Manitoba Chambers of Commerce

FOCUS Third Quarter 2007

Entrepreneurial Spirit • Community Values

Fighting Disease, Feeding the World

Manitoba’s Biotech Boom Perpetual Pioneer

The Secret Behind James Richardson & Sons’ Success

Selkirk Celebrates

125 Years

PM#40787580

■

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WORKING CAPITAL solutions that complement your business line of credit, thereby helping to support your growth. ■ What’s more, BDC Consulting can also help you optimize your inventory management. ■ BDC Financing and Consulting solutions: just one of the many ways we can help you get a better night’s sleep. Sweet dreams. www.bdc.ca 1 888 INFO-BDC

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What inspires a child to

dreambig?

How does a young child grow to become an athlete, a scholar – a champion?

At The University of Winnipeg, we believe it’s about opportunity – seeing the possibilities that lie ahead, believing in yourself, being surrounded by people who believe in you, with a supportive team at your side and the financial resources at hand to achieve the dream.

THE UNIVERSITY OF WINNIPEG OPPORTUNITY FUND This innovative bursary program is a bold new step to encourage students at a young age to know that a university education is within their reach, and to help them make it happen. The Opportunity Fund opens a door of possibilities to youth from inner city neighbourhoods, Aboriginal students and young people from war-affected nations and refugee populations. This new Fund will help remove the financial obstacles to attending university and encourage youth to complete their high school education. Our integrated approach includes: • • • • • • •

a “helping hand” for students who show academic promise tuition credits earned as early as grade 4 up to $4,000 in total tuition support bursaries for critical needs such as emergency child care, food and shelter a transition program for entry-level students, helping them succeed a focus on student groups under-represented at the university level enhanced learning through UWinnipeg’s school-based Eco-Kids and Enviro Techs programs focusing on science, environment and traditional Indigenous knowledge • development of healthier communities through microfinancing for local businesses

Ó!B!tnbmm!hftuvsf!pg!sfdphojujpo!jt!mjlf!Õb!ubq!po!uif!tipvmefsÖ! gps!tpnfpof!gspn!uif!joofs!djuz!xip!ibt!ofwfs!esfbnfe! pg!b!gvuvsf!uibu!jodmveft!pqqpsuvojuz/!Uif!Vojwfstjuz!pg! Xjoojqfh!Pqqpsuvojuz!Gvoe!jt!eftjhofe!up!ifmq!joofs.djuz! zpvui!esfbn!pg!b!gvuvsf!gps!uifntfmwft/Ô! !Dr. Lloyd Axworthy, President and Vice-Chancellor

Help close the graduation gap and create a brighter future for our youth. Donate today… on-line at: http://www.uwinnipegfoundation.ca For inquiries, contact: 705-491 Portage Avenue Winnipeg, Manitoba, Canada R3B 2E4 Telephone: 204.786.9995 Toll-free: 1.866.394.6050

THE MCC’s VISION: • Policy development that brings together businesses of all sizes, from all sectors, and communities across Manitoba. • Non-partisan public debates of integrity, that criticize government where necessary, praise government where warranted, and disdain personal attacks and exaggeration.

