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Issy Sharp of Four Seasons Hotels and Resorts
How he built a multi-billion dollar luxury hotel empire

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Deep Dive
Issy Sharp, Founder of Four Seasons

Issy Sharp created a multi-billion dollar luxury hotel empire.
By taking risks, building relationships around the globe, and maniacally focusing on providing world-class service for customers, he was able to make his vision a reality.
I read his book, Four Seasons: The Story of a Business Philosophy, published in 2009, to write this deep dive and I found him not only inspiring but quite possibly to be the most genuine founder I’ve studied.
The evolution of Issy Sharp, from a builder of houses and apartments to the creator of one of the most recognizable luxury hotel brands in the world, is utterly remarkable.
Let’s dive in.
Early Days
Isadore “Issy” Sharp, born October 8, 1931, is the son of immigrant parents from Poland - Lil and Max.
Their parenting style gave Issy freedom while teaching him lessons he’d never forget.
That independence started young:
I remember walking alone to kindergarten, trying to figure out how to get there. My parents never thought of taking me or picking me up. Not only had they too little time; they expected us to be self-sufficient as they were as youngsters.
Can you imagine that happening today?
Different times…
Issy’s father showed him how to work hard, doing so during the Great Depression:
Often he took jobs anywhere he could get them. Once, when he was excavating a basement with a horse and plough, he broke his shoulder. But he shrugged it off and uncomplainingly kept on working, something I never forgot.
He also taught Issy lessons that would stay with him his entire life:
I was building two steps for a house, making wooden forms to be filled with concrete.
Dad, who was watching, never told me I was building them wrong; and it wasn’t until I had poured the concrete that I saw my mistake; the first step was too big and the top step too small.
Dad handed me a sledgehammer, and all he said, then or later, was, “Break it, and do it the right way next time.”
He could have saved a little time and money by telling me beforehand, “Measure twice, cut once.” But the method he chose was unforgettable.
Construction became a huge part of Issy’s life starting as a teenager.
He found the work enjoyable and “had every intention of making construction my life’s work.”
After graduating with an architecture degree from the Ryerson Institute of Technology, Issy joined his father’s construction business, Max Sharp & Son.
Expanding from the houses his dad built, the company started building apartment buildings.
Issy wore all of the hats, valuable experience for later on in his career:
As factual head of Max Sharp & Son, I was not only in charge of construction; I was rental agent, salesperson, and financier.
It was already clear to others his talents were beyond construction.
After talking with a branch manager at his bank, trying to get a loan, he learned just that:
He then gave me some advice. “Why don’t you get rid of the rubber boots and start working with pencil and paper instead of pick and shovel?”
I got the money, but not until afterward did the significance of his advice sink in. He was telling me, “You’ve got a good business mind. Why not stop laying bricks and use it?”
I didn’t know it then, but I’d be doing that very soon.
He sure would.
After meeting Rosalie, his wife, and having four kids in four-and-a-half years, finances were a bit tight, with Issy mentioning “It was five years before we could afford our first vacation.”
With Issy working nonstop, Rosalie took care of the house and imparted an important lesson on Issy:
Rosalie never complained, never tried to change me, though she once left me a note so succinctly pertinent that I still keep the original in my notebook:
“Overachievers suffer loss of intimacy. No time for fun. Relationships starve on a diet of self-absorption. Home is the place to express the playful part of oneself.”
I think that’s such underrated advice we need to remember as fellow overachievers.
With Rosalie’s support, Issy, ever opportunistic, started down a path to creating his first hotel.
Starting Four Seasons
A friend of Issy’s asked him to build a small motel, with 14 rooms in total, 7 on each side of an office storage room.
Issy’s smarts were on display when making a suggestion to his friend:
Why don’t you build it twice as long. Just exterior with no interior finishes, no plumbing; it won’t cost much. But that will give you a big roof you can put a huge sign on—MOTEL 27—so people can easily find you.
It worked.
More importantly, that experience piqued Issy’s interest in the hotel business.
He started as a side hustle:
I was still busy building houses and apartments, of course, but in what little spare time I had, I began soliciting opinions from our current and previous financial backers on building a motel downtown.
