What was the motivation behind this episode show?
Family businesses are often under-appreciated as the backbone of the Canadian economy. Being a successful business owner can give you lots of independence, but it also places great demands on your time, and requires you to be skillful in matters that go beyond retailing or manufacturing. Unfortunately, with time at a premium and despite best efforts, many find significant matters getting deferred – or forgotten altogether.
Operating with an informal business style, family businesses can face unique challenges, not the least of which are succession planning – sibling relationships – and family dynamics. Since everyone’s future is tied to the business and multiple retirement and estate planning needs intertwined, untangling these competing agendas requires a helping hand.
Financial literacy rarely seems important – until a time of crisis – when we’re asked to make important decisions affecting our futures with the financial skills we have.
The weekly television series Money Matters with Jim Doyle was created in an effort to encourage Canadians to explore some of the financial issues we help clients address throughout their increasingly complex lives.
We invite you to tune in Thursday at 5pm PT OR Sunday at 7am PT on JoyTV.What is this episode about?
On this show, Clare Sutton of Claire Sutton Consulting Inc., Brian Rudy of Synergy Business Lawyers, and Victor Yoshida of Concert CPA, explore the significance of continuity planning and good governance structures – offering tips for working collaboratively with your professional advisors and opening lines of communication within the family.
To better manage the complex reality of family businesses, many owners involve a number of working professionals deconstructing various elements of the business into a series of specialist problems to which there are technical answers. Unfortunately, families can be left with the challenge of figuring out how to best use the advice they get, especially when everyone speaks ‘a different professional language’.
What are we hoping will come out of this show?
These businesses and families matter! All too often, professional advisors are an under-utilized resource. To gain an even bigger benefit, we’d like to encourage families to open the lines of communication about helping them accomplish their business, personal and financial goals.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth Management.