Canada's Best Business Comeback Story of the Year
MONTREAL, Oct. 23, 2014 /CNW Telbec/ - The Business Development Bank of Canada (BDC), in partnership with the Turnaround Management Association, Montreal Chapter (TMA-Montreal), awarded the first BDC Entrepreneurial Resiliency Award to Superior Cabinets of Saskatoon. This award recognizes a Canadian company that emerged stronger after undergoing a business turnaround or pivotal event in the past year. Mr. Scott Hodson, President and CEO of Superior Cabinets, accepted the award during a BDC Small Business Week 2014TM luncheon co-hosted by the Regina Chamber of Commerce and BDC.
"Superior Cabinets serves as a remarkable reminder that perseverance, adaptability and innovation are vital to business success," said the Honourable Maxime Bernier, Minister of State (Small Business and Tourism) (Agriculture). "Canada's Economic Action Plan helps small businesses create jobs and economic growth by putting the strong fundamentals in place so that they can overcome the challenges and keep working towards success."
Superior Cabinets' story has been recognized for many reasons. In the face of hardship, Mr. Hodson and his management team focused on creating strong buy-in from employees by sharing plans, strategies and financials to foster a winning commitment to change. They also created an advisory board that provided counsel at critical times.
Most entrepreneurs can relate to a comeback story. More than one-third (34 per cent) of entrepreneurs have gone on to successfully start another business after a failure, while almost two-thirds (60 per cent) have started between two and four other businesses.1
"Turnarounds are never easy and they always require clear, bold decision-making," added Michael Hanlon, Attorney and TMA-Montreal's First Vice President. "Superior Cabinets instinctively followed the approach we at TMA-Montreal give all our corporate renewal clients: find your focus and then rally around that goal with relentless energy."
"Entrepreneurs know there is no shame in failure. In business, sometimes good ideas go wrong for a wide variety of reasons," said Warren Jackson, Vice President, Financing and Consulting – Saskatchewan, BDC. "Superior Cabinets shows us that it's possible to bounce back from hard times with hard work and smart choices."
The BDC Entrepreneurial Resiliency Award is one of four new entrepreneurship awards BDC has launched this year. More information can be found at www.bdc.ca/awardshttp://www.cybf.ca/bdcmentorshipaward. Look for updates on Twitter (@BDC_News) and Facebook (BDC Entrepreneur).
Canada's business development bank, BDC, puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers loans, consulting services, growth and business transition capital, securitization, as well as venture capital to more than 30,000 small and medium-sized companies. Their success is vital to Canada's economic prosperity. www.bdc.ca
About the Turnaround Management Association
The Turnaround Management Association (turnaround.org) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, the TMA celebrates its 25th anniversary with more than 9,300 members in 49 chapters worldwide, including 31 in North America. Members include turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.
1 Entrepreneurship Foundation, 'Canadian Entrepreneurship Status,' 2010.
SOURCE: Business Development Bank of Canada
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