Business News August/September 2016 by St. John's Board of Trade

Business News Energy Efficiency Takes Centre Ice! Find out how two local arenas scored big by partnering with takeCHARGE.

AUGUST/SEPTEMBER: 2016

VOLUME 31: #4

I 0834-2016

INVESTMENT

POTENTIAL

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table of contents AUGUST/SEPTEMBER: 2016 VOLUME 31: #4 Business News is a publication of the St. John’s Board of Trade. Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade. Articles and criticisms are invited, but opinions expressed by contributions do not necessarily represent those of the St. John’s Board of Trade. We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions. Editor: Meghan Drover Printed by: Transcontinental Media Layout: image4 ST. JOHN’S BOARD OF TRADE EXECUTIVE Des Whelan Dorothy Keating Andrea Stack Janis Byrne Kim Keating Kendra MacDonald

Chair Senior Vice-Chair First Vice-Chair Second Vice-Chair Immediate Past Chair Treasurer

BOARD OF DIRECTORS Andrew Wadden Jon Drover Wilfred J. Zerbe Justin Ladha

Kim Paddon Don-E Coady Marilyn Butland

STAFF Nancy Healey

Chief Executive Officer

Margie Davis

Account Executive

In this issue . . . Cover Story..........................................................................................................................................................2 Chair’s Message................................................................................................................................................3 Upcoming Events.................................................................................................................................. 3, 6, 7 Point of View......................................................................................................................................................8 Business Directory 2017 ................................................................................................................10 – 11 Working For You.............................................................................................................................................12 Ambassadors...................................................................................................................................................15 Bullet Proof Your Business....................................................................................................................... 16 On The Job........................................................................................................................................................18 2016 Annual Golf Classic................................................................................................................20 - 23 Member Benefits.................................................................................................................................24 - 25 Grow Your Business.....................................................................................................................................30 Around the Board................................................................................................................................ 32 - 33 Member News.......................................................................................................................................36 - 37 New Members.................................................................................................................................................38 Member Profiles............................................................................................................................................. 39 The Economy...................................................................................................................................................40 Feature Editorials Promoting Industry Focused Member Driven Construction Training ......................................................4 Preparing for Tax Changes: Governing Your Life Insurance Policy ..........................................................5 It’s Never too Early to Plan for the Sale of Your Business ........................................................... 26 – 27 Building Opportunities, Partnerships, Employment, & Networks Collaboratively .................. 28 - 29 Pension Perspective......................................................................................................................................34 We Recruit. You Retain. ................................................................................................................................ 35

THIS COULD BE THE MOST IMPORTANT TOOL YOU’LL EVER USE.

Wanda Palmer Account Executive Rhonda Tulk-Lane Policy & Advocacy Specialist Lorraine Ennis

Business Affairs Manager

Jackie Bryant-Cumby Member Relations Administrator Brendan Hagerty Labrador & Labour Market Specialist Renee Tizzard-Kearley Manager, Finance & Compliance Lesley Galgay Resilience Specialist Meghan Drover Communications & Advocacy Specialist ST. JOHN’S BOARD OF TRADE 34 Harvey Road P.O. Box 5127 St. John’s, NL A1C 5V5 Canada Tel: 709.726.2961 Fax: 709.726.2003 E-mail: mail@bot.nf.ca www.bot.nf.ca

1-877-440-4433

Energy Efficiency Takes Centre Ice! Southern Shore and Monsignor Bartlett Memorial Arenas score big by partnering with takeCHARGE to save over $10,000 a year on their combined electricity costs. Getting the rink managers to come to a consensus on who’s the better team, Toronto or Montréal, won’t happen anytime soon, but one thing they can agree on is the value of energy efficiency. Saving energy is helping the arenas continue to serve their communities. Each has teamed up with takeCHARGE, a joint initiative between Newfoundland Power and Newfoundland and Labrador Hydro, to slash their energy use.

Any serious hockey player will tell you how important a rink’s ice is to a player’s ability to skate, move the puck, and ultimately score. Maintaining the ice also uses a large amount of energy. On average, refrigeration accounts for 42% of an arena’s electricity usage.

Hollie Neary, Manager of the Monsignor Bartlett Memorial Arena, is thrilled with the upgrade. “We’ve had the control system in place for over a year now and it’s saving us more energy than we even expected, and our ice quality is as good or better than it was before the installation. With the takeCHARGE rebate, the investment will pay for itself in less than three years. takeCHARGE has been great to work with every step of the way.”

Energy Efficiency Takes Centre Ice!

The Monsignor Bartlett Memorial Southern Shore and Monsignor Bartlett Memorial Arenas score big by partnering Arena on Bell Island partnered takeCHARGE to make energy with takeCHARGE to save overwith $10,000 a year on their combined electricity costs. efficiency improvements to their ice

HOURS OF USE PER DAY

maintenance systems. Arenas circulate Arena lighting is an essential part of a top a saltwater solution called brine to notch facility to develop potential talent. DID YOU KNOW? keep the ice cool. Like many arenas, You never know - a player in Novice the Monsignor Bartlett Memorial may someday play for San Jose, like one It’s hockey night in the Newfoundland Getting the rink managers to come to a consensus set point, the control•system will shut entire and Arena was keeping the brine flowing former team member from the Southern Labrador. These projects saved enough 24 hours a day. And those pumps Shore the Breakers. on who’s better team, Toronto or Montréal, refrigeration system down including the brine pump. energy to power a big screen TV to used a lot of energy! The arena has won’tLast happen soon,Arena’s but one thingnow they can When the ice temperature thenight’s control system watchrises, Saturday game in every year, theanytime Southern Shore installed an infrared sensor that lighting was only providing 70% of the home in the province.   measures the temperature of the ice. agreeintended on is the value of energy efficiency. Saving will start the brine pump and then the rest of the light output, and needed to When the ice temperature cools to its •T heruns Southern Shoreseven Arena’shours LED lights be replaced. Kenthe Williams, Manager of energy is helping arenas continue to serve their system. The system now for only set point, the control system will shut will last for over 40 years. Five year the Southern Shore Arena, worked with the entire refrigeration system down communities. has teamed a day saving the home of the Miners over $7,000 on old players in Squirts could be playing takeCHARGEEach to look at his optionsup andwith takeCHARGE, including the brine pump. When the ice landed on LEDbetween – it’s “The Great One” of temperature system in the senior hockey a joint initiative Newfoundland Power and rises, the control their electricity costs alone, every year.leagues before lighting. The LED lights they installed will start the brine pump and then the the lights need to be changed.   Newfoundland Labrador Hydro, use 70% less and electricity than their old to slash rest their of the system. The system now • L EDs are being used at the highest metal halide lights. The LEDs will last up runs for only seven hours a day saving energy use. hours, reducing maintenance to 100,000 levels of professional hockey. Arenas the home of the Miners over $7,000 on MONSIGNOR BARTLETT MEMORIAL ARENA costs like renting scissor lifts to replace their electricity costs alone, every year. in Nashville, Montréal, Ottawa and our BRINE PUMP USE lights. The new lights also produce less own Mile One have installed LEDs. Arena lighting is an essential part of a top notch heat, so the refrigeration system won’t have to work as hard to keep the ice from facility to develop potential talent. You never know– melting. Interested in reducing your electricity costs? a player in Novice may someday play for San Jose, “We have gotten so many compliments HOURStakeCHARGE has rebates$and advice to help , save energy. like one former teamIt’s member from the Southern on the new lighting. much brighter!” every size and type of business ANNUAL says Williams. “Most importantly, You can get up to $50,000 back with the Shore it’sBreakers. going to help us save money. SAVINGS Business Efficiency Program when you invest takeCHARGE was able to provide a rebate in energy efficient upgrades. Call an energy of over $3,000 to help with the cost of expert to get your complimentary assessment Last installing year, thetheSouthern Shore new LED lights, andArena’s energy lighting was and great savingHOURS advice. Call 1-800-663-2802 will be over $3,000 a year.” or visit TakeChargeNL.ca. only savings providing 70% of the intended light output and

needed to be replaced. Ken Williams, Manager of the 2 Southern Shore Arena, worked with takeCHARGE

7000

BEFORE

AFTER

BUSINESS NEWS AUGUST/SEPTEMBER: 2016 Hollie Neary, Manager of the Monsignor Bartlett

Chair’s Message The value of the network After enjoying some of the best economic conditions this province has ever seen over the past number of years, the next five years are not promising to be as easy. We know now, more than ever, there are some dark economic clouds hanging over our heads, and there are likely more to come. With that said, and as many of you are already aware, an economic downturn does not mean there is also a downturn in opportunities. It was easy to get business in the past. With major projects on the go, opportunities were everywhere. The opportunities are still there, you just need to “work it” a bit more and part of working it is developing relationships. In China, the concept of guanxi has been around for centuries and it plays a pivotal role in cultivating, shaping and advancing daily business operations. Guanxi describes the basic dynamic in personal networks of influence. In other words, it’s the relationships individuals cultivate with other individuals. In a business context, guanxi occurs through individual interactions first before being applied on a corporate level. Someone from a business may perform a favor for a

member of another business because they have interpersonal ties. This then helps to facilitate the relationship between the two businesses involved in this interaction. Sound familiar? This concept is something that is deeply entrenched in our own culture as Newfoundlanders and Labradorians and it is something that will help get us through the next five years. Why? Because, people do business with people they know. When you get to know someone, you build a level of trust which is critical to doing business together. Growing and further enriching your network will be a critical component to not just making it through these tough economic times but also coming out on the other side successful. At the St. John’s Board of Trade, we want to see you succeed and part of that is growing your network. Is your business network big enough to grow your business? A very effective tool for this is taking part in our events throughout the year. It is the people who get involved and show up to our mixers, luncheons and business development events that build their networks, make the contacts, and discover new opportunities. So, the next time you are feeling down and the reminder pops up about a Board of Trade event, I encourage you to grab

CHAIR

DES WHELAN your keys and drive out to our event. Be part of the circle that lifts this province out of these challenging economic times. You will be rejuvenated by the positive vibe in the room, and who knows you just may meet that person who will lead you to your next big opportunity. There is a schedule of upcoming events below and on page 6 of this magazine. You owe it to yourself and your business.

