Monday, February 12, 2007

At a time when many entrep-reneurs look forward to retiring, Michael Gilhespy embarked on a second career -- that of company owner. He purchased Canadian Curtis Refrigeration, where he had led operations for six years, and committed himself to an exciting new challenge. Two years later, he couldn't be happier.

In the spring of 2005, Michael Gilhespy was approaching his 64th birthday. If he was like most men and women of that age, he would have been putting the finishing touches on his retirement plans. Michael Gilhespy, however, is definitely not like most people.

Instead of counting his savings and working out a budget to see him gracefully through the so-called Golden Years, he decided to risk the lot on a management buyout of Canadian Curtis Refrigeration, the Stoney Creek, Ont., company where he had headed up operations since joining it in 1999.

"I have always been a risk-taker," he says. "When the opportunity came along I just knew I had to take it. I knew this company; I knew what I could do with it. I don't think I have lost a moment's sleep since signing the deal."

That may be because he has been too busy. Canadian Curtis has proved true to its promise as an investment. In just shy of two years, Mr. Gilhespy and his team have increased revenues by between 20% and 30% a year, launched an aggressive expansion plan into Western Canada, Quebec and the northeastern United States and, at the same time, continued streamlining operations and reducing costs by making use of the best automated equipment available.

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