It’s a topic we don’t often talk about. It’s kind of taboo. But one of the most important documents you’ll ever draw up comes from this. I’m talking about a Will, of course. As with my oldest son David, I am celebrating my youngest son Ashton’s 18th birthday (this week) by gifting him a Will and Power of Attorney. Not the most exciting of presents, but crucial and appropriate for this coming-of-age moment.
Little did I know that the topic for this episode of “I’m a Millionaire! So Now What?” would be so timely. I interviewed Erin Bury, CEO and Co-Founder of Willful and an entrepreneur, marketer and startup investor who dreams of owning a Black Labrador. While she didn’t dream of being an entrepreneur in the beginning (the corner office at the big company was her goal), she tells us about her journey from journalist to entrepreneur, which culminated in founding Willful with her husband. Willful is an online estate planning platform that makes it easy for Canadians to create a Will in less than 20 minutes.
Erin is a frequent speaker with Speaker’s Spotlight, writes a column for the Financial Post and is a tech commentator on CTV News. I first learned of Erin Bury at an RBC Women Advisor program back in 2019. I connected with her on LinkedIn and reached out to see if she would be interested in being one of the business minds here on “I’m a Millionaire! So Now What?”.
To hell with the paycheck, take the other door
Erin relates her start in tech to the Gwyneth Paltrow movie Sliding Doors, where she sees what her life would be like if she took one door versus the other. Instead of staying in one company and working towards Senior VP, Erin took the other door and was exposed to entrepreneurship, which put her on a very different path.
After running a seven-figure marketing agency that worked with consumer tech companies and startups, her husband’s uncle passed away unexpectedly. “It was one of those moments where everyone was looking at each other saying, ‘Well, did Uncle Dave talk to you about his funeral wishes? Or did he tell you where he had kept the important papers?’. The family realized that he had never talked to anybody about this, not even his wife of 40 years. Kevin started questioning why we avoid talking about death like the plague. And why aren't we using technology to make planning for this or dealing with it a little bit easier?”
Filling the gap for consumers who prefer to do it themselves
Erin relates how Willful is an online Will platform that fills the gap for people who can’t afford lawyer’s fees, who are intimidated by lawyers, or who think they don’t have assets. People for whom the alternative is not having a Will at all. Their goal is to help Canadians prepare for and deal with death in the digital age.
“We are not estate lawyers. Willful was really built by consumers for consumers because we reflect our peers (especially the digital natives) who try to do everything themselves. People don't necessarily want to go into a lawyer's office during COVID.”
A fast growth curve with real impact
When Willful launched in October 2017, digital Wills were nascent, people didn’t know a lot about them, or they had negative connotations. “We spent a lot of our time on education, not just about online Wills, but to answer questions like: ‘Why the heck do I need a Will? What is it? What are the common misconceptions?’. We’ve been fortunate to launch in eight provinces, including, most recently, a bilingual site in Quebec. We’ve raised about 1.6 million in funding, grown to about 15 people, and helped over 25,000 Canadians create their legal documents since launching.”
“Our mission is to ensure every Canadian adult has a Will, whether you're 18, or you're 80, as well as influence gifts to charities. One of the things I'm really proud of is the 7000 gifts left to charities in Wills. And for cash gifts alone, I think we've seen over $35 million left to charity. That's real impact for our communities. When we see that kind of legacy planning, that's amazing.”
A vision for the company
“We always assumed we would probably be acquired at some point, just because we've already seen so much interest from financial institutions and insurance companies. And because of our mission, we know that for us to get Wills in the hands of every Canadian, it's probably going to be easier if we have the power of a big bank or a well-funded FinTech behind us. It’s not something we’re gunning for, but we’re open to conversation.”
Kevin and Erin want to start their own investment fund for underrepresented and non-traditional Founders. “Kevin found it extremely difficult to get any investor to buy in because he had a trade background, not a business background or Ivy League education. As a privileged white woman, I recognize that women, or those who identify as women, receive a vast minority of the venture capital and even the angel funding in this country. So, we've always had the goal, if we did have financial success with Willful or another endeavour, to pay that forward.”
Fun, frank advice
Invest in building your network early and often. “When I was in my first job at a startup, I was a Community Manager. I was out shaking hands with people all day. I managed to build this great network on the internet, but also in person. And when I went through the down moments in my career, from layoffs to startups shutting down, that network was really what buoyed me up and presented opportunities when I needed them. The single biggest secret to any of my successes is that network, which includes taking time out mentoring, doing favours, just like folks were doing on my end. The best thing you can do is to meet people virtually and in person, form relationships and build your network when you don't need it. So that it's there when you do.”
As a CEO, Founder, business owner, and member of the Self-Made Nation, having your state documents in order is crucial. Something that I'm happy to chat to you about and send you in the right direction, whether it's through a service like Willful, or whether it's a connection with your current legal team, or an introduction to a Will and Estate Planning Specialist. Drop me a line here.
If you’d like to contact Erin, you can find her on LinkedIn.