CANADIAN REPORT 2019 - Echelon Wealth Partners
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CANADIAN
ENTREPRENEUR
REPORT
2019
CANADIAN
ENTREPRENEUR
REPORT
Big thinking precedes great achievement.
Across all industries in Canada
there are incredibly motivated hard-
working people who are determined
to make the world a better place.
2
CAN ADIAN EN TREPRENE U R R E P ORT
en·tre·pre·neur noun a p e rs on wh o or ga n izes
an d o p era tes a bu s i n e s s or bu s i n e s s e s, t a k in g on
gre ater tha n nor m a l f i n a n c i a l r i s k s i n order t o do so.
Introduction from PARTICIPANTS BY
THE NUMBERS
Deborah McGrath
38
Entrepreneurs
Welcome Readers,
who participated.
Echelon Wealth Partners is thrilled to unveil the inaugural Canadian
Entrepreneur Report featuring 38 participating companies who shared their
story with us. The Report includes 6 top tips for those who aspire to be
entrepreneurs and the inspirational personal stories of the dreamers, the
risk-takers, the visionaries and those who, despite the odds, refuse to give- 10M
up. A variety of their opinions are included on some of the most relevant Minimum in annual
business issues of today; talent, customer experience, Canadian and US revenue to participate.
trade relationships, government policy and growth capital.
The Canadian Entrepreneur Report provides a Canada-wide snapshot of the small
6,000
and medium enterprise businesses who are the backbone of our economy. These
38 leading companies together employ over 6,000 Canadians, experience year-
over-year average growth of 32% and have been in business on average 12 years. People employed.
There are a few start-ups who show us the courage it takes to scale quickly, one
in particular that is experiencing 1,850% annual growth.
To be eligible as a Participant of the Canadian Entrepreneur Report, companies
must be;
4,824
• Registered and operating in Canada. Kilometres travelled
• Business has been in operation for a minimum of 3 years. to interview all the
• Revenue minimum of $10M for past 2 years. participants.
(start-ups were excluded from criteria)
• Minimum employee count: 20.
Our Report’s author is renowned global researcher Barbara Stewart, author and
researcher of the Rich Thinking® series of white papers. Barbara specifically
mentioned how moved she was by the stories of the entrepreneurs that she
32%
Average year over
interviewed. She logged an impressive 210 hours of time and travelled over
4,824 kms across Canada to meet our participants personally.
year growth.
We hope you enjoy learning about our leaders as much as we did.
1,850%
Enjoy!
Start-up annual growth.
Deborah McGrath
Chief Marketing Officer & Chief Client Officer
Echelon Wealth Partners
3
Author:
BARBARA STEWART
BARBARA STEWART is a Chartered Financial Analyst with 28 years of investment
industry experience; five years as a foreign currency trader and more than
two decades as a portfolio manager investing on behalf of high net worth
entrepreneurs. 10 years ago Barbara saw a need to challenge outdated financial
industry stereotypes and share positive messages about women and money.
Barbara is a columnist for CFA Institute, Canadian Money Saver, and Golden Girl
Finance. She is a keynote speaker for CFA Societies, banks and stock exchanges
around the world, and conducts interview-driven research for financial
institutions in Canada and globally.
Table of Contents
OVERVIEW HIGH LEVEL FINDINGS 07
A SNAPSHOT OF TODAY’S BUSINESS ENVIRONMENT FOR ENTREPRENEURS 08
SIX TOP TIPS FROM ENTREPRENEURS 08
THE ENTREPRENEURIAL STATE OF THE NATION 12
TRUST TRUST OVERVIEW BY DAVID CUSSON, CEO, ECHELON WEALTH PARTNERS 14
A SNAPSHOT OF THE ENTREPRENEUR TRUST INDEX 15
MARSHAL STERIO, CEO, SURGICALLY CLEAN AIR 17
MICHAEL CONTENTO, CEO, MY BLUE UMBRELLA 19
SAM WEBSTER, CEO, PORTFOLIO AID 21
STEVEN USTER, CEO, FUNDTHROUGH 22
ED FRANCIS, FOUNDER, ED’S REAL SCOOP 24
DEREK MCGEACHIE, FOUNDER, MI5 PRINT AND DIGITAL 26
ELAINE GERRIE, CO-PRESIDENT & CEO, GERRIE ELECTRIC 28
TIM KEENLEYSIDE, CO-FOUNDER, GEORGIAN BAY SPIRIT COMPANY 30
DANNY CHASE, FOUNDER AND CEO, CHASE OFFICE INTERIORS 32
ELI FATHI, CEO, MINDBRIDGE AI 34
IAN SMITH, FOUNDER, ALL-CONNECT LOGISTICAL SERVICES INC. 36
THE ENTREPRENEURS
THOMAS BEATTIE, FOUNDER, VOLEO TRADING SYSTEMS INC. 38
LEEROM SEGAL, CO-FOUNDER & CEO, KLICK HEALTH 40
SARAH RONCARELLI, CO-FOUNDER, FIFTY STRATEGY AND CREATIVE 42
RON THIELE, CEO AND FOUNDER, XPAN INTERACTIVE LTD 44
REGAN MCGEE, FOUNDER, NOBUL 46
FRANCIS GOSSELIN, FOUNDER, GROUPE SAGE CONSULTING 48
STUART LOMBARD, FOUNDER, ECOBEE 50
DAVE LAFOND, FOUNDER, NO FIXED ADDRESS 52
TRACI COSTA, FOUNDER, PEEKABOO BEANS 54
DANIEL HARAN, FOUNDER, CHOCOLATS MONARQUE 56
KRISTEN GALE, FOUNDER, THE TEN SPOT 58
SERGE VERREAULT, CEO, CRESCITA THERAPEUTICS INC. 60
NATASHA VANDENHURK, CEO, THREE FARMERS 62
DEREK BALL, CO-FOUNDER, ATVENU 64
OWEN MOORE, CEO AND FOUNDER, BEWHERE 66
ADITYA PENDYALA, CO-FOUNDER, MNUBO 68
CHRIS FERGUSON, FOUNDER, BRIDGEABLE 70
GABRIELLE MADÉ, GENERAL MANAGER AND PARTNER, LE SLINGSHOT 73
LEE MCDONALD, FOUNDER, SOUTHMEDIC 75
VICTORIA SOPIK, CEO AND CO-FOUNDER, KIDS & COMPANY 78
DR. DINA KULIK, FOUNDER, KIDCREW 80
ZACH HYMAN, CO-FOUNDER, E11GAMING 83
LARA SMITH, FOUNDER, LUSOMÉ 85
JEFF RIDOUT, FOUNDER, EASTBAY I.T. CONSULTING 87
ANDREW GRAHAM, FOUNDER, BORROWELL 90
BRAM BELZBERG, CHAIRMAN AND CEO, KEV GROUP 92
MIKE MURCHISON, FOUNDER, ADA SUPPORT 94
5
C ANADIAN E NTRE P R ENEU R R EPO RT
DISCIPLINE
6
CAN ADIAN EN TREPRENE U R R E P ORT
“Y OU H AVE TO SE E FAI LU R E AS TH E BEGI NNI NG AN D THE
M I DDLE , BU T NE VE R E NTE RTAI N I T AS AN E ND. ”
JE SSI CA H E R R I N, FOU NDE R AND CE O OF STE LLA & DOT
High Level Findings
founded their business with a friend, former
⅓ (or all) of their business, a serious decline in
mentor, or former colleague. an industry (e.g. print), making the mistake of
relying on one source of funding, and hiring
50%+, have a bachelor’s degree or higher. the wrong people and having to fire 50% of
⅓ have a post graduate degree. the company.