One of those backers was Cecil Forsyth, who had previously financed two of Issy’s apartment buildings.
Over the course of three years, Issy looked for possible hotel sights downtown and pinged Cecil every few months about them.
Just in case that didn’t sink in, that was three years of searching for his first hotel. Clearly, Issy was determined.
But he wasn’t making much progress and Cecil grew impatient with his requests, eventually offering to finance half of a deal if Issy could get financing for the other half.
Of course, Cecil didn’t think Issy would get it.
But Issy was committed to making it happen and decided to partner with two other businessmen.
One was Edmund “Eddie” Creed, Issy’s sister’s husband.
The other was Murray Koffler, Eddie’s best friend.
They both had some money to invest and were looking for ways to invest in real estate.
Only one problem.
Issy, Eddie, and Murray knew nothing about the hotel business.
No matter, they could learn.
So they sought out relevant experts, leading to two critical insights:
So when Murray read in Time magazine about a man named Mike Robinson, who ran a successful chain of motels, one of them in downtown Phoenix, I wrote him a letter. He invited us down, so Murray and I flew to Phoenix.
We lunched with Robinson by the pool in the courtyard of his motel: two stories high, all the rooms facing inward. It was sunny, attractive, and peaceful despite being surrounded by a run-down area with a noisy busy depot.
The idea of creating a courtyard oasis without spending a fortune captuted my imagination, and when this fellow said we should fly to Los Angeles and talk to a man named Al Parven, who knew a lot about the hotel business, we complied.
Parven was about to leave for Las Vegas. “Come with me,” he said, “and I’ll show you something.”
He showed us a hotel designed for gambling. What I learned of relevance to our mission was that landscaping really enhances the type of low-rise building we were contemplating.
Experts are out there, find them!
Issy wrote a letter to connect with his expert, but it’s so easy now with email, Twitter, or LinkedIn to get in touch with pretty much anyone.
Throughout his book, Issy repeatedly mentions times when he pursued experts in various domains to compensate for his lack of experience.
At this time, Issy had the concept for a motel but still didn’t have a suitable site.
After enlisting the help of a real estate broker, he found a site in the center of Toronto, on a street that had become rundown, but that he thought wouldn’t remain cheap for long.
With Murray, Eddie, and Issy’s dad agreeing to invest $90,000 in the motel and the Bank of Nova Scotia lending $125,000, Issy had half the money he needed to open the motel.
So he went back to Cecil.
After some reluctance, Cecil agreed to invest, a turning point in Issy Sharp’s life:
And that was the one critical decision that determined my future career. I was now, for better or worse, about to become a part-time hotelier.
Remember, this was years in the making, bringing Cecil ideas for a hotel consistently, and finally securing some financing.
It also shows the value of relationships - there was no way Issy could build a hotel on his own.
In 1961, Issy’s first hotel, the Four Seasons Motor Hotel opened and quickly became highly profitable.
But why was Issy Sharp’s very first hotel a success?
There are three primary reasons:
People
Attention to Detail
Resourcefulness.
I’d also add a little luck.
As far as people, one of the most important was Ian Munro who became Issy’s first General Manager:
Ian worked in a little place in midtown Toronto, a considerable comedown for the ex-GM of several of England’s most celeberate inns as well as the Treetops Hotel in Kenya, where Britain’s present queen once stayed. He had every credential we needed, and just then he needed us. Another lucky break.
The attention to detail on display at the Four Seasons Motor Hotel was everywhere, from the landscaping to the thickness of the hand towels to the shampoo bottles present in every room (a first at that time).
Much of this stemmed from Issy’s obsession with providing more value to customers.
And then of course there was the resourcefulness of Issy and his team:
Because we couldn’t afford advertising, we decided to make food our drawing card and establish the dining room as our showcase, something people would come for and talk about, thus attracting others.
In the end, we decided to serve only roast beef, make our roast beef the best in the city, and present a customary menu only in our coffee shop.
It’s reminiscent of another hotelier from decades prior, César Ritz, who teamed up with the world-class chef Auguste Escoffier to set his hotels apart.
