The Canadian Association of Family Enterprise (CAFE) named Cresco the 2015 Nova Scotia Family Enterprise of the Year (FEYA) at its award luncheon held today at the Brightwood Golf and Country Club in Dartmouth. On hand to accept this distinguished award were family and partners, Hossein Mousavi and Taleb Abidali. The award, sponsored by national Platinum Sponsor, BMO Private Banking, recognizes significant achievement made within a family enterprise. The Cresco story was profiled along with the other two award finalists, Salyzyn & Associates Ltd. from Nova Scotia, and Wheels and Deals Ltd. from Fredericton, New Brunswick.
Fiona Diamond, President of CAFE Nova Scotia continues to be impressed by the calibre of companies profiled at this award event. “While Cresco has been engaged in new home construction and land development in Nova Scotia for 25 years, the long-term success of this company – like our other finalists - will rest on the shoulders of the succeeding generation. All of these families recognize this does not happen overnight and have spent time and have sought counsel to make this happen in a coordinated way,” she says.
Rick Thomson, Regional Vice President and Market Leader for BMO Private Banking in the Atlantic Region, agrees. “Those families that do transfer their business to the next generation have consciously worked to create and communicate a plan that fits the needs of the family and the business.” He works with family businesses regularly and recognizes that this work environment is challenging for family and non-family and that passing a family business to the next generation is stacked with obstacles.
Over 450 dinner guests attended this year's Peter Wilson Dinner at the Cunard Centre in Halifax. CAFE NS thanks Jon and his family for sharing his experiences and keys to building this global textile company right here in Nova Scotia.
Join the conversation and find the support you need in making your family business a success.
CAFE Personal Advisory Groups (PAGs) are operational in CAFE chapters across Canada. Have a look at what members in one chapter say about the experience by clicking on the video below.
Why do PAGs work so well?
Probably the most common challenge family business members face is isolation – it is often difficult to discuss problems with other family members, and those outside family business may not understand the nuances of family enterprise. Participation in a PAG helps resolve this problem by serving as your dedicated 'board of advisors'.
A PAG is a group of 8-12 CAFE members from different non-compteting family businesses who meet monthly to support each other by sharing personal, family and business experiences in a highly confidential and supportive environment. PAGs are open to all family members and CAFE Vancouver Island also provides the opportunity for advisor members to join PAGs upon satisfying some criteria.
PAGs are unique not only because of their specific focus on business family issues, but in terms of the support, mentorship and friendship they provide.
View an outline and register online by clicking on the respective titles.
CAFE Nova Scotia was launched in the fall of 1997. We now recognize our Chapter's beginnings at our annual Peter Wilson Dinner. The late Peter Wilson, Wilson Fuel Co. Ltd. was one of the principal founders of the Canadian Association of Family Enterprise’s Nova Scotia Chapter, and is remembered and honored annually at the Peter Wilson Dinner for all he gave toward the development of family business.