Family businesses can be complicated. With many egos at play and a wide array of unspoken assumptions, it’s sometimes best to get things in writing. Enter: A formal employment policy. Some of your family members may think of your business as their fallback career path. If they...
We all love to tell stories. Stories help us make sense of the world and our place in it. We tell stories of how our parents met and started their life together. We tell stories of how we chose our course of study or started our...
Life can be stressful. The family business is where it all comes together: family pressures, ownership demands and business needs. When planning for the future, understanding the intersection between these three segments can lead to a different perspective on managing these needs, as well as...
The data shows that only 30% of family businesses survive into the second generation. Businesses fail regularly, whether because of a faulty business model, a lack of capital, or even the wrong kind of marketing. Yet when a family wants to create financial stability for its...
According to recent data, more than 7 out of 10 family businesses have no succession plan at all.[1] That may sound surprising, but it’s a common story. A family business may hope that one day a child will take over the business, but that hope may...
In a perfect world, you would start saving for your child’s future immediately, putting away thousands of dollars a year to help your son or daughter get an education or buy their first home. In the real world, however, chances are pretty good that when your...
As the world begins to return to normal after more than a year of on-again, off-again COVID shutdowns, many women are looking to take the next step forward. For some women, this means taking a more proactive approach to their careers. You may be seeking a...
Although men currently donate more in terms of dollar amount, Canadian women are slightly more likely than men to donate to charitable organizations.[1] That’s changing, though, as women’s income increases over time. Between 1985 and 2014, for example, the value of women’s donations tripled.[2] When you...
Although relying on an inheritance is possibly the worst financial advice anyone could give you, the fact is that the average inheritance a Canadian receives is over $100,000. The challenge is figuring out the best way to spend that money. It’s easy to spend the money...
Whether you’re a single mom by choice or by circumstance, you have a lot on your plate. It isn’t easy to manage childrearing and a career – especially if you don’t have a partner (or an involved partner) in your life. Unfortunately, nearly one-third of Canadian...