Building a Workforce Through Immigration

JUNE 2016 Volume 9 Issue 6 www.cbj.ca

IN THIS ISSUE ► Leadership 101 Impactful Innovation What to Look for Don’t Plan Alone And a Portfolio Approach In Your Next CFO

CBJ Speaks with John McCallum, Minister of Immigration, Refugees and Citizenship

Editor’s NOTE

The topic of immigration is Apparently golfer Phil Mickelson’s career one that is exceedingly vital to earnings on the PGA Tour, plus the millions he’s our country from a socio-economic standpoint, made in endorsements, hasn’t been enough to CANADA’S LEADING which also happens to elicit a wide range of quench his thirst for even more income. Lefty EMAIL MARKETING SERVICE responses, and therein lies the problem when bought himself some stock, but then the U.S. Up to 500 contacts is free forever. it comes to determining how many immigrants Securities and Exchange Commission came call- should be allowed into this country each year in ing, informing Mickelson he had become part of No time limit. No credit card required. order to advance our overall prosperity. As noted an insider trading lawsuit, alleging in court docu- in our cover story, determining the exact number ments that the five-time major winner made of immigrants to maximize efficiency would be nearly $1 million via information that was not like trying to answer the question ‘how wet is publicly available. Mickelson will repay the profits water’? Whether your political leanings are more he earned but will not face criminal charges. to the left or to the right, finding that balance A tip of the hat to the Red Cross, which has in the middle is made that much more difficult raised millions of dollars in support of the evacu- because of people’s perceptions on where the ees from Fort McMurray after the devastating middle ground lies. wildfires, unlike anything ever seen before in this Despite a sluggish economy, and a rather country. The Red Cross has already provided $40 nasty downturn in Alberta, the major banks al- million to towards helping those people purchase ways seem to be able to withstand any storm. groceries and other essentials for living. It’s ex- Royal Bank of Canada, Toronto-Dominion Bank pected the Red Cross managed to raise about BUILD & MANAGE DESIGN & SEND TRACK RESULTS and Canadian Imperial Bank of Commerce are all $115 million by the May 31 deadline. The contri- your mailing list using impressive emails using using our real time our online tools our drag & drop editor reports and analytics topping profit estimates even as the energy in- butions will be matched by both the Alberta and dustry downturn takes a toll on their loan books. federal governments. The fact is, Canada has one of the strongest Did you know?... Preliminary estimates indi- banking systems anywhere in the world, thanks to cate the cost to rebuild the fire-effected areas of excellent rules and regulations that largely shield Fort McMurray will exceed $9 billion. the financial institutions from major meltdowns such as we saw in the United States in 2008. It Angus Gillespie was that sub-prime fiasco that precipitated the @CanBizJournal SIGN UP NOW worldwide recession. FOR YOUR FREE TRIAL eliteemail.com 877 789 3548 CBJ Team

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© 2016 Starwood Hotels & Resorts Worldwide, Inc. All Rights Reserved. Preferred Guest, SPG, Element and their logos are the trademarks of Starwood Hotels & Resorts Worldwide, Inc., or its afﬁ liates. CANADA Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6 032

CBJ FEATURES WHERE IS CANADA’S ECONOMY GOING? – By Mark Borkowski 012 LEADERSHIP 101 – DON’T PLAN ALONE – By Joe Connelly 020 IMPACTFUL INNOVATION COMES FROM A PORTFOLIO APPROACH – By Andrea Stairs 026 COVER: BUILDING A WORKFORCE THROUGH IMMIGRATION – By Angus Gillespie 032 Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6

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062 In World Business Class we’ll tune into your rhythm CBJ FEATURES ENGLISH LOSING GLOBAL LEADERSHIP – By Ennio Vita-Finzi 044 WHAT TO LOOK FOR IN YOUR NEXT CFO – By Lance Osborne 050 THE EVOLUTION OF PERSONAL BRANDING – By Melonie Dodaro 056 You may cross one or more time zones during your journey. Whatever DEBTOR IN POSSESSION FINANCING IN CANADA – By Mark Borkowski 062 rhythm your body and mind are in, we accomodate our service YOUNG ENTREPRENEURS AWARDED $40,000 IN B.C.’S NORTHWEST 070 to your sense of time. When do you want to sleep? When and what do you want to eat from our menu? Other wishes? We’ll APPAREL AND TEXTILE SHOW – COMING IN AUGUST 074 get it just right for you. Visit klm.ca for more information. Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6 Business in Action

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2015_04_07_Big Picture Campaign Ad_8.5x11_MIST12437.indd 1 4/8/15 1:26 PM Where is Canada’s Economy Going? By Mark Borkowski 14 15 Where is Canada’s Economy Going? JUNE 2016 « The Canadian Business Journal

able to borrow because we still represent a certain degree of security and stability in this world of constant turmoil. Canada is a land full of resources. Unfortunately, many of these resources are non- renewable and when these resources disappear, our ability to secure foreign “investors” will come to an abrupt halt. Slowly, but surely, Canada is being pulled by a maelstrom of forces whose speed is increasing exponentially into a vicious cycle leading to economic demise. A round-table was convened by the C.D. Howe Institute early this year composed of Mark Borkowski prominent business economists to discuss Canada’s economic situation. Needless to say How far are we from being six the tone was both ominous and foreboding. feet under? The degree to which Published under the name “Avoiding a Crisis”, the Canada’s economy is doomed resulting report emphasized that our increasing has been one of great discussion levels of foreign liabilities may result in a sudden and one of varied response. Our end to further investment in Canadian debt. The current situation dictates that the report focused on several key areas of concern. As a nation with a public debt of approximately $1.9 trillion, $800 billion of it comes from and must be A short-term look at Canada’s economic key to our survival depends upon the paid out to foreign investors. willingness of foreign investors to buy prospects revealed some worrying figures. As a more Canadian debt. In essence, the nation with a public debt of approximately $1.9 present system of government has trillion, $800 billion of it comes from and must if we fall from grace, it will be a most painful and make anyone think otherwise. brainwashed us into accepting that be paid out to foreign investors. The province demoralizing experience. Another factor attributed to a lack of enthu- our success hinges on our attracting of Ontario borrows approximately 77% of its Furthermore, the panel does not foresee siasm for our future deals with our continued foreign investors who will help us dig annual debt financing from foreign lenders. Our any sustained rapid expansion and major reduc- structural problems. These structural problems our own graves. situation has become so serious that we can no tions in unemployment. They attribute several range from inter- to intra-governmental rela- longer count on financing as a given. Several key factors as reasons for their negative outlook. tions. It becomes increasingly difficult to deal CONFUSED? GOOD. NO business worth a plug panelists contend that Canada’s ability to secure First, a continually weak world economy will with serious social and economic crises, when nickel could survive in this manner for very long significant amounts of foreign debt at a reason- be unable to spark any renewed interest in the there exists so much internal bickering and dis- and neither can Canada without the hope of able rate of return could end within two to three Canadian economy. We are not on the edge of satisfaction. This leads directly into the third ending this cycle of foreign borrowing. We are years. Time may fly when we are having fun, but any technology or creative process that would factor which deals with government’s inability 16 17 Where is Canada’s Economy Going? JUNE 2016 « The Canadian Business Journal

Difficulties grow when there is a clash between growth, unemployment, attempted fiscal restraint and tight monetary policy. Canada’s tax burden between 1980 and 2015 rocketed to 47.4% from 31.6%.

to inspire confidence in the populace. In our in correcting our deficiencies while inflation and growing debt are the same. Our current determining whether our fiscal crisis is real or day and age of cynicism, it would be stretch- remains low and real interest rates remain high. approach is to look at these problems as origi- imagined. The prominent business economists ing the imagination to believe that government Although none of the members urged a loos- nating in different political arenas; whereas in the were, for the most part, in agreement with the could seriously inspire its population; however, ening of our tight monetary policy, they did end, they must all be dealt with in order to pro- adoption of free trade and continuing along the is it too much to ask for from our leaders to acknowledge the difficulty government would vide a stable understanding and healing of the road of deregulation. instill an inkling of confidence that our gov- have emerging from our economic condition big picture. In conclusion, the consensus seems However, there were no cheers being echoed ernment is doing a relatively adequate job of under such conditions. to be that the problem between federal and pro- with respect to our “loose” fiscal policy from the leading the country. Rather than wasting our A second issue addressed by the members vincial borrowing is wholly intermingled and the government. Our difficulties grow when there is a time complaining at the abuse of government dealt with the relationship between federal and separation of such issues would only be to the clash between growth, unemployment, attempted spending, our collective efforts could be used provincial deficits and their ties to foreign bor- detriment of solving Canada’s poor economic fiscal restraint and tight monetary policy. When more productively elsewhere tackling more rowing. The overall tone seemed to be similar, situation. our attentions focus on one over the others, substantive issues. that regardless of the level of government, the Canada’s policy record between 1984 and cracks begin to emerge in our game plan. Each A final consideration deals with the difficulty people being taxed to finance their programs 2015 was also an area of discussion pertinent to piece of Canada’s economic puzzle must be 18 19 Where is Canada’s Economy Going? JUNE 2016 « The Canadian Business Journal

An issue that arguably needs the most atten- Government take heed because our first tion and will be the most difficult to deal with responsibility lies within our national boundaries. is coming to an agreement among the various Any individuals with foresight can see what will levels of government on a sound fiscal strategy. be required from themselves in the future and Currently, there is no consensus with regard to prepare. This preparation will mean a greater the areas that must be cut. One can imagine the support from government for education, which difficulty in obtaining a consensus from a group will enable our citizens to compete on an inter- of prominent economists, so how much more national scale. It is pointless to compare our difficult would it be with politicians? Although educational standards with other provinces or their solutions differed, the panel agreed that the countries with poorer showings. We must com- key is a need for self-improvement and a shun- pare ourselves with the best because only the ning of further foreign indebtedness. These best will survive. As a country, we can no longer conclusions seem to indicate one simple fact: we count on geographic proximity to save and sell have to do it ourselves. our hides. Improvements in transportation and Our problems must be addressed before it communications virtually negate all advantages is too late and we have not yet reached the six of distance. The best products made in the most feet under mark. Until it is completely over it is efficient manner will win the economic battles of never too late to change our ways. At this point the future.

Mark Borkowski says Canada must produce materials desirable in international market places. Rather we have no other choice. If we stand by and do Although not all of Canada’s economic news than borrowing from foreigners, perhaps it is time we sold them our finished goods. nothing, the situation will not fix itself. We have is sour, we must remember that we have fallen learned many lessons about the market econ- further than most, so any signs of improvement carefully placed and cared for if we are to escaped direct taxation is not increased it is crucial for omy in the last twenty years and one of them has must be taken with a grain of salt. Over- with our nation in good standing. our economic well-being that government not clearly shown that spending our way out of eco- confidence can be a great weakness in such Government responsibilities in collection increase indirect taxation because, quite simply, nomic troughs cannot be a long-term policy, no uncertain times. Preparation is the only key and expenditure of funds are a crucial point of there is not enough money in our pockets to matter how appealing it may seem when times to success and this is not something that hap- discussion. Many members stressed the need to spend. Government expenditures do not have are good. Spending becomes an almost never pens overnight. Unfortunately, as a country, we overhaul the tax system to raise revenue with- the same effect on the economy as do individual ending cycle of begging, borrowing, and steal- needed it yesterday. CBJ out raising taxes. Our tax burden over the period expenditures. An exorbitantly high percentage ing. Canada must produce materials desirable in between 1980 and 2105 rocketed to 47.4% from of government spending is lost in soft admin- international market places. Rather than borrow- Mark Borkowski is president of Mercantile 31.6%. Increasing taxes any further would cause a istrative costs, reducing the overall impact of ing from foreigners, perhaps it is time we sold Mergers & Acquisitions Corp. Mercantile is a revolt, even from this politically passive country. government spending tax dollars on our behalf. them our finished goods. Selling our goods at mid market mergers & acquisitions brokerage A 2015 study published by the Fraser Institute Reforms of our taxation policy must take a reduced rates to pay for borrowed capital serves firm based in Toronto. You can reach him in shows that one-third of all government rev- close look at the greater efficiency of individuals the foreigner and not the Canadian. Our collec- confidence at enue is collected in indirect-hidden taxes. If spending their own tax dollars. tive goal should be to reverse the process. www.mercantilemergersacquisitions.com Leadership 101 Don’t Plan Alone

By Joe Connelly 22 23 Leadership 101 ‑ Don’t Plan Alone JUNE 2016 « The Canadian Business Journal

MANY EXECUTIVES BELIEVE when setting goals, especially revenue, profit or growth-related goals that more is naturally better. Shoot for the moon, and you might just get there. However if a goal is set abnormally high and is not achieved, even although the team may have executed very well, it can become quite demotivating. In fact I remember on one occasion the company’s quarterly revenues were really under pressure and we were forecasting to come in at 70% against the highly aggressive target. As a publicly traded company on the Canadian TSX, this was considered a disaster. It simply had to be fixed. That quarter my team and I did everything Joe Connelly humanly possible and seemed to pull a rabbit out of the bag - we closed at 99% to target. For me it Having been in Executive leadership was the best example of coordinated sales team- and sales management for many work I had ever seen, but one not-so-happy Board years, I was quite accustomed member commented to me when I was present- to someone higher up asking for ing the quarterly results, “Why are you so happy more of something. Most of the since you missed your number?” Even an amazing time it was more revenues, but it performance above and beyond the call of duty Keep in mind that if a goal is set abnormally high and is not achieved, even although the team may have executed very well, it can become quite demotivating. could include more opportunities, can sometimes be seen as lack of performance. more customer conversions, more Interesting. wins, more …. It seems to be one As I grew in confidence and experience as an decision makers in a company knew these time- receiving end of targets that seem so aggressive of the traits of senior management Executive, I began to think more about the time- constants well enough, then they could build them that I know in my heart they are unachievable. to simply ask for more no matter constants of change. These are the natural and into the strategic planning process for the company, However, whether through investor neces- what the circumstances might be. expected times it will take for change to manifest aligning everyone on the team to positively aggres- sity, Board aggressiveness or lack of CEO As a younger VP of Sales of course even with the right amount of effort, money, belief sive goals that would be ultimately achievable. This experience, targets were accepted, and once I would accept ‘the challenge’ and or whatever thrown at it. I began to think that I of course sounds quite easy but in practice proved accepted became cast in concrete. Of course at make best efforts. After years of could make my life a lot easier if I began to under- to be very challenging. this time there is also the underlying expectation doing this I began to wonder if the stand what these time-constants were, and how As an example let’s consider one of the most that once a goal is set then it will automatically initial ‘more’ goals were actually long they normally took to happen. cited examples of challenge within a company be achieved. I have seen some great Executives realistic and achievable. My rationale at the time was that if the key - increasing revenues. I have often been on the land in very hot water for missing targets that 24 25 Leadership 101 ‑ Don’t Plan Alone JUNE 2016 « The Canadian Business Journal

document that covers the metrics in details, the to under constant pressure due to targets that are various assumptions being applied and lastly (and too aggressive, are plain to see. Demotivated staff, the one that seems to be most often missed), the key employee burnout, higher levels of sickness, key time-constants used in the plan. It’s these and inevitable lack of engagement can all manifest time-constants that are the areas that must be truly when targets are set too high and don’t have a cor- understood to allow insight into what levers may responding plan to achieve. exist to increase the metrics. It is my belief that organizations will perform Now imagine that with this great back- higher over the long haul, be able to positively ground knowledge a plan is created called the engage when business cycles naturally go up or likely-case plan. It includes a clear noting of the down, and simply be willing to do more for a com- time-constants used and their normal duration pany, when they are given responsibility for likely for completion. For example if customer pro- and best-case plans generated through their own duction normally takes six months to start after inputs. I have often seen the most coming from sample delivery, then keep it at six months. Resist people, departments and companies when they the urge to tweak the Excel spreadsheet to say feel comfortable knowing the likely-case plan will three months instead (of course changing to three be hit, and there becomes a fun, energy-enhancing months will magically increase company revenues. excitement to try and hit the best-case plan. It’s time to create the best-case plan. This Resist the urge to tweak Excel spreadsheets