Upcoming Events BUSINESS MIXER - A Last Taste of Summer Join Noseworthy Chapman for the Last Taste of Summer mixer. Take part in a friendly game of Plinko, enjoy great food & cocktails while you socialize with other Board of Trade members.

Date: Thursday, August 25 Time: 4:30 pm - 6:30 pm Location: Admirals Green, Pippy Park Cost: Included as a benefit of your membership

LUNCHEON - Atlantic Lottery Corporation CEO - Brent Scrimshaw

Brent Scrimshaw, Atlantic Lottery CEO, will officially release the company’s 2015-16 financial results to the St. John’s Board of Trade on September 13. A strong performance corporately and for Newfoundland & Labrador, Mr. Scrimshaw will present the results in the context of the commercial crown corporation’s vision and five-year strategy. He will highlight the company’s mission to ensure its place as the provider of safe, regulated and entertaining gaming in an increasingly competitive market. Date: Tuesday, September 13 Time: 12:30 pm – networking 1 pm - Luncheon Location: Holiday Inn St. John’s Cost: $45+HST – member; $90+HST – non member

Visit http://stjohnbotnf.chambermaster.com/events/ to see a listing of all our upcoming events. VOLUME 31: #4

promoting industry focused member driven construction training

The Construction Labour Relations Association of Newfoundland and Labrador Inc. (CLRA), incorporated in 1973, is the sole accredited bargaining agent for all unionized employers engaged in the commercial and industrial sector of the construction industry in this province. The CLRA is responsible for the negotiation and administration of the sixteen provincial construction trades collective agreements. Our Association believes that a leading factor in achieving labour stability in our construction industry is through maintaining a sustained workforce that is educated and trained in all of the necessary skill sets to achieve the highest levels of efficiency and productivity in everything we do. The CLRA provides its member companies with education and training opportunities designed to meet the needs of the Newfoundland and Labrador commercial and industrial construction industry. In 2014, the CLRA constructed a new building that contained a spacious, fully equipped training classroom with the intention of promoting and encouraging industry training for its membership. The CLRA provides its members with the opportunity to access the training classroom, free of charge, for their internal training sessions and meetings. CLRA education and training is a member driven initiative. Our program is

determined through the input received from our member companies. This enhances our ability to offer members valuable industry training to help them meet their training needs and reduce training gaps. Our training and education program is offered to CLRA member employees with the goal of building and enhancing employersâ&#x20AC;&#x2122; skill development, industry knowledge and management expertise. Our training courses are accessible to all members through a subsidized costing formula. The Association also works collaboratively with national and provincial educational organizations to ensure member employees receive the highest standard of the most relevant courses available in the industry, such as industry recognized Gold Seal certified courses. During the last two years, many of the training courses we have offered to members are Gold Seal certified courses. These are courses recognized by the Canadian Construction Association as promoting Canadian industry standards of excellence. The CLRA typically hosts eight to ten Gold Seal certified courses within a year. Several of these courses are offered in conjunction with the Construction Education Council (CEC) which is the educational division of the Mechanical Contractors Association of Canada. The CLRA also continues to utilize local training companies to provide training courses for its membership.

The CLRA has hosted several training courses for its members focusing on a variety of project management topics relevant to todayâ&#x20AC;&#x2122;s provincial construction industry. Topics include supervisor training, project planning and scheduling, managing productivity, developing leadership, risk management, building negotiation skills, procurement management and contract management. The CLRA will continue provide the most current and valued education and training opportunities for our membership to promote productivity and sustainability within our provincial industry. Our Association believes that increasing its membersâ&#x20AC;&#x2122; access to industry tailored training and education opportunities is an investment in our membership, our local industry and our province.

For further information on becoming a member of the CLRA or to learn about the CLRA member education and training initiative, please contact Danielle Browne Director of Training and Communications tel: 709-753-5770 email: dbrowne@clranl.com website: www.clranl.com

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

preparing for tax changes governing your life insurance policy Introduction by Keith Newhook, President & CEO, PPI Solutions Atlantic Article by John McKay, Executive Vice-President and Actuary, PPI

2016 is a significant year for insurance and estate planning as there are several changes occurring at year end that not only effect new life insurance policies, but also the options of current insurance policy holders. PPI has been very proactive in educating our advisors and providing sales support as they meet with their clients to ensure they are taking advantage of the opportunities that exist in these changes. In particular, corporately owned insurance policies can see significant changes, or missed opportunities, depending on if the client and advisor discuss and act in time. We highly recommend that clients meet with their advisors to discuss the implications of these changes. The following is a published article by John McKay, Executive Vice-President and Actuary at PPI, which provides further details on these changes. New rules beginning January 1, 2017, will affect the taxation of Canadian life insurance policies. If you are considering changes to existing insurance policies or the purchase of permanent insurance, you may want to review your overall estate planning and insurance needs with your advisor before the new regulations are in place.

How the rules work today

As it stands today, when you purchase a permanent life insurance policy, you do not pay tax on the income earned on the funds within that policy. This sheltering

can help make the insurance more affordable. Virtually all permanent life policies sold in Canada qualify for this exempt tax status. Insurance companies monitor the status of the policy and will notify you, or automatically implement your previously selected remedy, if the policy would otherwise lose its exempt status. For example, the fix could be to increase the death benefit or return some of the cash value to you. The current rules to calculate a policy’s tax exempt status have been in place since 1982, so Canada’s Department of Finance is updating them to reflect more recent actuarial (or risk) assumptions and to ensure consistency across all insurance companies and all products. Generally, policies issued before January 1, 2017 will be grandfathered. However, in certain circumstances, grandfathered status can be lost after 2016.

KEITH NEWHOOK

Impact of updated regulations

The new rules will allow for more sheltering in the first decade of a policy and less over the long term, with the impact felt most by the holders of certain Universal life insurance policies. The rules will also mean: • single premium policies will be a thing of the past, • surrender charge amounts will no longer provide additional tax exempt room, and • the minimum period over which you will be able to prepay policy premiums will be 8 years.

How you build your policy’s fund value makes a difference to its exempt status. Your advisor can help you determine how to schedule your deposits to ensure you have the right coverage in place, build value for your heirs and maximize the tax effectiveness of your policy. www.ppi.ca An Insurance Blog by PPI: www.thelinkbetween.ca

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upcoming events

We encourage all members to register online. Visit our website to register for any of the events listed.

St. John’s Board of Trade 101

Make the most out of your membership. Learn about our Affinity programs, networking opportunities, our advocacy work, sponsorships, volunteer opportunities and so much more. Date: Friday, September 8 Time: 9:00 am - 10:00 am Location: Board of Trade Office, 34 Harvey Rd., 3rd Floor Cost: Included as a benefit of your membership

BUSINESS MIXER – Spanish Fiesta!

E and B Travel Service – TPI, in partnership with Trafalgar, will be our hosts for an exciting mixer featuring Spanish food, music and dancers! This is going to be an exciting, fun filled theme event you do not want to miss! Date: Wednesday, September 21 Time: 4:30 pm – 6:30 pm Location: Masonic Temple (Spirit of Newfoundland) Cost: Included as a benefit of your membership

Visit http://stjohnbotnf.chambermaster.com/events/ to see a listing of all our upcoming events.

SAVE THE DATE

2017 THE POWER OF POSSIBILITY. People. Passion. Persistence.

For more information, visit our website at www.bot.nf.ca or contact Lorraine at Email: lennis@bot.nf.ca Tel: 726-2961 ext. 6

Kick off 2017 at the St. John’s Board of Trade’s Business Outlook Conference. WE ARE SEEKING PRESENTERS to deliver presentations on business trends, opportunities and overcoming challenges for our members in 2017 and beyond. As a presenter you have the ability to share your story, product or service to help business owners become more efficient, resilient and productive in today’s changing world. We are also looking for ideas for speakers, if you have any suggestions, please let us know.