When Issy’s first hotel opened, it did so as part of a charity event he and his team organized for the Toronto Symphony Orchestra and the opera, an event they’d hold a the hotel for years to come.
Leveraging all the resources at their disposal, Issy’s business partner, Eddie, whose father owned a “highly fashionable clothing store” was able to borrow the store’s mailing list, filled with “most of Toronto’s social elite,” to make sure the hotel’s opening was extraordinary.
This, of course, was just the start.
Seeds of an Empire
You don’t build an empire with one profitable hotel.
You also don’t do it without some risk:
Our second hotel was even more of a gamble than the first. I was putting more scare capital in a business I didn’t really know; I was still primarily a builder, constructing houses and apartments.
But even before Four Seasons’ success rationalized my desire to build a second hotel, I was seeking a suitable site for building another.
The simple lesson here: You can just choose to be more ambitious.
Issy didn’t wait and see how his first hotel did to start building another. He knew his ambitions were much larger and he took the steps to build out his vision.
For his second hotel, Issy was thinking much bigger.
I was now envisioning another new type of hotel: a resort within a city, a two-hundred-room hotel with a pool and courtyard surrounded by parkland.
But most of the people I talked to about it were unenthusiastic; they figured it was too far out, in more ways than one.
Despite the doubters, he pressed on.
He only had one challenge:
I foresaw only one difficulty, but it loomed large: How do you build a two-hundred-room resort without any money?
Important question lol.
Issy figured out his answer, which involved a $600,000 loan from the Bank of Nova Scotia and additional backing from Cecil Forsyth.
After construction began, when he was $1 million short on building costs, Issy again went back to Cecil, who approved an increased loan.
The success of Issy’s first hotel undoubtedly played a part in this increase. Just goes to show the importance of getting a win (and stacking wins once you have them).
Just as with his first hotel, Issy found ways to make his hotel stand out from the competition.
His second hotel, the Inn on the Park, provided bicycles for rent, designated some floors as nonsmoking, and had a fitness club operated by a fitness pioneer named Lloyd Percival.
The hotel opened in March 1963 and was another success:
The hotel was so successful that Cec Forsyth, our mortgage lender, congratulated me for reaching the pinnacle of success, which seemed to imply that business from here on would be somewhat anticlimatic.
Nothing could have been further from the truth.
This is probably the point at which many people stop or, at the very least, slow down.
Sure, Issy took a break, spending five weeks in Europe with his wife, Rosalie, their first real holiday since their honeymoon eight years prior, but it was still early days in his budding hotel empire.
But spending time in Europe, and visiting many world-famous hotels, brought with it an influential inspiration.
Back in Toronto, when a builder from London stopped by, Issy raved about his experience at the Dorchester, a luxury hotel in London.
Serendipitously, the builder worked for the company that owned the hotel, the Robert McAlpine Company.
It was then that Issy’s ambition took over:
And without thinking, half joking, I told him to tell his company that if they ever wanted to build a hotel better than the Dorchester, I could do it for them.
It was such a flippant remark, I never thought any more about it. But obviously he had passed on my comment to his head office, for a few weeks later, he called me to say, “Mr. Sharp, my people are interested in what you were saying about building a hotel. We’ve been working on a real estate project in London for some ten years, and we haven’t been able to get it off the ground. If you’re interested… ?”
I often do the same on Twitter, putting ideas out into the world and seeing what becomes of them. It’s led me to some interesting opportunities.
For Issy, it was the start of a four-year courtship with Gerald Glover, who worked for the McAlpines, leading to a long-term business relationship.
Just in case you missed that… four years.
That’s playing the long game, folks.
Wanting to build a 230-room luxury hotel, instead of the original 320-room midrange hotel proposed by the McAlpines, Issy was once again met with resistance.
But he trusted his instincts, with good reason too:
Their survey also found that I was wrong. London’s five five-start hotels, it said, left no room for another, especially an unknown.
I still wasn’t convinced. I remembered how everyone knowledgeable in Toronto was sure our two hotels there would fail. And here we would not be building in some third-rate district but in the center of London on Park Lane and Piccadilly, next to a beautiful park: a magnificent location.
