Sometimes we push ourselves to make the wishes of our parents come true, while at other times, we have to defy them to fulfill our ambitions. George Chamoun falls in the first category; his father always dreamed of owning a Tim Hortons; therefore, once the CEO raised enough money, he bought the restaurant. He has come a long way from creating a company in the comfort of his dorm room to being in the coveted corner office of ACV Auctions. Let's tell you more about the son of Lebanese immigrants who will not let anything hold him back from attaining his goals.
1. He believes the success of ACV Auctions is based on trust
In his interview with Auto Remarketing, George said that the success of any company is driven by trust. He gave the example of Amazon, in which people have come to trust that it will deliver the products. Similarly, ACV has been trusted by buyers due to the consistency in delivering exceptional results for buyers and sellers. The company has, therefore, continued building trust through condition reports that include tire depth readings, photos, and many more.
2. He is the co-founder of Synacor
Synacor dates back to 1998 when two roommates Darren Ascorne and George Chamoun at the State University of New York, teamed up to establish Chek.com. It hosted the PHP website before it was later mirrored. In 2000, the company merged with MyPersonal, thus changed its name to Synacor and increased its service offering. Synacor went public in 2012 with an Initial Public Offering of $5.00 per share. By 2014, George had Synacor stock worth more than $461,252 after selling some worth $356,000. Synacor's future looked dim when the current CEO took over after the firm lost a key customer, but after taking over from Yahoo as AT&T's portal services provider, it was back on top.
3. He was an angel investor of ACV Auctions
Starting a business has its hurdles since even getting substantial credit from financial institutions is a challenge. However, if you have friends in the right places, then you can ask them to become angel investors, and that is what ACV Auctions did. They approached George and asked him if he could consider joining the team as an angel investor. George agreed and further coached them into turning the firm into a successful one.
4. He always dreamed of starting his own business
When the National Center for the Middle Market published Synacor as the company of the month in March 2015, they talked to George, who said he always wanted to start a business. It is only after graduating from the State University of New York that he got the opportunity; hence Chek.com was born. He saw a gap in the market in that people wanted what was on their computers to be in their mobile devices, and George seized the opportunity. He, therefore, advised students to remain updated on current trends to enable them to add value through operating various businesses.
5. His accomplishments
Mark Twain once said that there are two types of people in this world; those who claim to have accomplished things and those who achieve them. George is one man who can boast of several accomplishments, and among them is receiving the "Entrepreneur of the Year" award by Ernst & Young in 1999. The award is given to companies and individuals who have demonstrated vision and leadership. In 2009, George also was named by Multichannel News among the "40 under 40" innovators in the technology industry.
6. He is the BOD Chairman of Launch, New York
In January 2015, George joined the board of directors of Launch NY. The president of the non-profit said that George's experience with technology-based businesses and the fact that he is a successful entrepreneur made him an ideal fit for the company. As per the chairman of the organization back then, George's success in launching a successful IPO of Synacor facilitated them in their decision to appoint him to the board. Launch NY aims to foster entrepreneurial success through existing assets and new resources.
7. He is a family man
Some studies have concluded that businesses ran by single CEOs have more growth potential since they are willing to take risks, unlike their married counterparts. Married CEO's, on the other hand, are credited for their great social responsibility. Stressful marriages that lead to divorce have also been blamed for early retirement. Whether true or not, ACB Auctions does not need to worry about losing its CEO through early retirement. According to Tribeka Venture Partners, George is happily married and is a father of two. However, the CEO has managed to keep his family life out of the limelight.
8. He is ambitious
George does not believe in failure; thus, his ability to be at the helm of very successful companies is not a surprise. He was brought on board ACV Auctions due to his excellent track record, and he is not ready to put a blemish on it. Therefore George said he has to lead the company into a success-oriented company. So far, he has fulfilled his mission, and he is not slowing down. In August 2019, he led the firm in launching Virtual Lift to help buyers visualize the undercarriage by capturing more than 1000 pictures.
9. His net worth
As of April 2014, George's net worth stood at $1.23 million. In 2016, he became CEO of ACV Auctions, which means his salary must have increased, considering that the employees are praising the company of the excellent compensation packages. As a CEO, he should be making millions since, on average such ranking executives get an annual salary of $14.5 million. Besides, he has invested in Synacor and probably other companies, which means his net worth has grown from the $1.23 million to a much larger figure.
10. He wanted to go to law school
They say everything happens for a reason, and when George abandoned his dream of going to law school, he might not have felt that way at the time. However, he had to forego his ambition to ensure his younger siblings went to college. All the same, he still went to college later to study political science at the State University of New York.
Written by Allen Lee
Read more posts by Allen Lee