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

SAVE THE DATE

BUSINESS EXCELLENCE AWARDS This is the Board of Trade’s most prestigious event and it is a great opportunity to network with fellow members and support them in their outstanding success. The Business Excellence Awards are presented by the St. John’s Board of Trade on an annual basis to applaud and recognize excellence in our membership. The awards recognize member companies who excel in a given category of competition. The Business Excellence Award goes to the winner of an Achievement Award who best exemplifies the entrepreneurial spirit and has demonstrated outstanding accomplishments in business and is committed to excellence and quality in their field.

VOLUME 31: #4

DECEMBER 7, 2016

DELTA HOTEL AND CONFERENCE CENTRE

The St. John’s Board of Trade will be soon be calling for nominations in the following categories • Community Impact (20+ employees) • Community Impact (under 20 employees) • Leader in Market Growth and Sales • Customer Service and Reliability • Marketing and Promotional Achievement • Innovative Solutions • Workplace Excellence • Community Builder Volunteer of the Year • Entrepreneurial Spirit

For more information stay tuned to our website or contact Lorraine at lennis@bot.nf.ca or call 726-2961 ext. 6

point of view

Opinions expressed in articles are not necessarily those as held by the St. John’s Board of Trade.

fight the right fight... right By Charlie Oliver

Iamge used with permission of the artist, James Miller

How often have I heard “Charlie bye, we’re in a pickle” or “the arse is out of ‘er”. These come from voices all over our province, summarizing our economy. I am pretty comfortable saying we all “GET IT”. Every single soul in our province has been impacted. We also “GET IT” on how and why this has occurred. Yet in spending our time blaming politicians, past and present, as well as oil prices, government pensions and benefits, education and health care costs, and our own lifestyles, we are leaving little time to focus on solutions.

We are funding, among other things, roads, bridges and ferries that are used less and less, by less and less people. Our choices are simple. We either pay the increased costs (a grin and bear it approach), cut the services (socially challenging) or innovatively find the balance we all seek. We are beyond the time when we can have our cake and eat it too, as we are running out of cake.

We face a couple of irrefutable facts.

Here is the good news. We are Fighting Newfoundlanders. The time is upon us to focus on our common enemy, this challenging economy. Rather than fighting each other as to whom, why, what and when (and yes we need to understand the history), we need to collectively spend less than we make. For some of us this is impossible as the cupboards are already bare. To all others, it is the call to

“We are an ageing, declining, urbanizing, geographically diverse soul group. Our Government is characterized by an excessive work force incentivized by salaries and pensions that are not sustainable. The per capita cost of our government is at the breaking point. Sorry to be so blunt.”

tighten our belts. Governments cannot perpetually seek more and more from its citizens. Premiers and elected members, regardless of political persuasion, will ultimately have no choice but to act, or run out of cash. Governments have a formidable task, and I do not envy them. Their task is to balance our fiscal reality with the social responsibility they and we have to each other. That is the essence of community. As Newfoundland and Labradorians we pride ourselves in nurturing each other. Yet, this balance must be achieved if we are to create a secure present and sustainable future for our children and grandchildren. We are now at the time when we have to start “doing” rather than continually

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

looking at the cause. As Fighting Newfoundlanders we have to enter this battle together, rather than fighting with each other: rich versus poor, union versus government, rural versus urban. Together we need to collectively take on the battle of the economy. Government canvassed each of us for ideas. As expected they came in all shapes and sizes. Often opposing perspectives, different approaches and contradictory recommendations. All good. All correct from the perspective of the person presenting. However, government has to absorb and digest these with their ‘insider knowledge’. Then logically and prudently affect timely change. Here are a few approaches or perspectives that should resonate with many of you: 1. First and foremost, we have to expect less of our government. Remember, each dollar it pays out by and large comes from each and every one of us. The more it spends the more we pay. Inevitably, government has to spend less. 2. All public sector employees need to understand that reductions are no longer a choice but a necessity. My dream (and a crazy one it is) would be to see all unions proactively working with government to address logical, structured cost reduction measures that get balanced from the perspective of both the employee and the overall fiscal situation. From the perspective of the bigger ‘WE’ rather than the smaller ‘we’. Better solutions can evolve by working together. Rather than take opposing sides, why not seek the most logical approach, together. 3. Understand that over a relatively short time the levels of bureaucracy have to reduce. This will result not only in fiscal benefits but also in efficiency. 4. Public service pensions MUST change, both union and non-union. Rather than enter a dialogue on this most complicated subject, let me simply say from my perspective, the structure as it exists today is not sustainable. 5. Many government employees are ready and willing to retire. Initiate changes that would encourage early retirement rather than inducing these souls to stay, ticking off the days to retirement. 6. Be open to new ideas and approaches. The passionate voices against public private partnerships need to listen. In

VOLUME 31: #4

some cases you are correct. In others, believe it or not, they are the wise option. Let’s empower our elected officials to explore opportunities where such partnerships make sense and action them. Where they do not, move on. Embedding ourselves in a static belief will get us nowhere. We have been called to action by the turbulent waters within which we now live. Our lives have collided with national

and international events. A rogue wave, or 2 or 3, has struck. Metaphorically, we are taking on water. We need to bail and row together. Understanding why the seas became turbulent is noteworthy but our immediate concern is to not sink. We need to make it to dry land. All hands on deck. Man the oars. Let us all pull together. Yes, yes, including you on the other side, and in the same direction. There will be time later to chat, even argue, about the rogue wave over a fine spot of tea.

welcome new staff curriculum. It was likely then that I realized I was destined for a career in communications. I have rarely ever met a keyboard, pen and paper, or microphone that I did not like.

Meghan Drover

Communications and Advocacy Specialist I am pretty sure I was the only kid in school who was excited for the public speaking component of the school’s

The majority of my career has been spent in the public sector, starting in economic development and then moving into government communications. The dynamic and unpredictable nature of communications is what I like about it the most. I am beyond thrilled to bring my penchant for words and the Newfoundland and Labrador entrepreneurial spirit to the St. John’s Board of Trade. The daily energy here is palpable, and I am very fortunate to be part of such a passionate team. I look forward to working with all of our stakeholders to enhance an already exceptional brand that is the St. John’s Board of Trade.

LET’S ENHANCE YOUR BRAND AND GROW YOUR BUSINESS TOGETHER. /agc80co +1 709 697 5307

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BUSINESS NEWS AUGUST/SEPTEMBER: 2016

DID YOU KNOW? You can make changes to your profile on our online Member Directory in just a few easy steps! Visit www.stjohnsbot.ca 1. C lick on the Membership heading at the top of the page 2. Then click on Member Login 3. Enter your login info 4. Update your 2017 Business Directory profile This information will also be used in the printed edition of our 2017 Business Directory.

As a member of the St. John’s Board of Trade you have the opportunity to market your business to consumers visiting www.stjohnsbot.ca. Anywhere you have access to the internet you will be able to edit your information by logging into the website. By updating your profile online, you can: • Ensure your contact info is current and up-to-date • Tell us what your business is about. • Include your social media channels • Plus so much more

If you have any questions, please contact Jackie at jcumby@bot.nf.ca.

VOLUME 31: #4

I 11

working for you

Policy Wins YOUR GAIN = OUR SUCCESS

The St. John’s Board of Trade is focused on breaking down the barriers to competitiveness while ensuring businesses continue to prosper, compete and succeed. Our efforts are paying off.

Temporary Deficit Reduction Levy • The Board called on the province to eliminate the levy.

• What this means for business: the levy can deter investors and newcomers to our province; two thing we need right now. Changes to the levy are steps in the right direction.

Vacancy Allowance

• The Board played a lead role in the reinstatement of the City’s vacancy allowance. • What this means for business: the continuation of the vacancy allowance helps create a good climate for business to invest and provides tax certainty.

Tax Relief for Business

• The Board’s advocacy efforts calling for the City to provide immediate tax relief to the business community and residents continues. The Board is encouraged with the City’s plan to lower the mil rate in 2017 as part of the new Operating Budget Guidelines. • What this means for business: more money to invest back into business growth and employment.

Chair Des Whelan talks to CBC’s Todd O’Brien about CPP live on “On The Go”.

“The chamber acts as the convener for those who can find solutions, resources and political will. Articulating shared values, rather than divisive talking points, will be needed more than ever in the coming decade.” — Horizon Initiative: Chamber 2025

Growth Strategy for the Atlantic Provinces

• We have been calling on the Federal and Provincial governments to strategically increase immigration numbers for our Province for several years. • What this means for business: a skilled workforce that will help create sustained prosperity.