Contents 6

Perpetual Pioneer The Secret Behind JRSL’s 150 Years as a Cutting-Edge Company

• A Business community that demonstrates high ethical standards in all it does. • Businesses dedicated to the vitality of their communities, the prosperity of their employees and the sustainability of the environment. • A province that understands the nature and value of entrepreneurship and promotes the competitive enterprise system. • A provincial government with sound, long-term economic strategies that are focused without ignoring opportunity, flexibility and diversity. • Government policies and spending that are efficient and effective, delivering the programs that Manitobans need and helping the disadvantaged. • A Manitoba that promotes the progress of all its citizens toward individual freedom, dignity and prosperity, and opposes any form of negative discrimination or needless control. THE MANITOBA CHAMBERS OF COMMERCE BOARD OF DIRECTORS: 2007-2008 OFFICERS Chairman Jeff Zabudsky Vice-Chairman Daniel Paul Bork Vice-Chairman Ken Wilk Vice- Chairman Sandra Unik Legal Counsel Tracey L. Epp Treasurer Mr. Wayne McWhirter Corporate Secretary Mr. Jim Forestell Immediate Past Chairman Ms. Jean McClellan REGIONAL VICECHAIRMEN Mid-West Region Blue Moffat Parkland Region Ron Clement Western Region Don Forbes Interlake Region Lorne Floyd Pembina Valley Region David Wilkinson Capital Region Jack Wilson Eastern Region Ted Kelly NorMan Region Doug O’Brien NorMan Region Brad Ritchie Central Region Dennis Brownlee CHAMBER REPRESENTATIVES* Assiniboia Chamber of Commerce Howie Whatman Brandon Chamber of Commerce Jeff Fawcett Chambre de Commerce de Saint Boniface Stephane Dorge Winnipeg Chamber of Commerce Trevor Sprague

Dauphin & District Chamber of Commerce Bob Curle Flin Flon & District Chamber of Commerce Doug O’Brien Morden & District Chamber of Commerce Carol Williams Portage & District Chamber of Commerce Chris Dyer Selkirk & District Chamber of Commerce David Bayluk Winkler & District Chamber of Commerce Brenda Storey Steinbach Chamber of Commerce Kim Shukla Thompson Chamber of Commerce Terry Brown DIRECTORS AT LARGE Laura Kwiatkowski John MacAulay Kevin Skinner Silvia de Sousa Yvette Milner Lee Jebb William A. Smith David Chan REPRESENTATIVES OF THE PAST CHAIRMEN Mr. Brian Kelly Larry McIntosh David Newman Julie Turenne-Maynard Judy Sawatsky EX OFFICIO Corporate Daryl Giese Corporate Garth Manness Social Justice David Northcott MRI Joe Barnsley Education Mr. Digvir S. Jayas * Local chambers serving a community with a population over 7,500 may name a member to the Board.

By Dan Overall

18 20 22 24

An Exclusive Interview with Hartley T. Richardson Manitoba Matters News and Notes Relating to our Province and its Business Community The MCC: Making a Difference • Challenging Manitoba Youth • MCC Meets with Federal Liberal Leader Over Labour Bill • Celebrating Manitoba Day: The Video Taking Care of Business Meeting with England’s Oldest Chamber By Graham Starmer

26 30 32 34

Fighting Disease, Feeding the World Manitoba’s Biotech Boom An Exclusive Interview with Jay Handelman Community Leaders Team Effort has Selkirk & Area Sizzling Focus on Finance Booming Job Market and Disappointing Economy: Explaining the Disconnect By Frank Sottana, District Vice President, Winnipeg West, CIBC

36

Focus on Education Policy Potpourri for What Ails Us By Louis P. Visentin, President, Brandon University

Publisher Robert Thompson Editor Ali Mintenko Canadian Sales Manager Steve Beauchamp Sales Executives Hayden Dookheran, Nolan Ackman Production Team Leader Zig Thiessen Graphic Design Specialists James T. Mitchell, Krista Zimmermann, Jorge Gérardin Production Co-ordinator Sharon Komoski

Published by:

5255 Yonge Street, Suite 1000 Toronto, Ontario M2N 6P4 Toll Free: (866) 216-0860 ext. 229 [email protected] 1 Wesley Avenue, Suite 301 Winnipeg, MB Canada R3C 4C6 Toll Free: (866) 201-3096 Fax: (204) 480-4420 www.mediaedgepublishing.com President Kevin Brown Senior Vice President Robert Thompson Branch Manager Nancie Privé

All rights reserved. The contents of this publication may not be reproduced by any means, in whole or in part, without the prior written consent of the association. Publication Mail Agreement #40787580 Manitoba Focus is published quarterly by MediaEdge Publishing for the Manitoba Chambers of Commerce. The views and opinions expressed in this magazine are not necessarily those of the Manitoba Chambers of Commerce, or MediaEdge Publishing. Please Return Undeliverable Copies To: Manitoba Chambers of Commerce 227 Portage Ave., Winnipeg, MB R3B 2A6 Phone: (204) 948-0100 Fax: (204) 948-0110

