Peter Nicholson has worked in the investment industry since 1987. Peter has specialized in tax reduction and philanthropic tax planning since 1995. He is the president and founder of WCPD Inc., a Canadian-based financial services company. His public foundation, the WCPD Foundation, has helped him and his clients give over $60 million to charities in the last three years. Peter started investing in Exuma in 2004 and has completed several real estate projects, including the recent purchase of 40 percent of Grand Isle Resort & Spa.

Guardian Business: What is the biggest challenge facing your business or sector? What measures need to be taken in The Bahamas to solve it?

Peter: My biggest challenge is attracting potential villa buyers and rental guests for the first time to Great Exuma and my resort, Grand Isle Villas (GIV). When people come once, they tend to return after discovering the gorgeous turquoise water, talcum powder beaches and the quality workmanship of our well-appointed villas. We are not only marketing to North America, Europe and South America, but also to residents of Nassau and Grand Bahama. As exciting as life is in bustling Nassau and Freeport, an escape to our outer island paradise can be relaxing, rejuvenating, and offers a retreat which is unmatched. I really believe once they visit Grand Isle, many will choose to purchase a villa as a close-by getaway offering an excellent return on their investment.
We need to rejuvenate the economy of Great Exuma, and with increased airlift, the support of The Bahamas Tourism Board and newly-elected Prime Minister Christie -- who is favoring the return of the duty exemption on construction materials bound for Exuma -- we will partner together to make Grand Isle Villas (GIV) an important economic catalyst for this beautiful, yet unknown to many, outer island.

GB: How has your business or sector changed since the financial crisis?

Peter: Everyone's business has suffered from the economic downturn. The important thing is to see the opportunities presented during these times, and take full advantage to prepare for the day when some measure of recovery is evident. Ironically, when the first owner of GIV ran into financial challenges, it gave me an opening to purchase 40 percent of the project and make plans to turn it into a world class destination resort. Our efforts are already paying off when GIV was named eighth best luxury resort in the Caribbean by the readers of the influential survey website, Trip Advisor. Finding success in a still uncertain economy means keeping a sense of optimism and an open mind. Change is inevitable and the economy will always have its highs and lows -- knowing how to turn adversity into success is why I enjoy being a business entrepreneur. In my Canadian business, I counsel my clients not to see the glass as half empty, but view it for the potential to be half full. Once recovery comes, it is often too late to get into the game. The most successful business executives are those who put themselves out there and aggressively pursue what is possible.

GB: Briefly, can you describe a life experience that changed how you approach your work today?

Peter: I really did have a life changing experience which brought me to my current involvement in GIV. My friend and business partner, Tyrone Monroe, was born in 1959 on the tiny settlement of Farmers Cay, Exuma. He left there in his early twenties and traveled to Ottawa, Canada to seek a better life and more opportunities. Twenty years later he returned to his home for a family reunion and was amazed to see his tiny community had modernized in many ways. Tyrone realized a computer chip had allowed his home to enter the 21st century with advancements including electricity, desalinated drinking water, high speed Internet and cable television. With that realization, Tyrone also recognized the potential beauty of his seafront village and the surrounding property as a prime real estate opportunity. While he had a vision for the future, Tyrone lacked capital. This is where I came in, and a friend made an introduction between the two of us. Tyrone's enthusiasm convinced me that Exuma presented a rare investment opportunity. He knew the local real estate and totally understood his native culture. The rest, as they say, is history. Tyrone and I have a close professional and personal relationship over the past eight years. I had the capital, and the ability to raise more, giving us the chance to seize opportunities when they arose.

GB: What are you currently reading?

Peter: I am an avid reader, and my tastes can best be described as eclectic. I tend to read multiple books at the same time, as well as Canadian and Bahamian newspapers, which are critical to keep up with political and economic changes. On my current book list is "Island Fever", an autobiography of Charlie Phleuger. A true pioneer, he was Exuma's Peace and Plenty Hotel general manager for thirty years. At the same time, I am also fascinated with the book "Dead Aid" by African born Dambisa Moyo. This PhD in economics has created controversy in the philanthropic world by making the argument that if wealthy Western countries really want to help Africa, they should cut economic aid and instead replace aid with significant investment. The Chinese are doing this already.

GB: Has the high cost of energy hurt your business? What solutions have you initiated or considered to combat it?

Peter: I am always looking for new and innovative techniques to reduce energy costs, whether in my Canadian business or in Great Exuma. The sunny, frequently windy weather in Exuma, coupled with its small 7,000 population makes it an ideal candidate to be an example to the world to have sustainable ways of producing energy. Exuma has a particular challenge because energy is mainly created by diesel generators run by Bahamas Electricity Corporation. Finding techniques and technology to reduce energy costs and introduce new options is a priority for me. I treasure the eco-friendly atmosphere on Exuma. While reducing energy costs and developing new resources is a lofty goal, I am looking for people who have ideas or projects which can help us meet the need. I invite them to share their thoughts and start a conversation with me by e mailing me at peter@givexuma.com.

GB: What makes a great boss? What makes a bad boss?

Peter: A great leader is not afraid to listen to their people and encourage their active participation in sharing new ideas. Grand Isle's Board of Directors is a group of inspiring, great bosses. Jon Wright, our board chairman, has a sign in his company which wisely advises, "None of us is as smart as all of us." On the other side of the equation, a bad boss takes all the credit for business success and blames employees for the failure. History shows us that whether a corporate president or a politician, being an inclusive chief executive makes for a good boss.

GB: If you could change one thing concerning business in The Bahamas, what would it be?

Peter: I would certainly like to see The Bahamas surpass other destinations, including the United States of America, as the leader in providing award winning service. The most successful hospitality economies are those who invest in training their service sector employees to see the advantages of providing exceptional guest service. This means being polite, attentive, and understanding that providing excellent service attracts affluent tourists who expect nothing less than the best. Excellent performance as a service provider opens the doors to many career opportunities and advancements. People will not return to The Bahamas if their experience is marred by indifferent service and impolite attitudes. The Caribbean is known for warm hospitality; we must continue to improve our dedication to visitors.

GB: What keeps you grounded? Do you have any major interests other than work?

Peter: My family (including my four children), friends and employees keep me grounded. They know my faults, but appreciate my positive traits. No one is perfect, but I continue to aspire to fix the things that need improvement.

GB: What should young businesses keep in mind in this current economic climate to survive?

Peter: We all encounter tough times. It is not always easy to see the glass half full, but research shows optimists survive tough times better than pessimists. You can take tough times as a disaster, or you can vow to work harder, identify the problems and remember the words I have always liked: "When the going gets tough, the tough get going." Nothing was ever accomplished by wallowing in misery during tough times. It may be very hard, but at the end of the tough times, opportunity awaits for those who have been prepared.

GB: How would you describe or classify the ease of doing business in The Bahamas?

Peter: Doing business in The Bahamas is a learning experience, which I have honed over the past eight years. Personal relationships with the people and influencers is the best form of networking. With more than 800 islands, logistics and communication can be an issue. I would not be here if I did not believe Grand Isle, Great Exuma and The Bahamas provide a world of opportunity. The scenic splendors of the region, the amazing waters and beaches, and the traditions of centuries make it the place where I am confident it truly is "Better in the Bahamas". I am here to stay!

oI invite interested people to contact me personally at peter@givexuma.com if they would like more information on all Grand Isle Villas has to offer.

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