Interview with Tom Gitogo by Anne Mburu-de Wagt (PhD)

Which lessons did you learn from your parents that you still have in your toolbox today?

Humility and discipline – very useful in later-life networking.

What are the fundamental qualities you consider essential to peaceful success?

Hard work and discipline. Ability to put in the training and the long hours required in the journey to success requires these two.

What is your definition of success?

Success is affording more than the basic minimum for you and your loved ones in a happy stress free environment. It enables one to pursue a passion usually involving helping and impacting others.

Name three giants upon whose shoulders you stand. 
What were three attributes/ contributions that they added to your journey that helped you navigate your professional and personal journey?

1. My Parents – they gave me confidence that there was nothing I couldn’t do. That I was up to it…
2. Lee Iacocca (Ford CEO) – Inspired me to crossover from engineering to management – he was a mechanical engineer but took Ford and later Chrysler as CEO to dizzying heights…so why wouldn’t I?
3. Barack Obama (later in life) – As an astute orator, he inspired me to “whoa” investors, customers and shareholders during my company meetings. Most successful people throughout history have been eloquent communicators.

You studied Civil Engineering, what was your vision for your original field of study?

Creating things/structures to near perfect state/being.  Always wanted neat patterns ( you should see how I fold my towels☺).  I believed I could influence how my society looked through my engineering.

When did the turning point happen that you chose for finance over engineering?
What was the catalyst for this change?

I joined PwC for what I thought at the time was for 3 months before my engineering job was to start. Then I read Lee Iacocca’s autobiography (by accident to be honest) in my 2^nd month at PwC. I never left!
Here was an engineer that was doing great in “management” as a CEO of the car maker Ford (1960s) and Chrysler (1980s).

How did the process of growth in the finance arena align with your initial dreams and aspirations?

Through audits, I felt I was contributing positively to bettering businesses and companies by pointing out what could be done better. I also encountered real life examples of:
a) what to do and; b) what not to do, to succeed in business and also in personal finances. 
I was contributing in “moulding” better companies and better lives.

Looking at your LinkedIn summary, the adjectives: Humble, honest and bold come to mind, would you say these are fair descriptions? Would you add any others to this list?

I would agree (coincidentally see my comments in Q1 above).
You cannot succeed without the help and involvement of other people.  Humility and honesty are 1^st class tickets to people wanting to do business with you, to connecting with you.

Your career spans 29 years in Finance, how have you used the breadth of experience in your own journey of preserving and growing your asset base?

If you are a medical doctor, you are not paid in stethoscopes…you are remunerated in monetary terms. Knowledge in finance is a big plus in growing personal wealth. And it’s the basics I have picked over time in my career. E.g.

1. It doesn’t matter how much you earn – trick is to spend less than you earn and invest the difference
2. Investments must be diversified
   (a) in time: short, medium and long terms
   (b) in vehicles: cash/near cash, bonds/shares, and land/buildings.  
3. Trading is not for everyone – I am not a trader (buying and selling consumables), I am a passive investor (1 and 2 above)

As you reflect on your journey, where would you say had hindrances and blind spots?

• Hindrances:
  i) Friends – some don’t want you to succeed and they introduce doubt
  ii) Lack of knowledge in a matter – took a while to accept to ask when I don’t know!
• Blind spots: After a few successful ventures, you can become careless or cocky.

How did/do you overcome these?

1. Keeping your conviction to yourself and only sharing with colleagues and friends who overtime I had identified as genuine cheerleaders.
2. Incorporating and seeking knowledge in new/trendy matters before plunging in.
3. Praying to God for his blessings on the undertaking/venture.

How much have you let your children gain insight into your journey of asset growth?

As much as I could – every parent must teach their children the basics especially the difference between “want” and “need”. And that life has a lot of “either”, “or”, never both!  They have to budget their pocket money.

How involved are your children in your succession plan?

Apart from Muthoni the eldest, the other two are not involved much as yet, but in my will they are all provided for. Life is tricky as you know because the younger generation is hardly interested in the same things we do – some don’t care much for family businesses – and we shouldn’t force them.  I try to interest them as they grow in what I do and Muthoni is quite keen.

How much have you let your children gain insight into your career growth, its triumphs and the challenges?

I would say 100%.  Even George who is only 15 knows my interface with boards and colleagues and any frustrations and experiences with them. They were like my ‘co-workers’ at CIC for example – their insights on challenges are sometimes profound!

Do you and your family discuss money? Yes/No? …………..
If yes, how do you and your family discuss money, financial planning, wealth?
What aspects do you reinforce or pay attention or practice more of?

Yes we do – beyond the fact that it doesn’t grow on trees, we discuss investments vs expenses.  It didn’t help that my earnings are usually displayed in national newspapers…price to pay for being a CEO of a listed company.

The kids get pocket money which they must budget for.  And we discuss mistakes and what lessons arise from these.  George, my youngest, is naturally gifted on money matters – I can sense it already.

How were you able to strike a family/work balance? Are there times that there was an imbalance?

When one is younger, the family loses.  Balance is achieved more later in life in my experience. I would travel with my wife whenever I could so we could stay back a day or two after business – this helped. Being in-charge of a regional business is tough as you travel too much – and shopping for the family only gives them temporary relief.

How were you able to redress the imbalance?

We have always had fixed family holidays in Aug and Dec. We would travel for about two weeks and I would only work at night if I had to.

Does your family have a common mission and vision statement/belief? Is it a written statement? How often do you review this?

We don’t have a written one. Doing well in school is assumed – and one must get the grades to go to a great university overseas. We all believe very strongly on waking up early, sharing chores and working hard. It helps that Muthoni, our 1^st born, has done very well and works in the UK.  This has made our work very easy with the other two.

With my wife, our vision is stress free sunset years – affording a decent retirement where we can travel to visit our kids and/or places around the world.  We are keen on our health and exercise regularly.

What are the three things you would advise someone against in building their asset base/family?

1. Greed/shortcuts
2. Putting too much pressure on oneself
3. Competing with the Jones’

Professionally, you are at a crossroads, what would you say energises/ convicts you the most in this season of your journey?

Working for impact on society as opposed to working for a salary.

How do you plan to bring it to fruition?

Listening to my heart more than to my head. Not easy.

As you reflect on your journey so far, is there anything you would want to redo, whether to improve/change or just experience again?

Yes.  I would worry less about pleasing other people. Pleasing my bosses or friends.  I would be more bold in undertaking investment ventures. At 75yrs old, apparently most people regret what they didn’t do, not what they did.

 In your personal planning, how critical has journaling/ writing out your strategic plans been?

I have a most impeccable excel spreadsheet, I can tell you what I paid for on 11 Aug 2003 for example!  Writing down what one wants to achieve has a magical effect that is hard to explain.

What 3 tips would you give?

1. Believe in yourself – confidence is 75% of achievement.
2. Start now, not tomorrow.  You don’t have to 1^st accumulate…this has felled many people.
3. It does not matter what others think – we realise this too late sometimes…

What do you do to unwind?

• Golf
• Walking/exercise
• Sudoku and Wordscapes too

If you could only use one word to advise somebody you are mentoring, what would that word be?

Discipline.

What is your Why? How has that changed over the years?

Used to be to be wealthy. Now it is definitely to be HAPPY!