Third Quarter 2007 Manitoba FOCUS • 5

PERPETUAL PIONEER The Secret Behind JRSL’s 150 Years as a Cutting-Edge Company By Dan Overall

I

Top row (l to r): James Richardson, Founder George A. Richardson, President 1892-1906 Senator Henry W. Richardson, President 1906-1918 James A. Richardson, President 1918-1939 Agnes M. (Richardson) Benidickson, Board Member 1941-1998 The Honourable James A. Richardson, Board Member 1946-1968 Bottom row (l to r): Muriel S. Richardson, President 1939-1966 Carolyn A. (Richardson) Hursh, Chairman of the Board 2000-present Hartley T. Richardson, President 1993-present Kathleen M. Richardson, Board Member 1954-1998 George T. Richardson, President 1966-1993

6 • Manitoba FOCUS Third Quarter 2007

t’s simply known as ‘the photo’. It is one of many historic pictures lining the walls of the boardroom on the 30th floor of the Richardson Building, the corporate headquarters of James Richardson & Sons, Limited (JRSL). It also competes with a spectacular view of Portage Avenue. And yet it stands out, capturing your gaze. Staff joke that if the building was ever on fire and they could grab only one picture, that would be it. Circa 1938, ‘the photo’ features three men. One is Franklin D. Roosevelt, author of the fabled ‘New Deal’ and the only U.S. President elected to four terms. Another is Mackenzie King, the longest serving Prime Minister in Canadian history and father of Unemployment Insurance and the Old Age Pension. The third is James A. Richardson, fourth president of what has become JRSL.

For all its uniqueness, the photograph captures much that is typical of JRSL. First, there is the notion of ‘service’. While FDR and King are bedecked in three-piece suits, Richardson is wearing the robes of Queen’s University. He is Queen’s Chancellor and is bestowing an honorary degree upon the U.S. President. Richardson’s position as head of the university was typical of his commitment to community, a dedication that echoes throughout the long history of JRSL. There is also an air of ‘significance’ about the picture. To be sure it was a significant event, the photograph marks the first time a U.S. President visited Canada. But there is also the notion of ‘significance’ as something major, a sense of being almost larger-than-life. FDR has it, Mackenzie King has it, but so too does James A. Richardson and the company he helmed. If it seems audacious to suggest that a businessperson, a head of a Canadian company no less, could stand shoulder-to-shoulder with historical luminaries like FDR and King, (by the way, Richardson also met with Churchill, a Richardson Securities customer, when the British icon visited Winnipeg), that leads to the third element invoked by the picture, ‘surprise’. Truth be told, not many know of the history of JRSL, so they are surprised to see Richardson in a picture with FDR and King. But it makes sense to them once they hear about what this company and its people have accomplished.

A lot of Manitobans went through this process when the Winnipeg International Airport was recently renamed in honour of, ironically enough, the Richardson in the FDR photo. Most were surprised, and then assumed the honour recognized the company’s importance to Manitoba. The reality is James A. Richardson played a significant role in developing air travel in Canada. It is an astonishing tale of entrepreneurial spirit and determination that led the Canadian Aviation Hall of Fame to dub him the Father of Commercial Aviation in Canada. The Hall of Fame’s citation reads, “In the long annals of Canadian flying history, no businessman gave more of himself for less reward to the lasting benefit of Canadian aviation.” The truly amazing thing about JRSL is this pioneering spirit has been a constant throughout its 150 year history (see the panel across pages 12-13 for a list of some of JRSL’s achievements). This entrepreneurial bent began with the patriarch James Richardson in the early 1800’s. As a tailor he often accepted payment in bags of barley and wheat. Seeing that re-selling those bags was more profitable than making clothes, he opened a grain business in 1857, James Richardson & Sons. The business was a great success and grew rapidly. But success did not dull the keen eye of Richardson. Although he had never been to the Prairies, he saw the potential of the West. As a result, in 1880, three years ahead of the railway, James Richardson & Sons was building its business in Winnipeg.