It’s through a trusting approach that real performance gains are found, and allows the organization to involves reviewing the assumptions to discover in isolation, and instead create both likely-case operate in a positive, momentum-generating manner. ones that can be tweaked, and of course review- and best-case plans with significant team input. ing in detail the time-constants, and which of Then drive to the best-case plans in all cir- were simply impossible to hit in the first place. production ramp-up at a customer normally these can be tweaked. Of course all or any of cumstances. Of course they will not always be Consider if a company wants to increase its happens over two quarters, then let’s make it these can be tweaked, but the Executive leadership achieved, but you might be surprised at how year two revenue forecast by 20%. Normally a top’s happen in one quarter. And so the assumptions trick now is only tweak an assumption or time- often they are, and how happy your staff will be down approach is used to generate this ‘need’, and are ‘updated’ to allow the target to be justified. It constant if there is a corresponding and bought when truly driving the business. CBJ this need filters down to the rest of the organiza- all makes sense when you are tweaking numbers into plan from the team responsible for deliver- tion who are then tasked with achieving it. Some alone on an Excel spreadsheet. In fact it’s quite ing it. This approach is both highly pragmatic and Joe Connelly is Founder & CEO of SalesLeadership. initial due diligence should of course be done by easy to do with a little practice. empowering since it flags to the organization the com, a worldwide Executive and Sales Coaching the Executives responsible to deliver. If it looks like But imagine if there was a better, more prag- key assumptions and time-constants that will be and Consulting company, with offices in Canada this goal cannot be hit, then it’s back to the drawing matic way of doing this essential of planning flexed. It’s through this trusting approach that and Switzerland. Joe can be reached through the board to ‘tweak the assumptions’. This is normal exercises. Consider if the plan is ‘right-sized’ to real performance gains are found, and allows the website at http://SalesLeadership.com/contact, practice in all companies I have worked for. begin with. This means that the organization (the organization to operate in a positive, momentum- by email at [email protected] or through If a design-in at a customer normally takes executives who are responsible for delivering the generating manner. The psychology behind staff LinkedIn http://ca.linkedin/com/in/joeconnelly 12 months, then let’s shoot for nine months. If key metrics in the plan), have to produce a planning feeling empowered and in-control, as opposed Impactful Innovation Comes From a Portfolio Approach By Andrea Stairs 28 29 Impactful Innovation Comes From a Portfolio Approach JUNE 2016 « The Canadian Business Journal

by the recent hire of tech entrepreneur Nathan Gunn as a top adviser to federal minister of innovation, Navdeep Bains. This is among some of the signs of change in 2016, but the real proof will be when the government unveils their innovation agenda later this year. The federal government’s innovation model has often been shaped by placing big bets on specific sectors or companies. This strategy has created a few winners, but hasn’t recently yielded widespread or lasting benefits to the economy, nor has it created meaningful momentum on the innovation front. To create both immediate and Andrea Stairs long-lasting benefits, the government needs to invest in creating conditions of innovation, which Canada continues to score below requires a portfolio approach. comparable G20 nations on all In other words, the Trudeau government indicators of innovation, particularly should complement its investments in pure sci- on productivity – an undeniable ences and commercialization with a reevaluation economic stimulator. Historically, we and reinvigoration of the conditions that allow are also relatively slow adopters of for small “i” innovation, including technology According to Andrea Stairs, a portfolio approach to innovation should include increased funding, as well as technology and, according to research adoption by small and medium-sized businesses improved performance measurement tracking, for incubators like Communitech and MaRS (pictured). from Compass, our cities are slipping (SMBs). The goal is not only to create new ideas, on the list of desirable locations for the process and technology, but also to acceler- world’s best start-ups. ate the adoption of prior innovations to drive the “interim action” to support innovative and close-range innovations in technology. broader productivity gains and improved human growth-oriented businesses. Incubators are It would also include a priority for the gov- THE NEW FEDERAL government has signaled capital. Things the private sector can do now. motivated to close the productivity gap and ernment to continually examine and update a greater focus on innovation in their agenda So what would a portfolio approach to inno- find new opportunities for growth. Plus, they policies like taxes and R&D credits to encour- with dialed-up discourse on the topic. As they vation include? have the critical X factor: a competitive hunger age the right kind of private sector investments. say themselves, innovation is the key driver to For one, it would include increased funding, to get ahead. This allows them to be true cul- Budget support, including the $800 million to inclusive growth. More importantly, though, as well as improved performance measure- tivators for short-term innovation and growth help develop innovation networks and clusters the Trudeau government is also recognizing ment tracking, for incubators like MaRS and which often results in long-term change. between research firms and supply chains, shows the need for more “innovative thinking” when it Communitech. Measuring success is the respon- We’ve seen this in sectors like e-commerce, the prioritization of creating synergies. However, comes to fueling innovation, as seen in action sible approach for any initiative, but it can’t be an industry catapulted forward by hundreds of this won’t truly be effective unless creating an 30 31 Impactful Innovation Comes From a Portfolio Approach JUNE 2016 « The Canadian Business Journal

environment where government policies and investment to raise awareness and drive SMBs to regulations support these synergies is prioritized it, is a practical and impactful first step. in tandem. The federal government should be Last, and probably the most impactful across applauded for putting a focus on innovation, but all industries, a portfolio approach to innovation there is more work to do. As Minister Bains and would include a commitment to removing barri- his colleagues fully define their government’s ers to and promoting established programs that innovation agenda, they should be encouraged support the wider adoption of innovative ideas to take a portfolio approach that fosters both big and technology. This means identifying areas of “I” and little “I” innovation. While not “sexy”, basic, business where Canadian companies are already foundational changes will create momentum and succeeding and finding ways to help them scale incremental innovation to close the productivity by getting out of their way. gap, which is really the end goal. CBJ When we talk to the SMBs trading on eBay, they consistently raise one particular issue: Andrea Stairs is Managing Director of eBay Canada’s de minimis threshold, which they see Canada. She will be participating in a panel as a key barrier to the growth of their e-com- discussion on Executing Innovation on June merce exports for many reasons (the complexity 8 at The Economist’s Canada Summit, which and cost of offering a global return policy, being will also feature keynote addresses by Prime one). At $20 CAD – a threshold originally set Minister Justin Trudeau and Federal Finance in the mid-1980s – Canada is out of step with Minister Bill Morneau. global peers including the U.S. ($800 U.S.) and Australia ($1,000 U.S). Public policies should be updated to drive, not hinder, technology adoption, and support programs for SMBs need to be more accessible and widely-known. The government is headed in the right direction with initiatives like CanExport – the new $50 million program offering financing and incentives for SMBs to grow through exporting – but again, when we talk to SMBs, it’s rare that they are familiar with, let alone take advantage of these types of programs. Creating a one-stop- shop web portal to consolidate all municipal, provincial and federal funded programs, with Creating a one-stop-shop web portal to consolidate all municipal, provincial and federal funded programs, with investment to raise awareness and drive SMBs to it, is a practical and impactful first step. A fundamental barrier to building upon the Canadian economy is due in large part to a shortage of workers who can adequately advance business innovation and product development. With certain skillsets scarce – and at times apparently absent – from domestic pools, reaching out to highly skilled foreign workers, international students and refugees are all taking significant roles in shaping Canada’s economic and social landscape. But how many immigrants should be coming into the country each year in order for Canada to reap the maximum benefits from a socio- economic point of view? Acquiring consensus on an exact answer to that question is about as elusive as asking ‘how wet is water?’

CANADA’S ENTIRE HISTORY and existence is founded on immigration and it is deeply engrained in economic policy. From the early-day settlers, to farmers and construction workers, scientists, Building a Workforce engineers, lawyers, teachers, hospitality workers – immigrants have built this nation. To adequately fill the national workplace requirements of continuing Through Immigration to build the economic base even more robustly than it is now, the country must still look abroad. By Angus Gillespie By its very nature, immigration has both its benefits and its challenges. The aim is to minimize the challenges and keep them as short-term as possible while being able to maximize the benefits over the long term. People from other countries 34 35 COVER FEATURE » Building a Workforce through Immigration JUNE 2016 « The Canadian Business Journal

John McCallum, Minister of Immigration, Refugees and Citizenship, is the man who spearheaded the arrival of 25,000 Syrian refugees into Canada. He’s also responsible for bringing skilled foreign Canada’s entire history and existence is founded on immigration and it is deeply engrained in workers to help grow Canada’s economy. CBJ Photo economic policy.

commitment to do even more. It’s yet to be seen have immense talents and skills to share, with speech at the Toronto Region Board of Trade, just how successful that plan will be. “It has been quite a heartfelt some possessing new thoughts and ideas on revealing how the new federal government is The Canadian Business Journal had an oppor- experience to be a part of innovation and entrepreneurship. What also must approaching immigration. The event was co- tunity to speak directly with McCallum about the this process and to witness be remembered is that the most highly skilled hosted by the Pearson Centre for Progressive federal government’s immigration policy plans the incredible generosity of people are often courted by other countries to Policy. As the former chief economist with the following his keynote address. Not surprisingly, Canadians who welcomed all of help advance their economic aspirations. Royal Bank of Canada, McCallum has decades of McCallum says the first thing that he is most often these refugees to our country.” experience in this area. He promised and deliv- asked pertains to the Syrian refugees. ered upon an ambitious goal of bringing in 25,000 “I am a self-admitted economist, but you – John McCallum, The Federal Plan Syrian refugees from their war-torn country over wouldn’t necessarily know it from what I’ve been Minister of Immigration, John McCallum, Minister of Immigration, Refugees a very short period of time. In addition to that, in the news about; just about everything has Refugees and Citizenship and Citizenship, recently delivered a keynote the federal Liberals have set out an aggressive been about refugees,” he begins. “For me, at least, 36 37 COVER FEATURE » Building a Workforce through Immigration JUNE 2016 « The Canadian Business Journal

“Never have we been more Australia to seek out the best and the brightest dependent on immigration than from around the world. we are today with our aging “Never have we been more dependent on population.” immigration than we are today with our aging population,” McCallum says. “We need to make – John McCallum Canada a more attractive destination for these skilled – and sometimes less-skilled – immigrants projected timelines on the matter. Meanwhile, that our country needs so much.” there are more refugees coming from Syria and other parts of the world into Canada. McCallum concedes the main challenge now is to help the Getting the Numbers adults secure jobs. Right Although it has not yet been installed, There are three specific areas that McCallum and McCallum says the federal government remains his team will be focusing on in an effort to make committed to cutting the huge processing time Canada the preferred destination while also gen- for family-class immigrants. The Minister notes erating the best policy on immigration. The first that the federal immigration department is not just area centres on the actual numbers of immigrants. about refugees, as important as they are. He is also Canada is now at a level of bringing in 300,000 not a fan of the phrase “economic immigrants” people per year. McCallum admits he would like feeling that it implies there are useful immigrants that number to increase but says we first need to and rather useless ones who are non-economic. learn how to build a bigger economic pie. In an effort to attract high-skilled labour, or even general labour for that matter, Canada often finds itself “Everyone contributes in one way or another “To get more immigrants is a combination in competition with other countries such as the United States, the United Kingdom and Australia. to the economy,” McCallum counters. “Some are of more money to hire more public servants to spouses who aren’t working. The grandparents interviewee prospective new people and improved refugees are more a question of the heart than who came to Canada by last December. However, may not work themselves, but they enable the efficiency. What my department learned from the dollars and cents. It has been quite a heartfelt McCallum admits there are figures on how many parents to work – and most of the refugees work. refugee experience when we brought in so many experience to be a part of this process and to wit- of those able-bodied individuals over the age of We’ve reinstated refugee healthcare and intro- so quickly – without sacrificing security or health ness the incredible generosity of Canadians who 18 are currently employed. He points to language duced the Citizenship Act to ensure there is only – is that people can do the job fast. If they can welcomed all of these refugees to our country.” as being one of the main barriers that must first one class of Canadians, not two and to remove do it fast for refugees, why can’t they do it fast for McCallum is of the opinion that bringing in be overcome for many of them. It’s unclear how barriers to become citizens. other forms of immigration? I think they can, and I refugees goes far beyond a humanitarian aspect, long the refugees will be given to learn English and In an effort to attract high-skilled labour, or told them they can. I told them this is punishment but is one of economics as well. As of now, the or French that will enhance their ability to obtain even general labour for that matter, Canada often for good behaviour,” McCallum smiles. federal government has managed to find per- work with a far broader range of employers. It’s finds itself in competition with other countries McCallum says he and his team will be hold- manent housing for 98% of those 25,000 people also not known if the federal government has any such as the United States, the United Kingdom and ing numerous consultations in the coming months 38 39 COVER FEATURE » Building a Workforce through Immigration JUNE 2016 « The Canadian Business Journal