84% of all entrepreneurs started work in their Growth capital is an ongoing challenge and
childhood or early teens. some companies don’t have the familiarity
89% were raised in Canada. or experience raising private capital so they
opted to go public to raise money. Some
41% mentioned international travel as being entrepreneurs feel that Canada needs to tap
important to their developing a feeling of self- into as many sources of capital as possible,
confidence. and that this should be streamlined.
60% worked previously in a corporate and/ In 2019 customers are highly focused on what
or professional career before becoming they are putting into their bodies and how they
an entrepreneur. are affecting the health of the world with their
actions. It’s all about social consciousness,
The most common motivations for starting a environmental consciousness, and wellness.
business were working for a horrible boss, getting We are seeing a big eco push (from recyclable
fired, seizing the day on a perceived opportunity cups and spoons at an ice cream store to eco-
in the marketplace, or trying to fix a product/ friendly thermostats).
service/situation that seemed to be broken.
35% specifically mentioned being conscious of
CEOs experienced tough times while
All environmental health and/or sustainability and
building their business. Some identified serious embedding this in their business focus.
challenges such as: manufacturing a string of
bad products, filing for bankruptcy, losing a
client that represented a significant portion
7
C ANADIAN E NTRE P R ENEU R R EPO RT
SHARING OF OPINIONS: A SNAPSHOT PERSPECTIVE OF TODAY’S
BUSINESS ENVIRONMENT FOR ENTREPRENEURS
CHANGING CUSTOMER PREFERENCES AND EXPECTATIONS: THE INFLUENCE OF TECHNOLOGY
The recent big shift in customer preferences across industries is mainly due to the changes in the array
of different communication channels. As social media has exploded, the platforms have changed. The
idea of “meeting customers where they are” is necessary for survival in today’s business environment.
To attract attention, brands use a myriad of channels including TV, Facebook, Google, YouTube, and
radio. In particular, the increase in Instagram users has had a dramatic impact on the world of fashion,
food, and style. As Traci Costa of Peekaboo Beans (kids clothing) points out: “We live in a society of
people who take perfectly manicured photos…this changes the lens through which people buy.”
The idea of the connected consumer is very important in today’s environment. Stuart Lombard of Ecobee
(smart home devices and thermostats) talks about the ‘frenzied family’: they are busier than ever
trying to get kids dressed and off to school, fighting traffic, cutting the grass, making dinner, getting
to the evening event, etc. How do companies create a more peaceful environment for customers? It’s
all about saving them time.
Up until now, health care has been a prime example of an industry that has not been customer-
focused (for a variety of mainly bureaucratic or regulatory reasons) particularly in the case of hospitals,
manufacturers of medical devices and equipment, and pharmaceutical companies. Some of the newer
players in the child care and patient care space are able to move much more quickly and are embracing
online registration and customer communication. KidCrew (pediatrics medical clinic) for example offers
a waiting room screen for ‘patient wayfinding’ – this screen automatically advises patients as to how
long their wait will be, and where to go.
SIX TOP TIPS FOR ENTREPRENEURS
1
Perseverance
ever give up! Stay positive and
•N
2
Work hard
• Start work young. Having a job (any
3
Listen to yourself
• If you believe in yourself, you can
always believe you can make it job) makes you feel responsible, it make your dreams come true.
happen. makes you thoughtful, and it is fun! • ake a tempered approach to people’s
T
• Three rules: never quit, just do it, • Work hard and smart but don’t unsolicited advice – no one really
and strive for simplicity. cut corners. knows what they are talking about
• Act as a united team in all that • If you are going to do a job, do it when it comes to your business
you do: there will be failures and perfectly, with no shortcuts. and they don’t have to live with the
disappointments but what really • Hustle like you’re broke. consequences of their ‘advice.’
matters is that you persevere, move • Don’t ever take things for granted – •B eware of falling into the trap of
forward, and push harder together. no job should be beneath you. always having to make the next
dollar…this is damaging to your
health and your relationships.
8
CAN ADIAN EN TREPRENE U R R E P ORT
“C R E AT IN G A N EN T ER PR I S E F R O M S CR ATCH R EQU I R E S
C R E AT IV IT Y , P ER S I ST EN CE A N D CO N T I N U OU S LE AR NI NG. ”
J U ST I N K U L L A, BU SI NE SSBLOCKS
Sometimes what goes around comes around. While technology has certainly changed the landscape
of the printing business, after moving to digital only in 2007/2008 for automotive marketing as an
example, there has recently been a return to old-fashioned car catalogues. Derek McGeachie of Mi5
Print and Digital explains “Everyone thought print was dead. But it’s all come back! Catalogues are a
great marketing tool. If you leave behind something tactile, something beautiful…this shows that you
care and your brand message stays on your customer’s table for weeks or months.”
THE US INFLUENCE ON ‘BRAND CANADA’
Canadian entrepreneurs are for the most part very pleased with ‘Brand Canada.’ Canadian startups
have a unique opportunity right now because Canada is positioned as a real leader in tech. Francis
Gosselin of SAGE Consulting deals with many US clients and one of the reasons for that is “they like
that we’re Canadian – we are seen as peacekeepers.” He adds “our US clients also like the fact that we
are a diverse, multilingual, internationalized consulting group. Our team includes men and women of
different backgrounds and demographics…we share a similarity of views with our US clients…they see
us as the antidote to Trump.”