                                                       
                                     



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Third Quarter 2007 Manitoba FOCUS • 7

Whether it’s electronics or lumber, what matters to you matters to us. Maintaining relationships to respond to your needs, developing supply chain improvements with our partners and ensuring port capacity, now and in the future, are just some of the contributions you can expect from CANADA’S FLAGSHIP PORT .

The Port of Vancouver congratulates James Richardson & Sons on 150 years of outstanding customer service.

www.portvancouver.com

Perpetual Pioneer

Above: “The Photo” - James A. Richardson, Mackenzie King, and Franklin D. Roosevelt during Canada’s first visit by a U.S. President. Circa 1938.


        
    
   
           

  

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 Third Quarter 2007 Manitoba FOCUS • 9

Perpetual Pioneer

And that enterprising spirit continues to this day. Over the last decade JRSL has seen record growth managing four divisions: agriculture, financial services, real estate and energy. For example, 2003 marked the return to Financial Services with the introduction of Richardson Financial Group, consisting of two operating divisions: Richardson Capital Limited which focuses exclusively on private equity investing, and Richardson Partners Financial Limited, which provides a full range of money management solutions to high net worth clients. The Firm has a long history in financial services dating back to 1926 with the introduction of Richardson Securities of Canada. Perhaps most remembered was the merger of Richardson Securities of Canada with Greenshields Incorporated in 1982, as two of the oldest and most prominent investment firms joined to become Richardson Greenshields of Canada Limited. Together the two companies became the largest privately owned, independent investment and commodity contracts dealer with offices in Canada, the United Sates, London, Geneva, Frankfurt, Hong Kong, Tokyo and the Caribbean. At its peak, Richardson Greenshields employed more than 700 investment advisors in 70 offices worldwide, serving the needs of over 400,000 clients with assets under administration in excess of $18 billion. After much

consideration, a decision was made in 1996 to accept an offer from a major Canadian bank. Within three years of its inception, Richardson Partners Financial was recognized as one of the fastest-growing wealth management firms in Canada with over $7 billion in assets under administration. In December of 2006, Richardson Capital closed its second private equity fund, raising $720 million in capital. Raising $1 billion in private equity capital in funds one and two in less than three years remains an extraordinary accomplishment. How does a company stay a pioneer, indeed, not only survive but thrive at the cutting edge for 150 years? It’s tempting to credit time and size, but many of our historical brands and big companies have faltered and died, or been gobbled up. And it has become custom to assume that most family companies will falter after three generations (JRSL is on its fifth generation and going strong). Maybe there is an intense and rigorous system of training before anyone assumes control of JRSL? When James A. Richardson suddenly died of a heart attack in 1939, his wife Muriel assumed the role of president. Although she had been a Director on the company’s Board for 15 years, she had no formal business training. This caused some to fear for the

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Perpetual Pioneer

future of the company. They needn’t have worried, while shepherding JRSL through WWII and then on to significant growth she also managed to introduce a number of employee benefits including a pension plan and group life insurance, served the community in many ways and, on the company’s 100th anniversary, established the Richardson Century Fund to provide books to school and university libraries. As a result of her remarkable leadership, Muriel Richardson became the first woman inducted into the Canadian Business Hall of Fame. Maybe it’s simply the Richardson family DNA? Well, Muriel was a Richardson by marriage, not birth. In any event, the family would be the first to point out that a huge part of JRSL’s success is due to those who don’t bear the Richardson name. Certainly the company’s history is replete with stories of employees who have indeed made crucial contributions to JRSL.

