Stanhope Simpson Insurance Limited took home the 2017 FBE Award at our luncheon held last Thursday at the Brightwood Golf and Country Club. Congratulations to both finalists – the MacGregor Family from MacGregor Industrial Group and the McDermaid and Stanhope families!
Stanhope Simpson Insurance Limited is a unique family enterprise comprised of two families – the Stanhope and McDermaid families. Both have a rich heritage in the insurance industry with Simpson-Hurst dating back to 1947 and Stanhope Insurance to 1979. The two companies’ combined forces in 1998 to operate under the banner brand of Stanhope Simpson Insurance and employ 28 people at their Halifax office. Today there are many family in both ownership and management positions within Stanhope Simpson – with seven members from the Stanhope family and four from the McDermaid family working in the family business. Victoria Stanhope is now president of the company and is capably leading the company into the next generation.
MacGregors Industrial Group is now in its third generation and is a leader in machining services, metal fabrication and industrial sales. The company is deeply rooted in Pictou County and is a sustainable and recognized employer in a region that has experienced many economic challenges. This is a true testament to MacGregor’s Industrial Group’s strengths and their commitment to hiring and growing the company locally. The MacGregor’s are extremely fortunate to have talented and loyal staff of 60 and have managed to survive 40 years of business with no significant family conflict, three generations of involvement and thousands of satisfied customers.
Alan Streatch, President of FBA Atlantic continues to be impressed by the calibre of companies profiled at this annual awards event. “We are so proud to be able to profile the MacGregor, Stanhope and McDermaid families. Their companies contribute to our regional economy and are rooted in a long and prosperous history. We need to celebrate the successes of these and other family companies; their values and ability to pass the baton to the next generation are core to our regional growth,” he says.
Jamie Loughery, Regional Vice President and Managing Director BMO Private Banking in the Atlantic Region, agrees. “Many businesses in the region are facing the complexities of succession. For family businesses in particular the importance of planning ahead and being prepared financially and emotionally is critical.” BMO works with family businesses regularly and recognizes that succession planning is now a critical component to their partnership with family and non-family business owners. “Proper planning can have a significant impact on success of the transition as well as the value placed on a business by a potential buyer” adds Matthew Pulsifer, Vice President BMO Commercial Banking.
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