With London growing, business booming, and travel on the rise, I couldn’t see why a five-star hotel in such a location could fail.
More important, I believed that the biggest percentage of our customers would be businesspeople and affluent tourists from North America, and I thought I knew better than London’s hoteliers what would please the most.
The London Inn on the Park opened in January 1970.
It was named Europe’s Hotel of the Year the first year it opened.
The four years of courtship were worth it:
“Sir Gerald, how could you have trusted me with such an important project when you knew if things didn’t work out, I couldn’t have covered my obligation?”
“My dear boy,” he said, “over time you make a judgement about people. You develop a belief and a trust.”
Those many meetings of our were not primarily about business per se. They were about the foundation of business: trustworthy relationships.
This was something I’d long believed without giving it much thought. But from then on, in every deal, it would be in the forefront of my mind.
Not one to rest on his laurels, Issy, in a joint venture with Sheraton Hotels, opened the Four Seasons Sheraton hotel in Toronto in 1972.
The massive 1,600-room convention hotel was the biggest hotel he ever built.
Four years after its opening, Issy sold the 49% stake his company had in the hotel for $18 million. Not bad for a $3.5 million investment.
The experience also proved beneficial:
The Sheraton buyout paid what I owed and kept me in business. And dealing with ITT—one of the most powerful companies in the world—was the best business experience anyone could hope to get.
It was a much-needed sale that came at a time when Issy was facing bankruptcy for another hotel he was building in Vancouver.
The timing was perfect to sell.
The experience of building the Vancouver hotel, one where an inflationary spiral caused costs to skyrocket, turned out to be a blessing in disguise.
It forced Issy to change his thinking on hotel investments:
I decided that in the future we would protect the company financially by capping our share of ownership at a small percentage of equity, no more than $3 million to $6 million per property.
This was based on a simple principle: invest no more than our hotel fees would give us over the first five years, an amount we could easily borrown on our management contract, and if no more money to invest was required, we had the option to reduce our equity or put up our share.
It set Issy down a path that would truly help him build his hotel empire:
Besides limiting risk, it established a new business model: Four Seasons as a management company, not a real estate developer.
Now, just as bankruptcy loomed, I thought of the ITT-Sheraton contract, which gave me $18 million, as my most consequential as well as most productive business deal. Until then, I was a builder engaged in development, a hotelier only part time.
But the contrast in comfort between running a huge convention hotel in Toronto and catering to the carriage trade in the finest hotel in London made me realize what I would really like to do: create a group of the best hotels in the world. And what we really want to do is usually what we do best.
Yet again, Issy’s new vision was met with pushback.
Recognized as the Best
Both Murray and Eddie disagreed with Issy’s vision to build the world’s best hotels.
It didn’t matter:
But my mind was made up. “We will no longer be all things to all people,” I said. “We will specialize. We will offer only midsize hotels of exceptional quality, hotels that whever located will be recognized as the best.”
I resolved to sell any hotel that didn’t meet our new standards.
In the ensuing years, he leased, sold, or discontinued managing multiple hotels.
The most painful?
The Four Seasons Netanya, the hotel his dad built in the late 1960s:
Dad never mentioned my giving up management and taking our name off his favorite building project. But it was his joy, his love, and I know it hurt him, though neither he nor my mother ever said a word. I felt terrible about it afterward. Too late, I realized I should have said, “This particular hotel doesn’t have to measuer up.” But I didn’t, and I’ve never forgiven myself.
This was a lesson painfully learned. One has to be accountable. We can’t make judgements and decisions in isolation; we always have to judge their effect on others.
So it’s the mid-1970s and Issy decides to specialize in creating the best hotels in the world, but how exactly was he going to do that?
One way was by offering the best service, something that stood out in his London hotel with his customers.
He’d do this by learning from the best in another industry: McDonald’s.
By spending a day with a group of McDonald’s new hires going through orientation he was able to see how they performed the consistent standard of service their customers expected.
He also realized the only way his employees could be expected to give customers the quality of personalized service they’d expect would be to treat employees how they’d be expected to treat customers.
This wasn’t exactly well-received by managers and employees, but customers started to respond.
