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March 15, 2017

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The TIGER 21 Chair Spotlight introduces you to the remarkable people that make up the TIGER 21 community. This week, meet Richard Carr, TIGER 21 Newport Beach Chair.

Richard Carr Thumbnail

Richard carr
TIGER 21 Chair,
Newport Beach

How did you get involved/introduced to TIGER 21?

Actually, I have known TIGER 21 since its inception in 1999. In my role as CEO of Vistage, I knew the founder of TIGER 21, Michael Sonnenfeldt.In 2014, I was approached by San Diego Chair, Lew Haskell, to build a group in Newport Beach.

In your opinion, what are the benefits of being a TIGER 21 Member (or chair)?

For me, TIGER 21 has been a wonderful learning experience, a broadening community,while using my experience as a Vistage Chair to help me in the formation and development of the Newport Beach TIGER 21 group.

I feel TIGER 21 offers a compelling value proposition for high net worth investors and an enriching community of fellow learners. I have found the following to be the major reasons people are attracted to TIGER 21:

  • Members talk about the benefit of being in a safe space with non-competing peers where they can share issues and opportunities while being exposed to learning in areas completely beyond their entrepreneurial experience.
  • Entrepreneurs know how to manage risk in their areas of expertise. There is fear, anxiety, and uncertainty about who to trust and how to evaluate.
  • Entrepreneurs find that their wealth also brings issues about raising children in an affluent environment, philanthropy requests without experience and yardsticks in evaluation, issues surrounding wills, trusts, and asset protection. All of these areas are part of the TIGER 21 experience

Do/did you have a mentor? Who? What the most valuable piece of wisdom/advice he/she taught you?

I have had several mentors in my career.

  • General Frank Mildren. Commanding General of the 7th Corps in Europe during much of the 1960s. I was his aide. He taught me the value of being “in the field” with the operating units. Translated to my business career: spending time with customers, vendors, and key relationships rather than being a slave to an office.
  • Randy Crockett: Owner of Crockett Container. Bought a business from me and taught me the value of saying no to business opportunities that don’t fit the business model we built.
  • Michael Milken: Used to say he would come up with 100 ideas. It was my job to figure out the 3-4 that were profitable investments.

Was there a decision that changed your life?

The decision that changed my life was when I sold my businesses and pursued a career leading peer groups and eventually running a company built around peer groups

What is the biggest risk you took that paid off?

Biggest risk: Deciding to go into the Infantry after West Point. Best leadership training I could ever have imagined. Survived being in a war and experienced increasingly successful military postings.

Fun Facts:

Last book you read“The Philosophical Investor” by Gary Carmell

Favorite BooksA few that have been special:

  • “Empire of the Summer Moon” by SC Gwynne (the story of the rise and fall of the Comanche Indians)
  • “River of Doubt” by Candice Millard (Teddy Roosevelt’s Darkest Journey)
  • “Boys in the Boat” by Daniel Brown (a story from the depression and an ultimate Olympic victory)
  • “Guns, Germs, and Steel” by Jared Diamond

Favorite InvestmentBerkshire Hathaway

Favorite Places you have travelledEurope as a student on a Eurorail pass, Patagonia, and Machu Picchu

Favorite FoodMexican Food

Five words to describe meLeader, Empathic, Authentic, Energetic, Adventurous

Favorite InnovationComputer