Paul Magiatis is the very model of a successful entrepreneur – imposingly charming, persuasively resonant and unfailingly entertaining. As the son of two illiterate Greek immigrants who couldn’t speak a word of English when they arrived in Perth during the 1960s. He fondly reminisces on his early years growing up in Kalgoorlie, living between 2 rough pubs and thinking that was normal whilst observing his family’s work ethic as they quietly amassed an impressive real estate portfolio. By 19, he had purchased his first home and continued to leverage himself until the bank said no. Now at 54, he has bought and sold over 79 properties, more than what several of us would ever achieve combined.
Paul’s commercial sensibility is proved by his decision in November 2008, at the peak of the GFC and whilst flirting with bankruptcy, to negotiate with creditors and stakeholders to save the company he had built from his own living room. In his own words, “Don’t be a hero or you’ll end up drowning. Financially it was tough and emotionally draining but I came out the other end by surrounding myself with the right people who had been through similar situations and their circumstance made my story look tiny in comparison. I also gave up drinking, smoking and started running up to 15km a day!”. Paul’s commitment to success requires no persuasion that given enough willpower and stamina, anyone can have a slice of the great Australian dream.
Immersed in conversation, I note that Paul fills his space with European luxe, creating a picturesque backdrop of textures and neutral hues, without detracting from the majestic beauty of the Swan River that appropriately casts more sparkle than the city lights. Fans of intricate design will nod approvingly at the dark exquisite splashbacks, accompanied by the soaring ceiling. Standing inside his distinguished kitchen as Michael Buble serenades me from the integrated sound system, I appreciate the restrained choice of contrast in his dark cabinetry against the polished appliances.
Before we depart, Paul shares with me his wisdom on what he perceives Perth’s outlook would be, “The next 18 months is going to be tough but those in business who survive will essentially become bulletproof by developing strong process efficiencies. Activity levels will stay dormant for another 12 months due to market confidence so if you can afford to buy, then do it now. I’ve never seen a better time than now”.
Paul’s top 3 tips for entrepreneurs:
Know when you’re out of your league and always ask for help. I always surrounded myself with people smarter than myself.
Develop endurance. Life is a marathon so keep chipping away.
Network with people that can add value to your life and aspire for more. Learn to recognise opportunities and just say yes! Figure out the “How” later