OTHER ADVOCACY EFFORT’S INCLUDE: • Asking Premier Ball to delay changes to the CPP until impacts are known • Submitted policy recommendations to WorkplaceNL • Submitted recommendations on the Provincial Municipal Assessment Act review • Attended roundtable on labour market development for employers and employees

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

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• Mid-level of Corporate Sponsorship • Receives high level exposure at signature events • Official Corporate Sponsors of Business Development Summit • Sponsorship opportunity of a hole at Annual Golf Tournament • Advertising and other complimentary deliverables • Two year secured commitment & exclusivity of industry at this level • Space is limited to 10 Gold Sponsors

• P rofile your brand and get noticed • Consider becoming either a

Raise Your Profile in the Business Community

www.stjohnsbot.ca

SILVER CORPORATE SPONSOR (July 2016 - June 2017)

• Entry level of Sponsorship • Logo presence at all luncheons, mixers and lunch and Learns • Advertising and other complimentary deliverables • One year secured commitment & exclusivity of industry at this level • Space limited to 10 Silver Sponsors To secure your spot as an enviable St. John’s Board of Trade Sponsor or for more details on the benefits of each level contact:

Margie Davis mdavis@bot.nf.ca 709-726-2961, ext.2

Wanda Palmer wpalmer@bot.nf.ca 709-726-2961, ext.9

34 Harvey Road, 3rd Floor, P.O. Box 5127, St. John’s, Newfoundland A1C 5V5 Phone: (709) 726-2961 • Fax (709) 726-2003 • E-mail: mail@bot.nf.ca

NOT EVERYONE LIVES LIFE BY THE BOOK Sun Life’s Money for Life approach adapts to you – we can help you build a plan to get protection, guarantees and the freedom to live your way, now and through retirement.

Keith Vincent* CHS™ Financial Centre Manager

ext 2266

Bob Butt* ext 2248

Beverly Ellis*

Glenn Sturge*

FLMI ACS CHS™ Associate Manager

B.P.E. Sales Manager

CPA CMA

Financial Centre Resource Team Leader

ext 2234

ext 2367

ext 2254

Brian Dinn* 709-727-9897

Joan Byrne*

Jamie Clements*

FLMI ACS CHS™ Sales Associate Advisor

B.Sc.

709-753-2025

Krista Hynes*

Tiffany Delaney

ext 2244

Jennifer Baker*

Sharon Sharpe

Advisor Assistant

CHS™

ext 2273

Jackie Hynes

B.A. Financial Centre Administrator

ext 2224

ext 2364

Dave Eason*

Kyle Greene ext 2370

CHS™

709-834-6933

Jami Lundrigan*

John Lynch*

BBA 709-873-6100

CHS™

ext 2283

Chantelle Lynch

Financial Centre Administrator

Scott Adams*

CLU® CH.F.C. CHS™

ext 2231

Wayne Bennett*

B.Comm. CFP® Bay Roberts

Bay Roberts

709-589-3361 888-589-3361

Dave Hanlon ext 2271

Tammy Highmore Advisor Assistant to J. Osmond, R. Johnson & R. Rose

Sales Assoc. Advisor

CHS™

ext 2256

ext 2236

Kayla Hobbs

Rick Johnson* CHS™

B.Tech.

ext 2233

709-685-3351

ext 2235

Barb Forristall

Anita R. Manning

Eileen Moss*

Advisor Assistant

Clarenville

ext 2232

ext 2225

Reuben Buckle*

B. Comm. CHS™

709-589-3361 888-589-3361

Pieter Monnier*

Raymond Monnier*

ext 2247

Heather Adams*

709-425-2954

CHS™

ext 2272

Ray A. Monnier Financial Services Inc.

Brad Norman BSc. MSc.

ext 2279

Lori Roche* CHS™ 709-834-6933

Alvin Normore Gander

709-424-4452

Pamela Dawe*

Gerald O’Brien*

Sales Assoc. Advisor

CFP® CLU® CH.F.C. CHS™

ext 2237

ext 2230

Ralph Rose*

Mike Rowsell*

Scott Stockley*

BBA

ext 2268

ext 2270

Sharon Paddick* Licensed Admin. Assistant

ext 2240

James Osmond*

Lloyd Osmond*

BA CHS™

CFP® CLU® CH.F.C. Sales Assoc. Advisor

ext 2241

Gerry O’Brien Financial Services Inc.

CFP® CLU® CH.F.C.

ext 2227

Mona Lane*

Licensed Admin. Assistant

ext 2222

St. John’s Financial Centre

145 Kelsey Drive, Suite 100, St. John’s, NL Tel: 709-576-6243 Toll-Free: 1-866-539-4087 *Mutual funds distributed by Sun Life Financial Investment Services (Canada) Inc. Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies. © Sun Life Assurance Company of Canada, 2016.

Neil Trahey* BBA

ext 2282

Arlene Walsh Advisor Assistant

ext 2275

Conrad Vincent* ext 2216

Chris Peach* ext 2267

Darren Roche* B.Sc. CHS™

ext 2226

ext 2228

Lou Wells*

Sid Wells*

Wells Financial Services Inc.

CFP® CHS™

709-364-3400

ext 2223

Matt White*

Andrew Young*

ext 2366

ext 2229

BFA

B.Comm. CHS™

Ambassadors Better Interviews for Better Results Making a great first impression during a job interview is key. However, the onus doesn’t rest with the candidate alone. How an interviewer conducts the process can have a dramatic impact on the candidate’s performance as well as their interest in the role. The most talented individuals have more career options. Offering an excellent candidate experience helps ensure you attract the best and the brightest. Here are some tips to help you conduct better interviews and strengthen your image as an employer, otherwise known as your Employer Brand: 1. Set the Stage It’s essential to create a high level of comfort and professionalism from the outset. It establishes expectations and helps to reduce interview jitters. In advance, let candidates know who will be in the interview as well as the interview format. Be sure to answer questions about dress code and give clear directions to your office. Offer to email candidates the job description. The more detail you provide, the more the candidate can prepare to provide insightful answers to your questions. 2. Be Prepared Being prepared will ensure that you don’t appear frazzled or rushed during the interview. Prepare for the meeting well in advance to optimize your time together. Print a copy of the candidate’s résumé and familiarize yourself with the questions you want to ask. Determine seating arrangements and if you are using meeting technology, make sure you test it. 3. Take the Lead Initiate introductions to take the pressure off candidates. Give them a one minute description of your role with the company to put them at ease. Set the example. Then follow up with “tell me about yourself”. 4. Listen Attentively Be present. This means no distractions and no buzzing mobile devices. When the candidate speaks, maintain eye contact and listen intently. Take a moment before each interview to focus in on the task at hand, and allocate time after each interview to capture notes and thoughts.

VOLUME 31: #4

5. Drop the robot routine Prepared questions and an interview guide ensure you get the most out of the discussion. But avoid overly depending on them or robotic reading. Keep it conversational. If you do, you’ll find the quality of a candidate’s answers improve. 6. Look for potential Give a second thought to the types of questions candidates ask. Do they ask intelligent and informed questions about your products and services that show they’ve done their homework? Do their questions about career advancement opportunities suggest they have the drive to do more for your organization? Often candidates’ questions are as informative as their answers.

ALEX GIBSON Alex Gibson, Recruiter, Group zed, has been in the recruitment field for close to 5 years, with a focus on the dynamic IT sector. He has successfully filled roles in Canada, USA, UK, and Argentina for his organization. alex.gibson@gzed.com

7. Provide Next Steps Conclude your interview by outlining the next steps in the process. When should they expect to hear from you? What is the best means of communication for any follow up questions? Set expectations and recognize that you have now made yourself accountable to the candidate. When candidates are not selected, it’s important to let them know promptly and with compassion. If you would like to consider candidates for future opportunities, tell them, and make it a point to stay in touch. In the ideal interview both the prospective employer and the candidate have the opportunity to shine. By enabling candidates to focus on answering your questions in a thoughtful way you will gain better insight into their true potential. You will also reinforce that your company is a great to work for. A strong employer brand could make the difference between attracting top talent and letting them pass you by.

DANIELLE SEWARD Danielle Seward, Consultant, Meridia Recruitment Solutions, has successfully completed numerous recruitment assignments since joining the team in 2012, connecting top talent with leading organizations across Newfoundland and Labrador. dseward@kbrs.ca

I 15

bulletproof your business Do You Have Staying Power? The St. John’s Board of Trade is excited to announce that we have a home for our Resilience Initiative. We will be launching a website this September that will be linked to our home site at http://stjohnsbot.ca. Stay tuned to e-news for the official launch.

What is the Resilience Initiative?

The St. John’s Board of Trade aims to help its members become more resilient – simply put, to have staying power. Resilient companies are those that are able to respond effectively to short-term set-backs and adapt to long-term shifts in the economy. Given the challenging economic environment, resiliency is a pertinent topic to consider. To increase awareness and subsequently help companies become more resilient, we

will provide a variety of resources to our members that convey everything from quick tips to long-term strategies. These resources will be useful to organizations in every phase of their lifecycle.

What can I expect?

The main topics emphasized will be innovation and productivity and the role they play in building a resilient organization. We will also address other topics that can impact a firm’s resilience such as leadership, investing in your employees, and the importance of staying relevant in your respective industry or sector. Each month will be dedicated to a new resilience topic with articles, tools and events which will all be promoted through our various channels. Be sure to follow us through e news, Business News, Twitter and our website to gather valuable information to help you succeed.

