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Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

Aug 25, 2020

Welcome to another episode of 🎙“I’m a Millionaire. So Now What?”🎙

 

Some weeks, I switch things up. And this is one of those weeks!

 

I really value the power of new connections and telling the stories of the boots-on-the-ground entrepreneurs. The brick-and-mortar folks.

 

I connected with Ian Boyd on Linked-In. He and his brother own Ottawa-based Compact Music, one of only a handful of indie music stores left! 🎧🎶🎧

 

We talk:

 

✅ The changing music marketplace over the years.

✅ How they rode that wave and stayed in business.

✅ The benefits of being an independent.

✅ And much more!

 

Over 42 years in the ever-changing music biz, Ian’s had to pivot more times than you can count! His is a true success story.

 



Imagine it. From record albums to 8-tracks to cassette tapes to CDs to iPods to streaming services. Imagine being in the music business, as an independent retailer, for 42 years – and managing to survive though this many changes to your product. Not only survive but thrive.

 

That’s just what Ian Boyd and his brother James did, as owner operators of Compact Music.

They managed to pivot and twist and shift gears over the years by listening to their customers, keeping a close eye on competitors and the overall music marketplace, and understanding and following trends in their industry. And when vinyl came surging back – as everything “old” is wont to do – they were ready – where other chain music stores floundered.

 

From a seven year old clamouring for the latest Petula Clark track, to a young record store employee who quickly realized – as all good entrepreneurs do – that working for someone else wasn’t really his bag, to co-proprietor of one of the longest-running independent records stores in Ottawa’s history – Ian Boyd has stories to tell that span the decades. You’ll want to have a listen.