Joseph Mancinelli, International VP & Regional Manager Central & Eastern Canada, LiUNA, represents about 100,000 construction workers in Canada. The organization was started by immigrants in 1903 and now, 113 years later, the majority of members are still immigrants. CBJ Photo There is a significant percentage of Canadians, and groups such as Immigration Watch Canada, who feel immigration levels are too high. Minister McCallum disagrees, but says that it is his job to find that ‘happy medium’ in the middle, which is a difficult task to achieve. Joseph Mancinelli, International VP & Regional “Our organization was started Manager Central & Eastern Canada, LiUNA, rep- by immigrants in 1903 and with a wide variety of stakeholders from business Canadians who believe that immigration has to resents about 100,000 construction workers in here we are 113 years later and and labour and the provincial governments. The serve the interests of its own citizens, and cannot Canada. You can count Mancinelli and his orga- still the vast majority of our federal government will have a three-year plan for be as it says – be turned into a social assistance/ nization as having the polar opposite view to that members are immigrants.” immigration levels in 2017, 2018 and 2019, with job-finding program for people from other coun- of Immigration Watch Canada. But Mancinelli’s the final plan to be announced sometime this fall. tries. It also says immigration should not be a organization also has well-constructed train- – Joseph Mancinelli, While immigration is vital, getting the numbers method to suppress wages and provide employers ing programs that will teach newcomers how to Int’l VP & Regional Mgr correct is equally as important. with an unending supply of low-wage labour and handle their new jobs in a new country. Central & Eastern Canada, LiUNA As McCallum acknowledges, a number of it should never be a social engineering experiment “A very important part of immigration is to Canadians feel immigration is already too high. that is conducted on Canada’s mainstream popu- ensure there is a vehicle for training the folks that role,” Mancinelli says. “We are pleased to You can count Immigration Watch Canada to lation in order to make it a minority. According to who are coming in to Canada. In fact our training have joined together with the federal govern- that group. IWC is a non-profit organization of the IWC, immigration has become all of that. centres – 14 in Ontario alone – have facilitated ment to ensure that we help out and train these 40 41 COVER FEATURE » Building a Workforce through Immigration JUNE 2016 « The Canadian Business Journal

people, including some of the Syrian refugees who “I can’t think of a group of recently came to the country.” people more appropriate and “It’s a very complex issue but one that is dear beneficial than international to our hearts. Our organization was started by students to become immigrants in 1903 and here we are 113 years permanent residents.” later and still the vast majority of our members are immigrants,” Mancinelli continues. – John McCallum As with all countries, Canada goes through cycles in its economy, and we are now at a point solid grasp about what Canada is all about. where a large percentage of the current work- “I feel they have been shortchanged by the force will soon be heading into retirement. Those Express Entry system in combination with the workers need to be replenished to handle the Labour Market Impact Assessment,” McCallum extraordinarily large amount of construction work says. “We’ve already benefitted them on our that is being unveiled, much of which is coming Citizenship Act by reinstating the 50% credit through the federal Infrastructure program. that international students get for time spent in Canada.” In addition, McCallum and the federal govern- International Students ment has a plan to implement a points’ system to The second area that McCallum and the feds will facilitate international students to become resi- focus on is to try and increase the number of dents of Canada. international students coming into Canada for their Naysayers such as IWC are concerned that education, with the aim of having them stay here foreign students will push out Canadians want- as permanent residents of Canada. ing higher education. Schools for higher learning “I’ve spoken many times across this country to do have caps on the number of students who many different to many different groups and I can’t are accepted within any given program, so that is think of a group of people more appropriate and certainly a prickly point that is not likely soon to beneficial than international students to become go away. It’s estimated there are about 340,000 permanent residents,” McCallum says. foreign students now in Canada. Many international students do have the benefit of speaking English and or French and by definition are often quite young, which gives Reducing Bureaucracy them many years of potential for being part of the In order to attract the best and the brightest, Canadian workforce and contributing to the econ- McCallum says it is imperative that the bureau- omy. Those individuals most often already have a cratic red tape be cut to provide a more flexible Attracting international students to Canada is seen by McCallum as an excellent way to develop the economy. 42 43 COVER FEATURE » Building a Workforce through Immigration JUNE 2016 « The Canadian Business Journal

system. Decision-making simply takes too long. “If we as a government want to “We want companies to be able to go out and sell more immigration we have hire the people they want to hire without numer- to appeal to Canadians not with ous roadblocks stopping them,” the minister says. arguments that it’s good for The Labour Market Impact Assessment is a companies and immigrants but process that determines whether an immigrant with arguments that it’s good is taking a job away from a Canada and whether for Canadians.” a foreigner is needed to come into Canada to fill the position. It is a document that an employer in – John McCallum Canada may need to acquire before hiring a foreign worker. A positive LMIA will show that there think the level now is about right, but there are is a need for a foreign worker to fill the job. It will more who think it’s too high than too low. If we as also show that no Canadian worker is available to a government want to sell more immigration we do the job. A positive LMIA is sometimes called a have to appeal to Canadians not with arguments confirmation letter. that it’s good for companies and immigrants but “It’s fine to have that for temporary foreign with arguments that it’s good for Canadians.” workers but I don’t think ever in our history have Opening the floodgates and letting everybody we had such a system applied to permanent in clearly is not the answer, nor is it a solution the residents,” McCallum says. “We want to impose vast majority of Canadians would support. It’s the best and the brightest – not impose a test on about finding a proper balance that makes sense. them.” “We went from one extreme where the It is McCallum’s intent to reduce the red Conservatives let everybody in,” McCallum states. In order to attract the best and the brightest, it is imperative that the seemingly endless line of tape so that companies are more willing to work “At some points there were more temporary for- bureaucratic red tape be cut to provide a more flexible system. through the process of hiring skilled labour from eign workers coming in than there were regular other countries, should the need be there. He says immigrants. Then there were numerous scandals, the country. It reached a point where the pen- It’s estimated that the net cost of immigration it’s not for the sake of making companies happy, including my former employer Royal Bank, involv- dulum swung the whole way back to the point to Canada is about $35 billion per year, so it’s a but rather is for the sake of Canada as a whole. ing a restaurant that fired a permanent worker to where Canada essentially was letting nobody topic that’s going to gain it is fair share of attention. “We have an aging population and inherent hire a temporary foreign worker. into the country. Nobody said it would be easy finding the perfect needs in certain sectors across the country and we Number of temporary foreign workers Most everyone agrees there needs to be number of immigrants to allow into Canada each are in competition with all these other countries to allowed to work in Canada reached a cumulative a middle ground, but even that causes end- year in order to maximize social and economic secure talent,” McCallum says. high of about 491,500 in 2012, which was five less arguments, because the middle ground for benefits for the country, but for the sake of the “My job is to sell the notion of immigration times higher than 2002. That number consisted some is either far to the left or far to the right nation, we’ve got to keep trying. CBJ to all Canadians,” McCallum frankly states. “If you of 213,500 new temporary foreign workers in for others, and that’s something that’s not ever look at immigration opinion polls, most Canadians 2012 and 278,000 who were already working in going to change. English Losing Global Leadership By Ennio Vita-Finzi 46 47 English Losing Global Leadership JUNE 2016 « The Canadian Business Journal

of business, science, research, and politics. Today, unilingual native-English-speakers bask in the knowledge that their language is currently the world’s voice of commerce. It is the world’s 3rd most popular language and the best-liked second language. Unfortunately many Anglos are blissfully unaware that their prestigious ranking may soon come to an end. French is becoming the language of the future, competing with Spanish and Mandarin.

French leads By the year 2050, French will be spoken by 750 million people, double of today’s numbers, and Ennio Vita-Finzi will become the world’s most-spoken language, Despite the rise of non-Western nations in today’s global economy, English is still the language ahead of English, Spanish and even Mandarin all most commonly used as the lingua franca of business, science, research, and politics. Two thousand years ago, English was competing for top spot. the unwritten tongue of Iron Age An example of the English language losing its out of the top spot include Spanish with 495 mil- widely spoken mother tongue on the Continent tribes in Denmark. A thousand years leadership role in major parts of the world is the lion speakers and 18 million students around the is German (16%), followed by Italian and English ago, it was living in the shadow of fact that there are 24 different languages in the world studying Spanish as a foreign language. (13% each), French (12%), then Spanish and French-speaking overlords on what European Union. In spite of this Brussels (as well While French is the official language of 29 coun- Polish (8% each). However, the five most widely is the UK today. No one then could as leading organizations and many companies tries in North and South America and Europe, spoken foreign languages today are English have dreamed that English would on the Continent) still use French as the govern- Spanish is the second most spoken language in (38%), French (12%), German (11%), Spanish (7%) eventually be spoken by 320 million ing method of official communication. Many the world today after Mandarin Chinese, and is an and Russian (5%) … but for now, two thirds of native English-speakers, and 20% Europeans see English as a threat to national official language in 21 countries. Europeans (67%) consider English as one of the more of the world’s population who cultures and identities and strenuously object to While North Americans generally have dif- two most useful languages for themselves. speak some English as a second making English the EU’s official language. ficulty accepting the need to speak a language Interestingly, just over half of the 500 mil- language. other than English, Europeans take language lion people in Europe (54%) are able to hold a learning seriously. conversation in at least one additional language, DESPITE THE RISE of non-Western nations in Other competing Based on the responses of almost 27,000 25% are able to speak two additional languages today’s global economy, English is still the lan- languages people in 27 countries, the results showed that and 10% are conversant in at least three. guage most commonly used as the lingua franca Other languages that will eventually edge English in accordance with the EU population, the most 48 49 English Losing Global Leadership JUNE 2016 « The Canadian Business Journal

A multilingual North America Unilingual Anglo-Canadians grudgingly admit that their country is bilingual but most Americans insist that they live in a unilingual, English- speaking country… this in spite of the fact that most of the U.S. now has more Spanish speakers than Spain. By 2050 the US will be the country with the largest number of Spanish speakers in the world: “Between now and 2050, 2.5 Hispano- Americans will be born every minute in the USA, 3.700 per day and more than 100.000 per month”. Based on these facts, if North Americans hope to retain their role as the world’s “voice of commerce” they will have to have at least another language under their belt … and even let English become their second language. Take your pick: French? Spanish? Mandarin? It’s time to choose. CBJ

Ennio Vita-Finzi was appointed as Ontario’s Trade Commissioner in Europe, Latin America and the U.S., was President of the Canadian Council for the Americas during NAFTA negotiations and then qualified as a Certified International Trade Professional (CITP). He is now a College lecturer and keynote speaker in Montreal. [email protected]

By the year 2050, French will be spoken by 750 million people, double of today’s numbers. What to Look For in Your Next

By Lance Osborne 52 53 What to Look For in Your Next CFO JUNE 2016 « The Canadian Business Journal

example, as much as someone from outside the auto parts manufacturing industry can in time figure those issues out, at the executive level it makes much more sense for an auto parts manufacturer to hire someone who’s already had firsthand and extensive knowledge of whatever those issues happen to be. Not only will they get up to speed quickly, they may also be able to bring some fresh operational insights to the table.

Cross-Functional Experience Expertise in accounting and finance should be a given for any CFO. However, the CFO can and should be able to function as a utility player and take charge of duties and projects that fall well Lance Osborne outside of the world of finance and accounting. In most owner-managed businesses, the CFO THERE’S NO “ONE size fits all” formula when it also oversees human resources, IT, administra- Lance Osborne says a CFO should be able to function as a utility player and take charge of duties and comes to hiring a CFO. But there are some traits tion, facilities management as well as any special projects that fall well outside of the world of finance and accounting. and qualifications that you should be looking for projects that happen to crop up. when you’re putting together your hiring criteria. such as realizing cost and corporate efficiencies, all of those line executives in their own language. systems changes, vendor selection, contem- If the CFO can’t speak the language of the rest Operational Orientation plated capital expenditures and new business of the executive team, their ability to influence Industry Experience A CFO who understands the organization at both initiatives. behaviours or add value to operations will be The more senior a finance professional gets, the granular and macro levels is in a unique posi- severely curtailed. the less they are defined by their accounting tion to come up with strategic insights on how to knowledge and the more they’re defined by their improve operations. At a tactical level, the CFO Communication Skills industry knowledge. Bio-pharma, software, auto can help other members of the executive team Sales executives may speak sales, logistics Strong Technical parts manufacturing and many other industry understand the real time operational and finan- executives may speak logistics, manufacturing Network segments all have operational and accounting cial consequences of their decisions. The CFO executives may speak manufacturing but finance Although the CFO position demands a very issues that are particular to their industry. For can advise operational management on issues executives need to be able to effectively speak to high level of expertise in any number of areas, 54 55 What to Look For in Your Next CFO JUNE 2016 « The Canadian Business Journal

stakeholders and present themselves in a positive, professional light. Above all, they need to be, and be perceived to be, competent with a high level of integrity.

Strategic Advisor The top finance person in any company should be able to act as a trusted advisor to the CEO and the rest of the management team. The real added value that a CEO should be looking for in their CFO is the ability to help shape the strategic vision for the future of the business and implement and monitor the plans that will help realize that vision.

In many ways, your CFO is the face of the company to your stakeholder community. Future Potential no one knows everything, and financial execu- Whenever you contemplate hiring a CFO, whether tives should be willing to reach out to the it’s a newly created position for your organization appropriate experts to help out when neces- or replacing an incumbent, you should always Companies experiencing or anticipating rapid growth need to ensure that the person they hire today has the ability to morph into the CFO they’ll require in the future. sary. When a CFO knows a range of technical think about filling not only the position you’re and professional experts, it amplifies the scope recruiting for now, but also the position this will and effectiveness of their position. become in the future. If you own a company that $40 million in revenue and has been grow- qualifications your next CFO brings to the has historically been growing slowly and you don’t ing at a rate of 20% a year, don’t hire for what table, having most if not all of these criteria will anticipate that to change, anyone you hire who you are today, hire for what you’re going to be go a long way to ensuring that you make the Credibility with Outside does as good a job as your CFO in the short term three to five years from now. At a year-over- right hire. CBJ Stakeholders will very likely still be doing a good job for you five year 20% rate of growth, your company will be In many ways, your CFO is the face of the or 10 years from now. a $100-million business five years from now. Lance Osborne has been the acknowledged company to your stakeholder community. This However, companies experiencing or You should hire someone who can help you leader in the recruitment of finance and is the person that deals with the CRA, your anticipating rapid growth need to ensure achieve that milestone and who has the skill accounting executives since 1985. He recently bank, suppliers, major customers, auditors that the person they hire today has the abil- set and aptitude to be comfortable as the CFO published a new book “Think Like a Headhunter, and shareholders. They need to have the ability to morph into the CFO they’ll require in the of a company of that size. the CFO’s Guide to the Hidden Job Market” ity to deal equally well with a wide range of future. If your company is currently earning Whatever other experience and available at www.osbornefinancialsearch.com. The Evolution of

PERSONAL BRANDING

By Melonie Dodaro 58 59 MUNICIPAL » City of Toronto JUNE 2016 « The Canadian Business Journal

Now vs. Then Just over a decade ago, all you needed to do to make something true was repeat it enough. Thankfully, your target market today is much savvier and requires something a bit more than words: proof. You need to get to the point that your personal brand is so strong that a total stranger can quickly and reliably conclude that you are a person of credibility. This means the message you spread about yourself and your brand is consistent with the message that others are spreading about you. I would say nine out of ten clients I work with mention that they Googled me prior to having a Melonie Dodaro meeting or hiring me on.

