Stern Alum Chris Cook Shares his Thoughts on Entrepreneurship
Aliza Lakhani and Deborah Garcia
Issue date: 9/8/09 Section: Voices
L&G: So why were you successful?
Cook: A combination of a little luck and ignorance with a lot of hard work and determination. Our approach was different. We developed an innovative approach, we were more focused than the competition on service and we also served more remote areas of the country effectively to meet the needs of the entire market. We worked closely with retailers who were young and na've like us. It was a lot of fun.
L&G: Why did you transition to finance?
The process of taking a company public through a complex reverse takeover made me think "this is interesting". It was a dynamic exercise that was really exciting to me but when it ended it was clear it was time to move on and expand my knowledge and experiences. I wanted to use my MBA to reinvent myself and enter a whole new world built on the foundation of practical experience
L&G: Tell me about your role at Hawk Capital.
Cook: I am heavily involved in transaction advisory. We are now getting into the distressed world. We work with banks in their troubled asset divisions. We first quickly identify if the project is salvageable or if liquidation is the only way out. Then we do a 2-3 week analysis and we chart the path to recovery and align that with the bank as well as the company's objectives. Being there, shepparding the process and improving recovery values is our value add. Our compensation is aligned with the success of the bank. As opposed to high fees, we charge a lower fee initially and a success fee on the back end. This is nothing new to U.S. or Europe but it's a relatively new concept in Canada.
L&G: Was it hard for the entrepreneur in you to mold to corporate life?
Cook: Entrepreneurship is about being creative, building, thinking, and solving problems. Even as an entrepreneur, I was always acutely aware that I had to account to someone. You have creditors, shareholders and family members you are responsible to. Regardless of your job, you always have a boss. Also, there is a direct correlation between the amount of effort you put into something and what you get out of it. This is the same if you are an entrepreneur or if you are working for someone else.
Cook: A combination of a little luck and ignorance with a lot of hard work and determination. Our approach was different. We developed an innovative approach, we were more focused than the competition on service and we also served more remote areas of the country effectively to meet the needs of the entire market. We worked closely with retailers who were young and na've like us. It was a lot of fun.
L&G: Why did you transition to finance?
The process of taking a company public through a complex reverse takeover made me think "this is interesting". It was a dynamic exercise that was really exciting to me but when it ended it was clear it was time to move on and expand my knowledge and experiences. I wanted to use my MBA to reinvent myself and enter a whole new world built on the foundation of practical experience
L&G: Tell me about your role at Hawk Capital.
Cook: I am heavily involved in transaction advisory. We are now getting into the distressed world. We work with banks in their troubled asset divisions. We first quickly identify if the project is salvageable or if liquidation is the only way out. Then we do a 2-3 week analysis and we chart the path to recovery and align that with the bank as well as the company's objectives. Being there, shepparding the process and improving recovery values is our value add. Our compensation is aligned with the success of the bank. As opposed to high fees, we charge a lower fee initially and a success fee on the back end. This is nothing new to U.S. or Europe but it's a relatively new concept in Canada.
L&G: Was it hard for the entrepreneur in you to mold to corporate life?
Cook: Entrepreneurship is about being creative, building, thinking, and solving problems. Even as an entrepreneur, I was always acutely aware that I had to account to someone. You have creditors, shareholders and family members you are responsible to. Regardless of your job, you always have a boss. Also, there is a direct correlation between the amount of effort you put into something and what you get out of it. This is the same if you are an entrepreneur or if you are working for someone else.
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