Global Chairman & CEO, Colliers International Group Inc.
Jay Hennick - Receives Honorary Degree, Doctor of Laws, from the University of Ottawa
Jay Hennick - Jay Hennick - Addresses Graduating Class at University of Ottawa.
About Jay Hennick
Jay Hennick, Global Chairman and CEO of Colliers, was inducted into the Canadian Business Hall of Fame in May 2024. In a legacy video and acceptance speech, Hennick reflected on his nearly 50-year career, describing his upbringing in a working-class area north of Toronto and his early entrepreneurship at age 17 supplying lifeguards. He stated that he built an "Empire from essential Services business centered around real estate" by buying well-managed service businesses and working with management teams. Hennick noted that FirstService and Colliers were split to allow shareholders to choose between a "steady growth engine" and a "more transaction driven" business. He attributed the success of both companies to a unique operating culture that is "very entrepreneurial" and difficult to replicate, and expressed hope that increasing recurring revenue streams would attract a better market valuation. In his Hall of Fame speech, Hennick outlined five guiding principles: imagination, education, hard work, dealing with adversity, and luck. He said that luck involves "actively shaping your destiny, taking bold actions and seizing key moments." Hennick also emphasized the importance of cultivating a unique culture aligned with a core purpose and vision, and expressed gratitude for the contributions of partners, business leaders, and over 60,000 employees.
Transcript (5 segments)
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Host0:04
I'd now like to present the recipient of an honorary doctorate, Jay Hennick. My friend, my mentor for 15 years, and one of the most supportive graduates this university has ever known. It's a pleasure to do this. Jay Hennick is a born entrepreneur who founded his very first company when he was in his teens. After earning a law degree at the University of Ottawa, Jay Hennick went first to work as a corporate lawyer with a large Toronto law firm. Shortly thereafter, in 1989, he founded First Service Corporation, leading it to become a global leader in real estate services that operates in 35 countries and generates annual revenues in excess of two and a half billion dollars. His successes earned him the respect of his peers; in December 2001 he was named CEO of the Year by Canadian Business magazine.
Let's watch a brief video about this exceptional leader.
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Narrator1:40
Jay Hennick is the founder and CEO of First Service Corporation, a global real estate services leader and one of the largest property management companies in the world. He founded Superior Pools, a company that provided staffing for commercial swimming pools and private recreation facilities. He went on to earn a BA at York University and a law degree at the University of Ottawa before embarking on a career in corporate law. In the late 1980s he founded First Service and led it to become one of Canada's most successful global companies. Jay and his wife have established the Jay and Barbara Hennick Foundation, which supports a variety of educational, healthcare, and medical research causes, including the Hennick Family Wellness Center and the Hennick Foundation for Medical Research. The Hennick Center for Business and Law, a joint program of Osgoode Hall Law School and the Schulich School of Business at York University. The J.S. Hennick JD/MBA program at the University of Ottawa Law School, and the Everyone Gives program, which is a unique global social giving campaign initiated by leaders at Colliers International, a subsidiary of First Service.
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Chancellor3:22
The doctorate honorific. As Chancellor of the University of Ottawa, by authority of the powers vested in me, I do hereby confer upon you the degree of Doctor of the University, with the title, honor, and privileges that are proper to it. Congratulations.
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Jay Hennick5:07
Okay. Bonjour everyone. Madam Chancellor, President and Vice-Chancellor Rock, distinguished guests, ladies and gentlemen. I'm deeply grateful and humbled to receive this honor because it comes from the University of Ottawa. Many years ago I was sitting right where you are, in this fabulous and, as I look up, ageless building when I graduated from law school. I remember it just like yesterday. I enjoyed my time here at uOttawa. I learned a great deal and made many, many lifelong friends. I could not have achieved this honor, however, without the love and support of my beautiful wife Barb. She has always been a true partner, and everything we've accomplished we've accomplished together. Our greatest success, of course, is our children. They have given us so much joy and so many reasons to be proud. They're all here with us today, so let me just say I love you guys. I know your parents are feeling exactly the same way. They're bursting with pride as you enter the next phase of your life. So grads, let me say to all of you: congratulations, and please give yourselves a huge round of applause for a great job well done. But get ready now. The really tough part begins. You start to lay the foundation for the rest of your life. What kind of life do you want to lead? The late great Steve Jobs said you should want to put a ding in the universe, to make a difference, to make your mark. Let me give you three thoughts that might help you do just that. First, don't try harder; try smarter. Trying harder, giving it your all, is obviously very important, but trying harder is not always the best way to achieve success; sometimes it's a big part of the problem. As I was building my company over the years, I was fortunate to have as a mentor one of the greatest management thinkers of the 20th century, Peter Drucker. Peter was a sage in many ways, but one of the things he used to say to me was: 'There's no value in doing well that which should not be done at all.' Trying smarter means stepping back, giving the problem a fresh look. It means doing things differently or trying a new approach. Trying smarter also means being open-minded to the possibilities. Second, think but don't overthink. When you have an important decision to make, don't make yourself a victim of information overload. Gathering the facts is essential for sure, but not at the expense of making the decision in the first place. Former U.S. President Truman had it right when he said: 'Gather as much as 75% of the facts you need to make a decision, and then go with your gut.' The world will open up to you only once you make a decision. Third, don't wait for opportunities to come your way; it simply doesn't work that way. You must make things happen. As I see it, there are three types of people in the world: those who make things happen, those who wait for things to happen, and those who ask, 'What happened?' What kind of person do you want to be? Remember when Apple created the iPhone, they were making things happen; Steve Jobs was putting his ding in the universe. Meanwhile, Blackberry was waiting for things to happen. They had a huge lead and they were sitting on it, and as they continued to lose market share, they were asking themselves, 'What happened?' Now Blackberry's trying to make things happen again, and hopefully for their sake, it's not too late. So those are my three pieces of advice today: try smarter, not harder; think but don't overthink; and set yourself a goal of making things happen. That's how you'll make a difference. That's how you'll put a ding in the universe. And that's how you can potentially change the world. Graduates, I wish you great success in your life quest, and I look forward to watching all of you as you make a difference in the years to come. Merci beaucoup and congratulations once again.