Palliser named Best Managed Company

WINNIPEG, Manitoba – Palliser Furniture has been named one of Canada’s Best Managed Companies in 2015.

The upholstery specialist achieved the distinction on its first try. The program recognises Canadian-owned and managed companies with revenues over $10 million who demonstrate they have the strategy, capability and commitment to achieve sustainable growth.

“I would like to recognize the entire efforts of Palliser Furniture. It takes a dedicated effort from an entire team to focus on a core vision, create stakeholder value and excel in the global economy to achieve this level of success,” said Mike Runia, Ontario managing partner of the accounting firm Deloitte and co-leader of the Canada’s Best Managed Companies program.

Established in 1993, Canada’s Best Managed Companies is one of this country’s leading business awards programs and recognises Canadian-owned companies that have implemented world-class business practices and created product value in innovative and strategic methods.

Applicants are evaluated by an independent judging panel on overall business performance including leadership, strategic planning, core competencies, cross-functional collaboration throughout the organization and overall management commitment and talent.

According to the organisers, Palliser was awarded the designation after submitting a comprehensive application package and by demonstrating it meets all of the criteria required as well as their ability to manage finances effectively and adapt to changing market conditions for a period of more than three years.

This country’s largest upholstery producer, Palliser is privately owned and has been in operation since 1944. It employs 1,863 people and has production facilities here and in Saltillo, Mexico.

“CIBC congratulates Palliser Furniture on being named one of Canada’s Best Managed Companies – a reflection of its strong leadership, sound business planning and focus on growth,” said Jon Hountalas, CIBC’s executive vice-president in charge of business and corporate banking.

“We are so honored to have been selected to receive this designation as one of Canada’s Best Managed Companies,” Palliser president and chief executive officer Cary Benson said.

“Working through the nomination process to participate in this competition was a good learning experience for our company,” he continued, adding, “We brought together a team of people from several different parts of our business and all worked closely together to prepare the submission. We are very pleased to have been chosen and sincerely thank the sponsors for awarding this to Palliser.”

Jeff R. Martin, the Deloitte coach assigned to Palliser’s submission noted; “Palliser demonstrates a strong focus on building a successful strategy, developing high capabilities to compete, and benefit from the outstanding commitment of its people.”

The 2015 program winners – along with Requalified, Gold Standard, Gold Requalified winners and Platinum Club members – will be honoured at the annual Canada’s Best Managed Companies gala in Toronto on April 12, 2016.

On the same date, the Best Managed symposium will address leading-edge business issues that are the key to success for today’s business leaders.

In a note to Home Goods Online, Benson said participating in the program was a more than helpful exercise in creating Palliser’s strategic plan.

“We were coming to the end of a five-year plan and had accomplished many of the goals we had set,” he explained, “As we worked on our plans for the next five years, we thought this could be a good program for us to learn from and to see how we compare to our peers in other industries across Canada.”

He indicated Palliser will probably continue on in the program, which is sponsored by Deloitte, CIBC, the National Post, the Smith School of Business at Queen’s University and MacKay CEO Forums.

“The program is well known throughout Canada and has a very good reputation. I also spoke with some other companies that had participated and heard positive comments about not only the process but the benefits,” he said. “At this time too early to say as we are still learning the rules and responsibilities, but so far we have enjoyed it and would like to continue with our involvement in the program.”

Palliser is the only household furniture manufacturer who has achieved the distinction. Furniture retailers Mega Group and the Dufresne Group are both members of the program’s Platinum Club.

Related Story: Mega named to Platinum Club