Financial Planning For Canadian Business Owners

Jason talks to Richard Parker, owner of the Diomo Corporation. They delve into the critical aspects of buying and selling businesses, focusing on the complexities around what sellers might not disclose and how buyers can navigate these challenges for a successful acquisition. The conversation offers a wealth of insights, drawing from Parker's extensive experience in helping individuals acquire businesses in the lower market.Episode Highlights:00:07: Jason Pereira introduces the episode, setting the stage for an in-depth discussion on the intricacies of selling and buying businesses, with insights from award-winning financial planner and entrepreneur Jason Pereira and Richard Parker.02:11: Richard embarks on a discussion about the critical aspects buyers must consider, including the significance of understanding the future of a business from the seller's perspective, the potential for customer concentration issues, and the overarching theme of whether stability or growth presents a more valuable proposition for the buyer.10:06: Important aspects like key employees and their potential impact on the business after acquisition are discussed. Richard sheds light on the necessity of identifying truly key employees and devising strategies to retain them post-acquisition.12:22: The dialogue transitions to the operational challenges and pitfalls that might not be disclosed by sellers, emphasizing the importance of aligning the business's needs with the buyer's skill set and avoiding the trap of falling in love with the product rather than focusing on the profit.15:48: Richard and Jason discuss the negotiation phase, debunking myths about deal-making and stressing the importance of approaching negotiations with a balanced perspective, focused on constructive outcomes rather than winning every point.18:01: The conversation culminates in a discussion about realistic expectations regarding deal terms, the imperfection of businesses, and the potential for sellers to adjust their expectations based on real market feedback.Key Points:Understanding the future of the business and uncovering hidden challenges are paramount for buyers.Key employees and supplier relationships significantly influence the stability of the acquired business.Effective negotiation requires a balance between strategic firmness and flexibility, focusing on establishing a mutual understanding rather than winning outright.Tweetable Quotes"Growth is very sexy, but stability provides value." - Richard Parker"Fall in love with the profit, not the product." - Richard Parker"Deal-making is not about winning every point but achieving a balanced outcome that benefits the buyer while keeping the seller reasonably happy." - Jason PereiraResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorRichard ParkerDiomo  Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process.Episode Highlights:03:00: Recognizing the inadequacies of existing will templates, Tim and his co-founder envisioned an online platform, drawing inspiration from Microsoft Office's user interface to guide users through the will preparation process.08:39: Tim talks about additional estate planning documents, including a Financial Power of Attorney and Living Will, designed for situations where an individual loses capacity, and decisions need to be made on their behalf.11:32: Tim discusses the expansion of LegalWills to multiple countries and the challenges of adapting services for different jurisdictions. He introduces the concept of expatriate wills, allowing users to cover assets in different countries with complementary wills.16:57: Jason reflects on the binary decision people face when choosing between affordable online services like LegalWills and more expensive options for complex legal matters.22:31: Tim acknowledges the challenge of changing the perception that creating a will is only necessary when someone is about to die. He discusses the battle to disassociate the act of writing a will from thoughts of death, emphasizing that estate planning should be a standard part of financial planning.24:28: Jason and Tim emphasize the emotional impact on families left to deal with disorganized estates and stress the importance of creating a will to prevent conflicts and contempt among family members.Key Points:LegalWills aims to simplify estate planning, catering to diverse needs, including those of blended families.Tim discusses the challenge of balancing growth and service quality as Legal Wills has steadily expanded without external funding.The platform has made a positive impact on users and charities, emphasizing the importance of organized estate planning for individuals and Tweetable Quotes:"Writing a will shouldn't be about dying; it's part of financial planning. Organize your affairs while you're well; it's a gift to your loved ones.”"We're on a mission to demystify wills. Losing the legalese can make the process more accessible. It's about clear instructions, not complex language.”"Every person who used our service is better off—over a million users and counting. Helping families and charities with organized estate planning is what keeps us