Personal branding used to be Passing ‘The Google Test’ something that was reserved for Wouldn’t it be nice if you could control everything celebrities, speakers, authors and that comes up when somebody types your name other public-facing professions just a into Google? Complete Your LinkedIn Profile. Celebrity’s aside, it is often the first result when doing a Google search mere decade ago. The Internet and Thankfully, there are a few things you can on an individual. Photo by alexey_boldin/DepositPhotos social media have completely flipped (almost) always rely on to come up in the top 5: that upside down. your LinkedIn profile, your Twitter profile, your Facebook page/profile and your Google+ profile. When someone lands on your LinkedIn profile, is the power of strong and professional design when FLASH FORWARD TO today and it doesn’t matter There are a few things you can do to ensure it presenting the image/impression you’d like to creating cover photos for each social network. if you’re a student, employee, sales person, vol- you have a strong personal brand when people be seen as? Complete Your Other Social Media Have Recommendations On Your LinkedIn unteer or entrepreneur, you need to create and start checking out the top Google results for Profiles. Make sure your Facebook, Twitter and Profile. Third party credibility gives you an enor- maintain your personal brand. In a world where your name: Google+ profiles are especially compelling since mous edge with prospects, especially when the new strangers you meet are going to Google Complete Your LinkedIn Profile. When I they also show up high in the search results. they can examine the profiles of those giving you, you need to be prepared for that level of search my name, the first result is usually my Visuals Are Everything. A study from 2006 you recommendations. If you do great work for scrutiny so you always appear credible, no matter LinkedIn profile and the same happens when revealed that website visitors judge websites they impressive people, you need to leverage that via what situation you’re in. I search a lot of other people’s names as well. visit in just 50 milliseconds. Don’t underestimate LinkedIn recommendations. 60 61 MUNICIPAL » City of Toronto JUNE 2016 « The Canadian Business Journal

Showcase Testimonials On Your Website. all aspects of their online marketing, not just handle the job before you’re hired for it. If you Going on the same idea as number four, the LinkedIn. make promises with your services, be prepared power of third party credibility is a proven concept Ask yourself…are you a specialist or a gen- to back them up with compelling explanations in marketing that will likely never die. The best tes- eralist? Make sure your personal brand clearly on how and why your solution is the right one. timonials to showcase on your website are ones communicates it, whichever way you decide to go. with any clients that also pass the Google test! Let’s say a client Googles you and lands on Refreshing Your Personal an article you wrote, a video you created or, even Where’s The Value? Brand better, an interview someone else conducted The money you make is equal to the value you When is it necessary to update or rebrand? As a with you. The power of the credibility gained is so create. Want to make more money? You need to general rule of thumb, anytime something major The kiss of death in marketing is trying to attract much greater because your prospect found it dur- be providing more value to more people. A cor- changes professionally or personally, it’s worth- everybody with your messaging. The highest paid ing their own search based on their intuition. experts are paid well because…well, they’re the porate lawyer and a bus boy can both work for while rethinking your approach to your personal Is your personal brand strong enough online experts. an hour but make two wildly different incomes brand. to withstand the scrutiny of any random pros- from that time. For example, a successful real estate agent pect’s discovery process? You better hope so. As a society, we’ve decided that time alone in Denver will want to adjust how they pres- Don’t Generalize, is worth minimum wage and the difference of ent themselves online if they decide to move to Specialize every dollar is equal to the additional value you Chicago. On the personal side, if you determine Crafting Your WHY The kiss of death in marketing is trying to attract are able to provide within that time. that the direction you’re heading is not fulfill- Message everybody with your messaging. The highest paid Yes, it’s important to establish value right ing you, you might decide to rebrand yourself to I believe one of the major missing elements that experts are paid well because…well, they’re the away but there’s one problem…how do you move in a direction that attracts the type of busi- hold back businesses is not having a clear and experts. demonstrate the value you can provide before a ness you really want. well communicated WHY message. You should An expert is always worth more than a gen- prospect hires you or buys your services/prod- Whatever the case, your branding should obviously be able to tell someone what your busi- eralist. To be good at many things usually means ucts? This is where content marketing comes clearly articulate the exact type of people that ness does but can you tell them why you do it? you aren’t great at any and great is where the into play online. should connect with you so that they can self- What makes you want to get out of bed every day money is. If you’re a corporate lawyer that thrives Entrepreneurs that have been in business identify themselves as your prospects. CBJ and do what you do? when working with startups, there is a lucrative since before the days of the Internet can often The story behind your business is just as niche in becoming the “go-to” lawyer for startups. struggle with how marketing, branding and self- Melonie Dodaro is founder of Top Dog Social important as the business itself and the most My son pays the extra money it costs to have a promotion today is so much different than what Media that helps brands and businesses, use wildly successful entrepreneurs will never discredit professional luthier do maintenance work on his it was years ago. The customer of today needs social media marketing and social selling to boost the value of storytelling. guitars because a luthier builds guitars for a living. more information that demonstrates your abil- visibility, attract new customers and increase The average person consumes over 5,000 In a world where everyone wants to become ity to provide value on that subject rather than revenue. Melonie is also the author of The marketing messages each day so make yours a social media guru, I’ve made a career by pro- vague promises and cliffhangers like, “Buy my LinkedIn Code. To learn more visit more memorable by telling your story. moting myself as a LinkedIn Expert even though product and you’ll see how amazing it is.” www.TopDogSocialMedia.com the reality is that I often help my clients with It’s your job to demonstrate your ability to Debtor in Possession Financing in Canada

By Mark Borkowski 64 65 Debtor in Possession Financing in Canada JUNE 2016 « The Canadian Business Journal

the Monitor and its legal advisors and sometimes stakeholder’s legal and financial advisors), to provide operating financing to permit the con- tinuation of the debtor’s business during the restructuring process, sometimes to finance necessary capital expenditures, to pay for the costs of necessary repairs or maintenance of the assets of the debtor, to fund the marketing of all or a portion of the debtor’s property. Often DIP financing is authorized or sought with all of these objectives in mind. Sometimes, super priority charges are sought in order to ensure that these costs, or specified categories of costs, are given Mark Borkowski a sufficient priority so that, at the end of the day, they will be paid even if no advances are made Debtor in Possession (DIP) financing by a new or existing lender for these purposes. describes the funding obtained by In Canada, DIP financing refers to the debtor an insolvent debtor while that debtor giving priority ranking security on assets in is restructuring its business. The order to finance its ongoing operations during term DIP financing originated from a restructuring. Unlike the United States, there the American practice in Chapter is no statutory basis such as a formal Chapter 11 11 proceedings under the U.S. proceeding for DIP financing in Canada. A com- Bankruptcy Code. pany has to make an application to the court In Canada, DIP financing refers to the debtor giving priority ranking security on assets in order to finance and the court has jurisdiction to decide whether its ongoing operations during a restructuring. DURING A CHAPTER 11 proceeding, the debtor a DIP financing will be granted. Each applica- is referred to as a debtor in possession or DIP, tion is made independently and is decided on a court-supervised attempt to reorganize the to obtain interim operating financing to keep since the debtor is continuing “in possession” of case by case basis. Generally, applications for DIP financial affairs of the debtor is pursued. Under the debtor company in business. DIP Financing the business while the business is being restruc- financing are made to the court while a com- the CCAA, the debtor company remains in pos- will only be provided by a lender if that lender tured. During this time, a DIP is empowered to pany is undergoing a re-organization under the session of its assets and can apply to the Court is assured by way of court order that it will have continue to operate the business and may use, Company Creditors Arrangement Act (“CCAA”). for an order staying all proceedings against it a first ranking security interest and charge on sell, or lease property to the extent that doing so The CCAA provides a means of avoiding pending a meeting of its creditors to vote on a the assets of the debtor company to secure the is in the ordinary course of the debtor’s business. the devastating social and economic effects proposed Plan of Arrangement. There is nothing interim operating financing. The Canadian courts DIP financing may be used to pay profes- of bankruptcy or creditor initiated termina- in the CCAA with respect to DIP financing. have granted DIP financing in some highly publi- sionals (the debtor’s legal and financial advisors, tion of ongoing business operations while a In many CCAA cases, there is a chronic need cized cases. Cases such as Dylex, SkyDome (now 66 67 Debtor in Possession Financing in Canada JUNE 2016 « The Canadian Business Journal

Rogers Centre) and the Eaton’s, are all situations where DIP financing was used to provide interim financing. What factors do the Canadian courts generally take into account when granting DIP financing to a Canadian company? 1. The degree of probability that an acceptable plan can be developed; 2. The absence of alternative sources of funding for the debtor; 3. The careful monitoring by the court or an officer of the court of the use of funds; 4. The use of funds to preserve the value of the business or to create value, thereby not decreasing the potential recovery of senior creditors; and 5. The loan security which is given this sta- tus does not create the situation in which the newly subordinated creditors would be under-secured in a liquidation situation.

So who generally provides the DIP financing and why does this matter so much? There are two types of DIP lenders:

1. Parties that do not have a prior interest in the restructuring; and 2. Existing creditors/stakeholders of the insolvent company. A prospective DIP lender who does not have a direct or indirect interest in the outcome of a restructuring will be motivated by the opportunity to make a low risk loan for a reasonable rate of return. Any DIP loan by a third party will be The Canadian courts have granted DIP financing in some highly publicized cases. Cases such as Dylex, SkyDome (now Rogers Centre) and the Eaton’s, are all situations where DIP financing was used to provide interim financing.Photo by macinlondon/DepositPhotos 68 69 Debtor in Possession Financing in Canada JUNE 2016 « The Canadian Business Journal

debtor more time and flexibility to facilitate the restructuring during a financially volatile period. The flip-side of this debate is that if creditors and lenders know that there is a probability that their rank in priority interests in the debtor’s property may be subordinated by a court order then this could result in more rigorous scrutiny for lending practices. Creditors and lenders may use a more cautionary approach and stricter criteria in the initial lending phase. The balancing act between the objectives of facilitating restructurings and protecting the expectation interests of those who provide financing to businesses in Canada is what the government will consider over the next year. The government will be reviewing key legisla- tion related to insolvency and restructuring and will be receiving recommendations on improvements and amendments to the Bankruptcy and Insolvency Act and the CCAA. Given the contro- versial debate around DIP financing, stakeholders are urging the government to specify the frame- work and rules to govern DIP Financing. In doing The primary benefit to DIP financing is that by providing interim financing, it allows the debtor more time and flexibility to facilitate the restructuring during so, the government will have to maintain the a financially volatile period. balance and interests of all parties. CBJ

conditional on obtaining a court ordered first pri- existing lenders and creditors. Only an exist- the new charge. What this means is that if the Mark Borkowski is president of Mercantile ority charge on all of the property of the debtor. ing creditor with substantial and usually secured DIP facility does not generate enough new value Mergers & Acquisitions Corporation. He can be If priority is not provided, no loan will be made. claims against the debtor will consider providing then the lender who has security (first priority) in contacted at [email protected] or (416) The third party will also want to be assured that a DIP facility. The attractiveness for an existing existing collateral will be pushed down a notch 368-8466 ext. 232 or new value will be generated resulting from DIP lender to provide DIP financing is that if another when assets and money are being distributed www.mercantilemergersacquisitions.com financing to ensure their return on investment. If person provides a DIP facility with priority over during a bankruptcy. new value is not generated then this third party an existing lender the value of the lender’s secu- The primary benefit to DIP financing is that gets priority in getting their money back over rity for pre-filing obligations may be reduced by by providing interim financing, it allows the Young Entrepreneurs Awarded $40,000 in B.C.’s Northwest 72 73 Young Entrepreneurs Awarded $40,000 in B.C.’s Northwest JUNE 2016 « The Canadian Business Journal

ThriveNorth recently announced the winners of the 2nd Annual Business Challenge Competition Seven outstanding young and emerging business owners won their share of $40,000 to support their businesses at the second Annual ThriveNorth Business Challenge in Terrace. The 2016 ThriveNorth Business Challenge winners and runners-up are:

Best New Business • Winner: Bobby Middleton, The Saw Shack, Terrace - $10,000 • Runner up: Jill Whitfield, Repose, Terrace - $2,500

Best New Social Enterprise • Winner: Heather Bohn, Our Roots, Terrace - The finalists were all from Prince Rupert and Terrace, B.C. $10,000 • Runner up: Andrea Pollock, Island Sugar, Prince Rupert - $2,500 LNG project on Ridley Island), is part of a five-year runners-up, this competition helped all the final- Lee Theatre in Terrace to watch the live pitch- initiative that aims to inspire and support people ists gain new skills, confidence, networks and ing challenge, which was followed by the awards Best Growth Opportunity aged 18-39 in the region to launch and grow their support to build thriving businesses in their com- ceremony. • Winner: Kristine Ewald and Simone Crook, own businesses. munities.” Through the Business Challenge competi- Transcend Fitness, Terrace - $10,000 The finalists were all from Prince Rupert and “Congratulations to all of the finalists who tion and other activities, ThriveNorth provides • Runner up: Johanne Chaine, Peoples Terrace. Since March, they have received training pitched their business ideas over the weekend,” emerging business owners with training, financ- Pharmacy, Terrace - $2,500 and coaching to help them prepare to face the says Simon Nish, VP Sustainability with Prince ing, mentoring, resources and more to help them judges and pitch their businesses. Rupert LNG. “We extend a special congratula- in the early stages of their business. Since 2014, Audience members voted on their favourite “It takes a tremendous amount of skill and tions to the winners and runners-up. The young the ThriveNorth initiative has funded 19 young business pitch. Kristine Ewald and Simone Crook courage to pursue entrepreneurship,” says Julia entrepreneurs from last year’s Challenge have had entrepreneurs who have created nearly 60 jobs in of Transcend Fitness won the Audience Award and Deans, CEO of Futurpreneur Canada. “These final- great success. We look forward to seeing what their communities. ThriveNorth has also provided received an additional $2,500. ists did an amazing job delivering their pitches this year’s group of finalists achieve for their busi- coaching, training and support to 77 people and The event, which is hosted by Futurpreneur using the skills they learned through the process. nesses and communities.” helped engage 1,600 members of the community Canada and Prince Rupert LNG (the proposed On top of the funding for award winners and More than 100 people came to the R.E.M. through entrepreneurship-focused events. CBJ Apparel and Textile Sourcing Canada to Debut in Toronto 76 77 Apparel and Textile Sourcing Canada JUNE 2016 « The Canadian Business Journal

“ATSC provides an unparalleled opportunity for Canadian apparel and textile importers and retailers to access the most current importing information from industry insiders and connect with the world’s major apparel and textile manufacturers all under one roof, without having to incur the time or expense of travelling abroad,” he says, emphasizing that Canadians import more than $14 billion in apparel and textiles annually, up 20 per cent from 2012. Presented in coordination with the China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT), the event is sup- ported by the Ottawa-based Canadian Apparel Federation (CAF), the Consulate General of the P. R. China in Toronto, the Trade Office of Peru, and exporting agencies ProMexico and ProColombia. “Canada has long needed a venue where apparel and textile importers and retailers can ATSC will take place August 22-24, 2016, at the International Centre in Toronto. Photo by elenathewise/DepositPhotos Jason Prescott learn about sourcing best practices while meeting producers from around the world,” said Bob Small businesses, retailers, China, India, Bangladesh, Mexico, the U.S., Kirke, CAF Executive Director. “ATSC offers an said. “Canadians are looking for simpler access to manufacturers and designers across Honduras, Peru and other countries. Delivering an important new resource for our domestic market quality, competitive goods and an international Canada will get a boost this summer unprecedented platform for making global indus- and the Canadian Apparel Federation is excited sourcing event for the apparel sector is long when the Apparel Textile Sourcing try connections, ATSC will provide attendees with to support this endeavor.” overdue in this country.” Canada (ATSC) – a first-of-its-kind new insights and up-to-date information needed According to Jian Wei Yu, Commercial In addition to the 200 international exhibits to event for Canada – makes its debut to more easily and effectively navigate through Counsellor of the Consulate General of the P. R. be displayed at the show, ATSC will also feature: in Toronto. the sourcing process. China in Toronto, Canadian business owners and “The introduction of ATSC is a direct importers will have the opportunity to secure • Three days of conference sessions lead by A COMPREHENSIVE TRADE show and confer- response to market demand and fills a signifi- new partners among the more than 125 apparel acclaimed industry and government experts, ence, ATSC will take place August 22-24, 2016, at cant gap in the Canadian market,” says Jason suppliers from China represented at the event. covering topics from the Trans-Pacific the International Centre in Toronto. The event will Prescott, CEO of JP Communications, par- “Chinese suppliers are eager to do business with Partnership and other trade agreements, to bring to Canada hundreds of apparel and textile ent-company to TopTenWholesale.com and Canadian partners and work together to make best practices and the changing Canadian manufacturers from around the world, including Manufacturer.com and organizer of the event. the importing process smooth and efficient,” he market, to tips on how to choose overseas 78 79 Apparel and Textile Sourcing Canada JUNE 2016 « The Canadian Business Journal

producers and new approaches for Canadians looking to enter the U.S. market. A panel on ethical manufacturing of apparel and textiles, featuring executives from quality control organizations Wrap and TesTex, will also be presented. • A “Made in Canada” section, showcasing Canadian manufacturers who source apparel and textiles from abroad for their finished goods, as well as Canadians designers who have their designs produced into finished products overseas. • A 2017 Apparel and Textile Trends display, providing a first-hand look at the colours, patterns and textures that will be all the rage for the coming year. CBJ

For more information, or to register for the Apparel Textile Sourcing Canada Show, visit www.appareltextilesourcing.com. Registration – which includes entrance to both the exhibits and conference sessions – is free.

