Lessons Learned on Bay Street: The Sale Begins When the Customer Says No

by Donald K. Johnson

In this memoir, one of the most successful investment bankers on Bay Street shares the lessons he learned about business and life in a long and successful career as president of Burns Fry and then as vice-chairman of BMO Nesbitt Burns. This book tells the inside story of how Donald K. Johnson led financing transactions involving hundreds of millions of dollars for Canadian and international corporations, deals that involved some of the biggest financial players in the world, such as Warren Buffet. Johnson shows how he applied that deal-making ability to raise millions for charities. And he illustrates his motto, "The sale begins when the customer says no," with a tale about how he convinced the government to remove the capital gains tax on donations of listed securities. As a longtime practitioner of meditation, Johnson urges readers to choose a career they love, and keep mentally and physically fit on the way up. This book, from an 85-year-old financial wizard born in Lundar, Manitoba, offers sage advice and a big dose of inspiration to readers seeking success in finance, in other businesses, and in life.

156 pages, Hardcover

Published March 10, 2021

Reviews

[Dave Irwin · Rating 3 out of 5]

While this book may seem meandering, it is a memoir, rather than a book on financial strategies for investment bankers, so meandering is to be expected. Aspects I liked about the book include the early experiences of Johnson, the culture he comes from, and how that impacted him his entire life.

One of the best aspects of the book is that Donald highlights some of the challenges he himself created by taking a familial risk, not once, but twice, showcasing that we can all be a little blind when it comes to family. A good lesson to hear from a largely successful career. Johnson definitely added and showed some of his flaws, as well as his passions. You don’t get many insights into the his investment strategies, so if that is what you are looking for, it is far better to pull that research from elsewhere.

Not a bad book, but one that has a very particular audience. If you work in finance and like memoirs, this may be of interest to you. It can also give you some colour on the history of the financial industry in Canada.

[Brian Borgford · Rating 5 out of 5]

Some of the most significant business deals in Canada are detailed in this book. You can read all about these events in the business press, but this book gives a view from the inside. Surrounding the business events is a fascinating tale about how Donald Johnson personally maneuvered throughout his fascinating life. He details his upbringing, his family, his education, his personal philosophy, and his personal habits. Johnson provides a great summary of the lessons he learned through his many successes and from his failures, which he freely admits.

[Liam Huntley · Rating 3 out of 5]

The lessons in the book are found through the personal life stories Johnson tells. While the lessons are helpful, the stories are quite boring.

The lessons are simple and easily to implement, though difficult to maintain. Johnson’s ability to be consistent with his effective habits without a doubt played a significant role in the success of his career.

[JHughes · Rating 1 out of 5]

If you're looking lessons on how to succeed on Bay Street you won't find them here. Lots of empty platitudes, outlines of life events, and talking about the people he knew rather than actual accomplishments and how they were achieved. No secret sauce to his success in finance or banking is shared in this book.

[Wendy Wirth · Rating 2 out of 5]

More memoir than the title implies (or maybe that’s just how I took it) and the tone is a bit “braggy”. I found the second last chapter the most useful and the last chapter was interesting as it dealt with changes due to the pandemic.

[L · Rating 2 out of 5]

More than a biography and a rather showy display of one's career than actual advice. Pass.

[Eric Zhuang · Rating 4 out of 5]

I personally quite enjoyed this book. It was a little eye opening to me, even if it doesn’t necessarily apply to my investing goals. Also cool to read something from a Western Alumni.