Unfortunately, the recent ‘Buy America’ rules have had a significantly negative impact on many
Canadian businesses. Ron Thiele of Xpan Interactive (digital knowledge solutions) has had to make
some pivotal choices. He explains “Within the last five years we lost a $3 million contract to a US
competitor. The Canadian marketplace is just not a big enough environment for us to work within, so
we are going to make sure that we have a committed position in the US by July 1, 2020.”
4
Believe in You
unning a business is a balancing
•R
5
Be kind, nice and supportive
• Y ou will go farther if you are a kind,
6
Numbers matter
• T he key to almost everything is
act between doing the right things nice person. People around you need budgeting: figure out how much you
and doing things right. to know that you will support them need to sell in a day, how much to
• Don’t try to be all things to all people. and care about them. charge, and what is worth
• Be happy with what you have and •H ave an appreciation for an individual’s investing in.
don’t look at other people. inner journey. Form genuine connections ata is the best way to make
•D
• Fear can either destroy you or drive with the people on your team and good decisions.
you: Choose the latter. your customers.
• T reat all of your customers with
respect regardless of their
purchasing power.
• F ocus on people, be open & transparent.
9
C ANADIAN E NTRE P R ENEU R R EPO RT
“D O N ’T W O RRY AB O U T B EI N G S U CCES S FU L BU T W OR K TOWAR D BE I NG
SIGN IFIC A N T A N D T HE S U CCES S W I L L N ATU R ALLY FOLLOW . ”
OPR AH W I NFR E Y
VIEWS ON GOVERNMENT PROGRAMS AND POLICIES
We interviewed small and medium-sized businesses, many of whom feel that they are an undervalued
sector and they should be given more acknowledgement by the government for the value they provide by
creating jobs, producing diversified products and services, and generating new ideas and opportunities
that contribute to the Canadian economy. The majority of the entrepreneurs interviewed had a negative
perspective on IRAP (Industrial Research Assistance Program.)
WHAT IS THE GOVERNMENT DOING WELL AT?
1) T he Canada Small Business Financing Program
2) Canada Export
3) M
aRS, a research cluster in Toronto
4) A
rtificial Intelligence initiatives
WHAT NEEDS IMPROVEMENT?
1) BDC loan rates
2) SR&ED (Scientific Research and Experimental Development) claims
3) Canada Revenue Agency
4) Federal tax policy
THE TALENT CHALLENGE
In the words of one Canadian entrepreneur, today’s three biggest challenges are “recruitment, recruitment,
and recruitment!” This was echoed by the group with the exception of one or two who have succeeded in
being able to attract interest without any outreach whatsoever.
A FEW OF THE REASONS WHY IT’S DIFFICULT IN TODAY’S ENVIRONMENT TO ATTRACT TALENT?
1) F ull-time employment is in decline and more people, particularly young workers
entering the job market are opting for part-time work. Dave Lafond of No Fixed Address
(advertising) points out: “85% of the companies surveyed by Randstad Canada say that
they will increasingly move to an ‘agile workforce’ over the next few years.”
2) hifts in technology have changed the hiring landscape such as the move from on-premises
S
to the cloud. This requires completely new certifications for employees in the software
industry. The training is costly and takes time to complete.
10CAN ADIAN EN TREPRENE U R R E P ORT
3) T here is the Catch-22 problem in that many growing companies need to increase their
revenues and re-invest that capital in order to attract more expensive talent at the
senior management level.
Non-traditional competitors and companies are coming after the employees of the traditional players.
Elaine Gerrie of Gerrie Electric speaks for the many who find this frustrating: “We pay more than
minimum wage, but how do you compete with Amazon’s deep pockets, no interviews, no experience
required, when you are trying to staff a warehouse?”
The main types of recruitment strategies used today are: LinkedIn, on campus recruitment, in house
recruiting teams, and traditional recruiting firms. Some of the more innovative approaches to
recruitment are events such as the annual two day ‘Startup Open House’ held in downtown Toronto; and
‘activations’ – a style of experiential recruiting used to attract the attention of hundreds or thousands
of candidates at a time.
PURPOSE-DRIVEN
11The Entrepreneurial State of the Nation
Industry breakdown
Technology Service Manufacturing
38% 22% 12%
Employs
6,000+
people
Average growth
of participants Average years
year-over-year in business
(3 years) Total offices
12
Average growth
32% across Canada
of the gazelles
year-over-year
(3 years)
193
Average
451% offices across
Canada
6
12of Participants:
Food
Medical Finance
6%
Service
12% 10%
⅓ founded
their business
with a friend,
⅓ have a post
graduate degree, 60%
50%
previously worked
35%
former mentor,
or former have a in a corporate and/or
colleague bachelor’s degree professional career are focused on
or higher environmental
health and/or
41%
developed
sustainability
89%
were raised
self-confidence
through
international
in Canada travel
13C ANADIAN E NTRE P R ENEU R R EPO RT
Trust noun
f i r m be l i e f i n t h e r e l i a bil ity, t r u t h ,
abi li ty , o r s tr en g t h of s om e on e or s om e th in g.
Trust Index from David Cusson
Our philosophy at Echelon Wealth Partners is to continually build and nurture high-trust relationships
with our staff and clients. We firmly believe success will be a by-product of these positive high-trust
relationships. What we know is, trust is difficult to measure, it is elastic in expansion and recession.
At Echelon we focus on 3 core attributes, character, capability and reliability as they represent our
yardstick and a measure of how we improve.
We are curious what others think about the relationship of trust. Echelon asked our 38 participants to
provide us with their perspective of trust; in their businesses, with their people and their clients, the
impact of the Canadian political landscape, technology disruption and global political uncertainty.
We are grateful for their participation and honesty and share the results with our readers so we can
all learn where the gaps are as service providers and leaders of industry to hopefully set the track
on a better course for now and for future generations.
As CEO of a leading independent financial institution, I take the learnings regarding experience
of trust towards capital raising and financial lenders seriously. I am aware of the difficulties in
our industry and the challenges that entrepreneurs experience. There is always an opportunity to
be better and I know Echelon will do its best to remain client-centric by applying empathy and
consideration to those who seek assistance from us.
I encourage you to follow us as Echelon develops thought leadership about high-trust cultures
in the coming year. We welcome you to remain connected with us through our blog and our
social platforms.
Thank you again, to our participants for their input and feedback.
