Getting A Round Tuit

Unless you're new to the Halton Region, the name "John Romano" is synonymous with the word "BEER" in this area. Did you know John started the business almost 30 years ago? In this episode, John shares some straight talk with Phil about the challenges of navigating the waters of a competitive industry and what he's learned about maintaining life balance over the years. He is an accomplished storyteller, and is entertaining as well as informative!

In this continuing series, Phil chats with PJ Ferguson of ABL Employment. PJ has worked tirelessly for years building her company, which stands for "A Better Life", from the ground up based on core values that are uplifting for everyone in the organization. She shares how she took the challenges she has faced as an opportunity to "reset" the business plan, which resulted in emerging stronger in the long run. With an eye to the future of her business, her employees and her family she has focused on creating an operation that is based on the concept that you are going to sell it one day, even if you change your mind. Her vision will truly inspire entrepreneurs in all stages of business.

In this episode, Phil speaks with Fareen Samji, owner of Burlington Orthotic Centre and author of "Smashing the Grass Ceiling". Fareen shares the lessons she has learned on and off the golf course, and how facing challenges and taking risks is part of growing as a business owner. To learn more about her golf program to build relationships and gain confidence on the golf course for women, visit her website at https://farsamji.com/

In the inaugural episode of our new series featuring successful entrepreneurs, we visit with Rob Wilbrink of Burlington Merchandising and Fixtures Inc. Rob speaks candidly with Phil about everything from creating incentives to attract and retain key employees, managing the complexities involved with having family members working in the business, to developing an effective plan to step back from day to day operations and start enjoying the lifestyle he has earned by devoting years to building a successful enterprise.

Recently, the Federal Government released their budget for 2018. Of particular interest to business owners were the details, and hopefully some clarification surrounding the tax proposals that were announced last July. Although the Finance Minister released a statement in December, some of the details are still unclear.  We invited back Aaron Wudrick, Federal Director of the Canadian Tax Payers Federation, along with Bryan Walters, a tax partner at MNP to share their insights on what this budget means to the small business community in Canada.

The process of planning for succession/transition in your business is a topic most entrepreneurs wish to avoid, having as much appeal as a root canal. Stretching beyond mere spreadsheets and financial statements, it encompasses a variety of elements, including transparent communication and managing emotions. The truth is, your business will eventually transition whether you prepare or not. Delaying the process can lead to an "emergency exit", where the owner could leave the business suddenly with the operation caught off guard and vulnerable. Speaking with us today is John Mill, author of "Hire Your Buyer", who will share strategies and insight to help successfully navigate the often complex nuances involved while getting ready for the next chapter in your company's story.

How do wealthy families plan for the future? In this week's episode, the last in our series on redefining family wealth, we'll explore the steps they take, and how their process is different from typical tax and estate planning. We'll discuss the foundational values and guiding principles they use to create their family culture and mission statement. The most successful business families surround themselves with a trusted team who will work together to address both the technical and emotional sides of estate and legacy planning.

How does your family define wealth? In this week's episode, we look at aspects of family wealth that are often overlooked. We continue our conversation with Vincent Valeri of Vedaera, and take a deeper look at the various types of capital that are embedded in a family business. Defining the culture of a family business is an integral part of transition and continuity planning.

In July of this year, the Liberal government proposed a number of tax reform changes that would have significant impact on the small business community in Canada. During the 75 day consultation period, we hosted a panel discussion regarding these changes on our podcast. In this episode, I've invited one of our panelists, Bryan Walters of MNP to join me for a review and update regarding these changes.

It takes an idea and a lot of courage to enter the world of small business. Melissa Hyslop of Malarkey Kids, creator of the Munch Mitt, sits down with us to tell her story. She shares both the challenges and triumphs of being an entrepreneur, and what the future holds for her.

We're going to continue exploring the impending tsunami of family business wealth transfer in Canada, focusing this week's episode on starting the conversation surrounding transition and continuity.

Over the last few months, small business has been thrust into the spotlight. Many of the tax changes that are being proposed by the federal government will have a direct impact on how family businesses plan for the future, and the eventual transition of their business. Globally, we are on the cusp of the largest intergenerational wealth transfer that has ever taken place. Over the next 15 years, the Boomers are set to enter retirement. This event will have a tremendous impact on the scope of business, both financially as well as the emotional factors that will come into play.

This week's episode deals with the proposed changes to income tax that will directly affect small business in Canada. The Finance Minister unveiled these changes at a press conference on July 18, 2017. There is currently a 75 day review period in place where submissions can be made. At IWM, our focus is on helping business owners protect the wealth their business creates. We've invited experts from both the legal and accounting sector, and the Federal Director of the Canadian Taxpayers Federation to weigh in on how these changes will directly impact business and incorporated professionals.

A building's foundation is the insfrastructure, although possibly invisible to the eye, that determines how stable and steadfast it will be. Different construction projects require their own unique foundation, specific to the structure constructed. Privately owned and operated businesses need their own unique underpinnings to keep the enterprise strong and viable for the long term. Join our conversation this week with a local constractor who explains the basis of foundations, and Phil compares the framework to a variety of businesses.

As businesses mature and succeed, decisions need to be made regarding the most effective way to grow the wealth that is accumulating in the corporation. This week Phil discusses the difference between active and passive business income, and how they are impacted by corporate and personal tax rates.

Are all your ducks in a row? Hear what three local business experts share about getting your business ready for sale from their unique perspectives. 

In this week's episode, Phil decides to run away and join the circus! Not entirely true, but any entrepreneur will tell you that running a business can often feel like an acrobat on a highwire. We'll explore the challenges that can cause you to lose your footing, and how to protect yourself if you fall.

Welcome to this edition of our podcast, where we’re going to talk about 6 questions to help you, as a business owner, select a financial advisory relationship. So we can start with why, asking the question Why is it so challenging to find a financial advisor that’s a fit for you, the owner operator of a small to medium enterprise?  

Welcome to the introductory episode of our podcast series, "Getting a Round Tuit, Advanced Financial Planning for Business Owners". This podcast will focus on addressing the questions around planning that are common to entrepreneurs operating an owner managed business.