstein (18:44):
Wow.

Charles Bronfman (18:46):
So, I think that's the important thing. The other point is don't be a pig, and you are part of a community. You're part of a society. The wonderful thing about making is giving. Give. Help others who can't help themselves, help others to be as successful as you. Just look after your community, in particularly if you're Jewish, nobody's going to help you choose except the Jews. Always remember that.

David Segal (19:21):
You're going to hear it from Jonathan Wener who built one of the largest development companies in Canada called Canderel, but why he built a cancer center after his wife was diagnosed.

Harley Finkelstein (19:34):
Defi Canderel has been around for a long time, the impact is.

Jonathan Wener (19:37):
33 years.

Harley Finkelstein (19:38):
33 years.

Jonathan Wener (19:39):
Yeah.

Harley Finkelstein (19:39):
Walk us through that.

Jonathan Wener (19:41):
33 years, and I think this year brings us to close to $24 million.

Harley Finkelstein (19:45):
That's incredible.

Jonathan Wener (19:47):
It started, we wanted to do a charity run, and we were in the early days thinking Nun's Island that we would do it from downtown Montreal across the bridge to Nun's Island and run a race. Lo and behold, 33 years ago, Susan ends up with her first bout of cancer. Like most men, I look at the doctor and say, "What can I do to make a difference? How can I fix it?"

Harley Finkelstein (20:16):
Yeah, how to fix it, for sure.

Jonathan Wener (20:18):
And he said, "You can't. There's nothing you can do." But he said, "The one thing you can do is develop money for research, so that other people don't get this disease and that we make advances." And that left a big impression. I went back to the office and my current CEO who left us for about 20 years, but is back was part of the initiation of that. And we started it as a fun run. Costumes were part of the whole thing for a good 20 years. And in those days, I guess we were bringing in about a quarter of a million dollars, and it was meant for business and it was for business to show it had a heart, and the cancer really affected a lot of families, and there was an opportunity to do something good. We split it between Miguel and University de Montreal. 50:50 to their respective cancer research centers. And I have to say, I mean, this year, we'll write a check for a million bucks to each of them.

Harley Finkelstein (21:32):
Amazing. That's amazing.

David Segal (21:32):
One of your friend says, "Jonathan works a hundred hours a week and 40 of them are for community."

Jonathan Wener (21:37):
That's about right. Yeah.

David Segal (21:39):
What other community projects are you most proud of?

Jonathan Wener (21:43):
Matta Federation CJA, I just finished a great run. I was given a hundred-million-dollar goal with Mitch Garber, and it was to be a two-year campaign special during COVID. And we finished it, the two-year campaign in six months. We had a month and a half of extra work the following year to close that year off, and we brought it to 131 million. The concept of giving back to your family, to your community was a fundamental part of my life. And going way back to when I was 20, I was on a board of a camp called Wooden Acres at the time, which got folded into the Y Country Camp.

(22:41):
My belief, and I've been, I can tell you a story that's related to it, but we take in terms of what we create and put it either into our net worth or into our pocket or into our employees' pockets, but we become successful with that. Long before ESG was an acronym that we now hear about every single day, the concept that you, and I don't do it by percentage, I do it by gut. The concept that you give back a portion of that to your employees, to their health and welfare, to the community at large, to those who can't afford to stand on their own two feet and to society and education and healthcare mean a lot to me. Now, you know why Concordia means as much as it does, and there's a fun story that goes back to Concordia.

David Segal (23:49):
Tell us that. Yeah.

Jonathan Wener (23:51):
So, it's quite interesting because it relates to what you're talking about. Obviously didn't have a lot of money when I made the first deal with them, but within five years, six years, I created close to 8 million, $10 million of net worth from that million that I started with. And I had a young lady who came to me and said, "Listen, we're running a campaign for the library. Would you consider giving us $10,000 for the library?" And I said, "No." She said, "But I thought you loved Concordia." I said, "I do." I said, "But there's a problem here." She said, "Well, what is it?" I said, "You didn't ask for the right amount." She said, "Well, what do you mean? You want to give me less than 10,000?" I said, "No, I'm going to give you a hundred thousand." She said, "Well, why?" And she just about fell off her chair. I said, "Because of the money that I made from the Concordia purchase, I've created a lot of wealth and I'm going to give it back to the university."

(25:07):
And then just a few years ago, my wife and I gave the University $10 million.

David Segal (25:12):
Wow. And you're now the chancellor of the university.

Jonathan Wener (25:13):
Yep. So, I think that's a full life. What's a rich life? A rich life to me is not how much money you have, it's how you feel in your soul. And if you feel good in that, if you can look yourself in the mirror and say, "Have I done good deeds? Am I doing the right things?" If I'm worth a hundred million less or a hundred million more, it's not going to change my life, but it will change other people's. And I'm trying. The other thing I would say, and I've done it and I'm executing on it now, and I would say to you, it's the best advice I could give other people. I'm the executor of my own will in my lifetime, and that's a joy.