More than 125 apparel suppliers from China represented at the event. BUSINESS IN ACTION COMMUNICATIONS

CBCI TELECOM Pioneering Leaders in Videoconferencing Solutions 84 85 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

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288 Don Hillock Drive, Aurora, ON L4G 0G9 Toll-Free: 1-877-834-3876 Denis Dumouchel, President and CEO Web: www.video-furn.com Email: [email protected]

Videoconferencing telecommunication AS HIGH CAPACITY broadband Internet and locations north of Toronto; speaking face to continued to evolve at a whirlwind pace. technologies have come a long more powerful computer processors began to face, yet hundreds of kilometres apart. The video “It was around 1992 when we saw videocon- way since those first rudimentary emerge in the mid to late 1990s, the progres- quality that is displayed on the monitors is out- ferencing as potential new technology that would commercial experimentations in sion of videoconferencing solutions surged, standing, typically delivering at speeds between revolutionize the way people communicate with Germany during the late 1930s. The most notably in the business, education, medi- 1.5 kbps and 1.7 kbps and virtually no packet loss one another,” Dumouchel recalls. “We decided to next major step in video telephony cine and multimedia sectors. with an excellent synchronization between the create and to manufacture our own videoconfer- was unveiled in the United States The Canadian Business Journal recently spoke audio and video. encing with a codec, which is the brain behind the during the early 1970s as part of AT&T’s with CBCI Telecom President and CEO Denis CBCI Telecom has origins dating back to 1988 camera. By 1995 we were the fifth-largest vid- development of the Picturephone. Dumouchel about the many innovative advance- when most modern technological communica- eoconferencing manufacturer worldwide with 11 Today, it is Montreal-based CBCI ments, which have transpired within the industry. tions were still quite cost prohibitive including offices in the U.S. and five offices in Canada.” Telecom that is widely regarded as a Of note, Dumouchel provided a first-hand dem- such things as fax machines, cellphones and wire- In 1997, CBCI Telecom was acquired by preeminent world leader in the most onstration of just how impressive his company’s less modems. By 1991, CBCI had become more TANDBERG, a Norwegian company that had comprehensive videoconferencing system performs by speaking with us via video- heavily involved in the cellphone business and it designs on aggressively pursuing the U.S. market. solutions, enabling simultaneous visual conferencing from his head office in Montreal, was in 1993 when CBCI added the word Telecom “Just about all of us became temporary and audio collaboration between two while we were positioned in front of a large moni- to the company’s official name, aiming to branch employees at that point,” Dumouchel says. or more locations. tor in the boardroom of another of the company’s out their enterprise opportunities as technology 86 87 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

The New CBCI Telecom “We service customers across Following the acquisition by TANDBERG, CBCI the country and throughout the Telecom bought back the telecom division in world. We have an excellent 1998 and became private once again, concen- relationship with a number of trating solely on videoconferencing. Eleven other resellers that we’ve done years later TANDBERG was acquired by Cisco business with for 15 years.” and CBCI Telecom was recognized as the best videoconferencing reseller for Cisco, an accom- – Denis Dumouchel, plishment they managed to achieve each and President and CEO, CBCI Telecom every year while working alongside TANDBERG. “We’re the only undefeated best reseller part- About 15 people are in the sales department and ner of the year since 1999, and that’s just on the seven in administration with another seven to 10 video front,” Dumouchel proudly says. stationed on the help desk. The remaining 30 CBCI Telecom has 66 employees working or so are part of the engineering team, handling out of four offices: head office in Montreal, project management, design, documentation, Quebec City, Ottawa and Richmond Hill, ON. and consulting, some of whom specialize 88 89 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

“About seven years ago we created our first cloud- based videoconferencing platform. Now we have three clouds, including one which is dedicated for the (Quebec) Everyone’s provincial government.” still invited – Denis Dumouchel Now that Acano is part of Cisco, we can expand access to video collaboration for every user.

Today, less than 10% of conference rooms worldwide are connected to video and only 1% of users have video Not only does the new technology control systems on their desktop. Cisco drives video access the video and audio feeds, but it has the best everywhere, delivering the best collaboration experience across every endpoint, every screen, every workspace security features built in as well, ensuring that and to every user. there is no unauthorized access. It is the type of Make meetings simple, easy and enjoyable on any device and easily scale collaboration across your organization. technology that is able to enhance work efforts in both the public and private sectors. “The cloud is where a lot of business is moving,” Dumouchel adds. “About seven years ago we created our first cloud-based videoconferencing platform. Now we have three clouds, including one which is dedicated for the (Quebec) provincial government.” Whether it’s using iPhone or iPad or laptop, in videoconferencing, while others work on Clients and Technology video is firmly entrenched to be a fundamen- collaboration and audio-visual. Throughout the years CBCI Telecom has tal aspect of the future. More and more people “We service customers across the country developed numerous niche markets and a are disposing of their home telephone landlines and throughout the world. We have an excellent widespread portfolio of clients, with healthcare because they almost exclusively now use cell- relationship with a number of other resellers that being a predominant sector. As just one example, phones. Similarly, people appreciate video to we’ve done business with for 15 years. If there a doctor in a remote area is immediately able a greater degree because there is an ability to happens to be a very complex setup, we will to evaluate a patient’s health by video and look at people’s faces and immediately gauge send our own guys. We always aim to provide audio. Other notable applications for the their true reactions. As Dumouchel points out, the very best products and services for our cus- videoconferencing units are within the justice the younger generation is not afraid of the cam- tomers,” Dumouchel says. system, including courthouses and prisons. era or using mobile communications so it’s only 90 91 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

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codec manufacturers have done an excellent “Nowadays we’re getting a very job of creating new frameworks to reduce the nice quality of video on the TV requirement of bandwidth. Both the codec and so we’re trying to replicate the the networks have improved so dramatically feeling of that – having HD at that any fears of technical problems have now home into the office.” going to continue to flourish beyond where it any difference, it’s more about the latency,” virtually dissipated. The advent of high-definition stands now. Dumouchel explains. “A satellite becomes more and flat-screen monitors has also greatly – Denis Dumouchel Methods of data packet transfer are now of a challenge the same way if you’re calling, enhanced the business of videoconferencing also made much easier through IP transfer. In for example, you have more of a delay because with incredibly crisp, clear video and audio. information and expertise on an audio-visual the past, the only option was ISDN, which was of the distance. There’s just a slight delay in the “Nowadays we’re getting a very nice quality network that is trustworthy and dependable. a good solution in its day, but far inferior to speed when using satellite.” of video on the TV so we’re trying to replicate Healthcare has been – and will continue to today’s technology. Remote locations are able Network encryption and the method of the feeling of that – having HD at home into the be – a natural fit for videoconferencing with to use satellite, if necessary. transfer via IP have both dramatically improved office,” Dumouchel says. still numerous untapped potential applications “All our devices can do either IP or ISDN. as newer technologies have emerged and the Many large law firms in Canada are also according to Dumouchel. “For us, the next step When you have satellite, for us it becomes an IP. pricing has also been drastically reduced in working with CBCI Telecom. For the legal is to work with the pharmacies. The desire for The fact that it’s a satellite doesn’t really make terms of bandwidth usage. At the same time the profession, it is critical to be able to share us is to have them connect with doctors in the 92 93 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

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hospitals. You could walk in to your pharmacy expanding horizons. “I think the next step for us “I believe in treating people the used 100% efficiently,” he says. “The number and it would allow the pharmacist and the doc- would be to look more on the residential front way I want to be treated – with one concern is to always take care of the cus- tor to directly interact about the patient’s needs. where it would allow people to use video from respect. That is at the very core tomer.” It would be a much more efficient way of treat- their homes.” of our values.” Strategic partners in the U.S. and around ing people.” The success of CBCI Telecom is readily the world utilize the resources and expertise evident both through its impressive list of – Denis Dumouchel of CBCI, meaning the company doesn’t need corporate clients and also the dedication of to literally maintain a global presence. As long Expanding to its highly-skilled employees. Dumouchel is as those partners are using the brainpower of Residential Markets exceptionally proud of his team and the efforts treated – with respect. That is at the very core CBCI, Dumouchel is more than satisfied. He is The majority of the research and product develop- they put forth on a daily basis to ensure the of our values.” also cognizant of not growing the business too ment undertaken by CBCI Telecom to this point company remains at the very top of this high- Since taking the helm as president and CEO quickly and aggressively because it risks dilution has been aimed predominantly towards the com- tech industry. in September, 2011, Dumouchel has been instru- of the products and services. It’s also challeng- mercial market, both private and public. The federal “We have the most talented resources and mental in the continuous ongoing success of ing and crucially important to find people with government and the Quebec provincial govern- we know that you have to treat your employees CBCI Telecom, solidifying the company’s position the right skills so it is absolutely critical to follow ment are just two examples of major clients using the way you treat your customers,” he says. “I as Canada’s leader in visual communications. through on comprehensive due diligence when CBCI Telecom. However, Dumouchel envisions believe in treating people the way I want to be “My job is to ensure each regional office is adding new employees. 94 95 COMMUNICATIONS » CBCI Telecom JUNE 2016 « The Canadian Business Journal

a herculean battle brewing between two major worldwide manufacturers who are seeking ultimate control: Microsoft and Cisco. Dumouchel believes that within the next few years one will likely emerge as the sole leader in unified communications solutions. CBCI Telecom, with its specialized technology, is well positioned to move seamlessly forward, regardless of which one of those two titans ultimately ends up on top. The company’s position as a VAR – Value Added Reseller – allows CBCI Telecom to look at every solution offered by the manufacturers, and the company is not tied to a single manufacturer. “We can deliver our visual solutions any place, independently from our clients’ locations and networks, and virtually anywhere — whether it’s at our clients’ location or in a home office. We are well positioned to provide our customers with the very best videoconferencing solutions,” Dumouchel says. CBJ

www.cbcitelecom.com

New Website Conveys In addition to showcasing products and services, website and it was time to update it,” he says. New Philosophies a website is an international marketing gate- “Our philosophy has changed from what it was As top-tier communicators, Dumouchel and his way to a company’s personality, characteristics 20 years ago and we wanted to reflect that team recently decided it was time to unveil a and accomplishments. As a vital marketing tool, change on our new site. The old philosophy was new corporate website, noting many of the new Dumouchel made a point of a new website being more along the lines of pushing intelligence; adaptation of philosophies and technologies at a top priority. now it’s a pull. The idea is to put information on CBCI Telecom that are now at the forefront of “We were so focused on the work we are your website to make people come to you.” the company’s current and future endeavours. doing in the field for our clients we had an older Outside of CBCI Telecom there is currently REAL ESTATE

GREYBROOK REALTY PARTNERS Building value for investors, partners and communities 98 99 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal

Imagination, Inspiration, Innovation at The Forefront of Development.

SINCE PARTNERS Peter Politis and Sasha Cucuz an estimated completion value of over $6 billion came together over a decade ago, Greybrook in residential and commercial real estate across Marlin Spring prides itself on its ability to imagine, to inspire and to innovate. Its industry leading communities are Realty Partners has established itself as one of Canada and the U.S. The firm’s current portfolio distinguished by the highest quality building standards, elegant architecture, vibrant amenities and environmentally the leading real estate private equity firms in includes a diversified mix of low-rise and high-rise friendly features.

Canada. The Toronto-based company has grown residential, purpose-built rental, as well as com- Marlin Spring Developments is a real estate investment and development firm that develops strategic residential and to become one of the industry’s preeminent mercial development. commercial lands within the Greater Toronto Area. asset managers focused on creating value for its Greybrook Realty Partners’ mandate is to The company has a strong, diversified portfolio of low-rise, mid-rise and mixed-use projects in prime locations across investors by sourcing high quality, development- deliver consistent returns for its investors. This is the GTA, with approximately one million square feet currently under development. based opportunities in partnership with some achieved by following a disciplined investment of North America’s largest and most successful strategy that is focused on identifying opportu- MarlinSpring.com real estate developers. Greybrook has invested nities with experienced real estate developers over $700 million in equity across more than 50 in markets that exhibit strong economic fun- development projects, which collectively have damentals, while maintaining an investment 100 101 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal Building your future together

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structure that protects its investors and aligns major element of the firm’s success has been the stakeholder interests. strength and calibre of its developer partners. The Canadian Business Journal recently spoke “Finding the right development partner is the with two of Greybrook’s partners, Peter Politis, most critical step in our process. We’re fortunate CEO of Greybrook Realty Partners, and Sasha to have built strong relationships with some of Cucuz, CEO of Greybrook Securities Inc., about the most well-established and successful play- what it takes to make successful investments in ers in Canada and the U.S. These firms have real estate development. the breadth of experience and organizational strength required to navigate development risk and successfully execute.” Exceptional partners, Greybrook has partnered with over a dozen exceptional returns real estate developers who operate in Southern “Greybrook has delivered strong returns for Ontario and South Florida. “Without these investors by following a disciplined investment high quality partnerships, producing great risk- philosophy and sticking to our investment cri- adjusted returns for our investors would simply teria with no exceptions,” explains Politis. A not be possible.” Cucuz added, “Our investment 102 103 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal

philosophy is complex yet simple. Real estate development is multi-faceted, with many moving parts. Our view has always been that world-class execution is the most critical ingredient to success. Without this, you could have the best site situated in the best market in the world and still find yourself in trouble. Peter and I have seen this throughout our careers, which is why our team applies such a laser sharp focus on developer partner selection. To distill things simply, our view is that if we’ve purchased a good property, with a great partner, and we’ve put in place a structure that aligns our investors’ interests with those of all other stakeholders in the project, then we’ve set ourselves up for success.”

