I attended an interesting evening, hosted by RBC with David Chilton, of Dragon’s Den, and “The Wealthy Barber” this week. His whole discussion was on succession planning for business (hint: don’t wait until the last minute to sell your business, have a plan set up, and make sure the family is on board with the decision!)

 

Some people like the Wealthy Barber can weave a story on-stage, seemingly unscripted, without notes, for an hour. Able to deliver on-point a total message, in an entertaining manner. An amazing speaker.

 

He told a funny anecdote about how as people are aging, and holding on to family businesses longer and longer, the matriarch or patriarch of the family who does finally decide to sell is often in their 80s. So, when prospective buyers ask the first question: “Well why don’t your kids want to run it”, the answer is “They are in their 60s and ready to retire themselves”! The panel also discussed the importance of planning between generations, and some tax-avoidance and tax-deferring strategies. The more complicated an estate is, the more reliant families ought to be on using professionals in all facets of the transition. Of course, our practice works a with a lot of clients who do have complicated estates and ownerships, and work diligently with them.

 

Below is a group of us who attended. I got to be a “fan-boy” with Mr. Chilton. When this photo was taken, one of my other guests to the right of me was somehow not included in the photo. A missed social media post for him: so sorry Gary!

 

 

This weekend is the Canadian Open, hosted at the Hamilton Golf and Country Club. As a kid, a friend and I, whose father was a member, used to bike there and play! It’s probably my favorite golf course in Canada. I’m going with my heart this week. Fellow Hamiltonian Mackenzie Hughes is going to be the winner: back-to-back Canadians to win our Open!