~Toby Tannas~

Photos by Lia Crowe

From his home tucked in Kelowna鈥檚 south slopes, overlooking Okanagan Lake, Elroy Gust lives and works with gratitude for the life he鈥檚 crafted. Getting to where he is today did not happen by accident. From the very early days of his career, this CEO had a clear vision of where his path would lead.

鈥淭his is just where I always saw myself,鈥� says Elroy, referring to his drive for success鈥攕omething cultivated in his humble Manitoba farming family roots.

Happily married with three grown children, he鈥檚 founder, president and CEO of Newlook Capital. The private equity firm is based in Ontario but now more than ever, Elroy manages Newlook from his home office three time zones away.

鈥淚 don鈥檛 mind the schedule, a lot of people in Kelowna have this schedule. You roll out of bed and by 6 am you鈥檙e on your first call. Then by about 1:30 to 2:00 pm your phone stops ringing because the work day is over back east. I really like the lifestyle.鈥�

Elroy鈥檚 home office didn鈥檛 always boast lake and mountain views. For more than 30 years, he enjoyed the hustle and bustle of city life. From his start in the commercial lending department of a Lower Mainland bank, to buying and selling multiple companies, to founding Newlook Capital, Elroy has learned important lessons every step of the way.

鈥淲ith my first job as a commercial lender, I started to understand how things work from a lending perspective,鈥� he explains. 鈥淲hen I worked with my dad and my brother, we had a warehousing-logistics business in Toronto. I grew it, became president at 29 and then, when I turned 30, I decided it was time to sell and I made my first million.鈥�

That taste of success鈥攐f building something with your own grit, determination and wherewithal鈥攗ltimately spurred Elroy to form Newlook Capital. Over the course of a decade, the company has grown to more than 700 employees in both Canada and the United States. Newlook owns more than a dozen companies and continues to have very active and strategic acquisition plans.

鈥淭his year we will buy another four businesses and I would say we鈥檙e talking to about 15 in total right now.鈥�

Elroy has removed himself from daily operations, by design, working on select projects and dealing directly with the executive management team.

鈥淭he business will continue to grow,鈥� he says. 鈥淲e鈥檝e really built the fly wheel, we鈥檝e built the culture, we鈥檝e built the machine. Now it keeps going, keeps growing whether I鈥檓 involved more or less.鈥�

Elroy is always ready and willing to fly back east if needed (he spends at least a few days a month in the Burlington office), but his days of being a regular, weekly commuter are done. COVID-19 played a hand in that.

鈥淚 had already become intentional with my travel, but when COVID happened, I stopped travelling back and forth altogether. I got rid of the condo in Burlington and set up in Kelowna full time. So far it鈥檚 worked out well using Zoom.鈥�

COVID-19 hasn鈥檛 had a huge economic impact on Newlook Capital鈥檚 business holdings, as all were deemed essential services. In the early days of uncertainty, though, Elroy found himself in a new role鈥攖hat of mentor. His knowledge and experience allowed him to guide and support operating partners who were nervous and overwhelmed with the rapidly changing business climate.

鈥淭he biggest thing for me was changing their mindset from being defensive to offensive. For me to get engaged with the people who are at the ground level running the businesses and get their mentality to shift, that I could have that impact on someone, that was really cool for me.鈥�

It also allowed Elroy to look at what鈥檚 made him successful over the years and what advice he would give to young people working in any career field.

鈥淩ecognize what you are good at. Really understand that and quantify it,鈥� he says emphatically. 鈥淚 recognize what I am not good at and then I partner with people who are good at those things to make sure that I鈥檓 just working on my strengths.鈥�

With four years of Okanagan living under his belt, Elroy is pretty comfortable in his new schedule and laid-back surroundings. He says the most notable difference between Burlington and Kelowna is how he answers the question, 鈥淲hat do you do?鈥�

鈥淲hen people in Kelowna ask you what you do, I had to recognize they鈥檙e not asking you what you do for a living, they don鈥檛 care. They鈥檙e asking, 鈥榙o you snowboard, do you ski?鈥� That鈥檚 the focus here,鈥� he chuckles.

Elroy has become an avid skier (even though he almost threw in the towel during his first week of lessons). He spends summer afternoons on the lake and ample time socializing with friends.

鈥淚 joined a business leaders鈥� group and have met a lot of great people, many who are in similar situations, working remotely.鈥�

Elroy seems to have achieved the perfect balance between work and lifestyle. It makes a final question about retirement almost unnecessary.

鈥淚 don鈥檛 think I鈥檒l ever retire. I can manage how many days I鈥檓 working and how much effort I鈥檓 putting in.鈥�

That is a privilege that鈥檚 earned through years of commitment and, in the case of Elroy Gust, one that will be savoured for years to come.