Sincerely,eur
David Cusson
Chief Executive Officer
Echelon Wealth Partners
14CAN ADIAN EN TREPRENE U R R E P ORT
The Entrepreneurs’ Trust Findings
96% believe their organization functions
within a high-trust culture.
72% feel client / customer trust is
an important part of their business model.
36% think they could re-establish customer
trust within 12 months if trust levels recede.
Only 20% felt the internet’s accessiblity
has had a positive effect on client / customer trust.
Trust infographic page
40% do not feel that external forces such as
politics, market disruptions have affected business.
Cybersecurity, privacy, product quality, open communication
are some of the qualities important to establishing and
keeping client / customer trust.
Growth Capital
Trust issues faced when raising capital from financial institutions:
• over-valuing numbers over leadership
• taking the time to understand the business opportunity
• lack of understanding of industry’s value, growth potential
and business model
• feeling of bias towards women attempting to raise capital
15Canada’s strength in technology,
healthcare, philanthropy,
banking, energy and much more
is readily apparent to the world.
Meet 38 Canadian entrepreneurs.
16CAN ADIAN EN TREPRENE U R R E P ORT
Canadian Entrepreneurs
Marshal Sterio, CEO
Surgically Clean Air, Toronto ON www.surgicallycleanair.com
THE STORY
“I still don’t really know how to define success. When I was 12, I thought I’d retire at age 40 (40-year
olds looked ancient to me at the time) but now I realise I don’t want to play golf, and travel can get
pretty tiring. I don’t make as much money as I used to when I worked for a big company but I will say
that I feel very happy running my own business. I’m all in and that is what keeps me going. I don’t
want to start another company or work for someone else…I want to make this work.
My Dad, a rather eccentric former jazz club owner (along with many other diverse entrepreneurial
pursuits), gave me some great advice and over the years it has stuck with me. He told me that every
10 years you should radically change your life – this is what keeps your life and your relationship
interesting. I must have taken this to heart because looking back I spent a decade flipping real
estate for Swiss banks, a decade doing media arbitrage for Fortune 500 companies, and I’m now
about a year away from a decade in the business of air purification. When I think about my previous
roles, my work had always come down to living off the inefficiencies of the marketplace – I wanted
this to change, I wanted to be involved with a product you could touch.
My decision to become an entrepreneur didn’t happen overnight. At a certain point in my corporate
career I had become bored and did not want to continue living on a plane. I was about 42 years old
and I didn’t want to move to the US as that would have been the natural progression in my career
based on what I was doing. It was around then that I realized that if I was going to do something
entrepreneurial, I had better do it now. But what to do? I knew two things for sure: health care was
the place to be and I needed a good product to sell.
One day I was at a friend’s office – they sold very expensive water purifiers and vacuum cleaners
direct to consumers. Over in the corner I saw a huge machine: it was about five feet tall and 130
pounds. I said to my friend “What’s that?” He said it was an air purifier that had been invented by
two doctors as a rapid response to the SARS epidemic. I said “Does it work?” and then “Can I borrow
it?” I took the machine home, I did a ton of research online about air quality, and I realized that no
one was doing business-to-business sales of portable air purification systems in any significant way
– the vast majority of the industry was going after razor thin retail margins in the residential sector.
I thought about verticals that had really bad air quality and dentistry was at the top of the list.
The next day I took the big machine to my dentist’s office: he asked what it was, and I told him all
about it and that he should have one. He said okay but he wanted to know the price. I had no idea
so I made up a number…$5,000?? “Sure.”
17C ANADIAN E NTRE P R ENEU R R EPO RT
Marshal Sterio, CEO continued
I went straight back to my friend’s office and told him I’d buy the entire container of about 60
machines as they did not know how to sell them being in residential sales. At the time I had
absolutely no plan for the future. My friend had been doing the same job for 27 years and a week
later he called me up and asked me to bring him along on my new venture. We hired two part-time
sales guys and the four of us met in the Elvis-themed booth at Jack Astor’s once a week for lunch
for about a year and a half.
A lot has happened since then and now we have a range of air treatment products and a recognizable
brand that we created. Building a business is harder than it looks and everything seems to have taken
twice as long as we thought it would. One of the surprising things I’ve had to learn along the way is
to take a tempered approach to people’s unsolicited advice. No one really knows what they are talking
about when it comes to your business as they don’t have to live the consequences of their ‘advice.’
Today if I think about the most important tip I’d pass along to young kids? I’d tell them to get a job,
any job, like walk someone’s dog or house-sit their cat. In grade seven I took jobs cutting grass and
laying sod and by grade 13 I had three people working for me and we were managing 60 lawns. Having
a job makes you feel responsible, it makes you thoughtful, and it is fun…especially at a young age!”
OPINIONS
CUSTOMER EXPERIENCE
In 2019, customers haven’t changed their expectations or their preconceived perceptions but Marshal
feels that they are now willing to pivot their acceptance of ‘what we do’ faster. The firm provides
customers with lots of studies and white papers…more solid facts. Marshal says “Today it’s all about
research and educating our clients.”
With regard to CX (customer experience) Surgically Clean Air has had a grand realization that
testimonials matter – they are a very powerful sales tool. Customer feedback drives sales and people
trust reviews…reviews act as a barrier to entry and can protect you against potential competition.
Marshal explains “We used to just sell a machine and then move on. Now we make sure that our
salespeople understand the need to develop the type of relationship that results in testimonials.
This is a real push for us - we are a market leader – we started this process in early 2019 and already
have over 200 reviews from professionals (primarily dentists) – this is a deterrent to new competitors!
We have also started to do a 30-day after delivery ‘happiness call.’ Happy clients give referrals.
Networking events are critically important in today’s capital raising marketplace. Cold-calling is
largely a poor use of time when it comes to raising capital. As Marshal puts it “Without a warm
introduction you could have the cure for cancer and no one will take you seriously.”
18CAN ADIAN EN TREPRENE U R R E P ORT
“N E V E R, N E V E R, N EV ER Q U I T (G I V E U P)”
W I N STO N CHU R CHI L L
Michael Contento, CEO
My Blue Umbrella, Toronto ON www.mbu.ca
THE STORY
“I grew up in an Italian family of six kids and my mother used to make all of us the same breakfast
every morning: bread dipped in a bowl of espresso with tons of sugar. No wonder I went to school
every day with so much energy!
In terms of work, I was a late starter. I didn’t really know what I wanted to do for a long time…I was
always in discovery mode. I had lots of ambition but it was more about “What can we do today?”
My best friend and I used to take a lawnmower around the neighbourhood and cut people’s grass.
