Lessons From My Dad: Learning By Example

My late father, Harold Michael, was a child of the Great Depression.  Born in Montreal in the summer of 1923, Dad quit high school in 1939 and joined the Canadian Army as a fuzzy-cheeked, baby-faced 16-year old.  He later claimed it was his patriotic duty.  Over the next six years Dad rose from the lowly rank of private to staff sergeant until he was honourably discharged in the fall of 1945.  At the age of 22 with unfortunately little formal education and few marketable job skills Dad gravitated to the retail grocery business.

As a child I watched my dad very closely.  I marveled at his successes and how he handled temporary setbacks.  I observed his happy-go-lucky attitude, how he would bounce back from periodic business misses and the manner in which he would directly confront problems until they were corrected.  While he might have been frustrated as he carried on with his daily undertakings, such as late supplier deliveries, perishable fruits and vegetables, delivery truck problems, long hours, employee turnover and low profit margins, he always looked ahead with a positive attitude.  He never complained.  When asked by people to explain his success he would counter that having graduated from the “school of hard knocks”, he was adequately prepared for any confrontation.

During my teenage years I often assisted Dad whenever he was busy or shorthanded.  I packed groceries on shelves, learned how to drive a standard transmission delivery van and worked the cash register.  I was even pulled away from school to buy half a dozen bottles of Kraft salad dressing at a competitor’s store so my father could complete a customer’s grocery order.  Overall, I recognized my dad’s dedication and appreciated his hard work after completing 15 hour days six days a week.  Although my father never became wealthy, I learned much from his devotion, loyalty and service to his customers and suppliers in addition to his honesty and integrity.  In short, his word was his bond.

Today, over 18½ years since my dad’s passing and some 30-35 years since my part-time grocery chores, I have retained countless indelible lessons and memories.  In fact, I would be less than honest if I did not admit to having applied a number of my dad’s basic marketing and management skills to the ABC Funds.  In actuality, the investment management business may not be that far removed from the principles of managing the corner grocery store.

Irwin A. Michael, CFA