Companies fail because they become complacent. The status quo has always been easier than change.
– Beating the Odds, A History of the Mannix Family in Business, page 444.
In a world moving as quickly as ours, innovation is key for positioning organizations for future success in a continuously evolving marketplace. The Coril Group of Companies has recently launched an innovation initiative, encouraging our companies to focus on innovation as a vehicle for future sustainability and success.
The focus on innovation is not new for the Mannix Family businesses. John Cleghorn, the Chairman and CEO of the Royal Bank in 1997, admired the Mannix family’s focus on innovation, stating “The Mannix Family has the need to look beyond the existing enterprise and say, ‘How are we going to ensure there’s a future for the family [business]’”.
In 1997, the Mannix brothers identified a business opportunity – one that had them considering the sale of the energy assets, held within Manalta Coal and Pembina Pipeline, to generate capital for future investments. To an outsider, selling these two companies was a “no brainer” as it would position the Loram Group for future growth through acquisition. However, the decision was made with a heavy heart. First, it meant selling two legacy companies integral to the history of the Mannix Family. Second, the decision was difficult due to the great sense of responsibility the Mannix brothers had to their employees.
Ultimately, the decision was made to sell majority of the energy assets into income trusts, an outcome that was not only lucrative, but also protected the jobs of the many employees who had worked so hard for the success of Manalta and Pembina.
The sale of the energy assets provided much of the capital that was used to acquire the very businesses that make up the Coril Group of Companies today. Cleghorn had further praised the Mannix Family by stating, “The family has an incredible level of curiosity, and are very open to new thoughts, suggestions, and ideas.” This statement remains true today – no idea is too small or insignificant to be influential in this great Group of Companies we are so fortunate to be a part of.
