THE TALES OF A SURVIVORDR SHINGI MUNYEZA

INTRODUCTION• There were three guys talking in the pub. Two of them are

talking about the control they have over their wives, while the third remains quiet.

• After a while one of the first two turns to the third man and says, "Well, what about you? ...what sort of control do you have over your wife?"

• The third fellow says, "I'll tell you... just the other night my wife came to me on her hands and knees."

• The first two guys were amazed. "Wow! What happened then?" they asked.

• The third man took a healthy swallow of his beer, sighed and uttered, "She said, "Get out from under that bed and fight like a man.""

TIME AND CHANCE• Ecclesiastes 9:11, I returned and saw under the sun that

—

• The race is not to the swift,

• Nor the battle to the strong,

• Nor bread to the wise,

• Nor riches to men of understanding,

• Nor favor to men of skill;

• But time and chance happen to them all.

TIME AND CHANCE• Each one of us has unique chances and opportunities that only happen to them

and not everyone else.

• Your ability to convert your chances through faith distinguishes you from another business man.

• Our judgement is never in relationship with others, but in how we utilised what was in our hands

• Many of us have always been waiting for the elections but anyone who took a position prior to the elections maximized on the best opportunity.

• When I took over Zimbabwe Sun it was a leveraged buy-out at an interest rate of 37.5% per annum fixed for three years in 2002 but by 2005 interest had ballooned to over 1000% and my last installment was paid through an ATM draw down!

IT'S EASIER TO OBTAIN THAN TO MAINTAIN• When we got our independence in 1980 we thought we had finally

arrived. But yet the journey had only just begun.

• The liberators had a sense of achievement and accomplishment yet the years that followed the people became increasingly needy and poorer.

• When we got our land from 2000 we had the sense of arrival yet for the first time we were to import grain over the next decade - from Zambia, an unlikely source.

• When I successfully executed the takeover of Zimbabwe Sun there was a sense of achievement yet the years that followed the company continued to suffer due to both exogenous and endogenous reasons.

• I have therefore learnt that the only way to maintain is to grow otherwise you will be dying. Unfortunately much of Africa begins to meaningfully grow after decades of economic plunder and decadence.

SWIMMING WITH THE SHARKS• Business for me has been likened to swimming with the sharks - never be naive

that because the shark has not attacked you it has assumed you are also a shark!

• In other words keep close to your friends and partners and also keep your adversaries closer - never ignore your adversaries.

• Always give attention to the dissenting voice - that could be your alarm bell!

• Anyone who talks negatively behind your back is an adversary - bring them closer

• When you have been attacked whilst swimming with the sharks - make very little movement to avoid too much blood spilling.

• All relationships must be maintained on principle rather than need - the need will eventually fall away which then results in a shark attack!

• When we formed Dawn Properties, the relationships were based on a need rather than principle - eventually we experienced a shark attack!

DEALING WITH DEBT• Listen to warnings of danger before you set sail. The financial

crisis in the USA was a warning, but this was drowned by the positive noises of the World Cup coming to South Africa.

• Let go what you can before you sink. (The restructuring exercise).

• Beware of becoming a white-washed baboon!

• Do not escape from your responsibilities - the whole idea is about getting on shore. Engaging our creditors, shareholders and our banks who could have shut the whole company down.

• There is always another ship waiting for you. From the fallout with Dawn to the successful relationship with Afreximbank.

CONTROLLING OVERHEADS

• Overheads walk on two legs - from payroll burden to total cost burden. Wherever those two legs go they incur costs! Limit where they go, who goes and how many go!

• Overhead grows by osmosis - quantify overheads beyond salary burden.

• Office space, utility bills, travel and stationery costs are the main culprits.

• There is never one cockroach in the kitchen - when you encounter a small cost problem, there is always another lurking somewhere.

CIRCLE OF COMPETENCE • If you do not understand the business, do not get into it. (The whole

venture of Hotelserve).

• If you cannot find businesses within your circle of competence do not expand the circle - wait.

• Recognizing talent is totally different from having talent - the tragedy of brain drain and literacy rate.

• It is not the economy that will eventually do it but the attitude of investors and management.

• A pin lies for every bubble - every territory has its pain. Have a thick skin and a sober mind. The media will raise you and yet will destroy you but there is nothing called bad publicity, its all publicity.

• Your success is measured by a successful succession.

REINFORCING FAILURE

• Do not fall in love with a project - but fall in love with value. Acquisition of assets as a hedge against hyperinflation, now we have assets that do not have economic value on our balance sheet.

• You must believe in it whole-heatedly but you must be prepared to let it go when it shows signs of sustained failure. The whole journey on The Grace and The Lakes.

• Turn your back on heroics - Cut the fishing line when you catch a crocodile. You will be able to fish another day.

• It is about legacy and not legends.

TALENT MANAGEMENT

• If you want to create wealth, there is one talent you require - the talent to identify, hire and nurture others with talent.

• Talent is key to sustained growth and growth is key to early wealth - you cannot afford to skimp on it.

• Our GDP programmes turned brain drain into brain gain.

• Money is not always the great motivator. Talent knows its value, of course, but surprisingly more often it is more attracted to new opportunities and challenges - the poaching of our staff by competition over the years.

• Youth is a factor - but remember you cannot teach a young dog old tricks, blend youth with age.

• Six rules concerning talent - 1)identify it, 2)hire it, 3)nurture it, 4)reward it, 5)protect it from being poached, 6) when time comes fire it.

THOSE WERE THE TALES OF A SURVIVOR.

THANK YOU.