WEBVTT - BTO's Bachman on Career and Guitar Auction 0:00:02.480 --> 0:00:08.600 Bloomberg Audio Studios, podcasts, radio news. You're listening to Bloomberg 0:00:08.640 --> 0:00:17.520 Business Week with Carol Messer and Tim Steneveek on Bloomberg Radio. 0:00:19.760 --> 0:00:23.560 All right, Over two hundred of his guitars are being 0:00:23.600 --> 0:00:26.319 auctioned off from his five decades and playing them with 0:00:26.520 --> 0:00:29.680 iconic bands on iconic songs. It's all happening at the 0:00:29.760 --> 0:00:32.920 Julian's Auctions Music Icon Sale happening at the Hard Rock 0:00:32.960 --> 0:00:36.159 Cafe in New York City next week. He is an icon. 0:00:36.240 --> 0:00:38.720 You just heard the music as a founding member of 0:00:38.920 --> 0:00:42.400 Bachman Turner Overdrive BTO and the guests who I've got 0:00:42.440 --> 0:00:44.440 to say, my brother George, I was texting earlier. He 0:00:44.440 --> 0:00:47.960 would be go crazy. I grew up with six siblings 0:00:48.040 --> 0:00:51.240 and so there's always music on the house, including Bachman 0:00:51.280 --> 0:00:54.360 Turner Overdrive with us is Randy Bachman. He's doing us 0:00:54.360 --> 0:00:57.040 here in our Bloomberg Interreactive Burger Studio. Truly truly grew 0:00:57.120 --> 0:00:58.200 up with it. Love it. 0:00:58.480 --> 0:01:00.680 How are you good? And I'm happy? 0:01:01.040 --> 0:01:03.120 Oh? Happy is a good thing? 0:01:03.240 --> 0:01:04.920 You happy to be here? We couldn't go any for 0:01:05.160 --> 0:01:05.680 three years. 0:01:05.680 --> 0:01:08.120 I'm happy to get out of us, not mean to 0:01:08.160 --> 0:01:09.240 go to the grocery store. 0:01:10.160 --> 0:01:10.560 Amen. 0:01:10.800 --> 0:01:15.200 Amen, we all assume that being in, you know, kind 0:01:15.240 --> 0:01:18.480 of walking around your shoes, having lived your life, the 0:01:18.520 --> 0:01:21.280 bands you've been in, the iconic songs that still resonate 0:01:21.319 --> 0:01:22.760 with so many of us today, that you've lived a 0:01:22.800 --> 0:01:25.559 pretty amazing life and are still living it. Is that fair? 0:01:28.120 --> 0:01:31.760 Well, there's two there's a flip side to the coin, okay, 0:01:32.680 --> 0:01:34.319 And I have to tell you this happens with a 0:01:34.319 --> 0:01:36.840 lot of us when the gig is done and the 0:01:36.880 --> 0:01:40.000 thousands of screaming, Yeah, you're in a car with a 0:01:40.040 --> 0:01:42.520 bunch of guys where you've been on the road for 0:01:42.560 --> 0:01:45.000 two months and you don't really like each other anymore, 0:01:45.280 --> 0:01:47.400 and everyone else is going home with their loved one 0:01:47.760 --> 0:01:50.160 to a snuggly home bed and the kids with a 0:01:50.200 --> 0:01:54.000 babysitter and the fireplace burning, and you're all alone on 0:01:54.080 --> 0:01:57.560 the damn road for thirty sixty ninety days. And it's 0:01:57.800 --> 0:02:00.560 that's the flip side. The other side is wonderful. It's 0:02:00.600 --> 0:02:02.960 your teenage dream. You want to believe like Jimmy Hendricks 0:02:03.040 --> 0:02:05.520 or the Beatles, er Lady Gag or whatever you want 0:02:05.520 --> 0:02:07.720 to be. You go and be that because you have 0:02:07.760 --> 0:02:10.480 this little talent that you've been given as a kid, 0:02:10.880 --> 0:02:13.400 and it's really amazing when you get to do what 0:02:13.440 --> 0:02:15.960 you want and make a living at it, that's the good. 0:02:15.760 --> 0:02:17.680 Side of it, and be really successful. As what the 0:02:17.680 --> 0:02:18.560 travelers killer. 0:02:18.800 --> 0:02:20.560 What was the point for you that it sort of 0:02:20.560 --> 0:02:25.120 shifted from living out that teenage dream to feeling like, Okay, 0:02:25.840 --> 0:02:26.480 I want to be home. 0:02:26.560 --> 0:02:29.000 It happens every tour. It happens to David. 