~Toby Tannas~

Photos by Lia Crowe

From his home tucked in Kelowna害羞草研究所檚 south slopes, overlooking Okanagan Lake, Elroy Gust lives and works with gratitude for the life he害羞草研究所檚 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.

害羞草研究所淭his is just where I always saw myself,害羞草研究所� says Elroy, referring to his drive for success害羞草研究所攕omething cultivated in his humble Manitoba farming family roots.

Happily married with three grown children, he害羞草研究所檚 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.

害羞草研究所淚 don害羞草研究所檛 mind the schedule, a lot of people in Kelowna have this schedule. You roll out of bed and by 6 am you害羞草研究所檙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.害羞草研究所�

Elroy害羞草研究所檚 home office didn害羞草研究所檛 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.

害羞草研究所淲ith my first job as a commercial lender, I started to understand how things work from a lending perspective,害羞草研究所� he explains. 害羞草研究所淲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.害羞草研究所�

That taste of success害羞草研究所攐f building something with your own grit, determination and wherewithal害羞草研究所攗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.

害羞草研究所淭his year we will buy another four businesses and I would say we害羞草研究所檙e talking to about 15 in total right now.害羞草研究所�

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

害羞草研究所淭he business will continue to grow,害羞草研究所� he says. 害羞草研究所淲e害羞草研究所檝e really built the fly wheel, we害羞草研究所檝e built the culture, we害羞草研究所檝e built the machine. Now it keeps going, keeps growing whether I害羞草研究所檓 involved more or less.害羞草研究所�

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.

害羞草研究所淚 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害羞草研究所檚 worked out well using Zoom.害羞草研究所�

COVID-19 hasn害羞草研究所檛 had a huge economic impact on Newlook Capital害羞草研究所檚 business holdings, as all were deemed essential services. In the early days of uncertainty, though, Elroy found himself in a new role害羞草研究所攖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.

害羞草研究所淭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.害羞草研究所�

It also allowed Elroy to look at what害羞草研究所檚 made him successful over the years and what advice he would give to young people working in any career field.

害羞草研究所淩ecognize what you are good at. Really understand that and quantify it,害羞草研究所� he says emphatically. 害羞草研究所淚 recognize what I am not good at and then I partner with people who are good at those things to make sure that I害羞草研究所檓 just working on my strengths.害羞草研究所�

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, 害羞草研究所淲hat do you do?害羞草研究所�

害羞草研究所淲hen people in Kelowna ask you what you do, I had to recognize they害羞草研究所檙e not asking you what you do for a living, they don害羞草研究所檛 care. They害羞草研究所檙e asking, 害羞草研究所榙o you snowboard, do you ski?害羞草研究所� That害羞草研究所檚 the focus here,害羞草研究所� 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.

害羞草研究所淚 joined a business leaders害羞草研究所� group and have met a lot of great people, many who are in similar situations, working remotely.害羞草研究所�

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

害羞草研究所淚 don害羞草研究所檛 think I害羞草研究所檒l ever retire. I can manage how many days I害羞草研究所檓 working and how much effort I害羞草研究所檓 putting in.害羞草研究所�

That is a privilege that害羞草研究所檚 earned through years of commitment and, in the case of Elroy Gust, one that will be savoured for years to come.