An equity investment Investing with Greybrook Realty Partners is not the only way an individual investor can access Canada’s growing real estate market. In fact, there are several options investors can consider when looking for exposure to real estate development. Politis points out that there are critical differences between what Greybrook does and what many others offer investors. “While our structure itself isn’t unique, it’s what we call “institutional grade”, meaning that more often than not those who play the development game in the manner that we do are pension funds, insurance companies or other institutional money managers. It’s about access,” says Politis. “We’ve always been about bringing institutional grade investment Peter Politis, CEO of Greybrook Realty Partners 104 105 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal

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opportunities to individual investors.” Cucuz being a hands-on asset manager and not a firm adds, “Unlike some others out there who par- that simply raises capital for a development ticipate in development financing through a and moves on to the next deal. The firm stays variety of debt structures or mortgages, we actively involved in every aspect of the ongo- invest pure equity. We feel that doing so pro- ing project and participates in critical decision tects our interests, aligns the interests of all making throughout the development to ensure stakeholders and gives us the highest degree investor return potential is maximized at the of control in execution. Development is so lowest acceptable level of risk. complex that we prefer being in a position of control over the position of a lender.” Cucuz believes the risk/reward balance of Selecting the best the firm’s investment structure is much more projects favourable than some debt based investments, Greybrook evaluates several dozen projects but he points out that being an equity partner each year to identify ones that meet or exceed also comes with a great degree of responsibil- its investment parameters. Projects must fit its ity. Greybrook Realty Partners prides itself on specific investment criteria, which requires a

Sasha Cucuz, CEO of Greybrook Securities Inc. 106 107 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal

thorough assessment of a project’s feasibility, and develop a landmark property located in expected return and an analysis of the poten- Toronto at 140 Yorkville Avenue, at the corner of tial downside risk. Greybrook has invested in Avenue Road and Yorkville Avenue, in the heart of several notable projects including a partnership Yorkville, Toronto’s most exclusive upscale shop- with leading North American developer Property ping and residential neighbourhood. Markets Group (PMG) that will see the development of an ultra-luxury residential development at 300 Biscayne Boulevard in downtown Miami. A defensive investment When completed, the development will be the strategy largest residential tower in Miami. Greybrook has Cucuz and Politis both believe that Greybrook’s also invested $41.4 million of equity in a partner- investment strategy is defensive. They see their ship with Empire Communities to jointly acquire investors as being in a favourable and resilient 108 109 REAL ESTATE » Greybrook Realty Partners JUNE 2016 « The Canadian Business Journal

position should a downturn occur in the market. to bring new investment opportunities in vari- “We see ourselves as land owners first and ous real estate development asset classes to our manufacturers next. It sounds funny when you investors,” says Politis. In the first four months of say it within the context of real estate invest- the year, Greybrook Realty Partners announced ment, but because we’re equity and by way of the successful close of four transactions rep- our structure, we are ultimately owners of the resenting over $70 million of invested equity in subject property with the developer,” Cucuz low-rise land development opportunities. “We explains. “In a way, land is our raw material and have a strong pipeline of opportunities that we if the market is right, we’ll manufacture a prod- are evaluating and that are in line with our invest- uct for a consumer to live in and produce a solid ment thesis. We are looking forward to making return for our investors. If on the other hand these new opportunities available to accredited there’s a market correction, because we don’t and eligible investors,” noted Cucuz. CBJ break ground until we’ve sold the bulk of our inventory, our fallback position as owners is that www.greybrook.com/realty/ we have the ability to sit tight and wait.” Politis adds: “The only thing you can do before making any type of investment is to understand the various risks and to take the time, through careful underwriting to mitigate the risk wherever possible. At Greybrook, we mitigate as much of our development risk as we can through our structure, choice of locations and the strength of our development partners. For us, having staying power is the key to managing risk in development. The fact is, you can only have staying power if you’ve been responsible with your use of leverage when acquiring your land. Using responsible leverage, if any, is fundamental to our underwriting model.”

Outlook for the year “2016 will be an exciting year for Greybrook as we focus on strong execution and work diligently MUNICIPAL

THE CITY OF COLWOOD

A Snapshot of Nature’s Paradise

The City of Colwood is fast becoming one of the most desirable communities in the Greater Victoria area. With breathtaking ocean views, gorgeous parks and trails and over five kilometres of easily accessible ocean beach front. 112 113 MUNICIPAL » City of Colwood JUNE 2016 « The Canadian Business Journal

Colwood musician Ken Mason got families up and dancing at the official opening of the pergolas at Herm Williams Park.

The City of Colwood is a COLWOOD WAS INCORPORATED as a city in captivating, resplendent snapshot 1985 in what would best be described as a reverse of nature’s beauty, a small segment amalgamation. The area had been referred to of paradise located in the Greater as the Western Communities, which included Victoria Area of Vancouver Island. what are now Highlands, Colwood, Langford, Enhanced by its breathtaking views Metchosin and Sooke. Those areas are now disen- across the Strait of Juan de Fuca, gaged from the Western Communities electoral the municipality of just more than area into the various municipalities. Colwood has 17,000 residents is punctuated by an outstanding reputation for its commitment iconic landmarks including the to nature and protecting the environment hav- Fisgard Lighthouse, Fort Rodd Hill ing been named the winner of the Climate and National Historic Site, the Colwood Energy Action Award and Vancouver Island Green Waterfront and Lagoon and Hatley Business, Canadian Solar Cities Award. Castle, which is now home to The Canadian Business Journal spoke with Roadways University. Colwood Mayor Carol Hamilton about how the 114 115 MUNICIPAL » City of Colwood JUNE 2016 « The Canadian Business Journal

from low $400k’s CRAFT YOUR LIFE HERE

PHASE ONE NOW UNDER Fort Rodd Hill & Fisgard Lighthouse in Colwood are home to many community celebrations, including CONSTRUCTION being the quintessential site for Canada Day Celebrations each year.

city is fast becoming one of the most desirable Traditional homes on large lots and condomini- locations to live on Vancouver Island. Much of ums in Colwood are among the most affordable Colwood’s current growth is happening in the in the region. new waterfront community of Royal Bay, span- The city has many regional amenities, includ- ning more than 450 acres. Commonly referred ing the waterfront at Esquimalt Lagoon which to as a bedroom community, the city emphasises includes a National Migratory Bird Sanctuary, the its fantastic quality of life for residents and visi- Juan de Fuca Recreation Centre, the Q Centre, tors alike. Royal Colwood Golf Club, Olympic View Golf “We move a long way away from industry in Club and the library facilities for the Western Colwood,” Hamilton says. “It’s transitioned prom- Communities. inently into a residential location with supporting Hatley Castle is a famous National Historic businesses such as grocery stores.” Landmark within Colwood that was completed Colwood offers many options for home in 1908. From 1941 until 1943 when Grant Block buyers of all ages and income levels. The was completed, the Castle served as dormi- Waterfront and Triangle Mountain areas offer tory and mess hall for cadets and staff officers executive housing with spectacular ocean views. at Royal Roads Military College. It is now the Living in Colwood means your front yard includes miles of oceanfront, where you can walk along the beach all the way from Fisgard Lighthouse to the new Royal Bay community. 116 117 MUNICIPAL » City of Colwood JUNE 2016 « The Canadian Business Journal

administrative centre of Royal Roads University. “With Hatley Castle and the accompany- ing grounds being converted into Royal Roads University we have the benefit of the university and that brings a lot of folks in to the locale,” says Hamilton. As the home to many beautiful parks, which serve as perfect locales for outdoor family activities, each year the City provides residents with a number of community events such as music in the park, art and wine festivals, movies on the hill, neighbourhood nights and story walks. “We have an annual music event in July that has expanded to three days and about 12,000 attendees,” Hamilton proudly says. For the small business owners within the community, Colwood City Hall recently cut the cost of business licences. “It was considered a bit of a double dip,” Hamilton explains.” Folks running businesses are already paying taxes at a higher rate and the min- imal cost on the business licence aspect added on to that, which seemed a bit much against the cost of monitoring and servicing that file.” Another example of helping the business Hatley Castle in Colwood is home to Royal Roads University, which draws students from around the world. It’s also a popular location for film producers, who also favour the Colwood waterfront, forests, parks and trails. sector was tied to a recent hotel that was built. “It met the qualifications and detail in the bylaw that allowed for it to receive a tax exemp- junior high schools and a series of elementary the next few years. Hamilton believes a number As a mixed-use project, a strategic plan for the tion on certain portions of the hotel that are used schools. There are already discussions with of small business opportunities will continue to residential neighbourhoods has taken into account specifically for hotel use. It helps them to get a the school district and the province on how crop up over the next few years, including con- the need for local grocery stores, pharmacies and foothold in the door and we’re already seeing evi- Colwood will meet the demand moving forward, struction. There are several major development gas stations, and the usual day-to-day needs. dence of that being a good move,” Hamilton says. given that the new school is already at capac- projects currently on the go. “Through our official community plan we sat In addition to Royal Roads University, ity, which doesn’t include the 2,500 homes that “We have a number of projects that will all down and identified areas where we wanted to Colwood currently has two high schools, two are scheduled to be built around the school over come online in the near future,” Hamilton confirms. see that node growth happening and the services 118 119 MUNICIPAL » City of Colwood JUNE 2016 « The Canadian Business Journal

Every July, Colwood Rock the Shores - one of Vancouver Island’s premiere outdoor music festivals.

a tour of the community. Colwood attempts to attract specialty groups from Europe on annual basis to get a look and feel for what the community is all about. Students at Colwood’s brand new Royal Bay Secondary School are treated to a breathtaking view over the growing Royal Bay community and across the “We’re building on our arts and culture seg- ocean toward the City of Victoria. ment. We started a waterfront event a couple of years ago that has increased dramatically. The that would be required,” Hamilton says. “We’ve and 7,200-square feet of street level space for as the site, the monies that come through may first year we hoped to get 300 people but there got the Esquimalt Lagoon and two beautiful golf rent by other health and wellness professionals. be less direct to us specifically but more in a was more than 1,000 who attended,” Hamilton courses and a large recreation centre where this Direct spending by the film industry in British regional context,” Hamilton explains. “We just says. “It really is a great place to live and to visit.” past spring they had the international Pinty’s Columbia is just north of $1.2 billion on an had Volvo come in and do an advertisement for As the folks in Colwood like to say, you visit Grand Slam of Curling. There is a lot of attraction annual basis and Colwood often finds itself in one of their models on the Esquimalt Lagoon, for the exceptional sites, and stay for its strong in the overall area surrounding Colwood.” the midst of some of that Hollywood North feel. Coburg Peninsula. It’s a beautiful straight stretch sense of community. CBJ Just last month the City celebrated the Scenes from Harry Potter and X-Men are just two with water on both sides.” ground-breaking for a new Centre for Wellness. examples of what’s been filmed at Hatley Castle The City also recently hosted 46 stu- www.colwood.ca Pacific Centre Family Services Association will “We’re tied in with the Greater Victoria Film dents from a business college in Germany who provide 15,000-square feet of wellness space Commission so whether they choose Colwood stopped in at Railroads University and then did MUNICIPAL

TOURISM SASKATOON

Local Treasures, Openly Shared 122 123 MUNICIPAL » Tourism Saskatoon JUNE 2016 « The Canadian Business Journal

Situated in the heart of the Canadian capacity to host large commercial, corporate, Prairies the city of Saskatoon is sporting and leisure events and increase the city’s a multi-faceted community with profile on an international scale. numerous year-round family Among Brandt’s numerous responsibilities attractions, filled with awe-inspiring include the implementation of a strategic plan intrigue and fun. It is without doubt set by the board of directors, resource devel- one of the best kept tourism secrets opment, team coordination, providing senior in the country. But it’s a secret that’s direction for research, marketing, and prod- being shared by more visitors each uct development activities. He also manages and every year. Saskatoon’s Destination Marketing Program, and is the corporate liaison with the Saskatoon THE CANADIAN BUSINESS JOURNAL recently Hotel’s Association, the City of Saskatoon, spoke with Todd Brandt who is President and Tourism Saskatchewan, the Tourism Industry CEO of Tourism Saskatoon and the man tasked Association of Canada and Destination Canada. with leading the initiative to build the city’s On top of all that, Brandt is the current chair of 124 125 MUNICIPAL » Tourism Saskatoon JUNE 2016 « The Canadian Business Journal

the Destination Marketing Association of Canada. Brandt tells us. “I like the look of the split between it. The entire province of Saskatchewan is well “We have a relatively good balance through- Increasing the number of large commer- national and international conferences and sport known for its agricultural base, potash production out the entire year when I look at each quarter cial, corporate, sporting and leisure events in events. It’s still very competitive out there, even the oil and gas sector. Brandt and his staff work compared with other destinations,” Brandt says.” Saskatoon to expand the city’s overall public more so than five years ago. We have a lot of new closely with those and other industries to attract “There is a slight increase in the summer season profile on an annual is front and centre for Brandt product in Saskatoon that is looking for sale.” healthcare and mining-related conferences. as you would expect but when I look at revenues and his team. A fundamental goal at Tourism Tourism-related jobs in Saskatoon now total “Those are sectors of strength for us not only per quarter it’s pretty even across the board, Saskatoon is to be a broad resource for as many beyond 15,400, which impressively accounts for at a national level but international as well. It’s which is a positive.” people as possible while expanding on the brand- about 9% of the entire city’s workforce in a city very important that every city tries to differentiate Some of city’s cultural showcase events ing efforts of the city. To this point, they’ve been of more than 307,000 people. and focus on areas of strength,” he says. include the Jazz festival, which is a 10-day event. extremely successful with their strategic plan. Federated Co-operatives head office is The city boasts about 65 mainstream events It’s the 30th anniversary this year and it anchors “We’ve moved the mark in a number of areas located in Saskatoon and they have major mar- on an annual basis, and while a sizable number of the kickoff of the summer season. On the sports when you look at overall revenues with more ketplaces every year in Saskatoon, which allows them are in the summer months there is always side, marquee events such as the PGA Tour than $550 million in annual tourism receipts,” for reciprocal business events being built around something going on the entire year round. Canada visits in the third week of June. 126 127 MUNICIPAL » Tourism Saskatoon JUNE 2016 « The Canadian Business Journal

