One man controls half the world’s wild blueberries, constructed North America’s largest personal telecom, and did all of it with out ever leaving his hometown of 1,100 individuals.
On this episode, we decode the counterintuitive playbook of affected person capital, rural benefit, and why Bragg’s refusal to promote a single share made him unstoppable.
Public Launch: August 26.
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My interview with John (#204) was the category. That is the homework.
Classes from John Bragg:
- Bounce, Don’t Break: In 1968, John Bragg borrowed the whole lot to construct his first processing plant. To say he was all in was an understatement. Then frost killed his total crop. It was a catastrophe. He had a virtually empty manufacturing facility, barely any income, and a variety of payments to pay. Most individuals would have declared chapter. As an alternative, Bragg referred to as Wallace McCain at midnight: “What do you want that you just don’t need to make your self?” McCain threw him a file on onion rings. Bragg had by no means made an onion ring, however he had an empty manufacturing facility and no alternative. That frost pressured him to diversify. Right this moment, he processes 140 million kilos yearly. If you’re looking at full smash, the query isn’t “Why me?” It’s “What now?”
- Fame is Foreign money: The financial institution supervisor laughed Bragg out of the workplace when he wanted his first mortgage. However a Conservative politician stood up for the Liberal Bragg household: “If we will’t lend cash to the Bragg household, we will’t lend cash to anyone.” Later, Bragg deliberately overpaid for acquisitions. Phrase unfold quick: if you wish to promote, name John Bragg. Truthful value, fast shut, no video games. Whereas rivals fought over pennies on one deal, Bragg was already closing three extra. You possibly can’t purchase repute. You possibly can solely earn it, one interplay at a time.
- Look to the Horizon: In 1969, no one needed a cable TV license for Amherst, Nova Scotia. Inhabitants: 9,000. Bragg was the one applicant. Early cable meant recording reveals on tapes, placing them on buses, and enjoying two-week-old programming. Whereas others noticed losses, Bragg noticed rural communities determined for connection, recurring income, and a shrinking world. “We’re large, large believers in wanting on the horizon,” he says, quoting Dag Hammarskjöld: “Solely those that have a look at the horizon discover the appropriate highway. In the event you have a look at your ft, you’ll stumble.” That license that no one needed was the primary brick in what would develop into North America’s largest personal telecom empire.
- Develop the Pie: Bragg’s brother invented a blueberry harvester that did the work of thirty hand pickers. As an alternative of protecting it secret, they bought harvesters to rivals. “What’s good for the trade is sweet for everybody,” Bragg stated. He wasn’t competing towards different blueberry growers; he was competing towards each different fruit. This drives individuals loopy. Even as we speak, Oxford funds analysis on rising and cultivating and shares the whole lot freely. Whereas different individuals need to divide the pie, John Bragg desires to develop it for everybody.
- Overpay for What’s Solely Obtainable As soon as: Bragg routinely paid greater than rivals for acquisitions. Generally double. His reasoning is easy: “It’s solely obtainable as soon as.” When alternatives are scarce, pay what it takes. The individuals who nickel and dime their manner out of nice offers spend years regretting it.
- No Reverse Gear: At 22, Bragg turned down a safe educating job to choose wild blueberries. Everybody thought he’d misplaced his thoughts. When his enterprise practically failed, he stored going. When banks rejected him, he discovered one other manner. When Bell killed his partnership, he borrowed $265 million and constructed a competitor as a substitute. “I’ve no reverse gear,” Bragg says. The world is full of people that nearly began one thing, nearly took the chance, nearly guess on themselves. Don’t be one among them.
- End result Over Ego: Bragg may have named his corporations after himself. As an alternative, Oxford and Eastlink. “By no means let your ego run your corporation,” he says. At 85, value billions, he nonetheless makes use of scuffed golf balls. “They go so far as new ones.” His headquarters seem like a neighborhood school. Each greenback that doesn’t feed your ego feeds your development. Most individuals would reasonably look profitable than achieve success. That’s why most individuals aren’t as profitable as they may very well be.
- Lead by Suggestion: Each month, Bragg drives to his executives as a substitute of summoning them. He not often offers orders. When a beekeeper stated 2,500 hives was his restrict, Bragg didn’t bark instructions. He stated, “I’ve confidence you’ll be able to deal with extra. Take into consideration how.” The beekeeper redesigned the whole lot and now manages 12,000 hives. Sturdy leaders assist individuals uncover what they’re able to.
- By no means Cease Studying: At 70, value a whole bunch of thousands and thousands, Bragg gave six groups of executives $10 million every, not for bonuses, however for funding portfolios. Actual cash, actual stakes. “I needed them to see how robust corporations function and the way weak ones fail,” he stated. No penalties for losses, no bonuses for good points. Pure training. Bragg himself grew to become a pupil, attending Berkshire Hathaway conferences, learning different companies. His favourite Buffett quote: “I’m a greater investor as a result of I’m a businessman and a greater businessman as a result of I’m an investor.” Most individuals cease studying as soon as they develop into profitable. Outliers by no means cease being college students.
- Keep Personal, Keep Nimble: For 50 years, banks begged Bragg to go public. He refused. When he purchased AM Telecom, a public firm, he instantly eradicated $4 million in overhead. “It’s pricey to be public, and it slows you down,” Bragg says. Public corporations want board approvals, regulatory filings, and quarterly steerage. When Bragg’s engineers advisable new know-how, he gave them $10 million the identical day. Personal corporations can take hits as we speak to win tomorrow. Public corporations can’t afford to overlook 1 / 4.
Affected person Capital Wins: For 50 years, Bragg by no means took a dividend. Each greenback went again into development. Whereas rivals paid shareholders, Bragg stored constructing. He invested in fiber when no one understood why. Constructed infrastructure between small cities when everybody chased cities. Bragg thought in generations. In a world of fast flips and quick exits, the particular person prepared to attend twenty years has no competitors.
Supply:
- Savoie, Donald J. The Rural Entrepreneur: John Bragg: The Pressure Behind Oxford Frozen Meals and Eastlink. Halifax, NS: Nimbus Publishing Restricted, 2021.
- Parrish, Shane. “John Bragg: The Blueberry Billionaire (#204).” Interview with John Bragg. The Information Challenge Podcast, 2024. https://fs.weblog/knowledge-project-podcast-transcripts/john-bragg-204/.