Motivation from the Comeback Master: Donald Trump

One of the books that came up during the search of my local library for motivation was Donald Trump’s 1997 classic, The Art of the Comeback.  In this autobiographical book, The Donald details his return to riches after “the depression of 1990-1993.”  The book is a sort of wandering tale about a variety of topics from Mr. Trump’s business difficulties to the prenuptial agreements with his ex-wives, to his disagreements with the press.

The book does not really tell you how to make your own comeback (at least not directly) but it does give you a glimpse into how Mr. Trump’s mind works and the experiences he went through during his last comeback.

In the front is a list of 10 comeback tips starting with “Play golf.” (which, while Mr. Trump makes a good case for how much business is done on the golf course, it must be noted that Mr. Trump is in the business of selling golf course memberships so that advice is both helpful and self-serving at the same time).

I found that there were other lessons to be learned in The Art of the Comeback.  Below is my own top ten list of Trump wisdom:

1. Work hard. “While there’s nothing fancy or pretty about it, plain old hard work is, with very few exceptions, a primary ingredient for attaining success, or coming back from adversity.”
2. Don’t get comfortable. “The courage to make a switch, even if it seems like a ridiculous one, is also an ingredient of success.”
3. Bring the bravado. “In order to come back, you need confidence. . . . I have tremendous confidence in my public company. . . . I have tremendous confidence in the future of Atlantic City and my hotels in particular.  Time, I believe, will prove me right.”
4. Don’t play it safe. “I believe in doing things big.  I tell my kids: If you’re going to do it, go for it.  Make it the biggest, make it the best.”
5. Be risky not reckless. “[D]on’t ever put yourself in a position where you are risking it all.  Watch for the downside, and the upside will take care of itself.”  “My comeback would have been totally impossible had I not had fully executed and well-drawn prenuptial agreements with both Ivana and Marla.”
6. Watch for opportunities. “Get your zoning in a bad economic climate and begin building in a good one.”
7. Minimize personal distractions. “[Y]ou can’t come back if you’re spending 100 percent of your time fighting with a spouse for your sanity and financial life.”  Mr. Trump’s hardcore advice advocating divorce if your spouse whines for your attention when you are trying to focus on your business is a bit hard to stomach.  However, it does make sense that if you are terribly unhappy in your personal life, it is hard to maintain the energy and positivity needed to take on a challenge like business transformation.
8. Seek good advice. “My office resembled an emergency room, but instead of patients, there were lawyers crowding around and offering their services.”
9. Be tough. “The same men who had been so full of enthusiasm just three years before were not beaten and depressed by what they had experienced.  New York can do that to you.  You’ve got to be tough.  You’ve got to negotiate tough, and you cannot, at any time, let anyone take advantage of you . . .”
10. Be generous.  Mr. Trump is known for his generosity to various causes, whether through his financial contributions or lending his name and talents to the cause.  The book details his involvement with a Nation’s Day parade where he took a sadly attended veteran’s day parade and turned it into an event attended by over one million people!  The Joint Chiefs of Staff were so impressed with his effort that they invited him to lunch.

So, now that we are 13 years after The Art of the Comeback, where is Mr. Trump?  One might argue that he is right in the middle of yet another comeback.  While his public company, Trump Entertainment, filed for bankruptcy last year, Mr. Trump just negotiated a purchase of the company along with his bondholders.

So far, based on articles in the New York Times, many of Trump’s comeback signs are present:

• “Get your zoning in a bad economic climate. . . . “ Mr. Trump is currently building a large golf course/resort/housing project in Balmedie, Scotland, much to the chagrin of local environmentalists.
• “Be tough.” The gloves are off and Mr. Trump is aggressively fighting his way back.  When Deutsche Bank called on Mr. Trump to pay up $40 million in personal guarantees for his Chicago hotel in December 2008, Mr. Trump invoked a legal principle called “force majeure.”  Essentially Mr. Trump argued that he was excused from the contract because the global economic recession was a force beyond his control.  While researching the story for the New York Times, reporter Floyd Norris received the following communication from the Trump Organization:

After I interviewed [Mr. Trump] and two associates, his general counsel sent me a note saying “it was a pleasure” talking to me, and adding: “Please be assured that if your article is not factually correct, we will have no choice but to sue you and The New York Times.”

–Floyd Norris, “Trump Sees Act of God in Recession,” The New York Times, December 4, 2008.

• Don’t get comfortable. In February 2009, Mr. Trump and his daughter, Ivanka, resigned their positions with Trump Entertainment when Mr. Trump’s offer to purchase the company for $100 million was rejected by bondholders.  Mr. Trump at the time makes vague references to pulling the rights to use his name on the company’s properties.
• Bring the bravado.  In July 2009, Mr. Trump filed a $5 billion lawsuit against the publisher of a book that indicated Mr. Trump’s assets were likely only $150 to $250 million rather than the billions that Mr. Trump claimed.  The suit was ultimately dismissed.
• Watch for opportunities. In April 2010, Trump fends off an attempt by another investor to purchase Trump Entertainment by pulling together a deal with the bondholders.  Under the terms of the deal, Trump does not have to provide any money for the purchase other than the promise to use his name on the company’s properties in the future!

When we think about the broader economic picture, it is an incredibly good sign to have the Donald Trumps of the world succeed.   We want to see businesses take on large projects that create jobs.  We want to see people betting on a bright future. We want examples of turnarounds and comebacks.

As for pulling a Trump on your organizational efforts, a lot of the principles do apply.  You need to be tough with your stuff and make it earn the right to live in your home. Be confident that you will accomplish your goals.  Take calculated risks with your design and execution of projects.  Most importantly, be willing to work hard!

What do you think of Donald Trump’s comeback tips?  Are you rooting for a second comeback for The Donald?  Please share in the comments.