Saskatoon is home to the University of Saskatchewan, the Meewasin Valley Authority which protects the South Saskatchewan River and provides for the city’s popular riverbank park spaces. A major tourist attraction is Wanuskewin Heritage Park, a National Historic Site of Canada representing nearly 6,000 years of First Nations history. It is a non-profit cultural and historical centre, which officially opened to the public in 1992, preserving the importance of its archaeological resources representing nearly 6,000 years of the history of the Northern Plains peoples. “They’ve announced this year that they are going to try and achieve UNESCO World Heritage designation because of the critical importance of the archaeological site and the continuous use of the site by First Nations. It has one of the highest draws of international visitors,” Brandt says. With First Nations’ culture there is a lot of subtlety with their beliefs and artifacts, which makes for an intimate story but they’re quite willing to share with people the various stories. For locals and tourists with an artistic and creative side, the new Remai modern art gallery is about 90% completed and is expected to open within the year. There is about $90 million dedicated to modern art and the gallery has also acquired the largest collection of Picasso lin- ocuts, valued at $20 million, a sizable portion of which was donated by lead patron Ellen Remai. “It’s really going to put us on the map internationally. Art people are going to want to see the Remai Modern,” Brandt says. 128 129 MUNICIPAL » Tourism Saskatoon JUNE 2016 « The Canadian Business Journal

there’s a fresh new arrivals area and departures which is an atmosphere not likely readily known area with a number of new bridges, which was by most people who’ve never experienced needed because of the volumes we were going it first-hand. Demographically, it is Canada’s through. It’s a good experience when you come youngest city and it’s that youthful presence that into the airport.” brings about a tremendous level of energy. Most people who’ve never been to Brandt and his team have made a conscious Saskatoon might expect a flat, dry prairie but it’s decision to try to work from within the com- very much a park land in and around Saskatoon munity outwards. They want to work with local where there are treed valleys and the water here hosts that will work with Tourism Saskatoon to is very accessible. There are always lots of activi- assist in bringing in conferences and trade shows ties on the river with spectating on either side while at the same time showing off the pride of with events such as fireworks, dragon boat festi- the city. vals, and people out waterskiing. We’re putting a lot more time and energy “The river very much is our spine that con- into working with the media to help share the nects us together,” Brandt says. story of Saskatoon,” Brandt adds. Brandt also heads up Saskatoon’s Destination Tourism Saskatoon is one of only a few Marketing Program. internationally accredited destination marketing “The hotels collect the dollars into a fund organizations (DMOs) in Canada, which means and we’re the management and marketing arm carrying a strong standard and consistent work of that. Those dollars are significantly used ethic in terms of being recognized as that trusted to provide incentives. If you’re an association intermediary for others outside of the city. Saskatoon’s sport tourism body has been newer and established properties have upgraded or a group we can help bring your event to “Where we need to get to is recognition of in existence for 18 years with a specific focus the level of amenities, making for an even more Saskatoon. We market nationally and internation- how we can support the community. We want on helping recurring sport events happen and pleasant stay. The airport had had a major termi- ally with those dollars and to the leisure world as people to know that we will work as a trusted drawing big events into the city as well. The nal upgrade about 12 years ago, which has borne well,” he says. intermediary where people come to us and want success they’ve had over the years includes tremendous fruit with a markedly enhanced The overall feel and friendliness of the city to explore the community and consider us for a hosting the high-profile World Junior Hockey number of business and tourism travelers. is quite amazing. People really will sit down and destination,” Brandt says. CBJ Championships. Also coming down the pike is an “Once people are here in Saskatoon it’s a have a conversation with you on a park bench. association with such organizations such as PGA pretty quick and easy city to move around in. It is part of the rural upbringing and ingrained www.tourismsaskatoon.com Tour Canada. From the airport to downtown is about nine min- charms that results in such a cooperative, There have been a large number of hotel utes of travel time,” Brandt says. “The lifespan of friendly atmosphere. Visitors are also often sur- builds in Saskatoon over the past few years, with that terminal, adjusted a number of years ago, we prised by the greenness and beauty in the winter all looking to attract business travelers, be it for surpassed capacity and have already completed with many trails. conventions or other work purposes. Both the another round. As people land at our airport Saskatoon also has a great nightlife aspect, ENERGY & RESOURCES

VICTORIA GOLD

Eagle Gold Project Ready to Soar in Yukon

View of the Eagle gold deposit (located under the switchback roads), the existing 100 person camp to the west, and looking towards the Olive-Shamrock zones (centre background). Photo: www.archbould.com 132 133 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

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spoke with Victoria Gold Corp. President and takeover was Kinross Executive Vice President CEO John McConnell about the latest devel- Hugh Agro. The Eagle Gold Project from the top of the Eagle deposit. Photo:www.archbould.com opments at Eagle Gold and other ventures on “Hugh Agro approached our current chair- the go. The company has origins dating back man, Sean Harvey, and me because we’d known In the far northwest territory of the who are well positioned to participate in a to 2002 but the current directors and manage- each other from previous work history and he Yukon, Canadian-based Victoria highly leveraged gold play and construction of ment team became involved in 2007. It was the asked us if we’d join the board. We did that and Gold Corp. is in midst of developing the largest gold mine in the territory’s history. result of Kinross’s $3.2 billion friendly acquisi- it started the new Victoria,” McConnell explains. a major project at the company’s Yukon is known for its sparsely popu- tion of Bema Gold. “We immediately did a financing with Kinross’s Eagle Gold site, which is shovel- lated, rugged, mountainous geographic area, “In 2007 Bema Gold had a large interest in support and away we went.” McConnell served ready and expected to produce in synonymous with such outdoors activities as a company called Victoria Resources and they as a director until 2010, which is when he took excess of 200,000 ounces of gold dog-sledding, canoe expeditions and hiking. made up the management team and the board the reins as chief executive. per year once it is up and operating Victoria Gold is doing its part in continuing to of directors and they were exploring in Nevada,” The wide-reaching global economic down- at maximum capacity. prove that gold exploration is also a significant McConnell begins. turn in 2008 was seen by McConnell and part of the territory’s identification characteris- Kinross had a decision to make regard- Victoria Gold as an ideal opportunity to acquire THE EAGLE GOLD project is fully permitted for tics and economy. ing an orphaned company known as Victoria two companies: Gateway Gold in late 2008 and construction and operations with shareholders The Canadian Business Journal recently Resources. The man who spearheaded the StrataGold in early 2009. 134 135 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

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“Gateway gave us more assets in Nevada Preparing for Full-Scale and Strata gave us our now flagship asset in the Operations Yukon – which is Eagle,” he tells us. It is estimated about $400 million will be needed Fast forward to the present when Victoria to launch a full-scale project at Eagle Gold, Gold just recently announced additional financ- although McConnell says that is not specifi- ing of $24 million, much of which will go cally the primary near-term objective. For the towards the continued development of Eagle time being, he is primarily focusing his atten- Gold. McConnell says there are also some pro- tion on two main areas. The first is exploring an cedures and protocols they can put in place to area called Olive-Shamrock, which is of interest reduce risk factors in terms of further permitting because of its location, just 2.5km from Eagle. and exploration and on the property. Preliminary data indicates it may yield about 50% “We haven’t totally decided what the use higher grade with similar leach kinetics as Eagle, of those proceeds will be yet,” he remarks. “We meaning it has the potential to be a nice supple- may also – depending on markets – sit tight ment to Eagle or a nice starter pit to get the and conserve our cash and that money will be project moving. part of the ultimate financing of the project.” “We’re drilling that off right now, with three John McConnell, President & CEO of Victoria Gold Corp. 136 137 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

drills running and we hope to finish by mid to strong results, he says it has slightly exceeded late June.” McConnell confirms. That aspect is expectations. “It’s still early days with nine holes related to Victoria Gold’s second area of inter- of an 80-hole drill program so there’s lots more est, which is updating a feasibility study that news to come. It’s certainly been positive what came out in 2012. Along with new gold prices, we’ve seen so far,” he says. exchange rates and fuel and labour prices Once the Eagle Gold project is up and run- coming down as well as steel and concrete, ning at full capacity, McConnell expects the McConnell says he and his team are contemplat- workforce during construction will require any- ing the notion of ushering Olive into the picture where from 300 to 400 people with about 200 as part of the mining plan. onsite at any given time, working on a rotating “That’s why we’re in a rush to get it drilled off schedule. The projections are for similar num- and get it to a reserve category and then we can bers during the operations’ phase as well. There use it in the updated feasibility study,” he adds. will be a fly-in and fly-out operation for about Needless to say, Olive has been somewhat of 50% of those workers coming in from other parts a pleasant surprise for McConnell and his execu- of Canada. It’s expected about 50% will be work- tive team. While they anticipated it would yield ers from Yukon.

The 100 person Eagle Gold Project camp. Photo: www.archbould.com 138 139 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

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Eagle currently has a projected lifespan of at lower price of gold and sluggish capital markets, least 10 years, but McConnell is quite confident it Victoria Gold was forced to cut back to a staff will far exceed that and run for 20 to 25 years, and of about 10, including administration, scientists, maybe longer, with such vast exploration poten- engineers and geologists. It’s a small team of tal- tial in the region. The footprint of the mine and ented experts that McConnell is extremely proud related infrastructures amounts to about 5km- to work with and one he depends on immensely square. Victoria Gold also owns a very large land for support. position in the order of 20km by 10km in size. “We have a very good group and I very much “We have other properties in the Yukon as rely on their input. We make decisions as a team,” well that we’ll get focused on once Eagle is up he says. and running and cash flowing,” McConnell says. The main office for Victoria Gold is in Three years ago, when the gold price was Vancouver, which is where the engineering and $1,700, McConnell and his team were confident administration staff can be found, but McConnell they would be moving to construction with a made a 100% commitment to the Yukon proj- core team of about 30 people. But the situa- ect by moving to Whitehorse about five years The Eagle Gold Project is located on Victoria’s 100% owned Dublin Gulch property in central Yukon. The tion over the last couple of years with both the ago. The relocation has formulated a noticeable photo shows historic placer mine workings along Haggart Creek – Dublin Gulch was a Top 10 placer mining region in the late 1800s. Photo: www.archbould.com 140 141 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

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Inspecting Olive core at the Eagle Gold Project site.

difference in hastening the timeline in advanc- order to improve their own relations. While ing the Eagle project forward far more quickly. many mining companies have been tied up McConnell has been in this line of business his in a plethora of legal battles with various First entire life, having been born and raised in a min- Nations tribes, McConnell’s company has been ing town, so the move to the site is a decision he able to forge ahead with an alliance founded wholeheartedly embraces. in trust and respect thanks largely to open and “It’s been a philosophy of mine going back a transparent dialogue. number of years,” he says of the move. “I feel you “It’s one of the things that separate us from a need a senior person in the organization living in lot of companies – our strong relationship with the jurisdiction where you intend to build a mine. the First Nations,” he states. “We’ve been work- Prior to moving here I probably met the premier ing with them for eight or nine years. In 2011 once or twice, but now I can honestly say he’s we signed a full impact benefits agreement and my friend. It makes a big difference all around.” since then they’ve essentially been our partners A number of other mining companies have moving forward. It doesn’t just come about. It been known to try and emulate Victoria Gold’s takes a lot of work and understanding where template of working with the First Nations in they come from.” The 100 person Eagle Gold Project camp is located atop historic placer tailings. More historic placer mine workings are visible in the background. Photo: www.archbould.com 142 143 ENERGY & RESOURCES » Victoria Gold JUNE 2016 « The Canadian Business Journal

Victoria Gold also owns property in Nevada called Santa Fe, which is somewhat in the background right now but is a property that McConnell and his team believes will be a pipeline for the future. There are also several smaller complementary property sites near Eagle, which McConnell believes will get some activity this summer. The company holds a solid cash position which opens up the option for potential acquisition opportunities, although that clearly is not a primary goal at this time. “Over the past couple of years we’ve probably looked at 40 different projects or companies and we just haven’t found the right fit,” McConnell notes. “I’d say we’ve taken a step back now and we’re not really looking at other opportunities; we’re more focused on moving Eagle forward now.” There is still a lot of work to do in the near term, but looking further down the line McConnell is extremely optimistic about the company’s vast potential. “By 2020 Eagle will be up and running and producing 200,000 ounces of gold at quite a nice margin because our cash costs are estimated to be about $615 per ounce,” McConnell says. “By then we’ll be looking towards the next Eagle; whether it will be in the Yukon or another jurisdiction, I don’t know but with Eagle, Victoria will be an established small gold producer looking to grow itself.”CBJ

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Victoria Gold’s 2016 Exploration drilling program at the Olive-Shamrock zone. CONSTRUCTION & ENGINEERING ENGINEERED ASSEMBLIES

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Vancouver Island Regional Library (Low Hammond Rowe Architects) Photo by Sama Jim Canzian, silentSama architectural photography. 146 147 CONSTRUCTION & ENGINEERING » Engineered Assemblies JUNE 2016 « The Canadian Business Journal

St. Victor’s School

Engineered Assemblies has established offers design support for the complete system, Committed to Better and more creative design doesn’t itself as an innovative leader within engineered shop drawings and site observation innovative, inspiring have to cost more either. As Davies explains, the Canadian and North American for general compliance with manufacturers’ architecture good design actually costs less: “If it is markets since 2007. It was founded instructions. EA partners with installers, Engineered Assemblies helps architects build constructible and inspiring—it brings together to bring innovative building envelope including Praxy Cladding, to bring the whole job what Davies calls “brilliant buildingsTM” because, people—then, in my experience, they tend to solutions to architects and builders, together to a successful result. The company he says great architecture influences how get built better, faster and people are happier bridging design with efficiency, and takes a partnership approach, always working people operate in society—affecting their level with them. And that costs less,” he says. “The offering architects the opportunity to toward solutions. of optimism, productivity, and positive deci- buildings that aren’t inspiring; they aren’t create distinctive designs for all types The Canadian Business Journal recently sion making. “Good architecture, or inspiring constructible, cost a lot because, although the of projects including infrastructure, spoke with Vice President and General architecture, and well-constructed architecture, lower bid guy might have won it, there’s going commercial, institutional, and custom Manager Blair Davies, PEng. about the impor- helps us all,” he says. “Architecture needs to be to be all these extras and there’s going to be houses projects. tance of inspiring, innovative architecture and more important in society. We need to walk into repairs and buildings are going to leak or they’re how the company is constantly striving to help brilliant, inspiring buildings. Inspiring buildings not going to perform or they are going to be THE TORONTO-BASED COMPANY provides architects design and construct top-tier build- need to be in the environment, so when you cold or going to use up a lot energy. And people architectural building product solutions that ings through its leadership and expertise in walk along the street or drive along the high- will pay the price for that set of decisions.” truly contribute to the vision of the architect. It façade and daylighting. way, it’s inspiring, brilliant and beautiful.” This attraction to innovative, inspiring 148 149 CONSTRUCTION & ENGINEERING » Engineered Assemblies JUNE 2016 « The Canadian Business Journal

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architecture is why the company partners with daylighting systems. Over the years, Engineered architects that have a unique vision and push Assemblies has contributed to award-winning, the envelope with their design. Its philosophy environmentally conscious projects. Some of of uniting the house of design with the field of these include the Vancouver Island Regional construction means bringing together a process Library and the St. Victor School in Mattawa, from design to supply to installation, delivering to Ontario. The projects are examples of the closest intent what the architect has in mind Engineered Assemblies’ philosophy of helping for the building. provide superior products to architects with unique design ideas. The Vancouver Island Regional Library Modern projects with by Low Hammond Rowe Architects, was unique materials nominated for the ArchDaily Builidng of the Driving the success behind the company’s Year Award 2016. On this project, Engineered expansive list of projects is a team with Assemblies provided EQUITONE [natura] expertise in rear ventilated rain screen Fibre Cement Façade, combing face-fastened façades, metal roofing and leading designs in large and small EQUITONE panels with an

Blair Davies, PEng., Vice President and General Manager 150 151 CONSTRUCTION & ENGINEERING » Engineered Assemblies JUNE 2016 « The Canadian Business Journal

anti-graffiti coating. The building design was inspired by the majestic trees that surround the site and constructed to embrace a connection to nature by capturing the filtered daylight deep into the heart of the building. The St. Victor School designed was inspired by the rich history of Mattawa’s wood. The wood played an important role in choosing the building material for the project. A structure with high visibility, Laroque Elder Architects Inc. elevated the traditional look of a school, creating a warm and welcoming environment. Engineered Assemblies provided Parlex as the main exterior cladding product because of the authentic look and natural beauty of real wood. “We sure enjoy when somebody starts drawing something that’s different,” says Davies. “Both John and myself and a number of the other staff, we relish those things that make the day interesting.” The company’s façades provide superior moisture management, thermal performance and offer the opportunity for unique aesthetics that have been highly sought after by architects. The modern façade materials include fibre cement, ceramic, porcelain, phenolic and wood veneer phenolic in addition to unique metals like, zinc, copper, stainless steel The building envelope represents the personality and the brand of every building, and the premise of Engineered Assemblies’ unique service in the façade business starts with the empathy for the architect’s process and vision, fusing this vision with the practicality and efficiencies required by the builders.