going.”Resource Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedInhttps://legalwills.company/https://www.linkedin.com/in/timhewson/?originalSubdomain=caPodcast Editing Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Aravind Sithamparapillai, an associate at Ironwood Wealth Management Group. Aravind is known for his unique and novel research on the cost of the Canada Pension Plan, and they will talk about the intricacies of Canada Pension Plan and its often-underestimated value for business owners. During the conversation, Aravind and Jason delve into the comprehensive out-of-pocket expenses for employees, taking into account tax credits and deductions. The dialogue explores the fluctuation in costs depending on income levels and the potential for tax savings.Disclaimers-“investment shop”*Investment services are provided through Ironwood Securities, an approved trade name of Aligned Capital Partners Inc. (“ACPI”). ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Only investment-related products and services are offered through ACPI/Ironwood Securities and covered by the CIPF.-“I do full scale planning”*Aravind Sithamparapillai is an Associate at Ironwood Wealth Management Group. Ironwood Wealth Management Group offers financial planning and insurance services. Ironwood Wealth Management Group is an independent company separate and distinct from ACPI/Ironwood Securities.Episode Highlights:03:20: Aravind acknowledges Jason's content on corporate topics and integration, highlighting the confusion around CPP savings and the realization that the after-tax impact needs closer examination.09:26: Introducing a chart to visually represent net costs for employers, the conversation explores hypothetical examples across various income levels. Emphasis is placed on the significance of taking the entire tax scenario into consideration.14:15: Aravind introduces the concept of the Canada Child Benefit and other income-tested benefits that can be impacted by the choice between salary and dividends. He emphasizes the importance of considering all factors in optimizing total wealth.21:43: Aravind discusses the "light bulb" moment regarding CPP calculations. He explains that when an individual takes CPP, a bonus is calculated on top of the actual CPP rate for that specific year.22:26: The emphasis is on the assertion that the expansion of CPP extends beyond inflation; it encompasses real income growth attributed to the additional growth linked to the average industrial wage.25:21: Jason discusses the importance of considering Old Age Security (OAS) and CPP in retirement planning. He also addresses the common belief that everyone thinks they will live to 100, pointing out the statistical likelihood of living longer as one ages.Key Points:Jason and Aravind discuss the worst-case scenario related to CPP contributions and how the tax savings play a crucial role, reducing the total contribution amount by over a third.The conversation delves into the considerations for business owners deciding between salary and dividends.The discussion emphasizes the importance of benefits of the Canada Pension Plan, including survivor benefits and disability portions in situations where private disability insurance may not be practical.Resources Mentioned:https://www.ironwoodcanada.com/aravind-sithamparapillaiFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Ron Butler, the founder of Butler Mortgages and a prominent figure in the Canadian mortgage space. Ron, known for his insightful Twitter presence, discusses the impending "perfect storm" of mortgage renewals and the current interest rate landscape in Canada.Episode Highlights:00:39: Ron describes himself as an experienced mortgage broker with 29 years in the business, highlighting substantial mortgage volume.05:10: Ron explains the impact of COVID, quantitative easing, and selling fixed-rate mortgages at 1.49%. He also talks about the upward trend in rates in 2019, coinciding with economic buoyancy and surging house prices.09:02: Ron addresses the surge in mortgage debt during COVID, particularly with variable-rate mortgages starting at 1.45% and now at 6.2%. He describes the genuine consumer pain experienced by those facing mortgage payment increases, especially those dealing with income changes or additional financial commitments.15:19: Ron mentions the impact of high immigration on the demand for housing and the challenges in obtaining permits for new builds. talks about the significant governmental costs associated with building houses today compared to 25-30 years ago.17:30: Jason asks Ron about what people should be thinking about in preparation for upcoming renewals, 12-24 months out.18:48: Ron advises those with variable rates experiencing negative amortization to make voluntary payments and lump-sum payments to avoid growing mortgages.20:50: Ron highlights that despite talk about longer mortgage terms, the utilization of 10-year terms has never exceeded 3% in Canada, indicating the strong desire for low-interest rates.21:53: Jason emphasizes the strain people put on themselves to negotiate for minimal interest rate improvements, showcasing the demonstrated preference for lower rates.23:26: Ron explains that self-employed individuals often aim to minimize personal tax, resulting in reduced income visibility for mortgage