0:02:29.200 --> 0:02:31.040 But did it happen earlier teenage dream? 0:02:31.080 --> 0:02:33.440 Now I'm here on this great thing. I'm plugging my 0:02:33.560 --> 0:02:34.280 guitar sale. 0:02:34.480 --> 0:02:37.560 But look to be fair, you know, Carol asked where 0:02:37.760 --> 0:02:40.079 your home base is and you said an airplane. You're 0:02:40.080 --> 0:02:45.400 traveling a ton still, yeah, yeah, all right, yeah, it wasn't. 0:02:47.840 --> 0:02:49.840 You get home, you get anxious to go in the room, 0:02:49.880 --> 0:02:51.120 and you get on the road, you get anxious to 0:02:51.160 --> 0:02:52.959 go home. If you ask an actor do you like 0:02:53.040 --> 0:02:55.639 movies or stage? They say yes, You're like one or 0:02:55.680 --> 0:02:57.720 the other each time, and you've got to do kind 0:02:57.720 --> 0:03:00.320 of both to be fully rounded. You can't make a 0:03:00.360 --> 0:03:02.720 living in this business and can't be an athlete and 0:03:02.760 --> 0:03:04.360 play a home game every all the time. 0:03:04.520 --> 0:03:05.400 You got to go away. 0:03:05.760 --> 0:03:09.080 So all these glamorous gig you guys are getting hundred 0:03:09.120 --> 0:03:14.840 millions of dollars to play baseball. There's a downside, but yeah, 0:03:15.000 --> 0:03:15.839 the episode's big. 0:03:15.960 --> 0:03:18.000 Now we feel that sometimes, right. We love travel, we 0:03:18.040 --> 0:03:20.480 love our jobs, but you know, it's nice to be 0:03:20.520 --> 0:03:22.480 home and we love that. We're gonna talk about the 0:03:22.480 --> 0:03:24.079 auction in the moment, but I want to ask you. 0:03:25.200 --> 0:03:28.720 In researching, we came across that Elvis Presley's motto taking 0:03:28.760 --> 0:03:32.000 care of Business was inspired by your band song Have 0:03:32.080 --> 0:03:32.600 you heard this? 0:03:33.400 --> 0:03:33.600 Yes? 0:03:34.240 --> 0:03:36.120 I was a big fan of Elvis. I played classical 0:03:36.240 --> 0:03:39.760 violin from the age of five to fourteen, and I 0:03:39.800 --> 0:03:42.200 got tired of playing classical music audition for the Winnipeg 0:03:42.200 --> 0:03:44.120 School Junior Symphony and flunked. 0:03:46.120 --> 0:03:46.960 Quit playing, went home. 0:03:47.560 --> 0:03:50.840 That's it playing. I'm never playing the violin again. The 0:03:50.840 --> 0:03:53.520 next day I saw Elvis on television and said, what 0:03:53.640 --> 0:03:56.280 is that. Oh, it's called rock and roll. That's called 0:03:56.320 --> 0:03:58.520 the guitar, and that's called Elvis. All you play on 0:03:58.600 --> 0:04:01.320 violin is melody. You're playing the guitar line. So my 0:04:01.360 --> 0:04:03.119 cousins had a guitar. I got their guitar. I could 0:04:03.120 --> 0:04:06.400 play everything because I was playing violin by ear, even 0:04:06.400 --> 0:04:09.240 the classical music. My teacher played first Tchaikovski or Chopin, 0:04:09.440 --> 0:04:11.440 and I would play it. So I start playing lead 0:04:11.560 --> 0:04:13.960 guitar boom, and then I'm in the guests who and 0:04:13.960 --> 0:04:19.159 then here I am. Because of Elvis. A few years ago, 0:04:19.160 --> 0:04:21.839 after he passed away, Priscilla was doing an HBO special 0:04:21.839 --> 0:04:22.520 in Graceland. 0:04:22.960 --> 0:04:23.640 She said, oh yeah. 0:04:23.680 --> 0:04:25.840 We were driving to the LA airport to fly back 0:04:25.839 --> 0:04:28.120 to Memphis, and Elvis heard a song on the radio 0:04:28.120 --> 0:04:31.159 by a Canadian band, taking Care of Business. He went, Boom, 0:04:31.320 --> 0:04:33.480 I want that TCB lightning bolt right away, but a 0:04:33.560 --> 0:04:37.080 big butter boom, and that became his model for his band. 0:04:37.480 --> 0:04:40.960 It's on his tombstone. Nobody else can use that. I 0:04:41.000 --> 0:04:43.040 wrote the song I can use taking care of Business. 