Then, in 1977, the Four Seasons won the deal to manage the Ritz-Carlton in Chicago:
The Ritz-Carlton gave us some recognition as hotel operators, and hotel developers began to bring us deals. So it forced us to consider what our competition was offering.
While their rivals offered a mix of hotel tiers, Issy focused on the top end of the market, the first hotel chain in the U.S. to do so.
They also continued to find ways to offer customers more value:
We initiated many more ideas to enhance customer appreciation. We introduced fitness centers and no-smoking floors. We anticipated trends in food with low-fat, low-salt haute cuisine. We put shampoo, hair dryers, makeup mirrors, and bathrobes in rooms for guests who prefer to travel light.
Each room was slightly larger than our competitors’ regular rooms, with quieter plumbing, a better showerhead, and a bed with a comfortable custom-made mattress. We offered all this, plus an abundance of carefully chosen details, from the right pillow to the softest toilet tissue to bouquets of fresh flowers daily.
To offer the best service, Issy continued to relay its importance to managers and how it starts with the frontline employees.
“Almost every employee,” I also pointed out, “knows more about some part of our work than we managers do, and if we build good relations, they’ll let us know when they think we’re wrong.
And the more top performers we can develop, the more chance we have of winning. The fast track for self-development includes helping others develop.”
To hammer the point home, he used a line from Ray Krok:
To compete, we’d all have to feel about service the way Ray Krok, head of McDonald’s worldwide, felt about hamburgers. Explaining why his company led competitors around the world, Krok had said, “We take the hamburger more seriously than they do.”
I love that.
It reminds me of the Charlie Munger quote:
There is an old two-part rule that often works wonders in business, science, and elsewhere:
1. Take a simple, basic idea and
2. Take it very seriously.
Issy was taking the idea of service very seriously and it was paying off.
At every opportunity, he’d remind his team:
Simultaneously, I became an evangelist, preaching the gospel of service every hour of every day on every trip to every hotel, continuously restating it, clarifying it, developing it.
My job was getting employees at every level to focus on one priority: pleasing customers.
Repetition, repetition, repetition.
While the change didn’t happen overnight, it eventually took hold:
It took most of the first half of the 1980s to clear out all the obstacles that stood in the way of improving service: to part ways with every executive who believed my “kooky” credo should be confined to the PR department, to part withs with every executive whose actiosn contradicted policy and sabotaged our credibility.
I had to make cuts at the very top: hotel general managers and head office senior executives.
Once again, Issy’s long-term thinking was on display, committing years to make necessary changes.
That commitment to service led to the Four Seasons becoming the first North American hotel group to employ concierges companywide.
But the struggles to remove any obstacles impeding improved service were just one of the challenges of the 1980s.
In 1981, not only did Issy have to contend with his first major hotel trauma, a fire that broke out in the Inn on the Park in Toronto which killed six guests, but he also had to work through a recession in Canada.
He installed a new $2.5 million state-of-the-art fire alarm system for the former and had his employees receive in-depth safety and emergency training.
For the latter, he took a counterintuitive approach:
Considering past growth, I, too, assumed that spending on travel eventually would start climbing again. I saw the recession less as a mishap than an opportunity, and I shared my views with our corporate office executives.
“While our competitors are dropping standards, we will raise our,” I said. “And we’ll hold firm on pricing.”
But that approach was costly.
By the end of the year, the company had $200 million in long-term debt.
Needing more capital to survive until the market recovered, Issy saw his long-term major lender, Gordie Bell.
Needing collateral, Gordie told Issy he’d need to use his stock in the company to guarantee the loan.
Issy was forced to risk everything, against the advice of his friend and VP of Finance, Arnie Cader, who advised he sell the company:
In my mind, there was absolutley no question of selling. I went back to Gordie Bell and pledged all my Four Seasons stock, knowing I had to succeed or I’d lose everything.
It’s strange, but I can’t recall being deeply concerned, perhaps because of my depth of involvement and belief in what I was doing.
Talk about risk, right?
By this time, Issy was around 50 years old and had multiple hotels.
He had much more to lose than ever before, and yet he still went all-in.
Four Seasons rode out the recession and a few years later, in 1986, went public on the Toronto Stock Exchange.
