Roger Greenberg: 'It's a marathon, not a sprint'
Recently, legendary real estate businessman Roger Greenberg spent a couple of hours engaging with students from the University of Ottawa’s Telfer School of Management at the University of Ottawa, answering their many questions and sharing valuable insights.
After the session ended, he graciously stuck around to continue the conversation and offer further guidance to several of the students individually.
His willingness to help future business leaders and entrepreneurs was in keeping with his philanthropic attitude — giving not only of one's money and expertise but also of one’s time.
If there was one message that the 69-year-old, Ottawa-born businessman stressed throughout the discussion, it was that success in the real estate industry is a test of endurance. “It’s a marathon, not a sprint,” he repeatedly said at the inaugural event hosted by the Telfer School of Management and the University of Ottawa Real Estate Club, a new student-run group. It was founded last year by Telfer students Jacob Seifried (president), Daniel M Mulaja and Marcel Wogrodny.
The evening, which also attracted several business leaders from the local real estate community, was called Insights and Connections: An Open Discussion with Roger Greenberg. It was moderated by Telfer student Alexia Dumouchel.
While achieving success in real estate requires “dedication, perseverance and commitment”, effort alone isn’t enough, Greenberg stressed. Along with working hard, one needs to be smart. Perhaps even more important, he added, is luck. “If I could ask the Big Man upstairs for more of one of those three things, I’ll take luck every time.”
Few business leaders in Ottawa wear as many proverbial hats as Greenberg, so it’s no surprise that he’s up every day at 5:30. What was surprising was learning he has a tattoo of the old Minto logo — a stylized tree — on one of his ankles.
Greenberg has been actively helping The Ottawa Hospital raise $500 million from the community for the construction of a new state-of-the-art campus near Dow’s Lake to replace the aging and outdated Civic Campus. The volunteer fundraiser has also put his money where his mouth is — Minto Group’s $25-million donation to the hospital campaign is the single largest healthcare donation in Ottawa history.
As well, along with partner John Ruddy, Greenberg was key to bringing professional football back to the nation’s capital in 2014 through the redevelopment of Lansdowne. That’s where the Ottawa Redblacks, Ottawa 67’s and several other sports teams play their home games. The urban entertainment complex is now preparing for another phase of revitalization. Greenberg continues to serve as executive chairman and managing partner of Ottawa Sports and Entertainment Group (OSEG), which manages the municipally-owned property through a public-private partnership.
Plans for Lansdowne 2.0 began five years ago and are expected to take another eight or nine years to complete, bringing the total timeline for the redevelopment to 13 years, Greenberg explained. By comparison, it took about eight years to finish the first phase of the project.
“Real estate is a game of patience,” he told his audience members, reminding them that it’s a cyclical business that requires long-term vision. “We’re going through a down cycle right now in real estate. You have to have the strength to see your way through and realize it’s a marathon; it’s not a sprint.”
Minto was founded in 1955 by Greenberg’s father, Gilbert, along with his three brothers, Louis, Lorry and Irving. After Irving passed away in 1991, Greenberg, who was then working for Minto in Toronto, returned to Ottawa to take over as CEO. Under his leadership, and with the help of his siblings, the company experienced significant growth and expansion.
In 2013, Greenberg handed the operating reins over to Michael Waters, FCPA, FCA — the first non-family member to lead the company — while Greenberg has since continued as executive chairman of Minto Group and chair of the board of trustees of Minto Apartment REIT (currently led by president and CEO Jonathan Li ). The Greenberg family remains involved in the business through its board of directors, which includes Greenberg and two members of the third generation of the family. The majority of the board consists of independent business leaders, many of whom are former and current CEOs of companies larger than Minto, said Greenberg.
Minto, one of the largest companies of its kind in Canada, develops, manages, and invests in real estate.
Over the years, Greenberg has received numerous awards and honors, including the Order of Canada, Ottawa Chamber of Commerce CEO of the Year, and the Dean's Philos Award from Telfer. Learn more about Greenberg's story.
The author Caroline Phillips has permitted the Telfer School of Management to publish this article. The original article can be found on LinkedIn.