BACKSTORY: RMB CEO James Formby’s top tip for doing a deal
We question RMB chief executive officer James Formby
What’s your one top tip for doing a deal?
Always find a win-win outcome. A fair commercial outcome for both parties far outweighs going for the jugular and trying to get the best terms on everything.
What are you reading at the moment?
I am reading The Four: The Hidden DNA of Amazon, Apple, Facebook and Google by Scott Galloway. These organisations are already having a major impact across the world and I think this influence will grow.
What was your first job?
I was a shop assistant — definitely not my forte. My first real job was accounting articles at Deloitte.
Who is your favourite hero of fiction?
Obelix (is he a hero?).
What’s the worst airport you’ve been in?
Lagos has to rank at the bottom end. Fortunately, its new terminal is opening soon. Kathmandu was also pretty dire, but I was there some time back.
Tell us about a hidden gem in SA that not many people know about.
Restaurant Mosaic outside Pretoria. Each meal is an artistic creation — of a standard that most Michelin star restaurants would want to achieve.
What is the one investment you wish you had made, or made earlier?
I waited a long time to buy Naspers shares — the high p:e ratio intimidated me. At least I did catch some of the journey.
What or who is the greatest love of your life?
My immediate family.
How do you deal with stress? What are your top tips in handling stress?
I find that running is a great stress reliever. It creates the space to process issues in a relaxed manner. Yes, running is relaxing. Stress builds where one thing is your only focus, so a diversion into something else helps unblock it.
Which talent would you most like to have?
I’d love a better memory for names — this is always a struggle.
Is there such a thing as "enough money" and, if so, how much is it?
Time and relationships are far more valuable than money. The problem is that money can be addictive — people enjoy having more. Enough is when your income from savings can meet your lifestyle needs.
When and where were you happiest?
I have a holiday house in the Eastern Cape at Kenton-on-Sea. This is a great place to unwind and enjoy family time.