The Home Service Expert Podcast - Peter H Thomas (Century 21 Canada Founder) Losing $70 Million and Why He Never Panicked

Episode Date: May 29, 2026

🚀 FREEDOM 2026 Get your Tickets Today! https://homeservicefreedom.com/ Peter Thomas built $8 billion in real estate — then lost $70 million when his silent partner went bankrupt. At 87 years old, he's sharp, happy, and still building. Tommy gets the real story: how Peter faced 18 creditors with nothing, negotiated every single one, and rebuilt from zero. The lesson? Your skill set and your network are the two things no collapse can ever take from you. -- 🕐 TIMESTAMPS 🕐 -- 00:00 Peter Thomas introduction 01:15 Century 21 Canada 1974 01:34 Built $8 billion 02:13 Biggest failures discussed 03:39 Living well at 87 04:31 What are your values? 04:45 Health and freedom aligned 06:05 Choose your life partner 06:19 Give everything away 07:09 Tommy grew up alone 07:40 Partner went bankrupt 07:58 Down $70 million 08:41 Skill set always survives 09:16 What was next move? 09:42 Negotiating 18 creditors 10:20 Worked all 18 deals 11:00 How to find Peter 11:29 Happiness is a choice 11:48 Tommy's life at 45 12:26 Manifesting your future 🚀 FREEDOM 2026 Get your Tickets Today! https://homeservicefreedom.com/ Check Out My Social Media: Tiktok ⟶ https://www.tiktok.com/@officialtommymello Instagram ⟶ https://www.instagram.com/officialtommymello/ Facebook ⟶ https://www.facebook.com/thomasmello/ My other podcast: Tommy Mello Millionaire ⟶ https://www.youtube.com/@officialtommymello Live Q&A submission form: https://homeserviceexpert.com/questions

All right, guys, check it out. I got Peter Thomas in the house. This guy is 52 years old. You got quite the history, Peter. Why don't we just tell us a little bit about you? Your history. Tell me your three biggest mistakes, too, because we were talking about that earlier.

The mistakes are not listening to my wife enough. If you'd listen to her more, and I'd be probably more successful. Listen to the wife, Rita. But I think when I got started in marketing in sales. I started selling mutual funds when I got out of the Army. And then went into franchising. I learned about franchising. I was lucky enough to be able to acquire the rights for Canada.

It was a century 21 concept, the real estate concept. Century 21 of all of Canada. Yeah, yeah. And that was sort of my first time. And what year was that? 74. 1974. Okay.

74. And really got lucky. And I've always been blessed. I get great people around me. Everybody around me is much smarter than me. Yeah. And so where that goes. And so, you know, the people help you and you grow.

And we grew that one to about $8 billion. That was my first. $8 billion. Yeah, in sales. In sales. That's fantastic. It was an amazing concept. And I'm pretty wonderful.

I got lucky and lightning struck twice. I had another company called Dogtopia. Dogtopia, where they take care of dogs. Dogg, yeah, dog-a-d-d-kered. Yeah. A lady had, she had about 15, 20 stores, and was kind of struggling looking for money. And so I wanted lending or some money,

and then that loan turned into equity, and then it was going to go broke, so I wound up taking over the business, and it's got about 300 now, over 300 stores. And I sold it 165. 165. I took it from like 15 to 165. Incredible.

What were some of the mistakes that you made along the way that, you know, maybe not mistakes, but failures that talk about. You softened you up a little bit. I was trying to think of that very, because I thought, you know, I don't focus on mistakes. Yeah. You know, you forget about them. So I had to really think about them.

And I'm sure there was many, many of them along the way. I think mistakes can be made in the very beginnings of your negotiations. When you think you understand a deal, you're looking at it, and you negotiate the terms of it, you'd be much better off if you didn't say yes. yes too quickly. Yeah. You know, I sometimes agree the deal, shake hands, and you got a deal, and then you realize a little bit later, you know, you left a lot on the table.

Yeah. It makes sense. You know, I think getting the smart people, we've got a whole deal team, lawyer team, and I talk to so many people that have been ripped off. I mean, look at Bernie Madoff. I mean, that's crazy. Yeah. And he was a good one.

