The Secrets of Perenchio, from Richard Owen

2013-01-01 · Richard Owen
Original source

In 1985, Jerry Perenchio bought Loews Theaters from the Tisch family for $160m and flipped it in 12 months for ~2x. Given the Tisch brothers 'made' this asset and knew the sector, does anyone know what happened? Was it something to do with the anti-trust of movie companies not owning their theaters being lifted — something JP had seen but the Tisch's not?

Also, here are Perenchio's ten "rules of the road", which are a good read, particularly as there's twenty of them:

1. Stay clear of the press. No interviews, no panels, no speeches, no comments. Stay out of the spotlight — it fades your suit.
2. No nepotism, no hiring of friends.
3. Never rehire anyone.
4. Hire people smarter and better than you. Delegate responsibilities to
   them. Doing so will make your job easier.
5. You've got to know your territory. Cold!
6. Do your homework. Be prepared.
7. Teamwork.
8. Take options, never give them.
9. Rely on your instincts and common sense. If you go against them you
   generally regret it.
10. No surprises. We don't give them. We don't want to get them.
11. Never lose sight of what business you're in. Stick to your "last."
12. When you suit up each day it's to play in Yankee Stadium or Dodger
    Stadium. Think big. 13. If you have a problem, don't delay. Face up to it immediately and solve it.
13. Loose lips sink ships!
14. Supreme self-confidence, never arrogance.
15. A true leader is accessible — no job too big, no job too small.
16. Communication is our business. You can reach any of your associates
    anytime, anywhere, anyplace.
17. If you make a mistake, admit it. Just don't make too many.
18. Don't be a "customer's person" (man or woman).
19. Always, always take the high road. Be tough but fair and never lose
    your sense of humor.