The Magna Man

by Frank Stronach, Paul Pivato

One of the world’s most innovative business leaders shares his passion, wisdom and insight in this national bestseller Frank Stronach came to Canada from Austria with a few dollars in his pocket, a lot of hustle and a hunger to succeed. In a few short years, the young Stronach went from washing dishes to starting up his own tool and die shop in a rented garage, working long hours and sleeping on a fold-up bed next to his machines. He would build that small shop into Magna International Inc., one of the biggest autoparts manufacturers in the world, with more than 118,000 employees in twenty-nine countries. For the first time, and in his own words, Canada’s greatest industrialist tells the remarkable story of how he overcame hardship and heartache to climb to the top of a fiercely competitive industry. Along the way, he shares the blueprint for his company’s spectacular a unique business philosophy he created called Fair Enterprise. This can’t failformula has fuelled the company’s unstoppable growth and allowed Magna to share billions of dollars in profit with employees, managers, shareholders and society. An inspirational story of business triumph and innovation, The Magna Man is also an invaluable guide for anyone eager to start a business, acquire the skills of a highly effective leader or make a difference in the world.

Genres: Biography, Business, Leadership

320 pages, Paperback

First published October 30, 2012

Reviews

[Sonia Faruqi · Rating 5 out of 5]

The Magna Man is a terrific read and provides a perspective that is honest, fair, and balanced. At times, the book reads as a memoir and at other times, it reads like a series of essays. At all times, it is relatable and applicable to the average person, and a source of insight and inspiration.

Mr. Stronach’s life story is the epitome of the Canadian and American dream. He arrived as an immigrant from Austria to Canada, and, upon knocking on a lot of doors, was able to find work in a hospital kitchen peeling potatoes. He later scrapped together enough money to open a tool and die shop in his garage. Through resilience, opportunity, and strategy over a number of decades, he was able to turn that starter shop into one of the largest companies in Canada, Magna International.

Mr. Stronach achieved success by creating a business model of ownership and partnership, where workers share in the profits that they make. He enabled an environment of entrepreneurship and decentralization, and he worked by the steadfast motto of creating a better product for a better price. He had a long-term, big-picture understanding of business and government, and his perspective was further enhanced and fueled by hands-on experience in the world of automotive.

At university, I studied Economics, Public Policy, and Government, and I found Mr. Stronach’s arguments on these topics compelling enough to be used in public policy and MBA classrooms. Mr. Stronach makes the case that companies with high tax burdens are not competitive on a global scale. He also argues that it is economic suicide for companies to move their operations abroad and for developed economies to thus become import-centric. In addition, Mr. Stronach expresses a concern for the environment when he says that electric vehicles will be the wave of the future due to a diminishing supply of fossil fuels.

Mr. Stronach’s perspective is of fierce loyalty and passion, and he displays an understanding of all echelons of the workforce, from plant workers to senior executives.

[Spencer Schultze · Rating 3 out of 5]

Much of the book was interesting enough, but in my view the book was poorly edited / arranged. Repetitive in many instances and rough in transitions among chapters / musings and even within a chapter.

Also, don’t expect a full detailed story. Half of the book was high level Stronach/Magna’s history, the other half Stronach’s prescriptions for society.

That said, for a genuine autobiography by a business scion, worth the read (it’s quick), especially if you have any business dealings with Magna.

[Tamás Torma · Rating 3 out of 5]

Great story of a succesful business man. Despite the main philosophy behind the Magna World this does not work in real life. At least not at a particular plant somewhere in the Central Eastern European region...