Take for example Ralph D. Baker. An employee in the company’s brokerage business, he firmly believed the market was vastly overvalued. Heeding his advice the firm gradually got out of the margins business. Sixteen months later Black Monday signaled the 1929 collapse of the stock market and the beginning of the great Depression. Hard times for JRSL could have been devastating but for Baker’s shrewd analysis. Ask Hartley Richardson, JRSL’s president since 1993, to explain the company’s long-term success and he will eschew catch phrases and trendy visions, instead he says the secret to staying a cutting-edge company are some pretty traditional values. “Absolutely a lot has changed over those 150 years, but certain fundamentals don’t.” He begins, fittingly enough, with the company’s 150-year old mantra, “Our goal is to be the kind of business organization in which people can place their trust,” and proceeds to talk about the importance

Canadian Airways helped open the nearly inaccessible Canadian North with a transport, freight and mail service operation.

Richardson No. 1, located on the Kingston waterfront, was the first major elevator to handle western Canadian grain in the 1880s.

James Richardson & Sons’ first grain office on the Commercial Wharf in Kingston.

One of the many vessels in James Richardson’s Mosquito Fleet which transported Canadian barley to New York three months before Confederation.

12 • Manitoba FOCUS Third Quarter 2007

James Richardson was named the Father of Canadian Commercial Aviation. His vision resulted in Canada’s first national airline, Canadian Airways Limited, later known as Canadian Pacific Airlines.

1928. Richardson Securities of Canada Limited was the first company to use teletype machines for the transmission of orders and information between office and world markets.

1938. James Richardson, Prime Minister Mackenzie King and US President Franklin D. Roosevelt during a convocation ceremony at Queen’s University. It was the first time a US President had visited Canada. The Richardson port terminal in Port Arthur was recognized as one of the most modern and technologically advanced facilities of its kind.

1939. Muriel Sprague Richardson, the fifth President of the Firm, was the first woman to lead a major Canadian company. She would become known as the First Lady of Canadian Business. Former subsidiary, Patricia Transportation Company, played a significant role in opening up northwestern Ontario.

Perpetual Pioneer

of honesty, integrity and fairness. “It all ties back to our belief that the key to sustainability is being a relationship-based rather than a transaction-based company.” It may seem trite to suggest that any business that wants to live another day should see a customer as an ongoing concern rather than a one-shot, but it appears common sense isn’t so common. Andrea Mandel-Campbell’s “Why Mexicans Don’t Drink Molson’s”, a veritable indictment of the entrepreneurial savvy and vision of Canada’s business establishment, includes the criticism that many Canadian companies put little stock in relationships. She quotes Mark Romoff, a former federal trade commissioner who has been posted to Japan, Mexico and Malaysia: “For Canadians, business is first and the relationship comes later. The best price is what counts and that’s what rarely counts in most other places in the world.”

Marine Pipeline of Canada Limited built the first commercial natural gas pipeline north of the 60th parallel. Pioneer Shipping Limited operated on Canada’s Great Lakes.

JRI’s port terminal in North Vancouver, British Columbia, is one of the most successful grain handling facilities in the world.

Richardson Securities of Canada Limited merges with Greenshields Incorporated in 1982, becoming one of the largest privately owned, independent investment and commodity contract dealers in Canada.

Canbra Foods was the first company in the world to market refined canola oil and is one of Canada’s largest fully integrated oilseed crushing, refining, processing and packaging operations.

And therein lies the dilemma in relation to understanding JRSL’s success - its secrets are hiding in plain sight, they are about substance over form, basics over buzzwords, a dedication to values so seemingly mundane their mention as sources of success are more likely to lead to a rolling of the eyes than emulation. Says Hartley Richardson, “Something well bought is half sold, yes it’s common sense but the key is living it day in, day out.” Then again, looking at JRSL’s history does confirm the power of these basic values. Being a relationship-based company led it into a wide array of ventures from fertilizers to financial services and logistics, all designed to help farmers enhance the quantity and quality of product JRSL made money shipping. While radio was in its infancy the company even went so far as to set up broadcasting stations so western farmers could access timely information including weather reports, crop updates and stock prices.