Will this cost me anything?

The content provided is a benefit of your membership. The breadth of material available, especially in terms of innovation and productivity, is quite onerous, so we have taken the liberty of drawing out what we believe is credible and actionable – saving you time to focus on the execution. We will gather the information from leaders and organizations in the resilience field, both locally, nationally and internationally, and filter it to ensure it is relevant to our membership. As you

progress along in your resiliency journey, so too will our content. From time-to-time we will also offer events, programs as well as lunch and learn sessions that will be fee based, but we ensure that you will derive significant value. Our goal is to provide implementable resources and tips that are relevant to you, our members. Sharing theory isn’t enough – we want you to have a plan and ultimately, have staying power.

What is next?

Prior to the website launch in September, we will use Twitter to share a weekly Resilience Moment. The weekly tweets will provide inspiration to kick-start you on your path to resilience and encourage you to become more resilient. Follow-us on Twitter @stjohnsbot by August 1 to receive your weekly inspiration. During the month of August, we will also be completing another round of GO Productivity sessions – a fantastic program that guides companies through a multistaged productivity assessment. For more information on the program, please visit http://goproductivity.ca and contact Lesley Galgay.

Lesley Galgay Resilience Specialist St. John’s Board of Trade tel: (709) 726-2961 email: lgalgay@bot.nf.ca

LESLEY GALGAY

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

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Become a Connector Contact Brendan bhagerty@bot.nf.ca or 726-2961

St. John's Board of Trade

Save 3.5 cents per litre*

with the Esso Business Card Program

Whether you have a small sales force or a large fleet of service vehicles, the Esso Business Card Program gives you exceptional fuel savings, powerful and easy-to-use fuel management tools and broad acceptance at nearly 1,800 Esso stations in Canada.

Advantages

Drive more money to your bottom line with volume discounts Easily pay bills, manage cards and track expenses with our time-saving online tools. Reduce or eliminate unwanted driver spending with purchase restrictions

For more information or to enroll, please contact an Esso Sales consultant:

Steve Perry Sales Manager, Nova Scotia/Newfoundland sperry@wilsons.ca p. 1-709-235-1611

f. 1-902-486-7507

*New accounts only. Valid at participating Esso locations. Rebates earned will be credited directly to your account(s). Eligible only for members of the St. John's Board of Trade. Esso is a trademark of Imperial Oil. Imperial Oil licensee. The Esso Business Card program is administered by WEX Inc.

ESS 20140620

2016 ANNUAL GOLF CLASSIC

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THANK YOU

to all of our sponsors and companies who donated prizes – we couldn’t have done it without you!

TITLE SPONSOR

GOLD SPONSORS

HOLE SPONSORS

EVENT SPONSORS

I 23

Member Benefits Accredited nationally with distinction, the St. John’s Board of Trade is a non-partisan, business advocacy organization that is the principal voice of business for 900 members in the St. John’s area. Our mission is to improve the local business climate and enhance members’ ability to do business through advocacy and member service. Check out some of the privileges, benefits and discounts available to you.

Chambers of Commerce Group RRSP Program Chamber of Commerce Group Insurance Plan

Through Board of Trade membership, you can access the Chambers of Commerce Group Insurance Plan. Designed with small business in mind, this program offers insurance benefits at premiere rates normally secured by larger corporations. Small businesses can obtain extended health benefits, regular dental, life insurance, and accidental death and dismemberment coverage, all at highly competitive rates.

St. John’s Board of Trade membership provides access to the Chambers of Commerce Group RRSP program. There are no administrative or annual fees, no minimum number of employees required and no company minimum annual investment required. Employer contribution limits start as low as $50 a month. This nationally pooled program is tailor-made for small business, providing access to Group RRSPs that are normally reserved for larger corporations.

First Data Esso Business & Fleet Card Program

Members of the St. John’s Board of Trade receive a $0.035 per litre fuel discount off the retail posted pump price purchased in Canada at ESSO-branded service stations.

Purolator

Helping you meet the challenges of day to day business. Offering a static, tiered discounting program starting at 25% off courier services that provides flexibility for the diverse needs of your membership while supporting acquisition and retention initiatives.

The St. John’s Board of Trade has partnered with First Data Canada, a leader in the payments industry, to help your business sell more and save more. All members are provided exclusive low rates on merchant services, low credit and debit card processing costs, e-commerce tools, mobile payment apps, and a user-friendly online reporting tool to support and grow your business.

One-stop shopping for all your first aid training, first aid kits, and defibrillator needs.

www.sja.ca • Phone: (709) 726-4200 • Toll Free: 1-800-801-0181

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

UPS Johnson Preferred

Canadian Chamber of Commerce members and their employees can take advantage of Johnson Inc.’s preferred service home and auto MEDOC® Travel Insurance Plans.

First Call

For just pennies per employee per day, members can have access to full scale Human Resource services and expertise, including legal consultation.

Take advantage of some of the most competitive rates available on shipping services with the UPS Members Benefit Program Small Package Services: • 30% off shipments within Canada • 30% off shipments to the US • 30% off shipments to worldwide destinations • 25% off imports into Canada Freight Services: savings start at 75% off on heavyweight • 20% off brokerage entry preparation fees • 10% off printing, packaging, mailbox rentals

Promote your business to our members As a member of the St. John’s Board of Trade there are many ways to promote and showcase your business. These opportunities can help develop your personal and professional growth. Network with fellow Board of Trade members, share your expertise at a lunch n’ learn, advertise in our monthly publication, Business News magazine, or become a Board of Trade sponsor.

Here are some ways to promote your business: • Become a presenting partner at a luncheon • Submit a guest editorial in Business News magazine • Become a Board of Trade volunteer • Consider showcasing your business on the cover of Business News magazine or including an advertisement or insert • Take part in our business mixers, or host one yourself • And so much more!

Whether your budget is big or small, we have an opportunity for you to promote your business. To learn more about these exciting opportunities contact at 726-2961 or email mail@bot.nf.ca.

You gotta love this place, so rethink your business waste. Everything you need to know about managing waste is now online. learn more at

VOLUME 31: #4

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It’s Never too Early to Plan for the Sale of Your Business When you are in the thick of running your own business, it can be difficult to put yourself into the mindset of planning to transition that business to another owner. It may have crossed your mind from time to time, but right now being at the helm feels pretty good. Whether you haven’t made the time, are not sure how to proceed, or just don’t want to think about it, you are like many business owners if you have not completed any type of transition planning. Thinking about transitioning your business to new ownership cannot commence too early. Even if you are years from moving on, there are steps you can take today that will make the eventual transition more timely, improve the potential sale price, and ensure the business you have worked so hard to build has a solid foundation for future success.

TERRY GREENE

Developing a proper exit strategy may include such steps as consulting with key advisors; choosing the type of successor, whether it be family, existing company employees or an outside buyer; preparing the successors, especially in the case of family members or existing employee transition; and structuring the transfer of ownership keeping in mind such things as

financing, tax and legal considerations as well as the associated timeline. Business Value Enhancement For most individuals, your business is the most valuable asset you currently own and, as such, managing its value is extremely important. Business value enhancement involves taking your most important investment and developing strategies to grow this investment over time. The process involves completing a strategic analysis of your business, identifying key drivers of value, and developing a comprehensive plan to improve these key drivers. Business value enhancement is particularly useful for business owners when developing an exit strategy, as it defines where the business is today, articulates business goals, and develops a plan to achieve these goals. This, in turn, will increase the value of your business and attract a larger pool of future potential buyers.

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BUSINESS NEWS AUGUST/SEPTEMBER: 2016

Noseworthy Chapman Mergers & Acquisitions “The Right People, The Right Approach, The Best Results”

Emotional Factor As noted in a recent Harvard Business Review article, important factors affecting business transition success and failure often include relationships, culture and emotion as well as strategy and financial factors. Much of the emotional impact of a sale rests with the seller – you – who may not even realize what the business truly meant until the transaction is underway or completed. Think you care about the well-being of your business now? Wait until you are facing the prospect of seeing it in someone else’s hands. This sense of loss can impact the value you attribute to your company. One measure you can take to prepare for the emotional impact of selling your business is to have a well defined exit strategy in place long before any potential buy/sell negotiations are undertaken. Intellectual Capital If you are selling a business that requires specialized knowledge, you should consider staying on to help with training and to assist in relationship building between the new owner and existing employees and clientele. In addition to helping to ensure the business you’ve