Learning from history, Issy also elevated the restaurant experience at his hotels:
Remembering that César Ritz made his hotels world-famous by hiring some of the foremost chefs, we decided to do something similar.
The result was significant and the Four Seasons would later win many awards for their high-quality dining.
Worldwide Expansion
The Four Seasons Maui opened on February 9, 1990.
Once again, Issy took a unique approach:
My concept of our resort was unlike that of all the other hotels built or being build in Wailea.
The main roads leading into them were about seventy feed above sea level, so their main lobbies and entrances were usually at this level, and access to beach and sea was either down long, winding stairs or by an elevator that cut off the view of the sea.
I suggested to our architects that our driveway should curve down the hill to beach level so our guests, on arriving at the hotel, would have a striking first impression of the sparkling Pacific.
In the next two years, they’d also open hotels in Japan and the Caribbean, with the Four Seasons Nevis, which opened in 1991, being voted the world’s best hotel by Condé Nast Traveler in 1995.
More importantly for Issy, the Four Seasons Nevis showed him “how to develop hotels in parts of the world we knew little about.”
It shows the importance of taking on projects that challenge you - you’ll grow your abilities from it.
Nonetheless, the same year the Four Seasons Nevis opened was the worst year the company ever had, earning only $2.8 million in net profit, down from $17 million the prior year.
It all stemmed from a 1990 recession in the U.S. after Saddam Hussein (president of Iraq) invaded Kuwait.
But the recession also provided opportunities for the ever-opportunistic Issy Sharp.
By August 1992 an important agreement was signed, giving the Four Seasons control of Regent, with 15 properties that were mostly in great Asian locations where Issy didn’t have any hotels.
It was a phenomenal deal and it bumped the Four Seasons from 23 hotels to 38.
The geographic diversification was also critical:
The Regent properties gave our company an equitable geographic balance, reducing our exposure to economic cycles in any one region.
And I could see that once out of this slump, earnings before interest and taxes would be reasonably balanced: 40 percent from Asia, 40 percent from North America, and 20 percent from Europe.
That diversification proved to be key. Even in a disastrous year, Regent was paying off. In 1992, we lost $4.1 million in America, cut only by a litte more than half by earnings in Europe. But with profits of $5.2 million from Regent, we were doing reasonably well in one of the worst years in memory.
Less than two years after the Regent deal, Four Seasons had doubled in size.
By that time, Issy owned 29% of Four Seasons and had 83% of the votes.
Then on September 2, 1994, Prince Alwaleed of Saudi Arabia bought a 25% stake.
Issy was in his sixties by then and had announced his intention to sell a portion of Four Seasons right around the time Prince Alwaleed was looking to buy a hotel chain.
Five years later, as the Four Seasons had become the ultimate in quality, Issy knew he had to fight complacency:
Considering this, I realized we were also in a period when successful firms in the past had felt they had it made and no longer had to strive so urgently. And although I had no reason to think this could happen to us, I decided to help ensure continued leadership.
So at our shareholders’ meeting in 1999, I said we were setting a new Four Seasons goal: to be recognized and accepted as a company that Wall Street calls a blue chip, one of the stellar mainstays of the market.
But he wouldn’t settle just for blue-chip status.
Two years later, he upped the ante again:
We had already achieved blue-chip status, and to maintain momentum I announced that we should again raise the bar and set a new objective: to be seen, over the next three to five years, as a member of a select group of blue chips, what I would call a special category—leaders of their sectors, best of the best: companies like the Walt Disney Company, the Coca-Cola Company, LVMH Moët Hennessy-Louis Vuitton, Sony Corporation, the General Electric Company, and Wal-Mart Stores, Inc.
Issy was always aiming higher.
Always trying to level up.
He’s continued that throughout the Four Seasons existence.
Passing the Torch
On November 6, 2006, it was announced that Issy Sharp, Prince Alwaleed, and Bill Gates would take the Four Seasons private.
Bill Gates and Prince Alwaleed would each own 47.5 percent of the outstanding shares while Issy would own 5 percent.
The price?
$3.83 billion, equivalent to nearly $6 billion in 2024.
