28 BCBusiness June 2015 peTer hoLsT
After announcing staff cuts that included many
executive positions, Chan held a company town hall to
explain the plan to remaining sta. "They were 100 per
cent behind me," Chan says. "Everyone understood cost-
cutting was needed. We had to be realistic about what
level we could sustain."
That included corporate culture changes as well as a
new address. Norsat moved to a new facility near
YVR—
ground ‡oor, which was more practical for shipping and
receiving. "We divided the budget, shaved it down,"
Chan says. "No more 'Get it to me faster and spare no
expense.'"
Norsat is now focused on communications for remote
and challenging locations. The company's modular
approach allows them to build quickly without incurring
extra engineering charges. And no more fruitless bids
on mega-contracts. "We looked for niche customers who
required customized products," Chan says. "We needed
to kick-start the cash engine and return to pro•tability."
By 2014 Norsat was reporting revenues of $36.2 mil-
lion, with an adjusted
EBITDA (Earnings Before Income
Tax Depreciation and Amortization) of $4.7 million. Nor-
sat now boasts clients in over 90 countries—and after
two takeovers (Sinclair Technologies in 2011 and CVG in
2013), the company has eectively doubled in size dur-
ing Chan's tenure. While more acquisitions are planned,
Chan does not consider every company to be a buy-and-
turn-around candidate. "Buying some companies is like
catching a falling knife," she says.
Chan has a handle on this one, at least.
Harbour Air
READY FOR TAKEOFF
G
etting out of the bush leagues is a struggle for
ballplayers and businesses alike. For Harbour
Air, it was no metaphor. Founded in 1982 with
two ‡oat planes, Harbour Air was strictly a
bush operation, one of many small carriers that carry
clients to isolated •shing lodges and workers to logging
camps.
Founder Greg McDougall says bush-league status
extends to the typical mentality of small, seat-of-the-
NEW FLIGHT PATH
Greg McDougall says
Harbour Air needed a
rebrand: from casual
and adventurous to pro-
fessional and reliable