I mean, that does amaze me sometimes you hear those people who rip people off. The top celebrity, the top lawyers, everybody gets taken in on it. Oh, yeah. Yeah. It's insane. I watched an old documentary about that, and it was insane how long he kept that going. I, uh, you know, I love the fact. It seems like you're living your best life. You're 87. Yeah. You're sharp as a wit. You're happily, you're talking about getting a dog. Yeah. Yeah. Which is super cool. We had one before. I think, Tony, the big, the big thing that I have to guide me is, um, I did a program, gosh, 30, 40 years ago called Life Pilot. And I was in YPO, the Young Presidents' Organization, traveled all over the world teaching this program.

And really what it was was about telling, and there's so many people, you work hard, you just work, work, work, and it becomes possessed by it. Yeah. And so I teach values. And really, I'm actually, I'm going to be teaching at Joe's the genius youth at the end of the month. Yeah. And I haven't taught a program for about 20 years, so I'm kind of excited about it. That's really cool. But primarily what it is, you know, is teach you what are your values.

What do you, excuse me, I'll just turn this off. No problem. You know, what are your values and what do you stand for? Like, you know, minor health, freedom, happiness, integrity, and now legacy. I'm really working on what can I leave behind? Yeah. But if you work on everyday, like health, well, you know, then you can't eat crap and stuff like that. And you want to work out because health is one of the things you live for.

So I really believe that what people have got to do is they've got to identify what's important to them. And once they identify that, and they can just say it like I did, health, freedom, happiness, integrity. So when you say that, then you live your life in alignment with it, you know, with your values. And living your life in alignment with your values because you're the happiest life you can have. I think legacy all those health. What good is you could have a billion dollars? Like would you trade your life with Warren Buffett? I mean, you know, the deal is I think anybody would say you trade everything you have in life for an extra 40, you know, you're at 87, but, you know, you probably give away everything to say I'm 43.

I'm just turned 43. I'm actually very happy where I am. You know, but one of the things I, and I said this and, you know, you're just told me you're getting married pretty soon, not too long from now, you know. And I can say at 47, I don't care to be 25. I'm happy. I'm just a happy guy. Right. But what I say to me, probably the most valuable and the richest thing that I was smart enough to get was Rita's love.

You know, that is my most, you know, if you talk about acquisitions. Yeah. You know, things that you want to have, you know, and earning, earning that, because she's tough. You know, she, and the reason is a phenomenal lady. And I'm sure like yours is. And just to get somebody that loves you like that. To have that, to have that, it's the most extraordinary thing in the world. I give away having a wage, and I can always make it again anyway.

Yeah. No, you're right. You're right. It's probably the most, you can't pick your kids. You're stuck with them. But you can pick your life partner. And that makes her breaks people. It's the most decision you'll ever make.

I had a young guy, he's 18 years old. He said, what advice can give me about business? I said, find out who inspires you, who pulls the best out of you, who doesn't take your bullshit. Yeah. And if you get around that person, you know, Bree and I aren't alike. Like, I love people around.

Like, the house is always full. She's like, she's like, I just hate all these people all the time. So I'm like, that's why we got a big house. But at the same time, I respect that. So I try to make it work. But she's like, why do you love people around all the time? I'm like, well, I spent most of my life alone as a kid. You know, my sister was a lot older.

And, you know, I went to a private school as a kid. So I was like, you know, I was used to be, me and my dog just hung out max. So I don't know. Maybe it's because of my history, but I'm like, I just like experiences. And I guess it's important to me. Well, you know, you know, we work, how hard we work, and we work to set our goals and make our goals.

And I remember I went through a real tough one time. I had a partner who went bankrupt all across the country. It was a highly profiled guy. And he was my partner. Nobody knew I was a partner in the deal. I was a quiet guy. A silent partner. Yeah, sound partner, but him taking down, it wound up, I went down about $150 million, you know, and my net worth was gone to minus 70.

Oh my gosh. From 150, yeah, to minus 70, yep. And so, anyway, I sat there, you know, and I was feeling not too good for myself. And I said, I was thinking about it, and I thought, you know, I've lost everything. I've lost everything. And as I sort of thought about it more, I thought, well, hang on, what have I really lost? Well, I lost my money. Okay, I didn't lose my health.

I didn't lose my wife. I didn't lose my family. I didn't lose my community where I lived. I didn't lose. In fact, the only thing I lost was my money. And that was the one thing that I could afford to lose because I can make a bank again. Yeah.

And when I really realized that, it's like if you went broke tomorrow to me, I bet $10 million dollars blind right now, I'll come to visit you in two years from now. And you'll be back out. You'll be doing good. You'll be great. Yeah.

