The FirstService Way
FirstService has grown into a global leader in real estate services. Our refined management style is built on 7 powerful strategic pillars we call "The FirstService Way". It continues to guide our Company's growth and attract strong management teams with visions that are similar to ours, visions for the future success of their businesses.
FirstService believes that our strongest competitive advantage is being partners with operating managers. We provide the strategic leadership to guide and support growth initiatives and our partners remain focused and committed on building a strong global company.
Equity ownership by our management teams is essential. Our partners enjoy total authority over front-line operating decisions, while equity ownership allows their direct participation in the financial outcomes of their decisions. With significant equity in the businesses they operate, their interests are aligned with our shareholders in building long-term value.
Focus on Internal Growth
We have a keen focus on operational excellence. We set high internal growth targets and leverage our scale, competitive advantages, and sales channels by enhancing and broadening our service offerings. These differentiate us from competitors and support strong internal growth.
Successful management teams are well compensated for driving growth. Aligning our key operating managers with our shareholders through generous performance-based compensation programs ensures that they have the incentive they need to continue growing their businesses.
Our highly disciplined approach to acquisitions ensures we invest in high-potential, well-managed businesses, at a fair price. New acquisitions are selected to augment our internal growth strategies but also to support the growth of FirstService as a whole. All our investments generate high returns on invested capital.
People Development Process
Retaining and promoting key operating managers is one of our most important practices. Each year, the key people within our businesses are evaluated in a consistent manner; strengths, weaknesses and internal career opportunities are discussed, as are opportunities for advancement with other FirstService business units.
Management and Review Process
FirstService has a rigorous process of oversight and operational review to maximize cash flows, increase margins, manage operational risk, and monitor performance indicators. Sharing of best practices is proactively incorporated into our management and review process to ensure that each business benefits from the experiences of others.
Strategic Planning Process
FirstService utilizes 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 monitored to ensure that we successfully execute our strategy and adapt to changes in our markets.