Ronel Talks Money: Margaret Hirsch

Ronel Talks Money: Margaret Hirsch

Introduction:

Margaret and husband Allan Hirsch founded their family empire from humble beginnings where Margaret was a secretary and Allan a fridge mechanic. They went from having two jobs and no children to both being unemployed with two children in just over one year and their entrepreneurial journey inevitably started. They founded Hirsch Home Stores in 1979 having only R900 in their bank account and grown the business into the largest independent appliance company in South Africa with a turnover exceeding R2 billion. Today, Hirsch’s own 19 Hirsch branches and concept stores throughout Kwa Zulu Natal, Gauteng and Cape Town. Over the years Margaret made her mark as a formidable businesswoman receiving multiple business and leadership awards. She is a go-getter, heavily involved with women empowerment, giving back to the community and studying towards her MBA degree.

“We have built Hirsch’s from a tiny little ‘mom and pop’s’ store to a billion rand company and I hope that I will be an inspiration to others to know that they can live their dreams as well,” Margaret says.

Let’s meet:

Name and surname:

Margaret Hirsch

Profession / title / business:

Chairman Hirsch Group

How would you describe yourself?

Strong, powerful, healthy, wealthy and wise.

Tell us about your business?

Hirsch’s is the largest independent appliance, electronics, furniture and bedding company in South Africa.

What do you consider your proudest achievements / highlights?

Being Allan’s wife for 48 years, having two successful children and five wonderful grandsons.

Professionally winning Businesswoman South Africa in 2012 and Most Influential Woman in Business in Africa in 2014.

What was your biggest failure or lowest point in your career?

When I bought a company from a man in 1988 and he swindled me out of R5m in one afternoon.

How did you get back up after failure?

‘If you can look up, you can get up’ is what Les Brown says. I got up, dusted myself off and started all over again.

There is only one way to keep up with inflation and that is to have rental properties where the rental will always keep up with inflation.

Let’s talk money:

How would you describe your money mind-set?

I have an abundance mind-set. I don’t think it is rude to have a lot of money or have fabulous things around me.

What was your biggest discovery about money?

There is more than enough for everyone and the Steve Harvey quote “you have not cos you ask not”

What is your view about the importance of budgeting and do you have a budget?

I work to very strict budgets but always start with the end in mind – most people start from where they are and project forward – I start with the end in mind and move backwards to today.

How do you save money?

I am a serial saver – I have savings accounts, money market accounts but I always invest in property in the end.

What is your favourite investment type / -s?

Definitely property, property and more property.

What is your view about having an emergency fund?

You always have to have enough liquid cash to cover three months expenses.

Do you believe there is merit in being financially well organised – have all your policies in place, have a life file and a signed will etc.?

Absolutely and you can’t always do it yourself – finding someone trustworthy is difficult but necessary.

What tips do you have with regards to retirement planning?

There is only one way to keep up with inflation and that is to have rental properties where the rental will always keep up with inflation.

Knowing what you know today, what would you have done differently when it comes to money decisions / management?

I would have started my business a lot sooner. You can work for a boss and make a living but work for yourself and make a fortune.

What is your advice to other people with regards to money management and building a better financial future for themselves and their families?

Get a job, work at it for 8 hours a day, but have your own business which you also work at for 8 hours a day and then when the income from your own business exceeds the income from your job, resign and put all your effort into what you love.

Related article: Your Saving Grace – An Emergency Fund

Free download: Guide to Smart Property Investments

One week of the month is spent out of the country working in an African country from Egypt to Zimbabwe, helping the women to leave the patriarchal society they live in and empowering them to do their own thing and become financially independent. My greatest joy is when one of them becomes successful and goes on to empower other women.

Let’s talk business, relationships and effective time management

Margaret, coming from humble beginnings to co-owning a billion-rand business, how did your outlook about money and money management changed over the years?

I was brought up to believe that money was the root of all evil, money didn’t grow on trees and it was rude to be affluent – however I decided that I didn’t like being poor so thought I would try being rich and it’s a helluva lot better!!

You and Allan managed to get it right being happily married and running a successful business together. What advice can you give to other couples who also work together to deal with conflict when it comes to money management?

You both have to give 100% – people think that a happy marriage/work partnership means you each give 50% – that’s wrong – its 100% each. When I married Allan I told him I would look after him better than I looked after myself but that he would have to look after me better than he looked after himself – we have been very happily married for 48 years and have worked together for 41 years.

How can women become financially independent within a relationship?

They can’t unless they take control of their finances. I totally control all the money and it works. Give a man money and some floozie will always come along and give him the glad eye – he thinks it’s his scintillating personality but she is only after the bucks. When I got the call that “daisy” was after my husband, I said, you tell daisy that all the money is in my name – we never heard from her again!!

You have received multiple business awards; you run a hugely successful business; you frequently travel to all your stores across South Africa; you give back to the community; you are a wife, mother and grandmother; you built a strong personal brand; you are active on social media; you are studying towards your MBA; you participate in sporting events and the list continues. What makes you get up in the morning doing all the things you are doing and what is your secret to managing your time effectively to be able to do all of this?

I love life! I have now reached my three score years and ten so am living on borrowed time and I am determined to pack the maximum into every single day. My day starts at 4am when I get up and drink water, then I meditate from 4.15am to 4.30am at which stage I shower and go to gym. I am a swimmer so I swim until about 5.45am then I shower again and get dressed, have breakfast and start work at my desk at 7am – usually it is a management meeting in my store. At 8am I have a meeting with the entire branch – we always start by singing a motivational song e.g. S Club 7 – ‘Reach for the Stars’, then I give a short motivational talk, one of the staff gives a talk, one member compliments another, we tell a joke, do some exercise, say why we are proud to work for the company and then sing another song e.g. ‘I Believe’ by Honey. After this we do product knowledge on the products as we sell over 25 000 different products and with new technology we have to be on top of this. We have a sales meeting, plan our going out for business for the day and then we serve customers in the store.

I try and work in one school a week promoting the reusable sanitary pads so the girls can go to school. I work flat out until 6pm when the stores close. Then I usually change and go out to dinner with a supplier or hold one of my WOW (Women of Worth) meetings. I get home at about 10pm and then attend to more than 1000 emails a day and usually 500+ whatsapps, sms’s etc. – that usually takes me until midnight. If I am studying hard for exams I will study after this but usually I sleep from 12 midnight until 4am and then the next day starts. I work Monday/ Tuesday in Johannesburg, Wednesday/ Thursday in Cape Town and Friday/ Saturday in Durban and Sunday we spend on our farm. One week of the month is spent out of the country working in an African country from Egypt to Zimbabwe, helping the women to leave the patriarchal society they live in and empowering them to do their own thing and become financially independent. My greatest joy is when one of them becomes successful and goes on to empower other women.

To connect with Margaret Hirsch

Website: www.margarethirsch.co.za

Facebook: @MargaretHirschSA

Instagram: @margaret_hirsch

LinkedIn: Margaret Hirsch

Photo credit: Penny Katz Photography