VOLUME 31: #4

built continues to thrive, your willingness to share your intellectual capital can increase the value of the business and therefore the sale price. The possibility of spending six months to a year with the business after its sold is something you should take into account well before you sell, as it will affect your plans to retire or move onto another venture. Developing the skills of your employees that will continue with the business after the sale will also help to enhance the value of the business to a prospective purchaser. Tax Planning Another important aspect to consider when planning to sell your business is the tax liability associated with the transaction. It is important that you engage the services of a tax expert early in the process as the current structure of your business, as well as the structure of the transaction itself, can significantly impact your tax liability. Proper planning can help to reduce and/or defer the tax implications of a sale such as through the potential use of the Enhanced Lifetime Capital Gains Exemption and involving other family members in the ownership of the business. Some tax strategies have to

be completed more than two years before a sale. Selling your business can be joyful, nerve-wracking, liberating or a time of contemplation about your future. The more you can plan for an eventual sale now, the more mentally and emotionally prepared you’ll feel down the road and the more likely that you will maximize the financial aspect of the sale. Terry Greene, President of Noseworthy Chapman Mergers & Acquisitions, has almost two decades of experience as a leader in the commercial financial services industry. Over this time he has had the opportunity to work extensively with business owners undertaking acquisitions and divestitures. Noseworthy Chapman Mergers & Acquisitions combines decades of experience with the specific tools you need to buy or sell your business. If you have any questions regarding buying or selling a business, please feel free to contact Terry at tel: 1-709-364-5600 email: terrygreene@ noseworthychapman.ca

I 27

building opportunities, partnerships, employment, & networks collaboratively

Rocket Bakery Spearheads Partnership to Build Their Disability Confidence Would you like to open your business to new markets? Increase your customer base? Did you know that there are 3.8 million Canadians with disabilities with a purchasing power of $55.4 billion per year? Have you considered making your business more inclusive to customers with disabilities? It’s easier than you may think. In January 2016, Rocket Bakery & Fresh Foods partnered with inclusionNL, to be the first business to participate in Businesses OPEN. This partnership supports businesses to become more inclusive for everyone by creating out-ofthe-box solutions to reduce barriers for customers with disabilities. Rocket Bakery enjoyed a wide array of services through Businesses OPEN. The OPEN with Information component provided accessible copies of Rocket Bakery’s menu in audio, Braille, and large

print. Now people with a visual disability or a learning disability can feel welcome at Rocket Bakery and get the information they need to buy what they want. InclusionNL supported Rocket Bakery to learn more about the accessibility of their website with OPEN with Technology. Now more people with disabilities can get information on Rocket Bakery through their online presence. Employees of Rocket Bakery enjoyed customized training through OPEN with Customer Service. Staff had the unique opportunity to safely build their disability confidence in serving customers with disabilities. Consultants from inclusionNL offered an accepting and humorous environment to explore new ideas and provide practical tips on how to support people with a variety of disabilities in a business environment.

Rocket Bakery menu in Braille & large print.

Steps and narrow door frames can pose an interesting physical access challenge for people who use a wheelchair or a walker but also for people with a baby stroller or someone making big deliveries. Through OPEN with Business Location, a consultant assessed the business for potential barriers as well as accessibility features. InclusionNL highlighted Rocket Bakery’s ground level entrance with an extra wide double door. Although the washrooms are on the second floor, inclusionNL came up with a unique solution by connecting the business with “Access Now”, a mobile app which locates nearby accessible washrooms. Rocket Bakery and inclusionNL staff, along with representatives from Labour Market Partnerships through the Dept. of Advanced Education & Skills and Avalon Employment Corporation, promoted Rocket’s inclusive features to customers through an OPEN with Recognition

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

“Safely Build Your Disability Confidence with InclusionNL”

Rocket employees receiving customer service training.

Building Partnerships OPEN with Recognition Participation Awards.

Participating in Businesses OPEN has also given Rocket Bakery membership to Inclusive Business Network and access to biannual Job Fairs, which connect businesses to an untapped, skilled labour pool. Empower, through their work on initiatives such as inclusionNL and Businesses OPEN, provides more than thirty years expertise to the business community in reducing barriers and raising awareness on inclusion and equal opportunities for everyone. Funding for these initiatives has been received from the Department of Advanced Education & Skills, Labour Market Partnerships.

Rocket pamphlet highlighting their inclusive features & promoting disability awareness facts & tips.

If you would like to build your disability confidence and increase your customer base by participating in Businesses OPEN, please contact: Kathy Hawkins, Manager tel: 1-844-517-1376 email: kathy@inclusionNL.ca web: inclusionNL.ca

reception at Rocket Bakery on St. Patrick’s Day. This fun celebration was shared on social media and captured by VOCM news. Kelly Mansell, owner of Rocket Bakery & Fresh Foods, told VOCM news that, “the partnership shows their commitment to offering solutions to removing obstacles for customers and employees with disabilities…it’s about building confidence and including everyone”. Rocket Bakery now boasts a collection of unique inclusive features and the disability confidence to better serve their customers. The business will be featured as a Business Champion on and promoted through social media and mobile app.

VOLUME 31: #4

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grow your business what can Memorial’s new grads and alumni do for your business? “The fair is an excellent opportunity for employers to connect with Memorial students and alumni who welcome the opportunity to make important connections and chat about what they have to offer employers” — Dan Dillon fair and introduce their organizations to Memorial University’s students, alumni and new graduates, and to other exhibitors.

Board of Trade Pavilion

Last year, Memorial partnered with the St. John’s Board of Trade to present a new pavilion which was exclusively for Board of Trade member organizations. This pavilion presented small and mediumsized businesses based in St. John’s in their own section within the larger fair. On Sept. 28, 2016, Memorial University hosts its seventeenth annual Career and Graduate School Fair from 10 a.m. to 4 p.m. at the Fieldhouse on the St. John’s campus.

This year, Memorial and the Board of Trade will partner once again to present

local leaders alongside national and international companies. “This is a great opportunity for current and new members of the St. John’s Board of Trade to connect with Memorial students and alumni at this exciting and valuable one-day event,” said Mr. Dillon. The fair offers employers the opportunity to meet students and alumni from a wide range of academic and professional backgrounds, and to seek part-time, full-time or co-op employment candidates in a dynamic and engaging atmosphere.

As one of the largest career fairs in Atlantic Canada, a wide variety of industries are represented, including oil and gas, financial services, marketing, retail, small business, etc. The fair attracts local, national and international employers and post-secondary schools to campus to meet Memorial students and alumni. “The fair is an excellent opportunity for employers to connect with Memorial students and alumni who welcome the opportunity to make important connections and chat about what they have to offer employers,” said Dan Dillon, employer development coordinator, Memorial University. “The fair is a cost effective way to showcase your organization to approximately 1,500 students and alumni who could be potential employees, along with having the opportunity to connect with a wide range of other exhibitors.” Following the success of last year’s event, the fair will continue to encourage more local employers to participate in the

To confirm participation in this year’s Board of Trade Pavilion, or to find out more about this opportunity please contact Brendan Hagerty at tel: 726-2961 email: bhagerty@bot.nf.ca More information about the Career and Graduate School Fair 2016 is available at: web: www.mun.ca/cdel/Career_Fair/CGSF/

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

Chamber Merchant Services Credit Card Processing to Help Drive Business Success The Canadian Chamber of Commerce and First Data, a leader in the electronic payment processing industry, have partnered to bring you exclusive benefits to help grow your business. Together we are ready to help you with preferred pricing and products tailored to suit your needs.

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BUSINESS NEWS AUGUST/SEPTEMBER: 2016

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VOLUME 31: #4

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I 33

Pension Perspective to be about $19,000 per person. This figure does not include the revised estimated costs of Muskrat Falls, which is now the country’s largest infrastructure project.

provincial pensions this year will be $456.2 million, up from $109.7 million in the 2014/15 budget.

One of the last acts of the recent outgoing government was to offer teachers a bailout program that will last at least a decade and will cost taxpayers $135 million a year in extra contributions. This goes into the teachers’ pension plan, which, in 2006, received a colossal payment of $2 billion from the Atlantic Accord. At the time, the teachers union was ecstatic, with a spokesperson claiming that the money “puts the pension issue to rest for generations to come”, as reported by the CBC. Evidently, this was wishful thinking. The new bailout comes in addition to regular annual payments, which were $92.7 million in 2014. Worryingly, some have speculated the teachers’ union offered political support as a quid pro quo for taxpayers’ money.

Very few governments in Canada, at any level, have been successful in controlling the pension monster. Instead they have used a variety of voodoo accounting techniques and huge bailouts to try and keep them afloat.

Talk to government unions about this and they will say it is because money that was supposed to be paid into the pensions was not done. This is a completely bogus claim. In 2014 the pensions for government workers had already reached over $8.5 billion and there was $652 million paid out to 27,900 pensioners.

BILL TUFTS

Taxpayers have given money to government in good faith, under the expectation that it would be invested in public services. Unfortunately, they have seen much of their tax dollars disappear into the pension abyss.

For over a decade, pensions have created serious problems for governments around the world. Canada has a crisis in the shortfalls - the dollars fall short for the promise that has been made for its government employees’ pensions. Many organizations, from investment companies, banks, taxpayer watchdogs and think tanks have been ringing alarm bells over Canada’s public sector pensions. Several governments in the western world have been bankrupted by these pensions. Recently, Newfoundland and Labrador defaulted on a loan to the federal government, in large part because of the crushing cost of its pensions.

One recent example of a government meltdown that was mostly caused by pensions was in Puerto Rico, where the government is currently insolvent. The territory had a debt load per person of around $20,000. Newfoundland and Labrador has a debt of at least $10 billion for its 525,000 residents, which works out

The solution is close at hand.

