The Jordan B. Peterson Podcast 396. Magna CEO on Turning Five Thousand Dollars Into One Billion | Frank Stronach
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Nov 13, 2023 Frank Stronach, the visionary founder of Magna International, shares his incredible journey from an immigrant in Canada to leading a global automotive empire. He emphasizes the importance of profit-sharing and equitable corporate structures to combat economic injustice. Stronach discusses the role of small businesses in innovation and the need for a supportive environment to foster growth. He advocates for genuine relationships in the workplace and outlines his Fair Enterprise philosophy, promoting collaboration and creativity across all levels of an organization.
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From $200 to Magna International
- Frank Stronach arrived in Canada in 1954 with $200 and no connections.
- He worked various jobs, including in a hospital kitchen, before starting his own business in a rented garage.
Economic Charter of Rights
- Human rights are insufficient without economic rights, argues Stronach.
- He advocates for economic democracy as the foundation of true democracy.
Magna's Profit-Sharing Model
- Stronach implemented profit sharing at Magna: 20% to shareholders, 10% to employees, 6% to management, 2% to charity, and 7% to research.
- This led to significant profit increases in the following years.