CAP Enterprises Ltd. is a construction and heavy equipment business located in the Arctic. With just 5-25 employees they enjoy revenues of $2 million dollars per year and do most of their work seasonally due to the 24 hour dark and Northern permafrost.
Owner, Charlie Cahill entered the business with some Inuit partners in 2002, when they asked him to join them and start to manage things. He had been working up North for the government for some years before that which made him an ideal candidate for the job.
When asked about his success, Charlie explains the dynamics of working in such a unique environment. “Managing a business in the Arctic presents unique cash flow challenges and we earn 90% of our revenue in a 6-7 month period. Being aware of the unique challenges and managing the cash flow are very important to our success. Previously I earned a business degree and managed private businesses in Calgary and Newfoundland for 15 years, so I had some business experience before we started our company.”
Like most business owners, Charlie recognized a need to outsource some of the financial responsibilities. He saw a small advertisement offering Padgett’s Business Services in his local community paper. After reading about what Padgett had to offer, he decided to call. “We like to work with neighborhood businesses and so we approached Padgett to take us on as a client…The Padgett office was in my neighborhood here in Edmonton, and so proximity was the initial motivation.”
When Charlie first started this company 10 years ago, his revenues were under $100,000.00 a year. Today he is proud of how the numbers have grown and says his confidence in Padgett has grown with them. The owner is the reason we have stayed and worked with Padgett all these years. Padgett is honest, thorough and easy to understand and work with on financial matters. He explains financial statement issues in a straightforward way, and on many occasions he has worked late into the day to help us conclude the financial statements.”
CAP Enterprises Ltd. have expanded their level of service with Padgett from basic annual returns to full bookkeeping services. When asked about the best piece of advice he has received from the Padgett team, Charlie says, “ it’s keeping good records and keeping all our statements and paperwork organized…Just recently Padgett put us in contact with a service provider for Visa & MasterCard that saves us $10,000 a year in fees and charges!” he says proudly.