The City of St John’s was one of the few governments bold enough to protect taxpayers from the tapeworm of pensions, and enacted a long-term sustainable solution when it converted all of its employee pensions to defined contributions plans.

In 2012, the cost for public employee pension plans across Canada was $ 8.4 billion and this year it will be over $36 billion. That four fold increase in pension costs means money that was flowing into programs like healthcare, schools and social services is now going into employee pensions.

It is worthy of note that St. John’s was shown the path to sustainability by its City Councilors, who reformed their own pensions before reforming those of other City employees. This sheds light on a major challenge to pension reform: the luxurious nature of politicians’ pension plans. It is easy to see that mustering the political willpower for reform can be difficult when decision-makers themselves are collecting gold plated pensions.

Today Canadian public sector employee pensions have accumulated over $1.1 trillion in assets held in trust on behalf of your employees working for government. They have become the largest owners of banks, and the biggest holders of government debt.

Our calculations show that over the past decade Newfoundland and Labrador’s taxpayers have made contributions and promises worth over $8 billion in additional bailout money for pensions. This year in Newfoundland and Labrador, budgeted current account expenditure increased by $330 million, or 4.5%. Of this sum, spending on services, including healthcare, education and social services, went up by a mere $28 million. The remaining $292 million went toward funding the province’s ballooning debt and pension liabilities. The total cost for

As the Martin case showed at Nalcor, the pensions that senior government officials give to themselves are unfair to taxpayers. It is time to end the plunder, and reform the Newfoundland and Labrador pension system. We must protect today’s taxpayers struggling in an uncertain economy. Perhaps more importantly, we need to repair the province’s finances for future generations, so they have a chance to stay in the province without being heavily burdened by the poor decisions of those who passed through the system before them. BUSINESS NEWS AUGUST/SEPTEMBER: 2016

We Recruit. You Retain. to the qualified out of town candidates as well. Additionally, we are able to ethically engage candidates who are currently working at competing companies, whereas employers cannot do this.

Confidentiality

Some companies wish to remain anonymous when performing a job search and there are many reasons why they may choose to do this. If a key position needs to be replaced quietly and in a timely manner, hiring a recruitment company to find a replacement ensures a smooth transition while maintaining the integrity of the company. Some companies request to remain anonymous simply because they do not want their competition to know they are growing or because they do not want you applying directly to them.

ANDREA HOGAN If you are looking to hire someone in the near future you are probably asking yourself: why should I use a recruiter when I can just post the job myself? Well there are a lot of reasons why, in some cases, you may want to use a recruitment company to find your next talent. In a nutshell- it will save you time, money and your sanity! I’m sure that anyone who has had the pleasure of sorting through hundred’s of unqualified resumes, read countless emails and conducted an innumerable amount of interviews knows that on the surface hiring someone may seem easy but in reality it is one the toughest things to do. Because in the end it’s not just about getting a good employee- it’s about retaining that employee. Let me tell you why enlisting a third party can be extremely helpful in hiring the right person.

WE ARE THE EXPERTS

The connections we have allow us to link you up with the top candidates in the industry. We are able to access both active and passive job seekers, which allows you to choose from the best-of-thebest rather than just the best of whoever has applied. Most recruitment companies have a pre-screened database of qualified candidates at their disposal, so we may already have the perfect person ready to go. For some specialty positions even the local candidate base simply will not fulfill the client’s needs, by using a recruitment company you are increasing your reach VOLUME 31: #4

Negotiations

When it comes to negotiating salary and benefits packages candidates are much more honest and forthcoming about what they are really looking for when there is a third party involved. Ensuring both the client and candidate are happy with all the terms of their contract highly increases the chance that they will actually retain the candidate- which is the goal. Need advice on appropriate salary ranges? We can help. Because of our knowledge and expertise in multiple industries we can provide valuable insight on realistic salary requirements for all types of positions.

Letting the talent speak for itself.

An investment

The fee paid to a professional recruiting firm is a strategic investment in finding top talent to upgrade your company, not an extraneous expense. When selecting a recruitment company to work with choose one that includes guarantees with their services. That is, if the candidate is let go due to performance reasons or leaves on their own accord, the company will replace them at no additional cost. This provides a “safety net” for the client ensuring that their investment is protected. The guarantee proves that the recruitment company truly cares about your needs and wants to find the best candidate for the position- not to just fill the position. Remember, expertise means only having to hire once so save your time, your money and your sanity and call us today. Andrea Hogan Business Development Manager Jump Recruitment Specialists email: andrea@jumpcareers.ca

2016 September 28

To meet your next star contact:

Danielle Jackson or Dan Dillon at 709 864 2033

#MUNcareerfair www.mun.ca/cdel

I 35

Member News Past Chair, Kim Keating, Inducted into the Canadain Academy of Engineering

multidisciplinary team and is the first female to lead a project of this magnitude in the province. In addition to being an elected alumni representative with the Board of Regents, Ms. Keating has served on a number of advisory boards at Memorial. She is an active volunteer and mentor in the community, working with groups such

as the International Women’s Forum Newfoundland and Labrador Chapter, the 150 Years Mentorship Program and she is also a former Chair of the St. John’s Board of Trade. On behalf of everyone at the St. John’s Board of Trade, congratulations on receiving this significant honour from your peers.

St. John’s International Airport Authority - Airport Expansion and Improvement Plan is on Budget and on Schedule The St. John’s International Airport Authority announced in June that it plans to invest $40 million this year as part of its $250 million, 10-year Airport Improvement and Expansion Plan. The plan was originally announced in 2014 and its purpose is to increase capacity and enhance the Airport’s facilities to accommodate existing and future passenger growth.

In June, our Past Chair, Kim Keating was the first female engineer from this province to be inducted into the Canadian Academy of Engineering (CAE). The CAE is an independent, self-governing and nonprofit organization established in 1987 to serve the nation in matters of engineering concern. It is comprised of Canada’s most accomplished engineers, who have expressed their dedication to the application of science and engineering principles in the interests of the country and its enterprises. Members of the CAE are nominated and elected by their peers to honorary fellowship. As a Memorial alumna, member of the Board of Regents and vice-president of fabrication with St. John’s-based The Cahill Group, Kim Keating has made distinguished contributions to the profession of engineering, nationally and internationally.

The major projects scheduled for this year include the continued construction on the Terminal Building East Expansion, the construction of a new four-leg roundabout at the intersection of World Parkway and Navigator Avenue, as well as the development of a new cell phone waiting parking lot. The improvements will significantly enhance the experience for passengers and visitors to the Airport, while supporting the growth in airline operations at the province’s gateway.

Fortis Inc. and New York Stock Exchange In anticipation of a broader, more visible U.S. presence, Fortis Inc. announced its intention to list on the New York Stock Exchange earlier this year. We submitted our application in April and received approval in May. It’s the next logical step given that about 60% of Fortis regulated earnings and assets will be in the United States following the close of the US$11.3 billion ITC transaction on track for year-end. Fortis looks forward to seeing the Fortis ticker run across the NYSE screens later this fall, to ring the bell and open the market, and to create demand and trading activity for Fortis’ shares in the U.S.

Kim started her career on the Hibernia Project in 1997 and has since held a variety of leadership positions throughout the Terra Nova development from engineering design through to construction, commissioning, production operations and field development. In her role with Cahill Group, she has overseen the Hebron Living Quarters, which is the largest offshore accommodation facility built in the province and is constructed to the highest offshore safety standards. Currently, she is managing an 800 member

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

Member News Pennecon’s Co-Chairman Larry Puddister named CEO of the Year by Atlantic Business Magazine The CEO of the Year award recognizes one individual from within the ranks of the Top 50 CEOs. This individual is deemed by the judges to have had the most outstanding accomplishments during the past year. Nominations are submitted by the readers of Atlantic Business Magazine, and nominees are judged according to their corporate, community and industry involvement, their company’s growth in recent years, and their responses to various managerial challenges.

In May during the Atlantic Business Magazine’s Top 50 CEO Awards Gala in Moncton, Pennecon’s Co-Chairman Larry Puddister received the CEO of the Year Award.

709 747.3850

brenda@image4.ca

1170 TOPSAIL ROAD Mount Pearl, NL A1N 5E8

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According to his peers he is a leader that is extremely deserving of this recognition, not only because of his success in his career, but also his ability to recognize where his skill sets lack and to fill those voids with a strong executive team. He was the obvious choice and scored very high in all of the judging criteria because of his ability to focus on growth and still demonstrate his dedication to giving back.

Harbour Grace Ocean Enterprises Launches the Nellie C Harbour Grace Ocean Enterprises is a marine vessel repair, refit and construction company. They service steel hull and fiberglass hull vessels and provide other services such as painting, fiberglass repairs, steel repairs, fabrication of parts and equipment, engine, mechanical and electrical overhaul. On July 28, they launched the first newly built vessel in Harbour Grace since 2005, and it is the first newly built vessel under the Harbour Grace Ocean Enterprises banner.

