Luc Poirier is a prominent Quebec-based entrepreneur and real estate developer known for his ambitious projects, diverse investments, and a distinct philosophy on wealth creation and risk-taking. His career is marked by high-profile ventures, from residential developments to owning the Île Charron amusement park (La Ronde) for a time and proposing visionary, large-scale projects for Montreal.

On Entrepreneurship and Mindset

Poirier's approach is defined by seeing opportunities where others see obstacles and maintaining a relentless focus on growth and action.

Quotes:

  1. "I don't see problems, I see solutions. For every problem, there's at least one solution."
  2. "The best way to predict the future is to create it."
  3. "I'm a builder. I like to start from nothing and build something big."
  4. "You have to dream big. If you dream small, you'll achieve small things."
  5. "For me, a 'no' is the beginning of a negotiation."
  6. "Patience is not my greatest virtue. I like things to move quickly."
  7. "I'm not afraid of failure. The only failure is not trying."
  8. "I have a very high tolerance for risk. But it's calculated risk."
  9. "People who criticize are rarely the ones who accomplish things."
  10. "My motivation is the project, the challenge. Money is a consequence, a tool."
  11. "I don't have a job, I have a passion. I've never had the impression I was working."

Learnings:

  1. Adopt a Solution-Oriented Mindset: Instead of dwelling on obstacles, immediately shift your focus to finding potential solutions. This proactive approach is fundamental to entrepreneurship.
  2. Action Over Perfection: Poirier is a proponent of moving quickly and decisively. It's better to start and adjust along the way than to wait for a perfect plan that may never materialize.
  3. Scale Your Ambition: Your achievements are often limited by the size of your vision. Dare to pursue large, seemingly impossible goals, as this pushes you beyond conventional limits.
  4. Reframe Rejection: View a "no" not as a final answer but as an opening to negotiate, understand objections, and find an alternative path forward.
  5. Calculated Risk is Essential for Growth: Avoid recklessness, but don't shy away from risk. Analyze the potential downside and ensure you can survive it, then focus on the massive upside.
  6. Ignore Unconstructive Criticism: Pay attention to feedback from those who have experience and are "in the arena." Tune out the noise from sideline critics who aren't taking risks themselves.

On Real Estate and Investment Strategy

Poirier's fortune was built in real estate, where he looks for undervalued assets and opportunities for large-scale transformation.

Quotes:

  1. "The best deals are the ones nobody else wants."
  2. "I buy land, not buildings. Land is the only thing they're not making more of."
  3. "You make your money on the purchase, not the sale."
  4. "I'm always looking 10, 15, 20 years ahead. Where will the city grow? Where will the demand be?"
  5. "The secret in real estate is to have a long-term vision and the patience to see it through."
  6. "I've always been interested in properties with problems, because that's where the value is."
  7. "Volume is key. It's almost as easy to do a 300-unit project as it is to do a 30-unit one, but the returns are not the same."
  8. "Never fall in love with a property. It's an investment, a business."
  9. "The best partner you can have in real estate is the government, through infrastructure projects."

Learnings:

  1. Find Value in Complexity: Seek out complex deals with legal, zoning, or environmental issues. Solving these problems is a direct path to creating equity and unlocking value that others miss.
  2. Anticipate Urban Growth: Don't just look at today's hot neighborhoods. Study demographic trends, city planning documents, and proposed infrastructure projects (like new train stations or highways) to identify the path of future growth.
  3. Secure the Best Price at Entry: Your profit margin is largely determined by the price you pay. Negotiate hard and be willing to walk away if the numbers don't work from day one.
  4. Think in Decades, Not Years: While Poirier acts fast, his investment thesis is often based on long-term trends. Acquire assets that will be in the path of progress a decade or more from now.
  5. Leverage Infrastructure Development: Invest in areas where the government is already planning to spend significant money on infrastructure. A new metro station or bridge can dramatically increase the value of your surrounding land.
  6. Scale Your Projects for Efficiency: The administrative, legal, and planning overhead for a large project is not proportionally larger than for a small one. Focusing on larger-scale developments creates significant efficiencies and higher returns.

On Wealth and Money

Poirier views money as a tool and a byproduct of creating value, not as the end goal itself.

Quotes:

  1. "Money has never been my primary motivation. The game, the challenge, is what drives me."
  2. "I'm a billionaire in projects, not necessarily in dollars. The projects are what excite me."
  3. "The first million is the hardest. After that, it's just a matter of zeros."
  4. "Wealth gives you freedom. The freedom to choose your projects, to say no, to create."
  5. "I diversify. I'm in real estate, technology, art... I don't put all my eggs in one basket."
  6. "I don't work for money. I make money work for me."
  7. "Being rich is a state of mind before it's a state of finances."

Learnings:

  1. Focus on the Process, Not the Prize: Fall in love with the challenge of building and creating. If you do that successfully, financial success will follow as a natural consequence.
  2. Master the Art of Leverage: After building an initial base of capital, learn to use leverage (other people's money, partnerships, etc.) to scale your efforts and accelerate wealth creation.
  3. True Wealth is Freedom: The ultimate goal of accumulating wealth should be to gain autonomy over your time and choices, allowing you to pursue projects you are passionate about.
  4. Diversify Your Investments and Knowledge: While known for real estate, Poirier invests in a wide range of asset classes. This protects him from downturns in any single sector and exposes him to new ideas and opportunities.

On Visionary Projects and Society

Poirier is famous for proposing ambitious, sometimes controversial, projects that challenge the status quo.

Quotes:

  1. "Montreal needs big, bold projects. We need to stop thinking small." (Regarding his proposals for the Port of Montreal).
  2. "We have a tendency in Quebec to be afraid of success and to criticize those who dare."
  3. "A project should not only be profitable, it should contribute something to the community, create a legacy."
  4. On proposing a new bridge funded by tolls: "Users should pay for the infrastructure they use. It's the most logical model."
  5. "You have to be a bit crazy to want to change things."
  6. "I want to build the landmarks of tomorrow."
  7. "If everyone agrees with your idea, it's probably not that innovative."

Sources

Luc Poirier's quotes and ideas are compiled from a wide range of French-language media outlets in Quebec.