I am often approached to help family enterprises, frequently in times of some crisis. Why? The family is seeking solutions to this crisis hoping it can be solved quickly. I often cannot offer answers and will ask more questions, especially when I do not personally know the family that well Succession takes time and relationships […]
Read More
The People Around You Matter, a quote from Steve Case (past AOL founder) I could not say this any better. “No matter what you do in life, your ability to succeed will be largely dependent on your ability to work with people. Indeed, it has often been said that what you do is less important […]
Read More
Do you hold digital assets? Time to get organized as these can be lost in cyberspace. A @NYTIMES article here, Cryptocurrencies lost article. Also, hiding cash under the mattress may also not be the safest way to keep your wealth safe, https://www.nytimes.com/2024/06/08/business/cash-at-home-retirement.html The value being accumulated in these cyberassets has been increasing and becoming more complicated. […]
Read More
I have worked with so many families, some of whom get along, others not so much. The differences were often not with the underlying business because in most cases, the businesses were profitable and operating well. If I were to identify why the difference? The degree of communication and building trust. This pandemic has not […]
Read More
Families in business seem to worry most about sharing their values, responsibilities, family stories, and know-how being passed on to the next generations. Most technically oriented advisors focus on transferring of wealth in a tax efficient matter which is important, but not much of that matters if other issues get in the way. Sometimes if […]
Read More
Time for a financial checkup? How often do you undertake this exercise, a mere pause and reflection from the relentless and all consuming pursuit of your family enterprise’s success. What do I mean by a financial checkup? This means to consider your assets. The first time doing this, most people would focus on their financial […]
Read More
Succession can be a daunting undertaking because it is so significant a task. It need not be a solo effort. You should think about gathering a support team around you to: a) Help plan the succession plan, including setting milestones b) Execute on the succession plan c) Assess and redirect the succession plan when and […]
Read More
Are we raising a generation of entitled young people? It seems to me that a number of young people (how do I define young? under 40?), do not feel that they have to work hard because they will be rewarded with their family wealth upon the passing of their parents. This is a sad and […]
Read More
In Canada, tax benefits and loopholes are getting more difficult to access. One of the last and few significant tax savings is from the principal residence exemption. CRA used to be quite lax about assessments for this exemption which is changing. The notes for my presentation today are attached. SynergyREN – The Principal Residence Exemption
Read More
Recent Comments