"The best way to retain talent is to treat them well, empower them and create an environment where they love to create."
Canadian entrepreneur Miles Nadal, founder, MDC Group,
quoted in Advertising Age, May 10, 2010
In 20 years, former hockey photographer Miles Nadal has built one of North America's foremost communications empires. In today's interview in Advertising Age, Nadal explains his company's strategy, and why he's now in acquisitions mode.
"There was a great quote by Warren Buffett that says when it's raining gold, you should find a pail and not a thimble. We started [acquiring] a year ago when the world was very uncertain. There were a number of firms that were in the fastest-growing areas of marketing communications, i.e. PR, social media, interactive, data analytics and data mining and experimental. These are firms we had been following for a long period of time.
"We intentionally [held off before] because we didn't understand the value proposition of the businesses other people were acquiring. We are contrarian. When everyone was growing through acquisition, we were growing organically. ... When nobody was being acquisitive, we thought this is a wonderful time. For the most part, banks are not lending, and our access to capital is more valuable to partners today than before."