He Turned His Employees Into Millionaires — At 93, Frank Stronach Explains How - E211

He built Magna International into one of the world's largest auto parts companies, with hundreds of factories and well over a hundred thousand employees. But the real story isn't the company's size. It's what he did with the profits. Instead of keeping them at the top, he split them with the people on the floor. Today's guest is Frank Stronach, founder of Magna and the mind behind the Economic Charter of Rights, the profit-sharing model that made it happen. We get into the handshake deal that started it all, why he walked away from a $40 billion company to go all in on farming and horse racing, and the succession plan he built so his own family's fortune doesn't end up like most family businesses do. Connect With Frank: IG: @officialfrankstronach Web: economiccharter.ca Book, The Greed Factor: amazon.com/dp/B08R7V792K Follow Dr. JC Doornick and the Makes Sense Academy:► Makes Sense Substack - https://drjcdoornick.substack.com ► Instagram: / drjcdoornick ► Substack: / drjcdoornick ►Facebook:  / makessensepodcast ►YouTube:  / drjcdoornick MAKES SENSE PODCAST Welcome to the Makes Sense with Dr. JC Doornick Podcast. This podcast explores topics that expand human consciousness and enhance performance. On the Makes Sense Podcast, we acknowledge that it's who you are that determines how well what you do works, and that perception is subjective and an acquired taste. When you change the way you look at things, the things you look at begin to change. Welcome to the uprising of the sleepwalking masses. Welcome to the Makes Sense with Dr. JC Doornick Podcast. SUBSCRIBE/RATE/REVIEW & SHARE our new podcast. FOLLOW Podcast: You will find a "Follow" button in the top right. This will enable the podcast software to alert you when a new episode launches each week. Apple: https://podcasts.apple.com/ca/podcast/makes-sense-with-dr-jc-doornick/id1730954168 Spotify: https://open.spotify.com/show/1WHfKWDDReMtrGFz4kkZs9?si=003780ca147c4aec Podcast Affiliates: Kwik Learning: Many people ask me where I get all these topics, which I've been covering for almost 15 years. I have learned to read nearly four times faster and retain information 10 times better with Kwik Learning. Learn how to learn and earn with Jim Kwik. Get his program at a special discount here: https://jimkwik.com/dragon OUR SPONSORS: Operly - Take Back Control of Your Work Day and Get Rid of All Your AI Apps - Welcome to the new world of Time Freedom and Unlimited Scaling and Success with Operly -  https://go.getoperly.ai/video?ref=jean-claude-claude-d-2a95 Blue Blinds Bakery - Handcrafted with all-natural ingredients - www.blueblindsbakery.com 0:00-0:57 Intro 0:57-2:57 Meeting Frank Stronach: From $200 to a Global Empire 2:57-4:30 Growing Up in Poverty During World War II 4:30-5:43 Learning the Trade: Tool and Die Training in Austria and Switzerland 5:43-9:13 How Magna Was Born: The Herman the German Story 9:13-13:35 Fate, Purpose, and a Life on University Boards 13:35-17:07 Beyond Money: Horses, Racetracks, and Finding Purpose 17:07-18:41 Capitalism, Bureaucracy, and the Case for Small Business 18:41-19:48 The Biggest Mistake Young Entrepreneurs Make 19:48-24:11 Leaving Magna, the Farming Venture, and a Family Dispute 24:11-25:25 Why Frank Cares About Others 25:25-26:39 The Wisest Business Decision He Ever Made 26:39-30:18 How Fair Enterprise Created Thousands of Millionaires 30:18-33:19 Advice for the Next Generation: Food, Population, and Peace 33:19-35:26 Legacy, Family, and the Future of Stronach International 35:26-36:21 What's Next, and Closing Thoughts 36:21-37:05 Outro Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.