VIN LEE

PGMAG EXCLUSIVE INTERVIEW WITH

VIN LEE (VL)

PGMAG: Vin, it’s so good to have another opportunity to interview for the Powerhouse Global Magazine.

VL: Honestly, its my pleasure to be here again. You have really spotlighted some amazing individuals doing great work in so many industries during these trying times. I am honored to be in such fine company. When I was preparing for this interview I was delighted to see how many of your issues have promoted the accomplishments of women in so many sectors. Its very impressive.

PGMAG: I must tell you Vin; you are one of the toughest individuals I have come across in my professional journey - considering the changes you had to make due to your health challenges.

VL: Well thank you, that's very kind of you to say. I know I look like I have a hard candy shell. Yes between COVID and the shutdowns, I managed to have a heart attack, diabetes, and a disease called charcot that caused me to lose the use of my legs. The doctors have already taken my left leg. (Although I am not sure where) and my right leg is checking out soon as soon as we straighten out the pay-per-view charges.

I was very embarrassed at having to shut down so much of our operations during COVID. I thought we could tough it out like the 2008 recession. But priority was to keep our families, friends, and associates safe and healthy. We sent everyone home with pay and benefits for what would be a two year hiatus. No layoffs, furloughs, or PPP loans for us. I didn't want to risk losing any of the extremely talented people to competitors even if it meant draining my personal and private financial resources.

PGMAG: As a key player in the business world, what is your advice for those struggling to keep their businesses afloat due to the current economic challenges?

VL: Its a difficult situation to be in for certain. There is a saying about a rising tide raises all boats. Or my favorite as it pertains to Warren Buffets early success, "Everyone gets wet when it rains".

The greatest success in your business career will be your ability to pivot with the times. Your business plan must keep you earning in downtimes too as well as good times.

Most of the self-made Forbes 400 today, especially the younger members, capitalized on the internet boom. People like Elon Musk and Mark Cuban

Your cashed out of their ideas during the very height of that cycle with business ventures that were unprofitable. Cubans Broadcast.com barely made $30 million and sold for over $5.6 billion. Even fellow Shark Tank personality Kevin "Mr. Wonderful" O'Leary was able to sell of his company to Mattel in a deal that had them writedown the entire $4.2 billion investment they made in his Softkey firm.

My point being is that you have to design the architecture of your business and personal life before the bad times come. Reboot now if you have too. Many people start off and once they make a little money in their own ventures immediately get pulled into the trappings of wealth. You'll see it in the cars and houses and fancy accessories, many times underwritten by loans. So when they income spicket slows down or even stops, they are overextended and the house of cards falls. About 80% of our portfolio has been built on the mistakes of others. Buying up distressed debt assets of luxury goods brands especially during slow economic times. And don't get me wrong, I was the first one with the big mansions, flying private jets, and housing a stable of exotic cars. When I had to throttle back my lifestyle and spending it was a tremendous blow to my ego. But I learned that if you take care of the business, it will take care of you. A good night sleep is worth all of the money in the world.

PGMAG: In your capacity as a global leader, what would you say were the top three keys that have enabled you to achieve success in life?

VL: 1. Be born into wealth.

2. Marry wealthy.

3. Invest heavily in scratchers.

For me specifically though, while my brother and I were born into affluence due to our parents sacrifices and hard work, we were expected to take those gifts and improve upon them. At a very young age I had mentors that encouraged me to become far more than I could even imagine. As an example I got a grant in high school that paid a director from Hanna-Barbera Animation Studios to tutor me my junior year. That project became a treatment for a Saturday Morning Cartoon. My first semester in art school I was hired to design merchandise for the 1988 Calgary Olympics. By 1990s I was awarded patents for my designs that would become a $6 billion/year industry with some of the top media companies in the world.

Secondly, carefully choosing a partner and the people you surround yourself with is vital. This can come in two forms, positive and negative reinforcement. People need different forces in their lives to motivate them. If you are constantly ingratiated by your parents that everything you do is incredible even though you are barely average, chances are you won't have much ambition. The same goes for who you select to accompany you through life's journey. I was fortunate to have someone that encourages and supports me in my goals but also doesn't drink my Kool-Aid. Keeps me grounded and level. Which can be challenging when you rub elbows with some of the most exciting people in the world.

Investing heavily in scratchers is code for work hard at creating your own luck. No one ever got wealthy or successful sitting on the couch thinking about it. I have always put myself out there as a player in the game of life. Not a spectator. Even and especially when the chips were down. You have to be able to dust yourself off and take as many hits as are thrown at you. Because no matter what stage you are in life you will get knocked down. And of course a little luck never hurt anyone.

PGMAG: Let’s talk about ‘mental health’ and how it affects personal and professional development. What is your take on the above-mentioned subject?

VL: I am certainly not the best person to pontificate on this topic. I have bad days perhaps more often than most people. Because the trajectory of my business career started so early and rose really quickly it gave me quite an inflated sense of self while at the same time I had a couple of massive failures that did some damage to my ego. In the end I needed to find balance between work/life and find joy in what we have accomplished.

It once was "there is no nobility in poverty." Now that the world has changed so much the theme seems to be "there is no respect in being a workaholic."

I think the message that the kids are adapting today is that they saw how hard things were for their parents with some losing everything trying to keep up with the Jones' that living "smaller" provides better state of mind personally and professionally.

PGMAG: What is your message for the youth?

VL: Not everyone has to save the world. Most people won't and those that pretend to are mostly full of hot air. Sometimes being a success can mean providing for your family a peaceful and loving environment. You don't have to fly to Mars, have a 0 carbon footprint or eat only cheeseburgers made out of grass. Just keep your eyes on your own plate and remember that no one owes you a damn thing in this world. You have to get it on your own through hard work and dedication.

PGMAG: If you knew what you know now, what would you do differently?

VL:

I believe that like most people I did the best I could with the information and circumstances of the time. I really like myself now even with all of the physical changes (even though I miss driving).

My companies are pulling out of the recession/COVID stronger than ever. I think we have consolidated efforts bringing our investment portfolio down from well over 100 brands/ businesses to just about 50 now. The addition of Boulmiche to our operations with help in bringing all of the product lines designed along the way into one place under one label. Fashion, fragrance, and fine jewelry,

PGMAG: Finally, what keeps you motivated as a leader?

VL: Honestly, I am still about 10 years behind my plan, COVID did not help either. Losing the use of my legs tripped me up. But I feel like i am in a better place today mentally and spiritually than I have been in ten years. After four years of doing only two acquisitions, we are back on track and aggressively rebuilding our war chest. I think we did a pretty good job of protecting all of our family and friends during this term even though we lost so many important people along the way to illness.

I am sure there were periods of time over the years where I would have preferred to sit on a beach...."earning 20%". But look at all of the adventures and relationships we would have missed out along the way. Yes we could have dumped every penny into Apple or

Tesla stock and become fabulously wealthy without many concerns. But there is something innately satisfying about running your own show. Certainly you can attest to that yourself.

PGMAG: Thank you for sharing your brilliance with us through this interview.

VL: It has been a pleasure to work with you again. Thank you for your time and talent and the prestigious placement on the cover of Powerhouse Global.

PGMAG: Please share your website/links with us.

VL: www.GrandMetropolitan. com www.Heilig-Meyers.com www.FinlayEnterprises.com www.Boulmiche.com www.Strottarga.com www.GalleryRodeo.com