0:04:43.200 --> 0:04:43.880 He can use it. 0:04:44.000 --> 0:04:46.200 And that's pretty cool. 0:04:46.240 --> 0:04:48.800 I have a buddy. He was waiting somewhere for me 0:04:48.880 --> 0:04:51.080 to show up. Incredible, Well dude singing taking care of 0:04:51.160 --> 0:04:51.839 business together? 0:04:51.960 --> 0:04:52.839 Okay, not too soon. 0:04:53.720 --> 0:04:54.520 That's pretty cool. 0:04:55.120 --> 0:04:56.480 The auction is something we want. 0:04:56.360 --> 0:04:56.920 To talk about. 0:04:57.600 --> 0:05:01.440 Two hundred guitars, stove of a couple hundred, That's that's 0:05:01.480 --> 0:05:03.160 what I want. 0:05:03.480 --> 0:05:05.160 How many pairs of shoes do you have in your closet? 0:05:05.520 --> 0:05:07.560 You don't know, I don't know how many guitars I have. 0:05:07.680 --> 0:05:09.599 I don't even tell my husband. No, it's interesting. My 0:05:09.680 --> 0:05:12.120 husband also plays guitar, not you know, but a lot 0:05:12.160 --> 0:05:14.600 of fun. But it's like you can never have enough guitars, right, 0:05:14.640 --> 0:05:15.280 what is that? 0:05:16.440 --> 0:05:18.480 How many shoes do you have? All? 0:05:18.520 --> 0:05:18.640 Right? 0:05:18.880 --> 0:05:19.599 You know what it's done. 0:05:19.680 --> 0:05:21.800 You don't even have to justify. So why are you 0:05:21.839 --> 0:05:23.400 selling even some of them? 0:05:24.040 --> 0:05:24.679 I had four? 0:05:25.040 --> 0:05:26.880 When you travel, I wanted to be like Chuck Berry 0:05:26.960 --> 0:05:28.240 or a lot of these other guys. You have a 0:05:28.240 --> 0:05:30.240 home in London, a home in la so you don't 0:05:30.240 --> 0:05:33.240 have We're sick of motels. You'll drive three or hundred 0:05:33.320 --> 0:05:34.680 nights to sleep in your own bed for a couple 0:05:34.720 --> 0:05:38.520 of hours. So I home in London, Covent Garden, Santa Monica, Toronto, 0:05:38.520 --> 0:05:42.640 outside of Toronto, Oakfield and Victoria, can't go to them 0:05:42.880 --> 0:05:44.440 shut down for three or four you you can't go 0:05:44.440 --> 0:05:47.120 to your home. You sell everything, ship it to me. 0:05:47.600 --> 0:05:51.280 You end up with four lawnmowers, four toasters, hundreds of 0:05:51.360 --> 0:05:53.719 knives and forks, and hundreds of guitars all coming to 0:05:53.760 --> 0:05:55.880 your house. You got to rent a storage space and 0:05:55.920 --> 0:05:57.960 you can't see them. They're all in the storage, so 0:05:57.960 --> 0:05:59.440 you've got to open the door and go in and 0:05:59.440 --> 0:06:01.360 look at your stuff in storage. 0:06:01.480 --> 0:06:02.600 So it was time to sell it. 0:06:03.560 --> 0:06:07.520 These guitars, though each one of them has a story, A. 0:06:07.480 --> 0:06:08.960 Lot of these do a lot of them. 0:06:09.279 --> 0:06:12.400 My American Woman nineteen fifty nine less Paul is a 0:06:12.480 --> 0:06:14.360 rare guitar. To begin with, they only made a couple 0:06:14.480 --> 0:06:16.760 hundred each year, and the fifty eight to fifteen, nine 0:06:16.800 --> 0:06:18.960 and sixty are very rare because they were the last 0:06:19.000 --> 0:06:21.000 time they made it with a certain glue that when 0:06:21.000 --> 0:06:23.479 they put the neck in the body, that glue permeated 0:06:23.520 --> 0:06:26.320 the wood in the pores and then petrified. The guitar 0:06:26.400 --> 0:06:29.920 has this brain and it's very heavy. Guitar weighs fifteen pounds. 