Warwick Fairfax is the Founder of Crucible Leadership, a philosophical and practical approach for turning business and personal failures into the fuel for living life on purpose, in service to others. In this interview, Warwick shares the wisdom gained from losing his 150 year-old family business worth two-billion-dollars. He talks about how he became a person of intention and reflection. He discusses how we need to delve into our values and beliefs and live in alignment with them. He shares why character means more than credentials. Listen in for the ultimate lesson on working through adversity and the importance of resilience. https://bit.ly/TLP-331   Key Takeaways [1:51] Warwick is a big cricket fan. He looks forward to watching a big upcoming Australian cricket tournament on an obscure cable channel in the U.S. [3:24] Warwick grew up in Australia in his family’s 150-year-old media business. It felt like it was his duty to go into the company. He went to Oxford, as his father had done. He worked on Wall Street, then got his MBA at Harvard Business School. He was seen by his parents as the heir apparent. He could not choose not to go into it. [5:38] Warwick believed the company wasn’t being well-run. In his youthful idealism, he launched a $2.25 billion takeover in August 1987. Things went wrong from the start. Other family members sold out and didn’t believe in Warwick or his vision. The company had an unsustainable level of debt. Warwick tried everything to keep it going. In 1990 they filed for bankruptcy. The company was sold. [7:20] Warwick’s wife is American and the couple moved to America in the early ’90s; they have been here ever since. Warwick’s crucible was devastating. In Crucible Leadership, a crucible is defined as a devastating setback or failure that fundamentally transforms your life. It was excruciating. How could he have been so dumb with a Harvard MBA? Warwick was in a bad pit of despair. He was at rock bottom. [9:40] Warwick was 26 years old when he launched the takeover. Blue-chip merchant bankers advised him not to do it. So he found less reputable bankers who told him, sure they can do it. They just didn’t tell him that it wouldn’t be sustainable. Warwick ignored the good advice and listened to the bad advice. [12:38] Warwick credits his stability with his Christian faith which has always been the center of his life. His crucible brought him closer to his beliefs. Warwick believes God loves us all unconditionally. He doesn’t need our stuff or our successes; we’re not our rank or position, we’re valued as human beings, beautifully and wonderfully made. Warwick’s faith is a cornerstone. [13:32] Warwick’s wife loves him unconditionally. Losing a couple of billion did not change that. In the ’90s, Warwick and his wife started having children. Warwick found meaningful work, such as doing finance at a local aviation services company and business analysis. The love of his family strengthened him. As he says on the podcast, Beyond the Crucible®, you’re not defined by your worst day. [14:40] You have to dig deeply into your fundamental beliefs and values; are you going to be defined by your biggest mistake or this biggest thing that’s happened to you? When something bad happens to you, you can either be angry and bitter at others or yourself for years, or you can say, “This is awful; this is unconscionable; what I did was stupid; OK, but I have a choice how I move on from here, how I live.” [15:51] Warwick’s essential problem was that he was living somebody else’s life. You’ve got to live your life and do what you were called to do, regardless of what laudable professions your parents have followed. You love your parents, but you don’t need to do what they did. You’ve got to be you.  [16:52] Failure can be helpful if it leads you to examine yourself. Often, vision comes out of the ashes of your crucible. The key is you’ve got to live your own life. You can’t inherit a vision. You’ve got to own it. You’ve got t