Zurich entrepreneur Michael Baer is keen to get out of his comfort zone. He told finews.com how exerting himself has helped him with his business.
Michael «Mike» Baer makes a point of saying that it is important to move out of your comfort zone in life. The 60-year-old banker follows this principle in his private and professional life.
Twelve years ago, the then-chain smoker decided to become a marathon runner: «Only when you set yourself high goals are you ready for extraordinary achievements,» Baer says in an interview with finews.com. Mind and spirit have to be in the right place, he adds.
Revelation in the Savanna
(all images courtesy of Mike Baer)
One can only imagine just how important this personal credo was for him as Baer describes how he first struggled at weekly running meetings until he was able to run a few kilometers at a time.
But holding up this conviction enabled him to complete his first marathon, endowing him with many valuable experiences on the way.
One of those moments happened in the Serengeti Plains of the African Savanna when a 78-year-old runner standing next to him at the starting line, turned to him - surrounded by other participants who were nervously adjusting their watches - and asked, «Man, what's the hurry?»
For Baer, the question was a revelation and made him realize that if you are convinced of your goals and work towards them, it doesn't matter if you reach them a minute earlier or later. Over the past twelve years, Baer has competed in marathons on every continent as well as on the North and South Poles. Now he runs four to five races a year.
Mike Baer
This determination is reflected in Baer's professional life. As the heir of Zurich's best-known banking dynasty and Julius Baer's great-grandson, it would have been easy for him to step take up a position in the family business from the get-go. Although he went into banking, he did so at financial institutions in Hong Kong, London, Frankfurt and Tokyo. After an in-between stint at the family-owned bank, he founded his own bank in 2018: MBaer Merchant Bank.
With Corona just around the corner, the timing wasn’t ideal. This is where Baer's marathon training came in handy. Reflecting on this period he said «Staying calm, sticking to the goal and accepting what cannot be changed,» helped him get through.
More Agile Bank
After a difficult initial phase, the bank has now gained momentum. It has recouped 4 million Swiss francs ($4.2 million) of the 6.6 million Swiss francs in losses it made in 2021, as its strategy of being a smaller, more agile bank serving entrepreneurs, their companies and families pays off.
The company, which now employs a good 40 people, is primarily active in merchant banking – a broad term that Baer describes as wealth accumulation. In addition to classic asset management for private clients (wealth management), the bank also offers custody (safekeeping of assets) as well as transaction banking (processing of financial transactions for corporate clients) and treasury (control and management of payment flows).
Baer is convinced that finance can indeed be innovative beyond traditional asset management. The majority of MBaer's clients are companies and private individuals from Switzerland or with a Swiss connection. The bank is only marginally affected by the sanctions, although compliance for clients in Eastern Europe has become more burdensome. «We also ask a lot more questions,» Baer says.
Women's Soccer
Martina Moser, Player, Mike Baer, Marion Daube, Managing Director FCZ Frauen
To capture the «spirit» of the company, Baer refers to its sponsorship of FC Zurich Women’s team (pictured above): «Women's football has gained a lot of importance in recent years,» Baer says, «the passion to be successful as a team fits perfectly with the values of our bank,» he adds.
Sleep Deprivation and Body Sores
Since last year, the bank also supports rowers from Swiss Raw. Baer says: «For us, this was a unique opportunity to work with a highly motivated crew that is willing to push its limits – to achieve the extraordinary. Specifically, the world's toughest rowing regatta, the «Talisker Whiskey Atlantic Challenge,» started on December 12, 2021. The four Swiss Roman Moeckli, Ingvar Groza, Samuel Widmer and Jan Hurni rowed non-stop in shifts of two or three.
In total, they made more than 1.5 million rowing strokes during the race and each rower burned more than 50,000 calories per week. The team had to contend with 20-foot waves, storms, constantly changing weather systems, sleep deprivation, excruciating body sores and inflammation. Finally, the crew prevailed against 36 international teams. They completed the 4,800-kilometer journey from La Gomera in the Canary Islands to Antigua in the Caribbean in 34 days, 23 hours, and 42 minutes.
Unlimited Holidays
Where his firm stands out is its unlimited holidays. All colleagues work very hard, sometimes very long hours and often outside normal working hours. This deserves to be rewarded with appropriate holidays,» Baer says. «The arrangement is based on a great deal of self-responsibility. Dialogue is key,» he says. Baer himself takes six and seven weeks of holiday per year.
No doubt some of that is spent running, either by himself or accompanying blind people (pictured above) as a marathon coach. Most recently he attended the world-famous Boston Marathon in the USA, embarking on a new experience, and once again, moving out of his comfort zone.