That economic value was built on a foundation formed over decades:
Looking back over the last forty years, I’ve identified the four key strategic decisions that formed the rock-solid foundation of Four Seasons. These are now known as the four pillars of our business model. They are quality, service, culture, and brand.
In his book, Issy also dove into why the Four Seasons succeeded, mentioning two of their competitive advantages:
A portfolio of first-class hotels in the very best locations
Their people
With a 23% turnover rate, half the industry average in their sector, the Four Seasons was clearly doing something right and had built a culture employees wanted to be a part of.
Issy mentioned his business model was built on an economic engine of service, in line with Jim Collins’ conclusions of great companies:
Great companies first build a culture of discipline… and create a business model that fits squarely in the intersection of three circles: what they can be best in the world at, a deep understanding of their economic engine, and the core values they hold with deep passion.
Another reason they succeeded?
Trust.
Trust, we agreed, had been the primary reason for our success, crucial to the reputation that precedes us in every deal, in every hotel opening, and in all our operations.
I also think there is one story Issy mentioned that sums up the key to their success:
For example, a certain politician, who for years had been our gest whenever he had to be in Toronto, suddenly stopped coming. Months passed. He still didn’t show. So our front desk clerk called his office to find out what was wrong.
He learned that the politician liked our hotel but not our pillows; he liked the pillows of a competing hotel. The front desk clerk called our executive housekeeper, who arranged to get four pillows that were the same as those of our competitor. We then invited the premier to try us again, and he has stayed with us ever since.
We didn’t let this little experience end there. We checked all our pillows; they weren’t as good. As a result, the pillows at all our hotels were replaced by much better ones.
Excellence is often just a capacity for taking pains.
By the end of 2008, the year before his book was published, the Four Seasons had 82 hotels in 34 countries.
In 2010, at 78 years old, Issy Sharp stepped down as CEO of Four Seasons, capping a nearly 50-year run.
Issy’s Wisdom
In each edition of the Just Go Grind newsletter, I like to include a few more quotes at the end from my research into the founder who is featured, sharing their wisdom.
On the value of relationships:
B.S. and I became partners in many hotels: London, Singapore, Bali, Kuala Lumpur, Shanghai, Phuket, the Seychelles, and many more, some currently under construction…
As with B.S., almost all my partnerships were personal as well as working relationships, based on mututal advantage and mutual trust, which I now considered the emotional capital of a company, an often overlooked component of success.
And as each new partnership opened doors to others, it added yet another link to what I hoped would eventually become a worldwide network of influential connections and foreign properties.
No other hotel company has ever been able to duplicated the contracts we signed with these partners.
On delegation:
I believe the failure of many entrepreneurs is due to their inability to delegate responsibility and authority. The complete trust and faith I had in all our very senior executives gave them the self-confidence and desire to train and develop the top people now reporting to them, and this respect and trust went right down the line, giving us the opportunity to attract and retain the brightest and the best—because they believe their opportunities lie in their own hands.
On hiring:
As opening time neared, we advertised for local labor. More than three thousand applied, many with hotel experience we didn’t want—we find that expertise is easier to learn than bad habits are to unlearn.
Instead, we hired a lot of people who’d been doing backbreaking labor in the sugarcane and pineapple fields, people who we felt would appreciate clean work and nourishing meals in a healthy, attractive, air-conditioned environment. We were right.
On ideas that can’t be copied:
Over the years, we’ve initiated many new ideas that have been copied and are now the norm in the industry.
But the one idea that our customers value the most cannot be copied: the consistent quality of our exceptional service.
That service is based on a corporate culture, and a culture cannot be mandated as a policy. It must grow from within, based on the actions of the company’s people over a long period of time.
📚 Recent Founder Deep Dives
In the past year and a half, I’ve written dozens of deep dives on world-class founders, sharing how they built their companies. These typically take 20-30 hours to research and write. The most recent ones are below:
Best,
Justin
Founder of Just Go Grind and Village Lane
P.S. Interested in sponsoring Just Go Grind and reaching 21,800+ founders, investors, and operators?
P.P.S. Want to work with me 1 on 1?
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