Richardson Partners Financial Limited is one of Canada’s fastest growing independent wealth management companies, operating in 9 major centres across Canada.

Completed in 1969, The Richardson Building was the tallest structure in western Canada and the first of its kind in Winnipeg.

A significant find in the main Sinclair oilfield in January 2003 resulted in the construction of the Sinclair oil battery and oil gathering system in the summer of 2005. Tundra Oil & Gas Limited has drilled over 900 wells in the Williston Basin and continues to focus on this light oil prone area.

JRI operates the largest privately owned network of grain facilities and port terminals in the country.

Richardson Capital Limited is focused exclusively on private equity investing.

Third Quarter 2007 Manitoba FOCUS • 13

Perpetual Pioneer

However, a commitment to being relationship-based doesn’t just guide a company in the business ventures it takes up; it also determines the ‘how’. “We can compete against large global multinationals because we offer value and service, not just price.” explains Hartley Richardson. “Unless you are the very largest of companies, if you fall into the trap of just competing on price you are going to lose in the long-term.” JRSL also used to pursue a breathtaking commitment to diversity. The company’s history reveals involvement in cotton mills, hosiery, locomotives, pianos, tile, and Technicolor film (to name but a few). That’s one thing that has changed. “More often than not when we have jumped outside of our core competency we have paid for it, and after a while you learn,” says Hartley Richardson. Now the company looks for very defined and specific niches that relate to its core strengths, ideally a niche with the potential for a new technological advantage. Hartley Richardson sees it as a win/ win, “If the new technology fails we can revert back to conventional technology, however, if we are right on the new technology we will win big because we’ll have a real advantage in utilizing the niche.” Case in point, consider the company’s operation of Tundra Oil & Gas Limited near Sinclair, Manitoba. “Our Energy Division included Top Photo: A Tundra crew drills near Virden, Manitoba Bottom Photo: James Richardson and Sons’ first grain office on Commercial Warf in Kingston, circa the early 1890’s

This moment brought to you by Ducks. Nearly 70 years ago a group of conservationists set out to battle the effects of drought on diminishing waterfowl populations. Among these visionaries was James A. Richardson, one of the first board members of the fledgling organization known as Ducks Unlimited Canada. The Richardsons have generously supported our habitat conservation, education and science programs ever since. Today Ducks is Canada’s leader in conserving, restoring and managing wetland and wildlife habitats in Manitoba and across the country. Congratulations to James Richardson & Sons, Limited on your 150 years of success. Thank you for your leadership.

. 14 • Manitoba FOCUS Third Quarter 2007

ducks.ca

Manitoba’s Perpetual BioTech Pioneer Boom

In 1882 Richardson No. 1 was one of the first major elevators to handle Western grain

a very small operation in Manitoba that we had started 25 years ago and we stayed focused on that Williston Basin”, explains Hartley Richardson. “We wanted to be the most knowledgeable and attuned company when it came to that area, so we got the best management, consulted the best geologists and utilized new technologies, not only 2D but 3D seismic and horizontal drilling.” In late 2002 and early 2003 Tundra drilled two wells in the area, nearly seven miles apart. The results were lackluster at best. And yet the company’s knowledge of the area gave it an informed hunch that something was there, so it stuck to its guns and drilled four times between the two wells. This time evidence came pouring in that they had found the largest crude oil reservoir in Manitoba – some say in Western Canada – in forty years. By mid 2007 production was exceeding 13,000 barrels a day.

