Episode #5 James Ricci: Legacy and Innovation in a Third-Generation Family Business

James Ricci is the President of Roy Foss, one of Canada’s largest retail automotive and leasing companies, where he is leading a transformation in e-mobility at a 65+ year-old, multi-generational family business. James is an entrepreneur, deep thinker, and an advocate for the future of mobility, with a career shaped by the duality of both tradition and innovation in the automotive industry.

Stepping into a legacy business, James initially wrestled with imposter syndrome and the expectations tied to a family heritage, finding his stride through a commitment to authenticity and growth. With an MBA from the London School of Economics and recognition in Automotive News’ “Top 40 Under 40,” he has distinguished himself as a modern leader. His journey spans from starting his first business at 16 to scaling strategic projects that redefine Roy Foss’ future.

James is also an active investor and advisor, helping organizations in Canada and beyond navigate the evolving landscape of tech and mobility. He believes in leading with both head and heart, balancing risk with strategic experimentation. With a focus on self-awareness and genuine connection, James is reshaping not only his family’s business but also the future of the industry itself.

Key Takeaways
- Imposter syndrome can be common in family businesses, especially when trying to prove oneself and live up to the legacy of previous generations.
- Finding a balance between focusing on the present and planning for the future is crucial for long-term success.
- Transformation and transition are key aspects of success in the automotive industry.
- Asking deeper questions can lead to a better understanding of problems and solutions.
- Curiosity, compassion, and courage are valuable qualities in leadership, though they are not mainstays of traditional businesses (yet should be).

Sound Bites
"There's probably no greater breeding ground for imposter syndrome than a family business, especially a three-generation family business."
"I'm interested in how people and businesses navigate existential moments in their existence."
"Once you've been mastering one side of a product, service or innovation - and understanding what market exists for it - only then can you start moving into different areas and looking towards the future."

Chapters
On Imposter Syndrome
17:40
Becoming an Entrepreneur at 16
24:32
Lessons from a Family Business
31:29
Balancing Tradition and Innovation
38:19
Advice for Entrepreneurs
40:51
Experimentation and Strategic Projects
43:03
Existential Moments in Business
46:28
Self-Awareness and Creating Value
49:36
Leadership as a Series of Questions
52:12
Taking Responsibility and Asking Deeper Questions
01:03:38
Embracing the Present Moment