0:06:30.320 --> 0:06:33.080 You imagine that on your shoulder for four hours every day. 0:06:33.160 --> 0:06:34.960 You end up doing this all the time. It's just 0:06:35.040 --> 0:06:37.719 dynamic tension. Your muscles do that. And I had to 0:06:37.720 --> 0:06:41.040 get a lighter guitar. But I played that one sitting down. 0:06:41.320 --> 0:06:43.160 But it's the sound of an American woman. 0:06:45.320 --> 0:06:45.800 And no time. 0:06:45.880 --> 0:06:47.760 All the guests who hits and a lot of bto 0:06:47.880 --> 0:06:50.599 guitar solos were that guitar. I just didn't play it 0:06:50.600 --> 0:06:53.200 on stage. Was too heavy to stand up. So then 0:06:53.240 --> 0:06:55.600 I start to play strat Fender stratocaster. So the two 0:06:55.600 --> 0:06:58.280 white strats I used with bt Or, they're their number 0:06:58.320 --> 0:07:00.520 one guitars. They played on You Ain't See Nothing Yet, 0:07:00.560 --> 0:07:04.440 Let It Ride. My Les Paul was American Woman, No Time. 0:07:04.720 --> 0:07:07.680 So these are iconic guitars that have played a number 0:07:07.720 --> 0:07:11.200 one singles and then all the albums on both sides 0:07:11.200 --> 0:07:13.480 of it. So I'm hoping they get a good home, 0:07:13.480 --> 0:07:16.160 because sooner or later you leave home, or your kids 0:07:16.280 --> 0:07:16.720 leave home. 0:07:17.560 --> 0:07:18.640 My kids are leaving home. 0:07:18.760 --> 0:07:20.560 They don't necessarily hope. 0:07:20.440 --> 0:07:21.360 Somebody adopts them. 0:07:21.720 --> 0:07:24.680 And the American home guitar is bought by Slash or 0:07:24.760 --> 0:07:28.640 Lenny Kravitz, who deserve it, and it has another hit 0:07:28.760 --> 0:07:29.080 it plays. 0:07:29.400 --> 0:07:30.520 Has anybody reached out to you? 0:07:31.040 --> 0:07:34.560 There's a magic in these guitars. We just picked them up. 0:07:34.800 --> 0:07:37.040 They were traveling with us all day playing them. And 0:07:37.080 --> 0:07:39.760 when you plug it and play it, you've heard the 0:07:39.840 --> 0:07:41.960 sound before, even though its strange to you, you've heard 0:07:41.960 --> 0:07:44.440 it on the radio so many times. Even the rhythm 0:07:44.520 --> 0:07:46.920 to Let It Ride and things like that. There's there's 0:07:46.960 --> 0:07:48.120 a king when you hear. 0:07:48.000 --> 0:07:50.680 It, but when you when you play it, again. Is 0:07:50.680 --> 0:07:52.880 there any part of you that's like, maybe I don't 0:07:52.880 --> 0:07:53.440 want to let it go. 0:07:53.720 --> 0:07:54.000 Yeah. 0:07:54.520 --> 0:07:55.440 Yeah. 0:07:55.560 --> 0:07:57.200 They were handing for me one at a time last 0:07:57.240 --> 0:07:59.600 that it was a little showcase, and I go, see, 0:07:59.600 --> 0:08:01.120 I don't want to sell this, but I haven't played 0:08:01.160 --> 0:08:01.960 it for eleven years. 0:08:02.120 --> 0:08:04.160 I'll probably never played for another eleven years. 0:08:04.400 --> 0:08:05.800 It's time for it to get a new It's flying 0:08:05.840 --> 0:08:08.000 for somebody to play them, you. 0:08:07.960 --> 0:08:10.680 Know, right, rather that than they're sitting in their cases, 0:08:10.800 --> 0:08:13.360 right yeah, in a storage room or in your home, the. 0:08:13.400 --> 0:08:16.280 Legal lawyer's library. They don't go to the books anymore. 0:08:16.400 --> 0:08:19.280 It's all on the computer. But it's just like the guitars. 0:08:19.360 --> 0:08:21.280 You can't get to the guitars. They're all in storage. 0:08:21.400 --> 0:08:24.160 Unbelievable. Randy sittit. We're going to come back, Like I said, Doe, 0:08:24.160 --> 0:08:24.600 a little. 