Accounting & Auditing Management Consulting Mergers & Acquisitions Taxation

Suite 201, 516 Topsail Rd. St. John’s, NL, A1E 2C5 T: 709.364.5600 F: 709.368.2146 W: noseworthychapman.ca

VOLUME 31: #4

I 37

New Members C.A. Pippy Park Golf Course

Rose Manor Inn

The Murphy Centre

Ric Mercer, General Manager 460 Allendale Road St. John’s, NL A1B 3T2 709-753-7110 Ric@pippypark.com

Erika Pardy, Owner 43 Water St. East Harbour Grace, NL A0A 2M0 PH: (709) 576-1378 www.rosemanorinn.com

ClearPM

Canadian Mental Health Association-NL

Michelle Blundon, Career Consultant/ Employment Development Coordinator 320 Torbay Road St. John’s, NL A1A 0L3 PH: (709) 753-2830 Fax: (709) 579-8022 www.murphycentre.ca

Addison Kelland, Managing Principal P.O. Box 29128 St. John’s, NL A1A 5B5 709-631-8100 addison@clearpm.ca

JAG Boutique Hotel Larry Laite, General Manager Martha Gaultois, Assistant Manager 115 George Street, West St. John’s, NL A1C 0B7 709-738-1524 709-738-1544 llaite@steelehotels.com mgaultois@jaghotel.ca

Dan Goodyear, CEO 603 Topsail Road St. John’s, NL A1E 2E1 709-753-8550 709-753-8537 dgoodyear@cmhanl.ca

Newfoundland and Labrador Building and Construction Trades Council Darin King, Executive Director 80 Mews Place St. John’s, NL A1B 4M3 PH: (709) 726-4560 www.nlbtc.com

REFER A MEMBER receive an incentive

Challenges... Profitability? Productivity? Succession Planning? Employee Retention? Solution…….

Contact Des Whelan, Sales Partner t: 709-743-5009 e: des@training-works.ca

www.training-works.ca

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

Member Profiles

AllNewfoundlandLabrador.com is an online business news service featuring exclusive content produced by a team of professional reporters working from an office on Duckworth Street. Give us a try by subscribing online now for just $15 a month or call 877-240-4130. Please send any news related items about your business to: Tel: 709-722-4367 Email: news@allnewfoundlandlabrador.com AllNewfoundlandLabrador.com is business news for business people.

A well-planned schedule is a fundamental management tool that can help both public and private sector organizations successfully achieve project deliverables. It not only provides an essential road map for project execution, but also a means by which to gauge progress, provide true project status and identify potential issues for remedial action. To increase certainty around project delivery, Clearpm partners with clients throughout the province to provide project planning and scheduling training, using one of the most widely-used project scheduling software packages, Microsoft Project. Our training solutions can be tailored to your requirements, incorporating your organization’s established methodology. Our Key Capabilities: • Microsoft Project Software Training • CAPM/PMP Certification Boot Camps • Project Scheduling Services Find out how we can support your organization’s project management delivery by contacting us today! Tel: 709-631-8100 Email: addison@clearpm.ca Web: www.clearpm.ca

Crane Services Limited, also known as CSL Roofing, is a locally owned commercial, industrial roofing & waterproofing company celebrating 20 years in the construction business. CSL specializes in quality and two main roofing systems, for flat roofs and also for Pre Eng building metal roofs. All our options are tried & true, price competitive, longer lasting and have extensive warranties. Our work is independently inspected (virtually none of our competition has their roofs inspected) and our workmanship is safe, cold process applied systems, no torch or fire hazard. For quality services, information and a broad range of references please contact: 222 Main Road, Goulds, NL Tel: 709-364-6631 Fax: 709-364-6262 Email: john@cslroofing.ca Web: www.cslroofing.ca YOUR COMMERCIAL ROOFING EXPERTS

The place to go to buy or sell a business.

Experienced and locally-based Business Brokers understand the business and financing climate in NL. • SUNBELT successfully sells more businesses that any company in North America. • SUNBELT has buyers seeking businesses NOW. • SUNBELT handles all transactions CONFIDENTIALLY. • SUNBELT has a network for international sales exposure. SUNBELT Business Brokers Atlantic sells businesses for optimal market value. We handle Mergers and Acquisitions & match buyers with the “right business” Call us today for a FREE CONFIDENTIAL CONSULTATION Tel: 709-771-1080 Web: www.stjohns.sunbeltnetwork.com

VOLUME 31: #4

BeaverTails Newfoundland is owned and operated locally by Max Staubitzer. We are a fun and family orientated snack food service, with a kiosk in Bannerman Park and a Food Truck on Harbour Drive, St John’s.

Market research provides you with insights to help you make better decisions, giving you objective information rather than relying on ‘gut feel’ and assumptions.

BeaverTails pastries are whole wheat, handstretched and cooked fresh to order, with your choice of decadent toppings! Since their first appearance in Ottawa in 1978, our pastries have become a true Canadian icon. Our diverse menu also includes poutine, The BeaverDog, beverages and frozen treats.

For the past 15 years Ryan Research & Communications has been doing just that via its owner Karen Ryan using methodologies such as online or telephone surveys, focus groups and key informant interviews.

BeaverTails Newfoundland is now available for weddings, private events and festivals. If you would like more information please contact Lauren.: Tel: 709-7572468 Email: beavertailsnl@gmail.com Facebook: facebook.com/ BeaverTailsNewfoundland Twitter: @BeaverTailsNL Instagram: beavertalsnl

Karen has helped clients in the private and public sector and not-for-profits in a variety of industries including oil and gas, health care, education, tourism, utilities, among others.

We are happy to offer a 10% discount to all Board of Trade members.

The only thing worse than no research is bad research. Do it right with us. Tel: 709-685-1511 Email: kryan@ryanresearch.ca Web: http://ryanresearch.ca/

I 39

the economy Newfoundland & Labrador

FLASH SHEET

Percent Change

Current Month

Same Month Last Year

Canada

Thousands

528.4

528.1

0.1%

1.1%

Thousands

237

237.2

-0.1%

0.6%

Percent

12.3

-0.3

0.0

133

129.9

2.4%

1.5%

Food (June, 2016)

147.4

144.5

2.0%

1.3%

Energy (June, 2016)

165.3

161.6

2.3%

-4.4%

All-Items excluding Food and Energy (June, 2016)

124.3

121.3

2.5%

2.1%

Tonnes

1,587,046 p

1,235,760

28.4%

10.8%

$ Thousands

810,191 p

799,476

1.3%

1.5%

Number

3,804

4,040

-5.8%

-1.6%

Housing Starts, All Areas (2nd Quarter, 2016)

Number

390 p

419

-6.9%

2.0%

Median House Price - Bungalows, St. John’s (2nd Quarter, 2016)1

Dollars

311,971

315,195

-1.0%

Barrels

6,358,714 p

4,389,729

44.9%

POPULATION: (Estimated as of April 1, 2016) LABOUR: Employed, Adjusted (June, 2016) Unemployment Rate, Adjusted (June, 2016) CONSUMER PRICE INDEX (2002 = 100): All-Items (June, 2016)

VOLUME OF IRON ORE PRODUCTION: (May, 2016) RETAIL TRADE (NAICS): Unadjusted for Seasonal variation (May, 2016) NEW MOTOR VEHICLE SALES: (May, 2016) HOUSING:

OIL PRODUCTION: (May, 2016)

As of October 2015, major enhancements have been made to Royal LePage’s House Price Survey program. One major change is the Survey is now reporting median prices wheras previously average prices were reported. For more information contact the Newfoundland and Labrador Statistics Agency. Source: Economics and Statistics Branch (Newfoundland and Labrador Statistics Agency), Department of Finance 1

BDO HELPS YOUR BUSINESS NAVIGATE THE ECONOMY As one of the leading accounting, tax and advisory firms in Canada, we offer a breadth of expertise, innovative thinking, and valuable insight to every client who walks through our doors. Whatever your business is facing, we can help you take advantage of your opportunities and achieve success. People who know, know BDO.SM Assurance | Accounting | Tax | Advisory 200 – 53 Bond St, St John’s NL 709 579 2161 www.bdo.ca

BUSINESS NEWS AUGUST/SEPTEMBER: 2016

ST. JOHN’S ARC PROJECT INCREASING ST. JOHN’S,NEWFOUNDLAND’S COMPETITIVENESS, FIRM-BY-FIRM

Do you want to work smarter, not harder? If the answer is yes, then the St. John’s ARC project may be the tool for you. WHAT IS THE PRODUCTIVITY ARC? Our standard ARC is comprised of five components: • Introductory consultation • Productivity 101 Workshop • Assessment of your business • Roadmap development • Coaching Each of these components is carefully crafted to help you work through a multi-stage productivity journey.

If you are interested, please contact: Lesley Galgay Resilience Specialist St. John’s Board of Trade T: 709-726-2961 ext. 8 lgalgay@bot.nf.ca

goproductivity.ca | start@goproductivity.ca | 1 844 245 8278 |