applications. He mentions the government's emphasis on net taxable income as the primary metric for mortgage qualification, regardless of assets or retained earnings.25:28: Ron and Jason discuss the tendency of business owners to prioritize accountants who reduce personal taxation, even if it comes at the cost of Canada Pension Plan contributions.26:16: Jason acknowledges the complexity of tax planning and the compromises involved, such as lower reported income affecting personal borrowing capacity.27:35: Ron encourages listeners to shop around for mortgage renewals, emphasizing the potential savings even if it's only a quarter percent, and cautions against giving the bank more money without reason.Key Points:Ultra-low interest rates led to a surge in mortgage debt, posing challenges for renewals in 2024 and beyond.Business owners may face reduced borrowing capacity at mortgage renewals due to lower reported income for tax planning. Plan wisely.Amid changing interest rates, shopping for mortgage renewals is crucial. Don't settle – explore options and save money in the long run.Tweetable Quotes:Recognize that interest rates are dynamic, and lower rates might be on the horizon by 2025. Understand the potential impact on mortgage renewals.Don't settle for the status quo. Take the time to explore different mortgage options and lenders during renewal periods, even small interest rate differences can result in significant savings.If your mortgage is increasing, take proactive steps to avoid paying interest on interest. Consider prepayment and increased payments to maintain control over your financial situation during renewals.Resources Mentioned:https://www.butlermortgage.ca/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Sandy Pollack, author of the book "Don't Leave a Mess." The focus of the book revolves around estate planning, emphasizing the crucial distinction between financial thinking and financial planning. Sandy delves into the necessity of understanding both concepts to effectively navigate the complexities of financial management.Episode Highlights:01:55: Sandy introduces the concept of estate thinking and planning, emphasizing the need to differentiate between the two. She stresses the importance of careful consideration rather than a quick and efficient approach.03:00: Jason shares his perspective on the urgency some people feel when addressing estate planning and highlights the misconception that writing a will is an ominous sign.08:38: Sandy emphasizes the importance of understanding one's net worth, pointing out that many successful entrepreneurs are unaware of their actual wealth. She underscores the need to comprehend the composition of wealth and addresses illiquidity issues.09:54: Jason adds insight into the delusion some entrepreneurs have about their business's value, emphasizing the significance of realistic valuation for effective tax planning.13:36: Sandy acknowledges the honour of facilitating family meetings and emphasizes the richness that emerges from each generation's perspective, guiding the conversation towards the transformation of wealth into significance.16:17: Sandy delves into collaboration, differentiating it from cooperation. She stresses the significance of sharing information among professional advisors for a holistic approach to planning.21:59: Sandy recounts the importance of addressing family dynamics through personalized letters and meetings. She emphasizes the power of relationships, clarity, and understanding within families.28:29: The discussion shifts to individuals who inherit wealth without having their own businesses. Jason wants to explore how this inherited wealth affects the estate planning process.33:21: Jason expresses concern about the unrealistic expectations being fostered and questions whether people are led to believe that billionaires are lacking the minimum effort required.35:13: Sandy introduces the emotional factors associated with estate planning, including guilt and shock. She emphasizes changing the narrative from "passing down" to "passing wealth to."36:13: Sandy emphasizes the three keys to managing wealth: save some, spend some, and share some. She talks about the positive attributes of money and its potential to make a significant impact, such as eradicating hunger, promoting literacy, and providing scholarships.Key Points:Estate planning isn't just about passing down wealth; it's about passing wealth to the next generation with intentionality and wisdom.Being a steward of inherited wealth involves not just managing it but also imparting financial fluency to the next generation.Money has the power to do exceptional things; beyond financial security, it can create a lasting impact on society.Tweetable Quotes:"In estate planning, it's crucial to address emotional factors like guilt and shock, not just financial aspects, fostering a healthy family legacy.""Financial literacy for young adults is essential; amidst misinformation, parents should teach about saving, spending, and the purpose behind wealth.""Estate planning goes beyond documents; it involves collaboration, communication, and transparency among advisors for client clarity and confidence."Resources Mentioned:https://www.dontleaveamess.ca/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos. Scott