Jay Hennick

Jay S. Hennick (b.1957, Toronto, Ontario) is a Canadian entrepreneur, lawyer and philanthropist.

[http://jayhennick.com Jay Hennick] is the Founder and CEO of [http://www.firstservice.com/ FirstService] , a global leader in property services with four market leading service lines with more than US$1.5 billion in annualized revenues and more than 16,000 employees worldwide. [http://www.firstservice.com/ FirstService] lines of business include commercial real estate services, residential property management services, property improvement services and integrated security services.

Overview

Before establishing [http://www.firstservice.com/ FirstService] , [http://jayhennick.com Jay] completed a Bachelor of Arts (B.A.) degree and a Bachelor of Laws (LL.B.) degree at the University of Ottawa and began his career as a corporate lawyer with [http://www.foglerrubinoff.com/ Fogler, Rubinoff LLP.] He worked closely with [http://www.foglerrubinoff.com/lawyers/biographies.aspx?_un=lfogler Lloyd Fogler,] the lead partner, and with some of Canada’s leading entrepreneurs as clients.

During the late 1980’s, [http://jayhennick.com Jay] sought to establish a company of his own to create wealth for his family. As a teenager, he showed his entrepreneurial spirit by founding [http://superiorpool.com/home/index.htm Superior Pools] – a company that provides lifeguard and services swimming pools for apartments, hotels and residential communities. His investment in and leadership of [http://superiorpool.com/home/index.htm Superior Pools] created the foundation to fund his education and career as a lawyer.

In preparation for his emergence as a business leader, [http://jayhennick.com Hennick] completed a comprehensive review of the service industry. His research revealed a relatively undervalued industry populated by outstanding mid-sized, privately held firms, which led him to the following conclusion: with post baby boom demographics and a trend toward greater outsourcing by corporations across North America, the opportunities for rapid growth in the service sector would continue to be significant well into the future.

After raising money from family and friends, [http://jayhennick.com Jay Hennick] established [http://www.firstservice.com/ FirstService] in 1989, with [http://superiorpool.com/home/index.htm Superior Pools] becoming the first service of the company. Superior is now part of American Pools, a subsidiary of [http://www.firstservice.com/ FirstService's] property improvement platform and the largest swimming pool management company in North America. In 1998, at the age of forty-one, [http://jayhennick.com Hennick] received Ontario's Entrepreneur of the Year Award for Consumer Services and Canada's coveted Entrepreneur of the Year award for creative service integration. In December 2001, [http://jayhennick.com Hennick] was named Canada's CEO of the year by Canadian Business Magazine.

The [http://www.firstservice.com/ FirstService] vision and [http://jayhennick.com Jay Hennick's] leadership have combined to produce consistently attractive growth rates and a well managed decentralized organization operated by senior managers who are partners in the businesses they run. The decentralized approach and the concept of being partners with operating management, follows the guidance of Peter Drucker, a friend and mentor to the company. [http://jayhennick.com Jay Hennick] understands and identifies with entrepreneurs and has successfully partnered with many top management teams to help them accelerate growth, while providing an opportunity for the shareholders of [http://www.firstservice.com/ FirstService] to invest in this success.

This management style and way of doing business has been refined and enhanced over the years to become [http://www.firstservice.com/corporate_information/principles/ “The FirstService Way”.] Built on seven powerful strategic pillars, it has guided the company’s growth and attracted strong management teams to partner with the company. [http://www.firstservice.com/corporate_information/principles/ The FirstService Way] embodies seven principles: partnership philosophy, focus on internal growth, performance based compensation, acquisition strategy, people development process, management and review process, and strategic planning process.

Management Philosophy

[http://www.firstservice.com/ FirstService's] management style and way of doing business is built on seven principles known as [http://www.firstservice.com/corporate_information/principles/ “The FirstService Way” ] :

1. Partnership Philosophy – Encompasses a decentralized approach with equity ownership by management teams. Partners have total authority over front-line operating decisions, while equity ownership allows their direct participation in the financial outcomes of their decisions. FirstService believes this partnership philosophy is its strongest competitive advantage.

2. Focus on Internal Growth – FirstService sets high internal growth targets and leverages its scale, competitive advantages and sales channels by enhancing and broadening its service offerings

3. Performance Based Compensation – Successful management teams are well compensated to ensure there is incentive to drive growth

4. Acquisition Strategy – FirstService aims to invest in high-potential, well-managed businesses at a fair price. New acquisitions are selected to augment internal growth strategies and support the growth of FirstService into new service areas.

5. People Development Process – Key people within FirstService’s businesses are evaluated for strengths and weaknesses in order to retain and promote top operating managers.

6. Management and Review Process – FirstService implements a process of oversight and operational review to maximize cash flows, increase margins, manage operational risk, and monitor performance indicators. Business platforms share best practices to ensure each benefits from the experience of others.

7. Strategic Planning Process – FirstService uses a consistent strategic planning process to determine the major issues facing its operating divisions. Short-term and long-term goals are reviewed and agreed upon, barriers discussed, and solutions developed. Progress in achieving goals is consistently monitored.

This business model was influenced by a number of people, most particularly Peter Drucker, the father of modern management theory published widely in areas such as business organization and management effectiveness. Drucker was an adviser in the formative years of FirstService and believed the company’s philosophy of partnering with established management teams would prove to be a significant competitive advantage.

FirstService Corporation

[http://www.firstservice.com/ FirstService Corporation] is a leader in the rapidly growing property services sector, providing services in the following areas: commercial real estate; residential property management; property improvement; and integrated security systems. Market-leading brands include Colliers International in commercial real estate; The Continental Group, The Wentworth Group, and The Merit Companies in residential property management; consumer brands California Closets, Paul Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters and Handyman Connection in property improvement; and Intercon Security and Security Services & Technologies in integrated security.

[http://www.firstservice.com/ FirstService] is a diversified service company with more than US$1.5 billion in annual revenues and more than 16,000 employees worldwide.

Philanthropy

[http://jayhennick.com Jay Hennick] is a Director and Treasurer of The Mount Sinai Hospital and is an active supporter to several charitable organizations. Together with his wife Barbara, he is also founder of The Barbara & Jay Hennick Endowment Fund which contributes monies annually to a variety of causes. [http://www.jayhennick.com/ Hennick] is also the founder and inspiration behind the combined [http://www.commonlaw.uottawa.ca/index.php?option=com_content&task=view&id=657&Itemid=76 Jay Hennick LL.B.-MBA Program] at the University of Ottawa Law School, his alma mater.

External links

* [http://jayhennick.com Jay Hennick’s Home page]
* [http://www.firstservice.com/ FirstService Corporation]
* [http://superiorpool.com/home/index.htm Superior Pools]

Related links

* [http://www.theglobeandmail.com/servlet/story/LAC.20070811.RDECISION11/TPStory/?query=jay+hennick The Globe and Mail - Big Fish Small Pond, an Ocean of Opportunity]
* [http://www.canadianbusiness.com/article.jsp?content=42537&page=1 Canadian Business names Jay Hennick CEO of the Year]
* [http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=2147343 Jay Hennick on zoominfo.com]