That job was one of the best experiences of my life - it was all such a learning curve. One day a
lady asked “Can you prune our tree?” “Sure,” I said…then asked my best friend “What does prune
mean?” We nearly destroyed the tree but we still got paid! Today I still work with my best friend.
I always loved computers. I taught myself Apple Macintosh and I hired a guy for $15 an hour to
teach me DOS. From there I worked for a computer company. My deep dark secret is that I don’t
have any formal education. Many of my customers had impressive graduate degrees and early on
in my first IT job I felt I had no right to speak up even when I knew they were wrong.
When I started My Blue Umbrella – the first real business process/business outcome company in
Canada – I still felt like I was a kid. But a kid that had multi-million-dollar businesses taking my
advice. My passion is helping other companies grow.
There are three mottos that have been extremely important to my growth:
1. Never quit 2. Just try/do it. 3. Strive for simplicity. As an entrepreneur I’ve never measured
success as being about money. I think about things like “Am I able to replace myself?” “Am I able
to build a solid company?” “Can I take a three months vacation and still bring in money?” If you
exclusively strive for money you’re going to be really stressed out. I try hard to live in the moment
and my personal mantra is the art of the possible. If it is possible then I believe I can do it. Having
said that, I’m still trying to figure out what I want to do but meanwhile I own My Blue Umbrella
as well as three pharmacies, 14 different properties, a shoe cobbler, a software development
company, and a registered charity.
Over the years building this business my biggest pitfall was taking accounts receivable for granted.
We were always so excited to get the job but we didn’t follow proper due diligence and there were
times when we lost up to $100,000 on a deal. I have learned that back office accounting is almost
as important as the day-to-day business.
19C ANADIAN E NTRE P R ENEU R R EPO RT
Michael Contento, CEO continued
Ten years from now I’d like to be spending more time taking people that are in ‘alright’ careers
and teaching them to be more of what they can be. Through our charity we don’t give money to
mothers…we help mothers. If a secretary who earns $30,000 a year is on maternity leave and takes
an online course to improve herself, we pay for her education and we cover the baby necessities
such as diapers, wipes and formula. I love to act like superman and offer help just to help.”
OPINIONS
GROWTH CAPITAL
Michael feels that entrepreneurs need to build their business from Day One with the mentality of
eventually selling it. This means understanding that a banking partnership is very key to growth.
Michael advises “Banks can’t accept money under the mattress – it’s great to pay taxes. Showing
your profits is a blueprint for banks to see that your company is making money. This is what shows
them that you have a growth perspective and you will then be in a better position to attract
growth capital.”
PERSISTENCE
20CAN ADIAN EN TREPRENE U R R E P ORT
“W H E N YO U TA LK , YO U A R E O N LY R EPEAT ING W H AT YOU ALR E ADY
K N OW. B U T IF YO U L I ST EN , YO U MAY L EAR N SOM E TH I NG NE W . ”
DALAI LAM A
Sam Webster, CEO
Portfolio Aid, Toronto ON www.portfolioaid.com
THE STORY
“I grew up with a dual life. In my early years, I lived most of the time in Boulder, Colorado with my
mother, who was a practicing Buddhist. This ideology helped her to live in a compassionate and
fearless way. I spent most summers and holidays with my father who was a venture capitalist in
Toronto. He was an intellectual who had a multitude of eclectic interests and friends. The Dalai Lama
once came to our house which was amazing! In retrospect I had a very special childhood.
Early on I dreamt about working in either the advertising or TV/film industries and I had entry jobs
in both. I learned that there are sincere people and there are not-so-sincere people. Career mobility
seemed to have more to do with who you knew and how you behaved with that person than the
skills that you brought to the table. I enjoyed the opportunity to be creative but I didn’t like the
obsequious nature of the business.
My introduction to the world of tech was at DataMirror where I was hired as one of the first employees.
I started out as a jack of all trades doing odd jobs like manning the help desk, picking out the artwork,
and renting plants. In 1996 with no formal sales training I moved to an inside sales position and learned
how to make cold calls by phone: most people didn’t have email in those days.
I figured out that I needed to understand one important thing about each person I called in order to
find out what would resonate with them quickly about our software. I recall one notable cold call after
hours that led to a huge deal with Goldman Sachs in NYC. I used a 12-page fax-based presentation to
close the deal. The firm eventually grew to 300 people before being acquired by IBM.
I’ve been at PortfolioAid for 10 years and I think one of the reasons for its success has been the focus
on its core products and services. We don’t try to be all things to all people. I’d rather figure out how
to earn predictable recurring license revenues than relying too greatly on consulting services which
can change from year to year. These days I want to continue to grow the business and build wealth for
the employees and our shareholders. It feels great to make a contribution to Canadian capital markets
and the economy.
Growing up, my mother taught me to have an appreciation for an individual’s inner journey. I also
watched my father make important decisions based on forming genuine connections with people that
he was choosing to invest in. In the same way, I strive to bring genuine interest and compassion to my
work every day. It is about the people and the mutual journey that we are sharing.”
21C ANADIAN E NTRE P R ENEU R R EPO RT
Sam Webster, CEO continued
OPINIONS:
TECHNOLOGY
In the regulatory compliance space, technology is an accelerator, not a disruptor. Human errors will
never disappear so there is a shift to embracing technology as an important tool for progress. Emerging
technologies such as machine learning, predictive analytics and big data are all enabling radical
improvements as organizations are realizing that human capital has limitations around compliance.
As Sam says “Huge ecosystems like Amazon Web Services offer the ability to plug in our SaaS solutions
and take advantage of pre-built interfaces into emerging technologies - this is a gamechanger for us.”
Steven Uster, CEO
FundThrough, Toronto ON www.fundthrough.com
THE STORY
“From a very young age I loved to work – I started with a lemonade stand and moved on to snow
shovelling and bike washing. My father and my grandfather were both entrepreneurs and it feels
like I have always been interested in business, stock markets, and investing. I knew exactly what I
wanted to study at university and I chose McGill specifically for the quality of their business program.
I received a full scholarship from the Loran Scholars Foundation – a national scholarship organization
that awards scholarships for Canadians entering university. I was one of 16 Loran Scholars selected
from across the country.
Loran awards are based on merit across three categories: character, commitment to service and
leadership potential. The main way that I proved myself in the three categories was through the
volunteer work I did for United Way while in high school: there I had the opportunity to meet lots
of people, get tons of experience, and give back to the community in a very broad way. I took on
more and more responsibility and ended up leading my region then leading all of the secondary
schools across the Greater Toronto area. At age 17 I gave a presentation about the secondary school
campaign performance to over 1,000 people.