is here to discuss the impact of COVID-19 on businesses, focusing on the Canadian Emergency Business Account (CEBA). Jason and Scott will also delve into the economic challenges faced by various sectors and the diverse effects of the pandemic on businesses and the unexpected impacts on certain sectors during different phases.Episode Highlights:01:06: Scott provides an overview of his role and the services offered by Hoyes Michalos, highlighting their focus on personal insolvencies and their significant experience in the field.02:52: Jason introduces the main topic, discussing the Canadian Emergency Business Account (CEBA) and its implications for businesses.03:24: Scott explains the purpose of the CEBA and its role in providing financial support to businesses during the economic downturn caused by the pandemic.07:02: Scott provides insights into the diverse range of businesses significantly impacted by the pandemic, highlighting sectors like restaurants, bars, entertainment, tattoo artists, and flight attendants.12:19: Jason outlines the current challenges faced by business owners, including loans coming due, economic difficulties in specific sectors, and cash flow constraints.13:12: Scott highlights the aggressive actions taken by the Canada Revenue Agency (CRA), freezing accounts, and putting additional pressure on businesses. He also mentions businesses using funds meant for HST or payroll to sustain operations during the pandemic.16:30: Scott emphasizes the importance of seeking assistance promptly, sharing insights from their experience that individuals often take 12 to 24 months to reach out for help when realizing they're in financial trouble.28:21: Scott introduces the concept of tribal knowledge derived from the US and emphasizes the inclusion of various unsecured debts in a consumer proposal, such as tax, HST, credit cards, personal loans, and more.28:56: Scott compares the insolvency code in Canada to the U.S. He emphasizes that Canada's system is more gentle, less litigious, and cheaper.Key Points:Scott provides insights into the struggles of small businesses, ranging from restaurants and bars to tattoo artists and flight attendants, highlighting the diverse impact of the pandemic across different industries.The discussion covers the economic uncertainty during the early days of the pandemic, the unexpected impacts on sectors like flower shops, and the challenges faced by businesses in terms of ramping up and letting go of employees.Scott addresses counterproductive behaviours individuals exhibit during financial struggles and stresses the legal obligation of trustees to provide options.Tweetable Quotes:"Time is the enemy of debt. Seeking assistance promptly is crucial. Waiting 12-24 months to address financial troubles can exacerbate the situation.""Consumer proposals offer a more inclusive approach, covering tax, credit cards, and more. Understanding the nuances helps dispel misconceptions about the insolvency process.""In the complex game of finances, early intervention is your winning strategy. Act promptly, seek advice, and navigate the challenges strategically to secure your financial well-being."Resources mentioned:https://www.linkedin.com/in/scott-terrio/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&originalSubdomain=ca Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Alexandra Moore, CEO and lead strategist at Coach House Marketing. she's also a certified digital advisor and she is here to discuss about Canada Digital Adoption program, a government program that's out there to help businesses adopt digital strategies.Episode Highlights:02:12: Alexandra shares her journey of returning to school for a Digital Transformation Certification Program at Yale during the emergence of the Canadian government's Digital Adoption Program.05:50: Alexandra clarifies her role as a certified digital advisor for the program and notes the underutilization of grant funds, encouraging businesses to access available resources.08:55: Alexandra lists the areas covered in Stream 2, emphasizing the comprehensive digital strategy provided to businesses. She explains the digital roadmap, digital needs assessment, and actionable insights provided to businesses.10:27: Jason asks about the time commitment involved for businesses going through the program, and Alexandra discusses the flexibility in timing and structuring calls based on the entrepreneur's needs.11:46: Alexandra addresses the perception of value in the consulting work and emphasizes providing maximum value under the government grant.13:13: Alexandra advises businesses to inquire about post-CDAP services, reimbursement rates, and references when selecting a digital advisor. She talks about the importance of making services financially feasible for small and medium-sized businesses.17:26: Alexandra outlines the funding options, including 0% financing from BDC, a proposed budget, and the use subsidy wage grant for implementation support.19:38: Jason summarizes the bottom line of the Canada Digital Adoption Program (CDAP), emphasizing that it provides funding for a comprehensive report from experts and supports the implementation of the plan.20:03: Alexandra mentions that the funding covers 90% of