Vancouver Island Regional Library (Low Hammond Rowe Architects) Photo by Sama Jim Canzian, silentSama architectural photography. 152 153 CONSTRUCTION & ENGINEERING » Engineered Assemblies JUNE 2016 « The Canadian Business Journal

Vancouver Island Regional Library (Low Hammond Rowe Architects) St. Victor’s School Photo by Sama Jim Canzian, silentSama architectural photography.

describes as the company’s constant effort to to the client about products, price point and better itself. “We try to get better all the time. types of buildings. “We listen to our clients and Never resting on our laurels. Caring. Always they tell us what we need. That means our clients trying to attract new people. Never afraid to start telling us what products to have, what price challenge ourselves.” This constant striving point you need to be at, what kind of buildings includes what Davies describes as a ‘hands on you’re going to build. And your job, is not to go approach’ to each project. “Nobody spends the predict anything, your job is just to listen really, A unique approach in the the couple we invented, are from other compa- time we do on the projects,” he says. “And then really, really well,” he explains. CBJ industry nies. Mostly from Europe and a little bit from the nobody earns what we earn for having done On top of providing products that “make some- United States. But we really understand the tech- what we do. We get more work. We usually get www.engineeredassemblies.com thing look really cool,” Davies says the company nology and the construction of these products.” higher prices. We kind of bring it upon ourselves combines these products with technical know- Like the architects who constantly strive to be so involved.” how. “We really understand the implementation to design creative architecture, Engineered Davies attributes the company’s continuing of our products. Most of the products, except Assemblies matches that drive with what Davies success to a new strategy the involves listening CONSTRUCTION & ENGINEERING

T2 UTILITY ENGINEERS INC.

Raising the Bar for Utilities Engineering 156 157 CONSTRUCTION & ENGINEERING » T2 Utility Engineers Inc. JUNE 2016 « The Canadian Business Journal

Condominium Development Subdivision Development Construction Layout Engineering & Topographic Surveys Horizontal and Vertical Control Networks Deformation Monitoring Legal Boundary Surveys Development Site Plans Custom Home Surveying

Land Survey Records Inc. is an Ivan B. Wallace Ontario Land Online digital warehouse of legal We are capable, Surveyor Ltd. has been in the surveys available for both public access, searching and retrieval, & Dependable, and survey business for over 50 professional surveyor access years providing legal and www.landsurveyrecords.com Professional engineering survey services

Surveying Southern Ontario www.ibwsurveyors.com Toll Free: 1.800.667.0696

T2 Utility Engineers Inc. (T2ue) is ONE OF T2ue’s original parent companies, Lawrence Arcand, a licensed Professional employees.” Arcand contributes much of their a multi-disciplinary company that Tampa Bay Engineering (TBE), was providing Engineer who brings almost 20years of experi- success to setting up a strong social commit- focuses on services related to Utility SUE services and recognized that there were no ence. “In the beginning it was just me. Jamie tee, encouraging T2ue sports teams and hosting Infrastructure. They are recognized providers in the Canadian market. TBE decided Bradburn was hired a couple months after me company retreats. “We create that personal small experts when it comes to managing to enter the Canadian market via a Joint Venture for his expertise in geophysics and field investi- business atmosphere where we can grow as the risks associated with utilities partnership with Totten Sims Hubicki (TSH) based gations. Many of the first hires (Matt, Stu, Ryan, individuals and also together as a company.” on complicated infrastructure out of Whitby, Ontario. Together they com- Scott) are still with the company today, now Arcand is responsible for the overall opera- projects. Since 2002, T2ue have pleted a successful pilot project for the Region holding key roles that are essential to the com- tions of the company across Canada and become leaders in Subsurface of Durham. On the heels of that success they pany’s overall success.” Internationally. He attributes one of the keys Utility Engineering (SUE) services decided that they would make an investment in “The Canadian marketplace had issues with to the company’s success being the involve- and now provide a range of services a key hire, Lawrence Arcand, whose goal was to regards to the way that utilities were managed ment and leadership on key industry groups. In including utility mapping, CCTV change how people thought in regards to man- on projects,” says Arcand. “Our concept was addition to his roles within T2ue, he is a board sewer inspection services, utility aging underground utilities in Canada. to bring some new ideas to the Canadian mar- member of the Ontario Regional Common coordination and utility design to T2 Utility Engineers Incorporated (T2ue) ketplace and reduce the risks that our clients Ground Alliance (ORCGA) and he sat on a wide range of public and private grew out of the original joint venture, officially were experiencing. Since those early days, we the Technical Committee of the CSA S250- clients across Canada. incorporating in 2012. T2ue is led by President have now grown to a strong team of over 60 Mapping of Underground Utility Infrastructure. 158 159 CONSTRUCTION & ENGINEERING » T2 Utility Engineers Inc. JUNE 2016 « The Canadian Business Journal

He currently co-chairs the TAC Public Utilities Other key staff including Jamie Bradburn Management Subcommittee. “I chair the and Ophir Wainer, represent T2ue in other indus- Transportation Association of Canada’s Public try groups such as the Canadian Society of Civil Utilities Management subcommittee where Engineers and Centre for the Advancement of municipalities, Utilities and ministries of trans- Trenchless Technologies. portation and other stakeholders from all across “What truly gives us a competitive advantage the country collaborate on new ideas and new is being on the leading edge in the development methodologies that can be used for managing of standards and guidelines that our industry utilities. We have just published the Guideline for follows,” says Arcand. “We try establishing our- the Coordination of Utility Relocations, which I selves as leaders in the industry so that we can think will be a fundamental document that will shape the direction that it’s going in. Our clients shape the way utility coordination work is done know that we have that knowledge and expertise in Canada.” to keep them on the cutting edge.” 160 161 CONSTRUCTION & ENGINEERING » T2 Utility Engineers Inc. JUNE 2016 « The Canadian Business Journal

T2 Utility Engineers has the personnel and as light rail transit projects across the country for maintenance of the trains. The building is with in-house expertise. Designating, locating experience to handle any project from small including the Eglinton Crosstown LRT, the Finch designed to a LEED Silver certification. T2ue and the preparation of deliverables are handled designating jobs to large scale SUE (Subsurface West LRT, the North Line in Edmonton,Ottawa provided key SUE Utility Mapping services as well by a strong team of professional engineers, field Utility Engineering) mapping projects. “T2ue is LRT, the Seventh Avenue Line in Calgary and the as topographic survey services for the project. technicians and CADD technicians who effi- a relatively small company but we do work on Waterloo LRT project.” T2ue is doingall SUE mapping services in house, ciently and effectively complete the projects. some rather large and notable projects,” says One high profile project that T2ue worked and is teaming up with Ivan B. Wallace Surveyors “Our focus is on providing quality services Arcand. For the past few years, T2UE has worked on was theEast Rail Maintenance Facility (ERMF). to provide the survey component of the proj- related to underground utilities infrastructure,” on 20-25 of the projects listed on ReNew T2ue was excited to have the opportunity work ect. T2ue’s strategic relationship with IBW allows says Arcand. “We help our clients manage the Magazine’s Top 100 projects. “We’ve worked on this project which is located right in their them to provide accurate above and below grade utility infrastructure, which is a complicated onthe 407 ETR expansion, the Union Station TTC home town of Whitby. The ERMF is an $850 mil- mapping for many key clients. aspect of their projects; and one of the top risks redevelopment, Vancouver Airport Expansion, lion dollar, 500,000 square-foot facility designed Known for being a niche engineering con- they face”. North East Anthony Henday Ring Road, as well to provide storage for GO Trains, as well as bays sulting firm, T2ue manages all SUE capabilities T2ue works to manage that risk by first doing 162 163 CONSTRUCTION & ENGINEERING » T2 Utility Engineers Inc. JUNE 2016 « The Canadian Business Journal

management. SUE is an interpretive science and it relates to underground infrastructure, allow- therefore the firm’s experience plays a major ing them to tie the underground to the above role in the overall quality of work completed. ground in 3 Dimensions. “More and more now, “The only thing worse than no data, is bad data,” we’re working to create 3D drawings of the says Arcand. “A properly planned and executed underground infrastructure,” says Arcand. “Using SUE investigation provides many benefits to the a variety of techniques, we can create a com- project owner including fewer project delays and plete 3D model of underground utility networks.” lower overall project costs.” In the midst of a dynamically changing and Having reliable utility information allows the evolving world where technological innova- project designers to make informed decisions tion will continue its rapid pace; the world will resulting in fewer conflicts and delays through- be intensely interconnected and the engineer- out the project. “SUE is the cornerstone of what ing industry will need to be multidisciplinary we do,” says Arcand. “Creating those reliable, and resilient. T2ue embraces this reality and is accurate maps of the underground infrastruc- always one step ahead with their technologi- ture, has been a real growth area for us. Now cal innovation. The team at T2ue is able to meet as people are becoming more conscious of the and exceed the demand when it comes to utility need for good utility coordinators, we’re seeing mapping, utility coordination and utility design to that side of our business grow as well.”T2ue’s a wide range of clients, and supply the resources clientele boasts a roster of some of the most needed to complete both large and small proj- recognized names in the industry. There is ects on a national and international stage. CBJ no shortage when it comes to the company’s future ventures. “Two of the key projects that www.t2ue.com we’re excited about are our recent projects with Metrolinx for the Hurontario and Hamilton LRT projects,” says Arcand. “We are also anxiously proper utility mapping so theyidentify the exact we’ve developed very effective techniques for awaiting the release of the RFP for the Gordie location of the utilities. “In the past, the standard identifying what utility impacts exist and coordi- Howe International Bridge project, of which we practice was compiling records from utilities nating with the various Utility company project are bidding with the AECOM team.” which were often incomplete and inaccurate,” designers to minimize the overall impact.” Being on the forefront of innovation, T2ue is says Arcand. “We’ve proven that through the use T2 Utility Engineers is the largest most expe- currently exploring new methods for the collec- of geophysics and proper engineering process, rienced provider of SUE services in Canada. tion of utility data. They have currently invested we can produce accurate, reliable drawings of The two main applications of SUE are at the in some state of the art CCTV inspection tech- the underground infrastructure which acts as the design stage of capital works projects or to nology for the collection of sewer data. They foundation for our risk mitigation. From there, collect accurate information as part of asset are also using LIDAR technology, specifically as RECREATION

AFRICAN LION SAFARI®

Protecting endangered species for more than 40 years 166 167 RECREATION » African Lion Safari JUNE 2016 « The Canadian Business Journal

When retired Canadian army colonel THE ORIGINAL IDEA of “maintaining self- Gordon Dailley founded the African sustaining populations of species in decline” Lion Safari® in 1969, his vision was has remained the park’s top priority. Over the spoke with Karen O’Grady Director of Special to provide a unique experience for years, African Lion Safari has breed 30 endan- Projects about the unique experience the park guests while creating a safe place gered species and 20 threatened species. provides for visitors and its remarkable wildlife where endangered animals and Today, African Lion Safari is situated on 750 breeding program. African Lion Safari is a pri- birds could thrive. After an expansive acres where animals roam while the visitors vately owned company that does not receive search, he settled on property are “caged” in their vehicles. During their vis- government funding or subsidies. The profits outside Hamilton, Ontario that he its, guests see lions, zebra, giraffe, white rhino, from tickets purchased by visitors, contribute to considered ideal for vast reserves ostrich, watusi, kangaroo and many other exotic the park’s ongoing breeding programs, research where wild animals could freely species interacting in a natural environment. and development and wildlife conservation both Gordon Dailley roam. He created African Lion Safari. The Canadian Business Journal recently at the park and in range countries. 168 169 RECREATION » African Lion Safari JUNE 2016 « The Canadian Business Journal

An entertaining and nurturing and raising their young. It’s a gift and educational experience joy to be able to see animals in a natural envi- African Lion Safari’s mission is to provide an ronment and to be able to share this experience entertaining and educational environment in with your children.” which to display and propagate animals in a safe African Lion Safari also offers other presen- manner that gives a unique viewing opportunity tations and tours that are designed to educate to all of their visitors. and nurture respect for animals and their natural “It’s the parks unique design concept that habitats. Visitors can enjoy three bird and animal enables visitors to get close to animals. Visitors presentations featuring Parrot Paradise, Birds of drive through large game reserves in their own Prey Flying Demonstration, Elephant Round Up as vehicle and are able to experience animals well as two nature tours, and the daily Elephant roaming free,” explains O’Grady. “You’re visit- Swim. It is the Safari’s hope that visitors are able ing their space. You see them walking, grazing, gain a better appreciation for wildlife, learn why 170 171 RECREATION » African Lion Safari JUNE 2016 « The Canadian Business Journal

some are endangered and what African Lion endangered rhino, zebra and ostrich. Visitors care, management and breeding of many endan- space to roam, engage in natural physical activ- Safari and its staff are trying to do about it. get the opportunity to hand feed Canada’s gered birds and animals. The park has initiated ity, and live in herds with other species. Recently, the park introduced a new VIP largest herd of Giraffe. Wake Up The Wild is ground breaking research projects in the fields of “The fact that you have the rhino resid- experience, “Wake Up the Wild,” an exclusive so unique it has been designated an Ontario animal welfare, reproduction, behavior, nutrition ing with giraffe, with zebra, with ostrich—much behind-the- scenes adventure that gives visi- Signature Experience! and conservation. Dedicated staff play an integral like they would in the wild—is a key component tors the opportunity to experience the morning part in the success of the park’s conservation and that contributes to the park’s thriving breeding routines of animals before the park opens. breeding initiatives. program,” O’Grady explains. “When species are “Wake Up The Wild was developed in Conservation Over the years, African Lion Safari has been mixed, this stimulates competition among each response to many customer inquiries for and protection of able to breed animals that are notoriously dif- species and the internal desire to reproduce.” a behind the scenes experience” O’Grady endangered animals ficult to breed. These animals include the Asian In particular, African Lion Safari maintains one explains. Visitors get to experience a pride of In 1975, African Lion Safari was a founding elephant, cheetah, rhino, Rothschild giraffe of the most remarkable conservation programs lions at their most active time of day; walk- member of the Canada’s Accredited Zoos and and an array of birds. O’Grady says its breed- for Asian elephants in the world and is proud to ing, running, devouring their morning meal. Aquariums (formerly the Canadian Association ing programs have been successful because manage a vibrant and cohesive multi-genera- The tour then continues off road on an of Zoological Parks and Aquarium). It has earned the animals live in a natural environment that tional herd. “We had great success with them open air truck to come within a metre of the an international reputation for excellence in the is similar to life in the wild. They have plenty of being able to reproduce naturally,” she explains. 172 173 RECREATION » African Lion Safari JUNE 2016 « The Canadian Business Journal

“A lot of that, again, is attributed to their enriched environment. They are physically and mentally stimulated and they are an active herd that live in a cohesive matriarchal group. But the key was exercise and mental stimulation, which, again, our wildlife park was set up for.” African Lion Safari enthusiastically shares its breeding know-how with other conservation efforts worldwide. It supports in-situ projects such as species reintroduction for the Eastern Loggerhead shrike, Burrowing owl, Ferruginous hawk, and Barn owl. Its staff travel worldwide to provide training and support, improving the conservation, management and welfare of many species. Its efforts in providing technical training in elephant husbandry and welfare, data collection, community relations and conservation education have been successful. “The ultimate goal is that we’d like to take that research—the assisted-reproductive technology that we’ve developed, learned and harnessed at African Lion Safari—and transfer that to wild populations.” CBJ

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