Next on my list is Price Industries. I’ve been fortunate enough to had the opportunity to go on a tour of their facilities, and they are quite amazing. But I’ll take a step back before I get ahead of myself.
Price is a worldwide supplier of HVAC (heating, ventilation and air conditioning) units. Basically those metal boxes you see on the top of buildings that have fans in them.
Not only is being a world leader impressive enough, but the values that Price practices are almost exactly like any company that I would want to grow. This, of course, is no accident and takes years of careful action. While it may not always be easy, Price is an example of when the correct values are instilled properly into a company great things can happen.
First, Price’s is commitment to innovation is commendable. By investing in projects that may not see any direct cash inflows for many years, if ever, Price does what many companies refuse to do. Not focusing on quarterly profits, but rather the long-term future of the company is, in my mind, the best way to ensure the success.
Being a privately owned company, it is easier to make these decisions. Public companies can often fall victim of focusing on short term gains, rather than worrying about what’z going to be happening 10 years down the line.
What I appreciate most about Price is the fact that they started a Manitoba company and have stayed a Manitoba company. By operating here they bring skilled labour jobs, which is a great thing for our province! While it would likely make more financial sense to move operations to the US (or even next door to Saskatchewan for that matter) by staying here they can keep Manitobans employed with meaningful work.
I’m so sure that it would be less expensive to operate elsewhere thanks to the payroll tax. A company the size of Price has to deal with the Manitoba government taxing them for employing Manitobans. If that isn’t the most backwards thing I’ve ever heard, I don’t know what is.
So thank you to Price for staying in Manitoba and leading by example. in my mind they are exactly what every company should aim to be in their respective industries.