The American Robert Rook is the founder of Emack & Bolio’s, an ice-cream parlour with branches in the US and the UAE that first launched in 1975. The 70-year-old Boston-based music lawyer opened his first UAE store in Abu Dhabi’s Dalma Mall in March this year.
Describe your financial journey so far?
I have been very fortunate to have had two successful careers that have paralleled each other throughout my financial life. I started my career as a music attorney and was very lucky to have a few superstar clients almost from the beginning. I used some of that financial good fortune to begin my ice-cream business and ran Emack & Bolio’s as a labour of love for the first 20 years, reinvesting the ice-cream profits back into the business and living on my income as an attorney.
Are you a spender or saver?
I’m a business spender. I like to buy anything that will make the ice-cream taste better, make the shops a cooler customer experience,and advance Emack & Bolio’s as a business. I personally don’t spend much money on myself but I do love to travel and that can get expensive. I never have qualms about spending money for my wife and children’s benefit.
What is your philosophy towards money?
First, you have to take care of your financial responsibilities to your family, yourself, your business and to the things you care deeply about. After that, I believe money is meant to help you and those you love enjoy and explore life and living.
Have you made any financial mistakes along the way?
Everyone makes financial mistakes and I am no exception. That is part of living life. I could have invested more in real estate, saved more, bought certain stocks, not spent some money foolishly etc, but I have no regrets. I feel for the most part I have used the money I’ve earned wisely. I’ve given my children good educations, given to charities that I care deeply about, and advanced the business that I love – Emack & Bolio’s.
If you won Dh1 million, what would you do with it?
I would set up two charitable foundations. One to help the homeless and the other to aid the Tibetan people in maintaining their language and culture. I started my legal career doing pro bono work for the homeless and named my ice-cream business after two homeless clients, Donald Emack and John Bolio, who I befriended in 1973. I have been involved in homeless causes for my adult life and therefore fighting homelessness, especially for families, is important to me. I spent time in Dharmasala in India in 1970, where the Dalai Lama set up a government in exile after he fled the Chinese invasion of Tibet. Spending time with the Tibetan people and learning about their culture changed the way I view both my personal life and my business life. I wanted to give something back to the Tibetan people in exchange for the “gift” they have given me. About 10 years ago I created “Free Tibet Ginger Ale” soda, which we manufacture and sell in our shops in the US. We donate 100 per cent of the money we earn from Free Tibet Ginger Ale to the cause of Tibetan Freedom. The money helps Tibetan children in the US learn about their culture and language through Sunday schools which we support.
What has been your biggest financial lesson?
I’m an entrepreneur, so the biggest financial lesson I’ve learnt is to reinvest my money back into my business so that it can grow. Businesses can spread social values through society and that’s what we try to do at Emack & Bolio’s.
What do you enjoy spending money on?
I love to learn about different cultures, try new foods, and learn about how people in different parts of the world live their life and what values they treasure. I travel to seek this out and then try to incorporate the best of each culture’s values into my personal life and business life.
abouyamourn@thenational.ae
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