Dear BTF Community,
Some businesses are built in environments where conditions are predictable.
Others are built where conditions are constantly shifting.
For Geoff Gay, leading Athabasca Basin Development has meant operating in the latter. Northern geography, resource cycles and global forces all shape the outcome, often in ways that’re outside any single company’s control.
That reality has led to a clear approach and understanding that strong businesses aren’t defined by stability. They are defined by how well they prepare for instability, how they structure themselves to endure it and how they build relationships that hold when conditions change.
Key Takeaways for Business Owners:
- Global events shape local businesses more than most leaders expect.
- Strong leadership comes from either deep expertise or knowing where you need it.
- Resilience is built through balance sheets, flexibility and attention to detail.
Enjoy,
Mark
The Global Reality Behind Local Business
Operating in Saskatchewan does not insulate a business from what happens elsewhere.
Geoff has seen that firsthand.
“No matter how small or large the business is in Saskatchewan, what goes on in the world impacts it… whether it’s world events, politics or the economy.”
That influence isn’t always obvious in the moment but it shows up over time in demand, pricing and project timelines.
The response isn’t to avoid risk.
“It’s something we want to acknowledge and prepare for, not shy away from business because of it.”
Awareness becomes part of the strategy and companies that recognize external pressures early are better positioned to adjust when conditions shift.
What Strong Leadership Actually Looks Like
Across Athabasca Basin Development’s portfolio, Geoff has seen consistent patterns in the companies that perform well over time.
It starts with leadership, though not in a single form.
“Leaders with industry experience who are hands-on tend to succeed.”
There is another path that works just as well.
“If a leader doesn’t have industry experience, success comes when they recognise that and bring in people who do.”
Both approaches require the same underlying discipline. Leaders need to understand what they know and what they don’t, then build accordingly.
That awareness often matters more than experience itself.
The Opportunity Few Are Looking At
When asked where Saskatchewan still has untapped potential, Geoff points north.
“More northern infrastructure would unlock more opportunities… it would lead to more commodities being found and developed.”
The barrier is not demand. It’s access.
The terrain presents challenges that are easy to underestimate from a distance.
“It’s rugged. You’re dealing with the Canadian Shield… communities accessed by ice roads, winter roads, sometimes only by air.”
These constraints shape how businesses operate, how projects are planned, and how capital is deployed.
They also create opportunity for those prepared to work within them.
Why Partnerships Matter More Than Agreements
A significant part of Athabasca Basin Development’s model is built around Indigenous ownership and partnership.
The foundation is clear from the outset.
“Unity is the most important thing to allow us to succeed.”
From there, governance structures are put in place to ensure all perspectives are represented and decisions are made with clarity.
Yet structure alone is not enough.
“You can have all the agreements in place… but in the end, it’s the relationship that provides the strength.”
That emphasis carries through every stage of a business. Engagement with northern communities isn’t just a step in the process; it’s part of how the business operates.
“Indigenous engagement and consultation are very important in all those industries.”
The Reality Of Resource-Based Businesses
One of the most common misconceptions about operating in the North is how predictable the work will be.
Geoff is clear on that point.
“It’s not linear. It’s not consistent, steady work.”
Projects can pause or delay for reasons that are outside a company’s control. Market conditions shift. Timelines move.
Strong companies prepare for that variability.
“We emphasise having a strong balance sheet so we can weather those storms.”
That includes limiting debt where possible and maintaining operational flexibility.
There is also a focus on fundamentals that does not change with the cycle.
“Quality, safety, and pricing… that’s what keeps companies wanted when times get tough.”
When demand contracts, those factors determine who continues to get work.
Where Growth Breaks Down
As companies expand, Geoff sees a common point where progress slows.
“Leaders struggle when they haven’t figured out how to delegate.”
Growth introduces new layers of complexity. The leadership approach that worked at one stage no longer fits the next.
“It’s about recognizing where you are in the business cycle and bringing in the talent needed for the next phase.”
Without that shift, the organization becomes constrained by its own structure.
What Separates Well-Run Companies
From a board perspective, Geoff sees a clear distinction between companies that perform consistently and those that struggle.
It comes down to discipline.
“The companies that succeed are the ones that focus on detail.”
That focus extends across the entire business.
“Everything from safety to HR to finance to marketing… and making the time to address issues when they come up.”
Strong companies do not ignore small problems. They deal with them early, before they become larger ones.
Looking Ahead For Saskatchewan
The next phase of growth will continue to build on the province’s strengths.
“Energy and commodities will drive growth… uranium, potash, oil and gas, hydrogen.”
There are also emerging opportunities tied to defense and export infrastructure that could expand the province’s reach.
The underlying position remains strong and Saskatchewan has resources the world continues to need.
Building Something That Lasts
At its core, Athabasca Basin Development’s approach is about long-term outcomes.
“We take pride in building off the legacy that an owner created.”
That perspective shapes how businesses are acquired, operated and grown.
It also reflects a broader mindset. Success is not defined by short-term performance alone, but by what the business becomes over time and who benefits from it.
Final Reflection
Geoff Gay’s perspective is grounded in a reality many businesses don’t face every day.
Conditions are harder, timelines are less predictable and the margin for error is smaller.
Yet the principles that emerge are widely applicable.
Pay attention to detail. Build the right team. Prepare for what you cannot control. Invest in relationships that hold over time.
Those are the elements that allow a business to endure, regardless of where it operates.
Geoff Gay will be speaking at BTF Saskatoon, where these themes will continue in conversation with business owners building across the province.