0:08:24.400 --> 0:08:24.680 Bit of news. 0:08:24.720 --> 0:08:27.080 We're talking with Randy Bachman. He's founding member you know 0:08:27.160 --> 0:08:30.080 this a Bachman Turner Overdrive. Also the guests who here 0:08:30.120 --> 0:08:31.920 in our studio. We're going to talk a little bit 0:08:31.960 --> 0:08:35.640 more about Julian's auctions Music Icon sale. It's happening May 0:08:35.679 --> 0:08:38.920 twenty ninth, May thirtieth, next week, live at the hard 0:08:39.000 --> 0:08:41.959 Rock Cafe in New York City. So you can actually 0:08:42.000 --> 0:08:44.120 own kind of a piece of an icon. So we're 0:08:44.120 --> 0:08:45.319 going to talk a little bit more about that. This 0:08:45.400 --> 0:08:47.800 is Bloomberg Business We Carol Master Tim Stenovik, and this 0:08:48.240 --> 0:08:48.880 is Bloomberg. 0:08:55.400 --> 0:08:59.040 You're listening to Bloomberg Business Week with Carol Meser and 0:08:59.120 --> 0:09:02.400 Tim Stenebek on Bloomberg Radio and Television. 0:09:02.640 --> 0:09:05.240 All right, everybody, we're talking with Randy Bachman, founding member 0:09:05.360 --> 0:09:08.920 of Bachman Turner Overdrive and the guests who because he's 0:09:08.960 --> 0:09:12.280 got an auction coming up, Julian's Auctions Music Icon Sale. 0:09:12.480 --> 0:09:15.359 He's got over two hundred or roughly two hundred guitars 0:09:15.400 --> 0:09:18.400 in that auction, and that's happening May twenty ninth and 0:09:18.480 --> 0:09:21.040 May thirtieth at the hard Rock Cafe in New York City. 0:09:21.280 --> 0:09:24.439 Having said that, you need to share with our audience 0:09:24.440 --> 0:09:27.040 about the lost guitar, tell us about that. 0:09:27.120 --> 0:09:29.000 It's one guitar that will not be auctioned off. 0:09:29.160 --> 0:09:29.199 No. 0:09:29.320 --> 0:09:31.720 I just got it back after being gone forty seven, 0:09:31.800 --> 0:09:35.160 forty eight years. Oh, it was stolen from a hotel 0:09:35.320 --> 0:09:37.440 in Toronto or doing a bto album there. 0:09:38.080 --> 0:09:38.560 It vanished. 0:09:38.600 --> 0:09:40.320 There's no internet then, so I had to fax all 0:09:40.400 --> 0:09:43.960 the guitar stores. I ended up in a frenzy buying 0:09:44.000 --> 0:09:48.080 Gretch guitars. I went through my midlife crisis buying Gretz guitars. 0:09:48.840 --> 0:09:50.800 I masked over three hundred and finally sold them to 0:09:50.840 --> 0:09:54.640 Fred Gretch. It became the Fred the Gretch Museum in Savannah, Geork. 0:09:54.720 --> 0:09:55.559 Joe I believe. 0:09:55.920 --> 0:09:57.880 But this one that was stolen I kept searching for 0:09:58.000 --> 0:10:00.480 and we got a notice back a couple years ago. 0:10:00.480 --> 0:10:03.000 Tall and I my son were doing Back When, Back 0:10:03.000 --> 0:10:05.120 When train Wreck every Friday night on YouTube because there 0:10:05.120 --> 0:10:07.319 were no gigs, and the guy said, I found your 0:10:07.400 --> 0:10:10.240 Gretch guitar. It was in Tokyo with a guy named Takeshi, 0:10:10.720 --> 0:10:13.560 was like the Brian Setser of playing rockabilly on this 0:10:13.559 --> 0:10:16.839 big orange gretch. Yes, and my daughter in law is Japanese, 0:10:16.840 --> 0:10:20.839 so she set up assuming them translated everything he offered 0:10:20.840 --> 0:10:23.679 the guitar back, I went and founded Sister Guitar from 0:10:23.720 --> 0:10:26.360 the same year. Two digits off in the serial number 0:10:26.400 --> 0:10:29.400 so I could trade him a like guitar. We couldn't 0:10:29.400 --> 0:10:31.920 go to Tokyo, but the Canadian bassor said, I'll get 0:10:31.960 --> 0:10:34.400 you as a diplomat. You don't have to do two 0:10:34.400 --> 0:10:38.280 weeks of isolation, being COVID tested every day, their Canada 0:10:38.320 --> 0:10:41.160 offered free tickets. It was like everybody doing a good deed. 0:10:42.400 --> 0:10:44.520 For this guitar. And we went there. 