I went from McGill to Wall Street where I worked as an investment banker. I came back to Canada
in 2009 just after the financial crisis. I rented office space in the same building I’m in now but one
floor down. I wanted to buy an established business and operate it. I loved the idea of being an
entrepreneur and I wanted to find a product or service that would change things in the world and
22CAN ADIAN EN TREPRENE U R R E P ORT
even change people’s lives. While meeting with small business owners to find a business to buy, I
often heard from the entrepreneur that their customers were taking longer to pay them and that
banks wouldn’t lend to them. This cash flow gap was impacting their ability to grow. It occurred
to me that back in my grandfather’s day, he would sell someone a coat, they would give him the
money, and he would give them the coat. Simple. Somehow the norm today has gone from payment
immediately to payment in 60-120 days. This isn’t fair. What if we could give businesses control over
when they get paid?
I came up with the idea of using the invoices you have generated by selling something, either a good
or a service, as an asset. I could fund people’s businesses based on the value of their receivables.
I thought it would be such a great way to fund a small business by providing unlimited access to
capital based on the creditworthiness of your customers and by simply selling (and invoicing) more.
Although I had never heard the term, the technical name for my idea was ‘factoring’ and it has been
around for centuries! I guess I’m good at coming up with ideas that already exist!
So I created a traditional factoring company. I had to learn all aspects of factoring: legal, risk
management, how to get deal flow, how to market it, and how to build a portfolio. I soon realized the
business was very manual, very tedious, involved a great deal of risk and was expensive for users.
In 2014 I came up with the idea to use technology to change the game, scale the factoring business
and make it widely available to anyone who invoices and waits to get paid. One of my co-founders is
the guy who mentored me when I got the Loran scholarship and our third co-founder is a friend with
decades of experience in financial services.
I would say one of my biggest strengths is relationship building. While working in New York, I had
an amazing boss who was a mentor to me – he taught me to always be available for your clients, to
treat all clients with immense respect regardless of their size and to help find solutions for clients
even if it means not using your services today.
My kids are 4, 6 and 8. My wife and I spend a lot of time talking with them about business, investing
and the value of money. We want them to understand that they can’t get everything they want
right away; they need to earn it over time. We set them up with a bank account as well as a stock
account (with Stockpile in the US) and they buy fractional shares in brands that they like such as
Apple, Disney and Cheetos (PepsiCo.) Every second week we talk about why each stock went up or
down. We show them the pennies they’ve earned in interest in their bank account to demonstrate
the power of saving money. Now on their birthdays we ask them if they would prefer to have cash
today or invest that money and earn a greater amount for another day in the future. My six-year-old
son told me he is saving to buy a house. The other day I brought all three kids to the office and they
said “When you get old, we’re going to be the bosses of FundThrough.”
OPINIONS:
CUSTOMER EXPERIENCE
With the simplicity of consumer apps out there today, people now expect a simpler, more magical
user experience. And they expect better service. Steven shares “Our goal is to create this magical
customer experience and we are doing very well at it – read our Google reviews! Our online customers
actually cite the names of the people on the team. We are a technology company but they feel
they have a personal connection. Money is very close to the heart and people sometimes call us
when they have cash flow stresses. Every user that comes on board touches a live person - they get
assigned to a real person.”
23C ANADIAN E NTRE P R ENEU R R EPO RT
Ed Francis, Founder
Ed’s Real Scoop, Toronto ON www.edsrealscoop.com
THE STORY
“I don’t really consider myself to be an entrepreneur…I’m just doing something that I always wanted
to do. I grew up loving ice cream! My parents made it at home when we were growing up in Ohio – they
had six kids. We didn’t have a lot of money as my father had gone to university on the GI bill after the
war so my Mom, who had a huge sweet tooth, would make us treats all the time -- fudge, ice cream,
pies, cakes…she even had a taffy pull – sugar is cheap. I didn’t learn any recipes from my Mom but
what I did get from her was a feeling of confidence that a normal person can make fudge or ice cream.
My degree is in physics and I had a 20+ year career, the bulk of which was spent building packet
switching networks. Packet switching is the technology which is used by the internet. When I was
working in Boston in 1971, I happened to live near a new store called Steve’s Ice Cream – opened by
Steve Herrell who is known as the godfather of homemade premium ice cream in the US. I went to his
store all the time – I loved it!
In the 1980s packet switching became more of a commodity-type business. It was all about ‘who can
make a cheaper box?’ I started to get bored and around that time I serendipitously met my future wife – a
Canadian who had her own clothing wholesale business. We got married and moved to Toronto. In the
1990s I started thinking…I live in the Beaches and there is no really good ice cream here. Why don’t I do
what I love and what I have always wanted to do? I started out by testing recipes out on my neighbours
– we would do blind taste tests. I found a place and built my original store in November of 2000.
I never doubted that my business would sustain itself but what surprised me was that other people all
seemed to think that I was crazy. Everyone would tell me that these types of businesses don’t succeed.
Yes, I spent a lot of money but based on my experience as a department manager I knew that the key to
almost everything is budgeting: I’ve always been a numbers guy. I figured out all of the things like how
much to charge for ice cream, how many scoops I needed to sell in a day, and why I needed to invest in a
freezer that cost over $20,000. I now have four stores and each time I opened an additional store I created
a budget using an Excel spreadsheet. As an independent business owner, you have to start with an idea,
you have to work hard, you need to be lucky, and you really have to keep an eye on the bottom line.
In terms of luck, I got lucky by opening my store in the year 2000. This was the start of the wave
of ‘foodies’ and I was offering a special experience. Today, everyone wants and expects a special
experience. Soft serve is hot now – you see these types of fads all over Instagram. I’ve chosen to remain
committed to providing the highest quality ice cream rather than following fads. I don’t want my ice
cream store to die or become just another soft serve place with my name on it.
What are my three biggest challenges? Well the biggest one I have is keeping good staff. What
opportunities are there for them if we don’t become the next Ben and Jerry’s? I don’t plan to open any
more new stores. Another challenge in this business is the weather of course. Weather is way more
24CAN ADIAN EN TREPRENE U R R E P ORT
CREATIVITY
important than the competition! And on a more mundane note, I’ll say maintenance. There is always
something breaking down – we have so much equipment in the stores and service people don’t always
respond in a timely manner.
