Salim KarimPresident and CEO, INNHouse Licensed Retail Concepts, Age: 39
Shaken not stirred is an order Salim Karim is no doubt familiar with.
His business, INNHouse Licensed Retail Concepts, operates six independent liquor stores across B.C., five of which are in the Lower Mainland with another in the Okanagan.
The liquor business was familiar to Karim who, in 2002, when the provincial government changed the liquor regulations, applied for a licensed retail store and opened five of them within 13 months.
“It was an actual emerging industry and we felt it was an opportunity to jump into an industry that was just starting off,” said Karim.
Prior to that, Karim earned a BA from Simon Fraser University, and went on to get his MBA from the University of Phoenix. He founded his company in 2004, and annual revenue has grown to $15 million.
INNHouse also owns the Lonsdale Quay Hotel and the Tantra Waterfront Lounge & Grill, but it’s his retail business that he wants to expand.
“We want to create a brand, and we have aspirations of being the largest privately owned liquor company in the province,” he said.
Karim is also heavily involved with several industry associations in the Lower Mainland. He is a board member of the Entrepreneur’s Organization, vice-president of the Association of Beverage Licensees and a member of the Ismaili Business and Professionals Association.
Karim employs 120 people and he projects that his 2009 revenue will reach $25 million, but he believes his success is thanks to two things.
“One, the fact that my dad has been in business his whole life, so learning business from my father,” he said. “Another huge thing has been entrepreneur organizations, peer learning, learning from other entrepreneurs and how they’ve done it.”
Birthplace: Kampala, Uganda
Where do you live now: Vancouver
Highest level of education: MBA
Car or chosen mode of transport: Aston Martin
Currently reading: A New Earth by Eckhart Tolle
Last CD bought or music downloaded: Forever by Chris Brown
Favourite movie: Pursuit of Happiness
Favourite local restaurant: Goldfish
Profession you would most like to try: Golf pro
Mentor: My parents
Toughest business or professional decision: To enter the retail sector
What’s left to do: This is just the beginning … the list is long