Yellow Brick Road chairman Mark Bouris gave a great speech to entrepreneurs last week in which he shared some of the advice given to him by the late Kerry Packer when they did their $25 million Wizard Home Loans deal in 1999.
There were three key points: understanding your business purpose, the importance of fight over passion, and being prepared to go the distance to make things work.
But there was one other piece of caution that Packer imparted to Bouris at the time that wasn’t in the speech that Bouris later confirmed to Business Insider.
Wizard was starting to take market share from the banks, and this carried with it some inherent risks. People frequently asked him why he wanted to take on the banks, and when when the conversation came up with Packer, it went something like this:
Packer: “Son, where does an 800-pound gorilla sit?”
Bouris: “I don’t know.”
Packer: “Wherever the f–k he likes.”
Ostensibly it was about the banks, but with Packer tipping millions into Wizard, perhaps he was setting some boundaries in his relationship with Bouris too.
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