When it was completed in 1969 the Richardson Building was Western Canada’s tallest structure

with Saskatchewan Wheat Pool to jointly operate their adjacent west coast terminals under an equally-owned corporation. The agreement has improved efficiency and increased productivity. JRSL has a unique perspective in evaluating potential partnerships. “We spend most of our due diligence asking what can go wrong.” says Hartley Richardson. “Most go into partnerships thinking ‘how are we going to divvy up the profits?’ it’s more important

to ask how you are going to sustain the losses.” Combining a devotion to basic values with a strategic focus on core competencies comes in handy navigating a world where changes are often more apparent than real. “The pendulum will always swing, there will be flavours of the month, we don’t get too caught up in that”, warns Hartley Richardson. “We are what we are, yes we are risk takers but it is a very calculated, a

Building on strengths and focusing on relationships doesn’t only yield ideas for new businesses or acquisitions, it also reveals partnership opportunities. JRSL has a long and varied history of partnerships that have helped make the company stronger. When it makes sense the company is even willing to partner with a potential competitor. In 2005 it announced an agreement

CONGRATULATIONS TO RICHARDSONS Third Quarter 2007 Manitoba FOCUS • 15

Perpetual Pioneer

very disciplined approach.” It’s a discipline that helps the company resist the siren’s song of ‘exponential and faster growth’ that has sunk many a business. “Your DNA has to have an entrepreneurial bent that wants to grow and innovate, but that has to be balanced by good common sense as to when you just need to stay the course”, contends Hartley Richardson. JRSL develops a five year strategy that sets its target for growth. The target is determined in part by looking at ‘where the world is headed’ and the general economic climate. “Right now we are targeting a double digit growth rate” explains Hartley Richardson, “but that won’t always be the case. There have been times when the world’s economic climate would mean you would have to take unreasonable risks to achieve such a return.” The other key factor in formulating the five year plan is the state of the company. With the crop failures in Western Canada in 1992/1993 “survival” was the company’s goal and a steady hand was needed. Sometimes the company will focus on getting a new acquisition integrated, getting the culture where it needs to be, before it pursues new growth. This disciplined focus also gives a company the strength to take a step back and spot problems before they arise. JRSL’s governance JRSL upped its commitment to value-added in 1999 with the acquisition of Canbra Foods Ltd., a canola processing and packaging facility

Green means grow. Grand Forks is the first major southbound stop on I-29, and the proven spot for Canadian businesses looking to expand into the United States. Our Economic Development Corporation (EDC) has the resources, expertise and support to ensure your growth, including: •42,000+ post-secondary students within commuting distance •Direct access to local, state and national government officials with proven results •Established anchors such as the University of North Dakota, the Energy & Environmental Research Center, the Center for Innovation

Grand Forks successfully grows businesses. Let’s talk. Contact Klaus Thiessen today to learn more about expanding your business to Grand Forks, North Dakota.

(701) 746-2720 | www.grandforks.org

| [email protected]

16 • Manitoba FOCUS Third Quarter 2007

Perpetual Pioneer

model had served it well, very well, but in 2000 Hartley Richardson and Carolyn (Richardson) Hursh, JRSL’s chairman of the Board, realized that things had changed. Up to the fourth generation there were, at most, four Shareholders and each a Director of the Firm. With the fifth generation, there are 11 Shareholders, four of them on the JRSL Board and most not working in the business. As a result the Firm instituted a new governance structure that included nominating and compensation committees and, for the first time, independent directors. The final element in JRSL’s success has been alluded to throughout; the Firm’s people. Hartley Richardson is a big proponent of “the who may even be more important than the how”. Including the list of people he credited for contributing to JRSL’s success would have easily doubled the length of this article. In fact, JRSL has made it a key point to ensure the 150th year celebration was about three things – the Firm, its people, and its future. Speaking of the future, the smart money says JRSL’s disciplined focus on traditional values will keep it ahead of the curve for another 150 years. One of JRSL’s high-throughput elevators

It has been our pleasure to serve the JRI Group over the years, Congratulations on achieving this milestone in business.

ROWAN ENTERPRISES LTD. Specializing in: Site Development Plus: Road Building, Rail Subgrade Construction, Hauling and Equipment Rentals. 210 Railway Avenue East PO Box 91 Elkhorn, MB R0M 0N0 Email: [email protected] Ph: (204) 845-2033 • Fax: (204) 845-2687 • Cell: (204) 748-7746




 


 
  
  


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