the plan, with businesses responsible for the remaining 10%. She advises businesses to be mindful of the application process and recommends interviewing multiple digital advisors to find the best fit for their needs.Key Points:The Canada Digital Adoption Program (CDAP) supports businesses in adopting digital strategies through government-funded grants.CDAP has two streams – Stream 1 offers the "Grow Your Business Online" grant, and Stream 2 provides a $15,000 digital strategy grant for a comprehensive overview of digital systems.Businesses should be aware of the 90/10 funding split, with the program covering 90% of the plan cost. It's crucial to interview digital advisors to find the right fit for their needs.Tweetable Quotes:"CDAP offers a $15,000 digital strategy grant, encouraging businesses to access the funds and expertise to strategically integrate digital systems." - Alexandra"In the digital age, small and medium-sized businesses face opportunities and risks. CDAP's role is to bridge the gap, offering comprehensive support for digital transformation." - Alexandra"CDAP isn't just about funds; it's a pathway to a digital roadmap. Small business owners get a clear plan, actionable insights, and support for implementation." - AlexandraResources:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://coachhousemarketing.com/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Luc Lapalme, Senior Principal at Mercer. It is a very large consulting company that consults on various aspects of business. Today he will be discussing about their compensation planning survey, and this is a survey about employers and what they are looking to accomplish or what they are looking to do when it comes to salaries for staff in the coming year.Episode Highlights:01.15: Luc explains that he specializes in compensation management and advises clients on various aspects of compensation programs, including salary structures and incentive design for both executives and salaried employees.04.30: Jason mentions that in recent years, there has been a realization among many that simply matching salary increases to inflation may not be sufficient, especially when inflation rates are high.10.03: Luc mentions that organizations are increasingly providing off-cycle adjustments to their employees, which are not officially included in the budget forecasts. These off-cycle adjustments are often provided to employees at higher risk or those due for promotions.12.06: Luc notes that certain organizations are targeting the 75th percentile of the market to ensure they are highly competitive with specific roles. This highlights the efforts being made by organizations to attract and retain talent in a rapidly evolving work environment.21.48: By focusing on employee engagement and the employee experience, HR managers can enhance job satisfaction and retention, even in situations with tighter budgets, says Luc. 3 Key Points:Luc highlights the impact of the great resignation during the pandemic, which led to increased employee turnover and job changes. However, he notes that attrition rates have decreased, with one study showing a drop from 21% to 18%, indicating more stable employment.Luc provides an example of how changes in minimum wage, such as the increase in Ontario's minimum wage, can create ripple effects and competitive pressures in the labour market for more competitive pay.Jason shares an example from the accounting field in the US, where large accounting firms in cities like New York and Washington, DC, began recruiting talent from across the country. This resulted in some smaller to mid-sized cities experiencing reduced operations or becoming less attractive for talent acquisition due to the significantly higher salaries offered in larger cities.Tweetable Quotes:“The Compensation survey is conducted annually to gather information from participating organizations. Its primary purpose is to understand the organizations' intentions regarding salary adjustments, particularly for the year 2024” - Luc.“The differing salary forecasts between Canada and the United States can be attributed to various socioeconomic factors.” - Luc“While organizations are becoming more transparent about salary bands, they are generally not disclosing specific employee salary details or bonus information due to privacy concerns.” - LucResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://www.linkedin.com/in/luc-lapalme-mba-96563239/?originalSubdomain=cahttps://www.mercer.com/en-in/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Alex Kirby, Co-Founder and CEO of Total Family Management. It is a company focused on family coaching and helping families through the dynamics and personalities that are in the family to create better cohesion and better family Wellness and long-term satisfaction for everybody. They explore the challenges of entitlement within family businesses and how purpose can be used to unify the family's values and goals. It also touches on the initial steps of onboarding with Total Family Management.Episode Highlights:4.12: Jason wants to know how family dynamics change as young families evolve into families with teenagers and adults, and ultimately as the older generation, the patriarchs and matriarchs, transition