0:10:44.520 --> 0:10:47.280 They wouldn't let me meet Takeshi or see my guitar until 0:10:47.320 --> 0:10:49.839 I walked on stage on Canada Day July, the first 0:10:50.120 --> 0:10:53.120 in the Canadian Consulate. So to the filming, this is 0:10:53.160 --> 0:10:55.679 being a film. They wanted to see my face when 0:10:55.679 --> 0:10:58.719 I saw this guitar. It's like if your childhood bike 0:10:58.800 --> 0:11:01.200 or your dog got run over by a truck and 0:11:01.200 --> 0:11:03.400 then somebody later came to, well, your dog had poppies, 0:11:03.400 --> 0:11:05.080 and here's a poppy and it's just like your dog. 0:11:05.160 --> 0:11:08.320 It's Skippy is back, right, So get my guitar up. 0:11:08.400 --> 0:11:09.480 Skippy it was back. 0:11:09.720 --> 0:11:11.520 They filmed it, and it's going to be a film 0:11:11.559 --> 0:11:13.679 coming out very soon being edited. 0:11:13.760 --> 0:11:15.200 Right now, it's Netflix. 0:11:16.200 --> 0:11:17.800 Maybe maybe if they Midhei. 0:11:17.720 --> 0:11:19.880 Okay, all right, well will you come back when it's 0:11:19.920 --> 0:11:20.920 when it's I will. 0:11:20.800 --> 0:11:23.079 That'll be a whole different story. That's the guitar I've 0:11:23.080 --> 0:11:25.599 gotten at home. It was number one guitar with the 0:11:25.679 --> 0:11:27.800 guests Who and Beto with all their hits and albums 0:11:28.120 --> 0:11:30.600 and maybe I'll have a number one again on Rotten 0:11:30.600 --> 0:11:32.760 Tomatoes or something when the film comes out. But my 0:11:32.800 --> 0:11:34.520 son and I cut an album that's coming out. That's 0:11:34.520 --> 0:11:36.800 the soundtrack to the movie of the Lost Guitar. 0:11:37.280 --> 0:11:39.560 You never know, you never know. It might be my 0:11:39.640 --> 0:11:42.440 magic Feather, might be my Dumbo. You can fly. Here's 0:11:42.480 --> 0:11:45.400 your magic Guitar. Another hit song. 0:11:45.679 --> 0:11:47.560 Do you have a favorite hit song of your own? 0:11:49.800 --> 0:11:52.079 I think it might have to be taking Care of Business. 0:11:52.559 --> 0:11:56.200 I've had many teachers come to me that teach handicapped kids, 0:11:57.040 --> 0:12:02.240 altruistic kids, very advanced kids, and to get all their 0:12:02.280 --> 0:12:05.440 attention in the morning, they always play taking care of Business. 0:12:06.360 --> 0:12:09.680 All these little kids were attention deficit or whatever. And 0:12:09.760 --> 0:12:12.160 also guys going in desert. 0:12:11.840 --> 0:12:15.520 Storm in their tanks to battle, playing taking care of 0:12:15.559 --> 0:12:18.240 Business or playing American women in their tanks. They're going 0:12:18.280 --> 0:12:20.760 to fight. When the Canadian astronaut was in there, he 0:12:20.800 --> 0:12:23.000 played taking care of Business. But then we got to 0:12:23.040 --> 0:12:25.560 say that song thanks to Elvis and me. 0:12:25.679 --> 0:12:29.320 He's like, wow, gotta feel pretty cool about this. Got 0:12:29.320 --> 0:12:31.920 thirty forty seconds left here. What do you want people 0:12:31.920 --> 0:12:32.679 to know about the auction? 0:12:33.240 --> 0:12:36.920 Well, there's guitars, some of them are on split display at. 0:12:36.360 --> 0:12:36.960 The hard Rock. 0:12:37.240 --> 0:12:39.480 You can't afford a guitar, Go down to the camera, 0:12:39.960 --> 0:12:41.680 take a picture of the guitar. Some of they're going 0:12:41.720 --> 0:12:44.280 to sell for millions of dollars. The fifty nine that's Paul. 0:12:44.520 --> 0:12:47.280 They're all going Mark and Authers went for one point 0:12:47.320 --> 0:12:48.880 four million pounds or something like that. 0:12:48.960 --> 0:12:51.640 This was a replica reissue. Mine's a real one from 0:12:51.640 --> 0:12:52.280 fifty nine. 0:12:52.679 --> 0:12:56.000 Are you okay that you stopped playing violin and went 0:12:56.080 --> 0:12:56.440 this way? 0:12:56.800 --> 0:13:00.160 Really? I actually get beat up with the violin my 0:13:00.240 --> 0:13:02.920 army Saturday morning, and all the guys would beat me up. 0:13:03.320 --> 0:13:05.680 Here's the sissy going through his five in. Listen, we're 0:13:05.679 --> 0:13:08.000 playing hockey. It's winter peg right. 