On Disney, dreams and detours

Tim Murdoch '84, the founder and president of consulting firm Murdoch International, is a family man and a lacrosse enthusiast who values the intellectual rigor and lifestyle flexibility of his entrepreneurial lifestyle: he once walked away from a second-round interview with Disney because its slogan at the time was "If you don't come into work on Saturday, don't bother coming in on Sunday!"

Alex Day: So Tim, what was it like for you as you faced the "real world" near the end of your Princeton career?

Tim Murdoch: Do they still do those "herd interviews" when they try to herd in a hundred kids at a time and everyone dresses up in a blue suit and says smart things to try to get into the banks?

My initial reaction is that you spend all of this money on Princeton, so why wait for the opportunities to come to you? You are armed with this powerful degree. Don't wait around for some big bank with a big salary to come walking in with an offer for you.

A.D.: I think part of the struggle is that undergrads don't know what their passion is, so they think, why don't I just see if it's banking?

T.M.: Well there's nothing wrong with banking. In fact it certainly has been an opportune area. If I had gone into investment banking in 1984 when I graduated, I might be retired right now.

A.D.: Can you describe any career missteps that you would warn undergrads about?

T.M.: When I graduated from Princeton in 1984, I had an opportunity to be a player and coach of a lacrosse team in Australia. I should have done it. One year when you're 22 years old is irrelevant. Getting out of the "Princeton bubble" lets you reflect on what you really want to do.

My other career misstep was that when I graduated from Harvard Business School, I wanted to go into sports or entertainment. As an athlete, I think I should have probably gone toward sports instead of entertainment and I didn't.

A.D.: Can you describe your clients?

T.M.: I have been consulting companies for approximately eight years and I've had a mix of clients. Because my career has been so varied, I have had exposure to the entertainment industry, to technology, to content development, to biotechnology, and manufacturing, among others. I have been lucky to have a kind of liberal arts business education.

A.D.: How critical was your business school degree to your success as an entrepreneur?

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T.M.: In business school you train to think and talk like a general manager. Most of my clients are CEOs and presidents of growth-minded companies, so I can talk in their own language and help them in a more structured way that I might otherwise have been able to.

A.D.: What made you choose an unconventional career path, namely founding your own company?

T.M.: You can never recover lost time with your children or with your wife. If I can continue to be successful on my own as a consultant, I'm free. I have to continue to be relevant to my clients and to generate new business, but there's nothing more satisfying than running your own career.

A.D.: So what does your typical day look like?

T.M.: Well actually today is a typical day in that I set my own schedule and did a variety of things. I started my day coaching the McGill men's lacrosse team. I'm the head coach of the team on a 100 percent volunteer basis. That takes a lot of time. I played varsity lacrosse for four years at Princeton.

My adult life is divided into three areas: family, work and my hobby. I think striking a balance among those three areas is critical to happiness. I've been lucky: I've been head coach of the McGill men's lacrosse team for four years, I see my kids and my wife at almost every breakfast and dinner, and I probably spend six to eight hours consulting. I work hard consulting for about five or six clients and I am on the board of directors of a company.

A.D.: Who are your career role models?

T.M.: I have two role models. My father, who was Princeton Class of 1952, had a great corporate career. I really respect and admire him for the sacrifices that he made to see that his family was well dressed and fed and had a comfortable life.

My other role model is my mom who, for her whole career, has been involved with community service and nonprofits.

A.D.: What do you think are the most interesting business opportunities for my generation and which will be the most lucrative?

T.M.: I believe wholeheartedly that the most interesting careers will involve more entrepreneurial startups and consulting but there is no question that the most lucrative careers are going to be in banking, finance and oil.

I don't think you should choose a consulting career for the money. People who choose to consult do so to make their mark on the world. Having said that, I have a lot of friends who are already retired because they've made a lot of money, and they no longer want to work.

I look at what they had to do to get there, and I realize that there is a ton of sacrifice especially of weekends and family time. If you're working at a major bank in Manhattan and you're 22 years old, you're pulling a long day.

A.D.: How is Montreal, where your company is based, as a place for young singles?

T.M.: Montreal is a great place to live. It is one of the safest and sophisticated cities in the world and it is very entrepreneurial. The personal tax rate is extremely high in Canada so your salary is basically taxed at 50 percent. If you're a corporate consultant, you're incorporated and you're taxed at about 25 percent. That's why there are so many entrepreneurs. There is a large American expat community here, about 65,000 Americans, and most of them are running companies or doing consulting.

A.D.: Any last words?

T.M.: If you're not passionate about what you're passionate about in your workday, you're in the wrong field.