Well, normally this update would be a quarterly update and I could fire some big numbers your way and we would get on with our day. But today I have some team updates that will impact how Benifactor operates for the foreseeable future.
Two amazing leaders in the Benifactor community, Mariam Ghani and Stephanie Field, have given me their notice and are moving on to new adventures.
Mariam began her career at Frontier working directly for me and Emily Cheevers, Frontier’s first real General Manager [I don’t count]. We struggled to find her weakness. She was absorbing new information like Neo in the Matrix.
Thankfully, we were training Mariam to judo chop the charity world and raise millions for Canada’s poorest people, for babies and new mums, for those without proper access to education, and for people seeking recovery from addiction.
Mariam’s four year rise to General Manager has been a sight to behold. When Frontier needed a change of leadership, I asked her to watch Gladiator. I needed a soldier to lead Rome.
Early on into the movie (she managed to watch all of the Director’s cut edition) the dying emperor asks his General, played by Russell Crowe, to become General Manager. And this happens:
Marcus Aurelius:
Won't you accept this great honor that I have offered you?
Maximus:
With all my heart, no.
Marcus Aurelius:
Maximus, that is why it must be you.
She got the point. What began next was the greatest run Frontier has ever been on, and a trajectory of client and corporate success that is a testament to her great leadership.
What Mariam and Stephanie have in common is an ability to grow other leaders too. The Benifactor world is blessed with leaders of all types. Nick Tassell continues to guide our team and clients and encourage the growth of talented and emerging leaders, like Chantal New.
Though we’ll be sad and happy for Sophie Wooding while she goes on parental leave this winter, we can count our lucky stars that Katie Mutrie has been a self-driven learning machine since her first week on the job.
Matt Hussey continues to embarrass me with his knack for growing our revenue while also beaming with positivity. All at a younger age than when I was in charge of Frontier’s clients’ success.
Thanks to Stephanie’s work as Good Marketers Group’s GM, her steady efforts to step-up our HR processes, her amiability and unflappable exterior, we have a team in place that’s ready to step up and lead as her and others move on.
Benifactor is a sports team, not a family. For more on this subject, please read this article. While I’m sad to retire Mariam and Stephanie’s jerseys, I’m curious to observe the development of the new cohort that attended my “newbie’s” presentation.
Finally, our leadership and corporate structure changed in a third way this Spring - Chris Primeau is no longer with Benifactor, and Capstone Fundraising has been shut down.
I have the utmost respect for Chris and the leadership he provides to the charitable sector, within his family, and to the church community. While Capstone, which provided major giving consulting to charities, didn’t find its footing I trust Chris will. Chris is a team player and strategic thinker and a smart charity will one day call him their Executive Director.
So, finances.
For our fiscal 2018/2019 third quarter the company posted quarterly revenue of $625 thousand, an increase from $561 thousand the year-ago quarter.
Continuing the trend of growth over the last two years, our revenue this quarter is 46% higher than two years ago.
This year has been the year of moderate growth. I’m expecting that the fourth quarter will be similar.
Sadly, in spite of such growth, net cash was quite negative at -$41 thousand versus last year an increase of $54 thousand. This issue is top of mind for day to day operations for the fourth quarter.
Some other highlights:
Glass Register now has 18 active clients, representing slow and steady growth.
Frontier’s revenue is up over $200 thousand year-to-date compared to last year.
Charity Electric, though it’s struggled to meet targets, has created new processes to deliver incredible websites, rebrands, and marketing plans for our clients.
If you have any questions or comments based on this letter, feel free to email me at ben@benifactor.com.
Sincerely,
Benjamin Johnson, CEO