0:13:08.679 --> 0:13:13.720 It's not sissy. It's pretty amazing. Come back. You're welcome 0:13:13.720 --> 0:13:14.080 back in here. 0:13:14.160 --> 0:13:15.320 Well, thanks, good luck. 0:13:15.160 --> 0:13:17.640 On the tour. Thanks yeah, stay safe. 0:13:17.520 --> 0:13:18.680 Come back hang out with us again. 0:13:19.040 --> 0:13:21.040 I love hanging out with you guys. You're really happy. 0:13:21.760 --> 0:13:24.440 Randy Open he's founding member of Bachman, Turner, Overdrive and 0:13:24.480 --> 0:13:27.679 the guests who check out Julian's auction. As we said, 0:13:27.760 --> 0:13:30.480 May twenty ninth and May thirtieth at the hard Rock 0:13:30.559 --> 0:13:32.439 in New York City. 0:13:32.480 --> 0:13:36.880 This is Bloomberg Business Week Inside from the reporters and 0:13:37.000 --> 0:13:40.600 editors who bring you America's most trusted business magazine, plus 0:13:40.679 --> 0:13:43.959 global business, finance and tech news. As it happened This 0:13:44.040 --> 0:13:48.440 Bloomberg Business Week with Carol Meser and Tim Stenebeck on 0:13:48.800 --> 0:13:49.760 Bloomberg Radio. 0:13:51.600 --> 0:13:52.760 It is Bloomberg BusinessWeek. 0:13:52.800 --> 0:13:53.280 That's Carol. 0:13:53.640 --> 0:13:55.520 I'm Tim. 0:13:55.600 --> 0:13:58.680 Hi, Hi, just getting my notes, Carol. 0:14:00.000 --> 0:14:03.480 Little bit of news today in the world of executive transition. Yes, 0:14:03.800 --> 0:14:06.480 James Gorman is going to seed his role at Morgan 0:14:06.520 --> 0:14:08.920 Stanley as chairman at the end of the year. He's 0:14:08.960 --> 0:14:11.280 going to cap at nearly two decade run at the firm, 0:14:11.360 --> 0:14:13.200 in which he rescued it from the brink of failure 0:14:13.440 --> 0:14:16.560 turned it into a wealth management powerhouse. Remember Gorman was 0:14:16.600 --> 0:14:19.240 CEO until January. That's when Ted Pick took over. 0:14:19.520 --> 0:14:21.840 Right, Well, this is Ty Wiggins world. His job is 0:14:21.880 --> 0:14:24.920 to guide CEOs through their first year two year and 0:14:25.000 --> 0:14:27.560 a half. He writes in his new book that he's 0:14:27.640 --> 0:14:31.880 part coach, part cheerleader, a venting partner, a challenger and 0:14:32.160 --> 0:14:34.480 an advisor. I feel like I want to hire him, 0:14:34.480 --> 0:14:35.280 but anyway. 0:14:35.160 --> 0:14:37.080 Or it sounds like a pretty cool job. Actually, the 0:14:37.120 --> 0:14:39.440 new book is called The New CEO Lessons from CEOs 0:14:39.480 --> 0:14:43.000 on how to start well and perform quickly minus the 0:14:43.080 --> 0:14:48.000 common mistakes. Ty's also global lead and CEO and Global 0:14:48.040 --> 0:14:50.600 lead of CEO and Executive Transition Practice over at Russell 0:14:50.600 --> 0:14:53.920 Reynolds Associates. It's an executive search form. He joins us 0:14:54.000 --> 0:14:56.040 from the UK, Ty, good to have you with us. 0:14:56.080 --> 0:15:00.160 Congratulations to you and the team on the new book. Look, 0:15:00.240 --> 0:15:03.920 CEOs they're few and far between. There aren't that many 0:15:03.960 --> 0:15:07.120 of them, there's only one at each company. So what 0:15:07.160 --> 0:15:10.200 do you want non CEOs to get out of this book? 0:15:12.000 --> 0:15:13.680 No, thanks, Tim, Carol. 