In terms of a succession plan for the business, I’ll need to think more about this. I have an excellent
general manager for my stores – he is 40 years old and I’ve worked with him for 17 years now. I know for
sure the business won’t be passed on to my 30-year old son – he is a tax lawyer. It is funny because when
my son was 10 or 11 and I was opening my first store I assumed that he would love it. It turned out that
he hated it! I think it was kind of embarrassing for him…he felt that his Dad didn’t have a very prestigious
job. It got a bit better when he was in high school and I offered jobs to his friends. By the time he was in
university I started opening more stores and I seemed to be more of a success in his eyes.
I’m 72 now, my wife is retired, and we would like to start doing more travelling. Last year we drove
14,000 miles around North America. Since 1988, I’ve had a motorcycle in a friend’s garage in Zurich (I
had consulting work in Zurich which required me to travel there constantly in those days), and this fall
my wife and I will tour Switzerland on two wheels.
OPINIONS:
GOVERNMENT PROGRAMS
About a year ago the federal government decided to change how people can pay themselves out of a
company. He wasn’t the only business person to be very vocal about this and eventually they backed
off the change in policy. The entire reason that he had kept the profits in the company was to pay
himself, otherwise he would have invested in an RRIF (registered retirement income fund.)
The biggest problem? The City. Ed’s view is that there are way too many regulations. And taxes are
extreme: “…the business tax on my store in the Beaches (550 square feet) is twice the amount of the
tax on my home (over 2,000 square feet)!”
25C ANADIAN E NTRE P R ENEU R R EPO RT
Derek McGeachie, Founder
Mi5 Print and Digital, Mississauga ON www.mi5print.com
THE STORY
“From the time I was a kid I always wanted to be an entrepreneur – I never really considered working
for other people. I had been inspired by both my father, who owned a printing company, and my
stepfather, who owned his own marketing research company. When I was in my last year of high
school a friend showed me a black and white ‘frosh kit’: these calendars were distributed all across
universities in Canada and the US. I immediately thought “I can do it in colour!” That is how I started
my career in the print business.
By the time I was in university I owned two different businesses: a trading company and a calendar
company. I ran my trading company for five years and then sold it to a South African trading operation;
after which I returned to Canada and bought a franchise of Sylvan Learning Centres. I ended up as the
largest franchisee in Canada; and my calendar company eventually became Mi5 Print and Digital. I felt
successful right out of the gate. By second year university I was making good money and I’ve never
looked back.
My wife and I have three kids and we talk about business as a family. My children come to the plant
and help out – they love it! If I have any financial advice to give a young person it is what has helped
me personally: save half of what you make…then invest it. Cash is king for entrepreneurs because
you can lever that cash. Today I make very careful investments in two diverse areas: real estate and
printing. Real estate is more of a passive investment and a direct response to the large bets I make
in the printing business.
We have some challenges – namely the fact that the printing industry is declining by about 5% per year,
margins are compressing, and you need a lot of money to do well in such a capital-intensive business.
Fortunately, we have grown for almost all of the years that we’ve been in operation. These challenges
sometimes provoke me to think about some sort of an exit. I keep in touch with my competitors and
stay on good terms with them. Print used to be the method of communication until the internet arrived
on the scene. Print needs to find new niches and in my view that niche is marketing. Direct mail for
example has been steadily growing as a marketing initiative because it works.
What has made me successful? Perseverance and tenacity. I never give up! I stay positive no matter
what and I always truly believe I can make this happen. Of course, it is also important to work
hard and smart…don’t cut corners. I was in the top of my class in business school. I don’t believe
26CAN ADIAN EN TREPRENE U R R E P ORT
“A T S O M E P O IN T YO U SAY , I ’ V E S EEN I T ALL. M I 5 TOOK OU R FI LE S, SH OW E D U S TH E I R PR OBR I TE
DIF FE RE N C E AN D W E K N EW R I G HT AWAY W E WANTE D TO GO AH E AD. I T M AKE S TH E E DI TOR I AL LO O K
G RE AT , E V E N BET T ER ....T HEN T HE MAG I C M OM E NT COM E S W I TH TH E PR I NTE D COPY . TH E E DI TO RS
PIC K IT UP A N D SAY , ‘ T HI S LO O K S T ER R I FI C’. W E ’R E SO PLE ASE D TO SE E TH AT. ”
MI CHA EL M ACAU LE Y , DI R E CTOR BR AND & CR E ATI VE , PORTE R AI RLIN ES
that young people should go out and ‘do what they love’ because this may not be something that
allows you to support yourself. My advice instead is to also do what is going to make you wealthy
and learn to love that. It might not be natural to you at first but you can learn to love what you do.
You can also learn to appreciate the dark days as well.
I think that as a leader you will go farther if you are a kind, nice person. People working for you
need to know that you will support them and care about them. The reason that I’ve been able
to attract a large team of really great people is by being a good, genuine, honest person myself.
I’m right in there with them…I’ll drive a delivery truck sometimes, I’ll pack a box, or I’ll run the
equipment. I like to have my sleeves rolled up as much as the next person.”
OPINIONS:
TECHNOLOGY
The most interesting thing about the printing business today is that it combines a big iron with
high-tech computing and advanced equipment. Derek says “Our industry is unique in that it’s a
merger of the industrial age and the digital age. This means we have a collection of people with
wildly different talents working here. We’ve got a team of nerdy techies mixed in with burly blue-
collar guys – it creates a great dynamic!”
In terms of how technology has changed the landscape of the printing business, Derek suggests that
a perfect example is how the automotive industry stopped putting out car catalogues in 2007/2008.
He explains “Everyone thought print was dead, but its come back! My advice to my customers has
been to use catalogues as a marketing tool. If you leave behind something tactile with someone,
something beautiful…this shows that you care and your brand message stays on your customer’s
table for weeks or months.”
27C ANADIAN E NTRE P R ENEU R R EPO RT
Elaine Gerrie, Co-President & CEO
Gerrie Electric, Burlington ON www.gerrie.com
THE STORY
“My sister Heather and I are one year apart and we have operated like a unit since childhood.
When we were young our parents made us earn our allowance of 25 cents per week. Since we
didn’t have any brothers, we also did a lot of ‘boys work’ like mowing the lawn and weeding. The
lesson was that you work to make money if you want something. I knew that 25 cents would get
me to the pool and I knew if I waited two weeks 50 cents would get me to the movies. Dad always
told us that it doesn’t matter what someone else has…this is what we have.