into their senior years.4.38: Alex outlines his approach to classifying people into four distinct life stages like the wonder segment, the balance segment, the harmony segment, the wisdom or legacy segment within families and these stages are akin to being sorted into different houses like in Hogwarts.6.45: Alex highlights that having a clarified vision is crucial for a sense of direction and well-being, regardless of one's age or life stage.13.18 Alex says, maintaining a healthy, normal relationship with adult children and transitioning from a parenting role to a more peer-like relationship is an important challenge that needs to be addressed over an extended period.29:02: Alex discusses the concept of passing on values and how purpose can be a unifying factor in families, especially in the context of family businesses.32:02: Alex discusses the process of engaging with Total Family Management and outlines the steps clients typically go through to make the most of their time with the service.34:04: Alex emphasizes the authenticity of their company and how everyone in their organization goes through the processes they advocate for, ensuring that they practice what they preach.3 Key Points:Jason and Alex discuss the challenges faced by business owners, especially when it comes to succession planning and family dynamics within the business.Jason highlights several challenges and complexities that arise in family businesses when it comes to succession planning.Total Family Management offers a transparent and straightforward process for clients to engage with their coaching services, with a focus on providing ongoing support and flexibility to address family dynamics effectively.Tweetable Quotes:“Waiting until the final stage to address important family dynamic and communication issues may not be the most effective approach.” – Jason“Parents often possess the answers to the questions asked during the coaching sessions but may not have explored them before. The goal is to create a safe space for discussing important family matters. “- Alex“If parents care enough to participate in a conversation or coaching session about their children, it demonstrates a significant commitment, which is a crucial step in addressing family dynamics.” - JasonResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://totalfamily.io/offer Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira interviews John Stroud, the CEO of AI Guides, an AI strategy and consulting company. The episode focuses on artificial intelligence, particularly generative AI, and how it can benefit businesses of all sizes, including single-person operations. The conversation explores various options available in the AI space to improve business operations.Episode Highlights00:43: John Stroud explains that AI Guides help organizations harness the power of artificial intelligence, specifically focusing on generative AI. He mentions that AI can benefit businesses of all sizes, even single-person operations, and there are various options available to improve business processes.01:53: AI, particularly ChatGPT, is a hot topic and mentions its significant impact on technology. John highlights how ChatGPT quickly captured everyone's imagination and compares its impact to previous revolutionary technologies like the iPhone.02:48: ChatGPT's impact has made artificial intelligence a hot topic in technology.11:21 John explains how users can fine-tune the AI model with their own data for specific answers.11:40: Jason and John mention using AI-powered tools like Chat GPT in Google Docs and Microsoft Office for writing blog posts, letters, and other documents. He emphasizes the time-saving benefits of these tools and how they can be easily implemented without intimidation.15:48: John suggests treating the exploration of AI as a science experiment and considering the opportunities while managing the potential risks.16:37: If someone wants to expand their use of AI, they can consider seeking outside help for advice, says John.17:26: John mentions a system called "PDF or chat PDF" where PDFs can be uploaded, and questions can be asked.18:35: John mentions the possibility of OpenAI developing more private containers for protecting information.19:45 John discusses foundational steps and what people should be aware of before starting their AI journey.24:00: John raises the topic of prompts and their importance in AI.29:35: John advises staying ahead of the rapid pace of AI development and starting with small improvements.30:31: John emphasizes the need for continuous learning and adapting to new tools and technologies.3 Key PointsJohn and Jason discuss the potential risks, costs, and consequences of AI projects that are not properly planned or supported by the necessary infrastructure.John and Jason explain how generative AI has made AI more accessible and easier to implement, addressing some of the challenges related to data stewardship and system integration.There is a government grant in Canada that provides funding for digital strategies, making it easier for companies to explore AI opportunities.Tweetable Quotes"Chat GPT can be a helpful resource in understanding AI and its applications." - John"Open AI is going to allow for more private containers where you