0:15:14.080 --> 0:15:17.080 I think non CEOs, you know, the opportunity in the 0:15:17.080 --> 0:15:19.920 book here is to understand the pressures and the challenges 0:15:19.920 --> 0:15:22.200 that CEOs go through in their transition. 0:15:22.680 --> 0:15:25.440 And I think if you're a senior leader or an executive. 0:15:25.000 --> 0:15:28.560 At an organization that's undergoing the CEO transition, the book 0:15:28.600 --> 0:15:32.120 will give you insight into how to best support and 0:15:32.240 --> 0:15:35.080 also slot in with the with the new CEO. 0:15:35.880 --> 0:15:38.840 Well, you know, talk to us about who you talked 0:15:38.880 --> 0:15:42.240 to for this book to get some insight, and you 0:15:42.280 --> 0:15:46.280 know what is so important about maybe those first few days, 0:15:46.320 --> 0:15:49.040 first few weeks, first few months for a CEO on 0:15:49.120 --> 0:15:51.440 the job because I got to say, I feel like 0:15:51.560 --> 0:15:55.200 CEOs move around a lot as of late, and especially 0:15:55.800 --> 0:15:58.320 if it's a publicly held company and the stock isn't 0:15:58.320 --> 0:16:01.600 doing well, activists around out there or media is all 0:16:01.640 --> 0:16:04.800 over it, and there's a lot of pressure. 0:16:06.720 --> 0:16:07.720 Yeah. 0:16:07.920 --> 0:16:10.800 Now, in terms of the book, interviewed close to forty 0:16:10.880 --> 0:16:13.920 CEOs and then had the opportunity to speak to CEOs 0:16:14.640 --> 0:16:17.400 such as from On the Guider of PepsiCo and Huntspsburg 0:16:17.440 --> 0:16:20.520 of Verizon, Carol Tomato of UPS, and a string of 0:16:20.560 --> 0:16:23.040 others that are so cited in the book. You're right, 0:16:23.120 --> 0:16:27.160 CEO tenures are decreasing, which puts pressure on this early 0:16:27.240 --> 0:16:29.760 period in order to get a good start, and I 0:16:29.760 --> 0:16:32.720 think some of the early actions that CEOs take need 0:16:32.760 --> 0:16:35.480 to be really well thought through. We know that some 0:16:35.600 --> 0:16:38.200 key factors are the state of the business that they inherit, 0:16:38.600 --> 0:16:42.120 how quickly they assemble the right senior leadership team around them, 0:16:42.600 --> 0:16:45.920 and importantly what the former CEO does and how that 0:16:46.000 --> 0:16:47.560 individual leaves the organization. 0:16:48.960 --> 0:16:51.040 Go ahead, Carol share with us though in some of 0:16:51.040 --> 0:16:53.520 the conversations that you had with CEOs. All of the 0:16:53.520 --> 0:16:58.040 companies that we named, whether it was UPS, or some others. 0:16:58.320 --> 0:17:01.440 You know that these are very well known, certainly to 0:17:01.480 --> 0:17:05.160 the Bloomberg audience. You know, what did you what did 0:17:05.200 --> 0:17:07.160 you get from them about that first year? 0:17:08.640 --> 0:17:10.960 Well, a lot of humility, which was which was really 0:17:11.000 --> 0:17:13.120 good to hear. I mean, these are great CEOs, as 0:17:13.119 --> 0:17:16.240 you've mentioned, and you know, some of them came internally 0:17:16.280 --> 0:17:18.480 within the organization, and I think there was a common 0:17:18.520 --> 0:17:21.800 thread around how difficult the CEO role is, how there's 0:17:21.840 --> 0:17:25.040 no real sandbox for it in terms of getting ready. 0:17:25.200 --> 0:17:25.840 It's a shock. 0:17:26.880 --> 0:17:29.560 We've talked about the loneliness a lot across different medias, 0:17:29.560 --> 0:17:31.960 and it's an actual it's an actual issue for a 0:17:32.000 --> 0:17:32.720 lot of CEOs. 0:17:32.760 --> 0:17:34.200 And the responsibility. 0:17:34.320 --> 0:17:36.240 You know, when I asked what the best and worst 0:17:36.280 --> 0:17:39.320