Tom Krulis: Godfreys. Petstock. Cheap as Chips.

How a Holocaust survival story shaped a family legacy and inspired a serial retail investor to keep striving for success.In this deeply personal discussion, James H Stewart sits down with retailer, investor, former lawyer and long-time friend, Tom Krulis for a conversation that goes far beyond business.Tom opens up about his family’s extraordinary journey, including the posthumous publication of his father Steven’s book, The Boy with the Suitcase, the enduring legacy of growing up as the son of a Holocaust survivor, and how those experiences shaped his values, leadership style, and appetite for risk.James and Tom reflect on their shared experiences travelling through Rwanda, exploring one of the most remarkable national turnarounds of modern times following the Rwandan Genocide, and then rise of antisemitism in Australia what business leaders can learn from resilience, reconciliation, and rebuilding.From there, the conversation shifts to Tom’s remarkable business career—from leaving law at Freehills, to helping drive the success of Godfreys Group through multiple ownership cycles, becoming an early investor in Petstock before its billion-dollar transaction with Woolworths Group, and navigating the recent collapse of value retailer, Cheap as Chips.This is a conversation about:Legacy, family and valuesThe lived experience of modern antisemitism in AustraliaBuilding, scaling and exiting retail businessesPrivate equity, public markets and investor disciplineWhy some businesses survive… and others don’tA raw, honest and deeply human conversation with a man who has seen both extraordinary success… and the reality of loss.⚠️ DisclaimerThis podcast is intended for general information, education and discussion purposes only. The views, opinions, experiences and recollections expressed by the host and guest are their own at the time of recording and do not necessarily reflect the views of any current or former employers, investee companies, portfolio companies, shareholders, directors, employees, advisers, governments, regulators, or other stakeholders.This episode may include discussion of historical events, personal experiences, commercial transactions, business successes and failures, industry trends, legal and regulatory matters, and current social issues. Any references to companies, transactions, valuations, ownership structures, restructurings, administrations, market conditions, or investment outcomes are based on publicly available information, personal recollection, or opinion, and should not be relied upon as financial, legal, investment, tax, governance, or other professional advice.Where specific individuals, businesses, transactions or events are discussed—including current or former businesses—listeners should be aware that circumstances may have changed since the time of recording, and not all perspectives or stakeholders may be represented.Listeners should conduct their own independent enquiries and seek appropriate professional advice before making any business, investment, legal, governance or personal decisions arising from matters discussed in this episode. Hosted on Acast. See acast.com/privacy for more information.