make sure that your information will be protected." - John"You are creating a digital strategy. So, for companies that have a $500,000 in revenue. They probably qualify for this grant, and that gives them $15,000 towards the preparation of this strategy. So, if you got a hunch about how you might be able to use AI, then the vast majority of the cost is covered through a grant." - JohnResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Jon Shell, the managing director and partner at Social Capital Partners. Jon is an advocate for employee ownership trusts in Canada. The episode discusses what employee ownership trusts are, the benefits they provide to employees, and the challenges faced in implementing them in Canada. The conversation highlights the changes in tax laws related to employee ownership trusts and Canada's first attempt at implementing them. Episode Highlights03:16: Jon Shell explains that the objective of the employee ownership trust structure was to provide access to ownership for those who lacked it in the economy.05:12: In the UK, the concept of an Employee Ownership Trust (EOT) was established in 2014, allowing companies to allocate profit sharing to all employees and sell the company to employees at no cost. Jon highlights the success of EOTs in the UK, with numerous companies adopting this structure. 06:20: Jon discusses the comparison between employee ownership trusts and employee share ownership plans or stock option plans.08:11: Employee cooperatives, or co-ops, are another option in Canada. They involve democratic ownership, where all employees have the right to vote on decision-making processes. 09:37: There is a well-known example of a massive Spanish company called Mondragon, which operates with a structure similar to Athenian democracy. 10:49 Jon talks about the incentive for the owner who wants to sell their business to an employee ownership plan.11:11: In the UK, there was a structure that allowed people to use a leveraged buyout on behalf of employees. 15:23: For the vast majority of businesses, the concern about gaming the system or preventing certain types of businesses from benefiting doesn't hold true. Most businesses do not fall into the category of high-end consulting firms where only the wealthy benefit. 3 Key PointsJon shares the success story of the employee Stock Ownership Plan (ESOP) in the US, which has grown to include 6,500 companies and 14 million American workers.Jon explains how co-ops can be effective forms of employee ownership, but they are typically applied to smaller firms.The lack of tax incentives beyond deferral is a significant drawback. It creates a situation where there is no real incentive for owners to consider employee ownership beyond personal benevolence.Tweetable Quotes"Employees get access to shares at a certain price and can exercise them later to participate in the company's growth." - Jon"For larger companies with hierarchical structures, owners may be concerned about the risks associated with selling to a co-op, especially if the company has not operated in that manner before. Co-ops can be effective forms of employee ownership, but they are typically applied to smaller firms." - Jon"Setting up a worker co-op with more traditional governance and committees can be burdensome and costly. In larger companies, it may be challenging for employees to afford the shares necessary to buy the company." – JonResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Braden Warwick, research associate at PWL Capital. Braden has recently composed a study on optimal compensation savings and consumption for business owners of private corporations. Braden has recently composed a study on optimal compensation savings and consumption for business owners of private corporations. Braden's study was a deep dive at a lot of things that started by looking specifically at compensation, structures, and methodologies and had several interesting findings.Episode Highlights:01:38: Braden shares how he switched his field and how he joined PWL Capital where he was tasked to answer complex problems that the firm is having. 07:16: Braden defines the problem while he does all the research, he explains to people everything which is foundational.08:56: Jason and Braden talk about the different approaches to income as a starting point.14:43: The final paper investigated over 7,000,000 financial planning outcomes, says Braden.19:47: Planning should be around keeping the passive income below 150, because that's when the general corporate kicks in and then you are still in that sweet spot of the transition zone for Ontario and New Brunswick residents.20:49: When the calculation comes up the IP contribution would be less than the equivalent RSP contribution, they can choose to contribute the full RRSP contribution room.21:31: You can basically transfer your RSP assets into the IP and then if any additional corporate funding is required to purchase that service, then that opens up an additional contribution room from the corporation into the IP.40:05: If you are primarily an equity investor, you are generating more capital gains, which is more CDA credit, which is tax free. 3 Key Points:Braden explains how he is trying to solve the key issues around compensation