So, because it's a skill set that you... And it's a skill set network. Yeah, yeah. And always have your integrity. You do things right. Take care of people. Take care. You look after people.

Exactly right. And so I realized that, you know, I didn't feel bad anymore. They didn't feel quite as good. The little story, I said to my wife, I said, you know, I really got quite concerned now. I said to read. I said, you know, honey, I was just thinking, because, you know, we live a pretty good life. I was thinking, you know, if I ever lost all my money, I said, you know, would you still love me? And I'll never forget her advice.

What she said, Peter, she said, I'll always. I'll always love you. I'll miss you. I'll miss you. I'll always love you. I'll always love you. But I'll miss you. Yeah, yeah, she's a hell of a woman. I really enjoy just being around you. You got a little spark to you. You got a world, just a lot of world experience. And let me just ask you a follow-up. So you're down 70 million negative net worth. What was your next move? Well, I had three problems over 10 million each, the three problems. I'd signed guarantees on stuff. Busier than me. No, she's crazy. So I had three or 10 million or more, and the rest of them was 10 million or under. So I lined them on 18 problems, money problems.

So I went out and I made a list. Let's say I owed you three million. So there was three guys over 10, and you were down on the list a little bit. But if you call me or if I keep your posted, I go see and say, Tommy, I want to make this right. I want to make it. I got no money. But what can we do? Like if it was a piece of real estate, had a mortgage on, I could give you the property back.

So I walked away. So anyway, I went out and I worked all 18 deals. And I made a deal with them all. I didn't have much money because I had no much money to deal with. But the worst one was the biggest one was the bank. And that was $25 million. One bank, $25 million. Had signed for the guarantee.

And so it was another. guy, the other guy was gone, so they came after me. So I wound up, you know, negotiating with him and made unbelievable settlement with them because I was honest, I was transparent, and I wanted to solve the problem. Right. I wanted to, like not just put the problem, kick it down the road. Right. We got to finish this because I got to get out of this. That's incredible. Listen, I don't want to take up too much time. Ashley's yelling at me here, but one final piece of advice. Oh, well, first, one more thing, Peter. how do people, they want to see more of you, what's the best way to do that?

Well, they can watch the one-minute mentor. One-minute mentor. This guy's got more followers times me, times four. And he's always putting out great content. So you guys got to follow Peter. I mean, amazing stuff. And give me one final thing for the listeners. Be happy every day.

When you get up in the morning. Yeah, get up in the morning. It is telling me, it's a choice. It's a mindset. So I get up in the morning, say, today is going to be. the best day in my life. And it usually is. It usually is. Yeah. I mean with you here? With you here. Listen, I'm just a big fan. You, you, I'm going to come out and visit.

I told you, look, the biggest thing for me is I always say I'm busy, I'm busy and busy, but I'm building the life I want. And it's not going to change tomorrow, but I've got a file that says me at 45. And it's not today. It's not next week. It's not next month. I've got prior obligations. I got to fulfill what I said to the people I care most about. But I'm getting married. We're going to have kids. We're building some cool places. My mom and dad are still around. I just, it gives me two years. I just turned 43 yesterday. I'm going to ask you. So baby steps. And then I'm literally, I'm manifesting this life at 45. And it's not going to happen overnight. So I know the steps I need to take. And delegation, we talked about this. I'm delegating way more.

And I'm going to have a lot more freedom. And you know, it's hard for me, and I'll just say this because they're getting me to go here. But it's hard for me to say no to people because literally, like, if a kid comes up to me and says, hey, man, I'm struggling. So many people let me in. It's hard for me to say I won't take a few minutes. But I got to make sure I take care of Bree, my fiance. I got to make sure I. You learn that.

You'll learn that. But I do have to tell you one thing. At 45, you need to stretch that to about 85 now. Yeah. You really do. To what do you, look, what I did, well, I don't. I said, a picture of me at 85. I said that to me when I was 40.

And in that picture, I had a blonde girl with me. I was dressed up in a beautiful, elegant suit at 85 in my mind. And I was at London getting out of a Rose Royce going to a play, going to the theater. That was the picture had. And that blonde was Rita. That was before I met her. Oh, I love it. That was before I met.

And it was her. I mean, there's no question it was her. So I really believe in your mindset. Yeah, and work at it. Yeah, and work at it. You create your future. You're responsible for it. And if you have to make any great grand plans, then you're not going to have any.

Big plans, dream bigger. Thanks, Peter. Appreciate you, my dad. Thanks, Tom's drinking off the hook. Let's do this.