Heeding dad's advice has seen his business grow
Charles Monat was too young to take over his father's insurance brokerage business in New York when he died in 1964, but he followed in his footsteps anyway, establishing his own business in Hong Kong seven years later. Now, after nearly 37 years, Charles Monat Associates has established itself as one of the largest independent brokers in Hong Kong.
The 63-year American credits his success to advice his father gave him during their late night talks.
'My father and I were very close and we talked like friends about everything - business, philosophy or sport - until 2am,' said Mr Monat, sitting in his 4,200 sq ft office in the St Georges Building in Central overlooking the Mandarin Oriental Hotel. 'He told me that if you do business, you need to make your clients' interests your priority. I followed that line and that is the key to success.''
Martin Monat started his insurance brokerage in New York in 1930 just after the start of the Great Depression.
'I saw how my father's insurance business helped people cope with the difficult times,' he said. 'When a key member of the family passed away, the insurance payment provided cash for the widow and children. I felt good about this business because it was not just a way to make money, but also to help a lot of people.'