I started working in grade 8 or 9 and over the years I had many different jobs including delivering
newspapers, making calls from the Yellow Pages for newspaper subscriptions, and working at
a gift shop. Another job was the one I had at home – every Saturday morning Dad would bring
home invoices from Gerrie Electric and Heather and I would get paid to ‘extend, total, and apply
federal sales tax.’ My favourite job in high school was being a cashier at Shopper’s Drug Mart.
My grandfather was a pharmacist and my mother had her Honours Bachelor of Science degree. I
thought I wanted to be a pharmacologist but after one year of chemistry at Western I realized I
hated it! I switched to a Bachelor of Arts Administrative and Commercial Studies (today’s BMOS).
I lived very frugally during my three years in university: no nail polish, no magazines and only
one draft beer per week. After I graduated, my Dad wanted me to pursue an MBA but I said no. I
didn’t want the lifestyle of not having my own money anymore. I moved back home, paid rent, and
got married at 28. When my husband and I were buying a home, my Mom gave me back all of the
rent I had paid as a down payment. I had no idea she had been saving this money for me. I often
think about how Mom was a real mentor to Heather and I. She went to university at age 16 and
had aspirations to go to Med school but family took priority. When we started high school, she
decided it was time for her career. Although she had originally wanted to be a doctor, she ended
up becoming a highly successful real estate broker and she enjoyed a rewarding career until she
was 75 years old.
My Dad founded Gerrie Electric in 1957 and 31 years ago he transitioned the business to five
executives including Heather and I (Co-CEOs). We all had great experience and knowledge but we
lost money in our first year. We didn’t yet understand how to manage ‘the whole thing’ but I’m
happy to say we have made money every year since that time.
If I think about what has made me successful, I would say my strongest trait is my determination.
I’m very project focused. I just love getting into a project and seeing it through to completion. In
28CAN ADIAN EN TREPRENE U R R E P ORT
“W E N EED TO ACCE PT TH AT W E W ON’T ALWAYS M AKE TH E R I GH T DEC IS IO N S ,
T HAT W E’ L L S CR E W U P R OYALLY SOM E TI M E S – U NDE R STANDI NG THAT
FA I LU R E I S N OT TH E OPPOSI TE OF SU CCE SS, I T’S PART OF SU CCE SS.”
A R I ANNA H U FFI NGTON, CO-FOU NDE R OF TH E H U FFI NGTO N PO ST
1989 I used to call on Ford Motor Company every week and this went on for eight years. Their head
of purchasing asked me to look at Q1 (Ford’s proprietary quality certification standard) because
any vendor would need to be registered for their quality program. Around the same time, I heard
about ISO, a new global quality assurance program out of Switzerland. I invested a lot of my time
and read all of the fine print: I knew that ISO would cover more than just Ford. Two years later we
were the first electrical distributor in North America to be registered to ISO.
Although my Dad hasn’t done any day-to-day business here in 31 years, at age 91 he still comes in
to Gerrie Electric every day. From time to time he gets engaged in projects and he definitely still
provides value. Dad always instilled in us that success has nothing to do with us as individuals. He
said always to surround yourself with smart people and treat them right. We are their caretakers.
He taught us good habits – namely that if you do a job, do it perfectly, with no shortcuts.”
OPINIONS:
GOVERNMENT POLICIES
“Our energy costs are one of the main reasons why industry doesn’t move here or stay here. We
need manufacturing – we can’t rely only on the service industry in Ontario.” Elaine suggests that
the government should change the depreciation rules in order to be more progressive by allowing a
100% write off on technology and minimum thresholds for capitalization of items (such as $5000 -
currently, even $200 purchases need to be capitalized…it would be much easier if expenditures under
a reasonable threshold such as $5,000 could just be fully expensed.)
In terms of progressive policies, Elaine would like to see much more activity promoting women
through the ranks of the communities. She and her sister Heather speak regularly at high schools,
colleges and universities in an attempt to inspire the next generation of girls and women. Elaine
is passionate about the issue of diversity: “we need to make better strides – many Canadian
companies don’t have any women at the boardroom table.”
29C ANADIAN E NTRE P R ENEU R R EPO RT
Tim Keenleyside, Co-Founder
Georgian Bay Spirit Company, Toronto ON www.georgianbayspiritco.com
THE STORY
“As a kid, my interests were of two extremes: I loved writing and operating in more of a creative
space, but I was also deeply interested in the sciences such as psychology, medicine and quantum
physics. I did a Masters of English Literature in university and from there I thought about doing a
PhD and becoming a professor but I decided it might be more fun to embrace my creative side and
go into the advertising business. I started out as a copywriter with a small ad firm and after seven
or eight years I was co-running the business. My friend Denny Wadds was an art director at another
company. When the firm I was working at closed down, I said to Denny “What about starting our
own ad agency?”
It was crazy. We had no clients whatsoever when we started Fingerprint Communications. To stay
sane, we worked 9-5 every single day…just for the routine. We ended up doing very well and we
had a great 15-year run before we started feeling like we were ready for the next big thing. In 2013
Denny came up with the idea to develop a food/drink brand of our own: we were both gin lovers so
it seemed quite natural to look at the spirits world. The gin market was developing globally and the
‘craft movement’ was in its infancy in Ontario. Although neither of us had any practical experience
whatsoever working with spirits, we did know how to build a brand.
Georgian Bay is very personal to me. In the 1950s my grandfather bought an island there and that
place became the focus of my family life every summer. In 2012 my wife and I bought a property five
minutes away. For me, Georgian Bay Spirit Company embodies ‘craft ideals’ as well as being a ‘craft
brand.’ In 2016 Denny and I decided to try making a craft cocktail in a can. Not a cooler – that category
was dominated by lower quality alcohol and lots of fructose and sucrose. At the time there weren’t
any craft cocktails that were local and the LCBO (Liquor Control Board of Ontario) thought that we
might be able to sell 12-15,000 cases per year. In our first year, we sold 68,000 cases of the ‘Georgian
Bay Gin Smash’ and from there, everything took off. We acquired our third partner, Marc Cohon, who
helped us scale and bring a Board together. We are now 22 people.
We need to stay agile as we grow and more people come on board. Decisions go through more
channels now and success brings more fears than you had before. Mistakes get exponentially larger
and this can be paralyzing. We know that we still have to ‘stay loose’ and we are trying to manage
growth in the smartest way possible because we don’t want to lose the special magic that makes up
our culture. We need to make sure that we stay connected to the same vision and values. Georgian
Bay always serves as a reminder to me of what life is all about…the environment is so powerful. We
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