Trizec

"It was time for Peter Munk to write one of his memos to colleagues. Munk wrote similar memoranda earlier for Consgold and later for the Trizec and Lac opportunities. It is his pattern of operation when he has made up his mind on any major acquisition or other strategic initiatives, but still needs to persuade and convince “his people.” On important issues it is required discipline to put the fundamental reasoning plus all the risks, versus rewards, into a written form. It helps people to think about the proposal, and it can be used years after the deal to review the thinking and check the assumptions."

"I made a pitch to all my guys. They called me back and they said, “God, it’s a great thing. Let’s go!” It was simple to acquire Trizec, because we had over half a billion U.S. dollars in the bank then, in cash. I wanted to go into something where we would be a major, more than just a bit player. And I wanted to do something that was in the bottom of the cycle. Trizec had those characteristics. We could negotiate it without a fight. Trizec had a major franchise value. It was a dominant player in the real estate field and I could get control. Trizec was one of five or six big decisions in my life, in my business career. But those decisions do not get implemented until all of us—management and directors—sign off on it. Our job is to make an unassailable case."

"a earlier for Consgold and later for the Trizec and Lac opportunities. It is his pattern of operation when he has made up his mind on any major acquisition or other strategic initiatives, but still needs to persuade and convince “his peo- ple.” On important issues it is required discipline to put the funda- mental reasoning plus all the risks, versus rewards, into a written form. It helps people to think about the proposal, and it can be used ye"