and retirement savings because dividends versus income are one thing versus notional account-type distributions.Braden shares how the net personal cash is higher in the transition zone than it is with either the small business rate or the general corporate.The longer the CDA sits in there, or the longer those tax refunds sit in those notional accounts, the lower the purchasing power becomes over time.Tweetable Quotes:"For me being relatively new to the world of finance was not a trivial task, because especially with things like IP's, you can't just Google that that information is not readily available." - Braden"The problem, as we could starting from the very high level of an individual would come to us with the question of how much can I sustainably spend over the course of my lifetime and then how much net worth will I be left with on average at the end of the day and what's the best plan to get me there and to maximize those." - Braden"For those folks that want to maximize consumption, we found that the IP with the maximum salary was the best route." – Braden"The lower return than the pension also resulted in a lower return within the core, but also less efficient dynamic income." - JasonResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWebsite – Braden Warwick Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Aaron Hector about Canada's newest registered account, the FHSA - The First Home Savings Account. Aaron Hector is a private wealth advisor for CWB Wealth. He works primarily with individual clients and family direct client relationships.Episode Highlights:02:30: Aaron talks about the restrictions in the FHSA account. You can put up to $40,000 in your lifetime. But you can only put $8000 per year.03:07: Jason explains how housing is a bigger concern in Canada than in US.03:52: One of the things that always happens when new accounts come out is that invariably people don't understand the rules.06:40: Aaron talks about the penalty and additional expenses associated with the FHSA account. 09.26: Before opening the FHSA account it is extremely important to read the small prints, eligibility criteria and guidelines, says Aaron.11:05: If you start with making fresh contributions to your FHSA, maybe you marry someone who has a house already, that's hour on buying a home for whatever reason that homeownership gold doesn't come to fruition.12:38: There is a lot more nuance than people are giving credit to the FHSA account, says Aaron.15:22: You could look at again going into your RRSP and then just deferring that tax, says Aaron.18:44: You can name a beneficiary successor holder, so successor Holder can only be your spouse or common law. If you pass, then your spouse assumes the count as an FHSA, rather than just liquidating the account and getting the money, but on the beneficiary side, this is interesting.22:04: As per Jason if he had FHSA, he would use that option to roll it over into a rift.22:58: If you have to be a first-time home buyer when you open the account the only other time that it makes a difference is when you try and make it tax free.24:49: If you had money in it's like how you get a double deduction so you get a deduction when you make an RRSP contribution and then the same money you could in theory withdraw through the home buyers plan.3 Key Points:To open an FHSA account you need to be a Canadian Resident, not a Canadian Citizen. You have to be at least 18 years old, and you can't be older than 71.Aaron shares few horror stories of kids in trust for accounts going sideways. He also shares the nuances and concerns of people that one should be aware of.If you name someone who's not your spouse, as a beneficiary of your FHSA they get the money, but they pay the tax too. The tax leaves the original account holder not dealt with in the final tax return of the deceased. The beneficiary pays the taxes, so it's kind of the opposite tax treatment.Tweetable Quotes:"FHSA works both as an RRSP and a tax-free savings account." - Aaron"FHSA is almost like the HSA in the US. The health savings account and it's tax deductible." - Aaron"The timeline for FHSA is really the same timeline as an RRSP 1871 and you need to be deemed a first-time home buyer." – Aaron"For someone who maybe doesn't have a lot of spare cash, that's a way to use the FHSA program without making kind of brand-new contributions." – Jason"If I do an RFP transfer cause maybe that's what I want to do, then I don't get 40, I don't get an additional deduction." – Aaron"I am not big in putting money in the hands of young adults until they've proven that they can handle it." - AaronResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Matt Lister, CEO of Cloud Advisors. It is a company in the group benefits space, and one of the unique things they have done is they have built a benchmarking system that helps inform business owners as to basically how their plans stack up against competitors in the same space and helps advise around best practices and design. Service is free for employers. Paid by advisors and providers.Episode Highlights:01:04: Cloud advisors use the Canvas employee benefits marketplace. Matt explains how they show employers how their benefit plans stack up.1.20: The number one reason why employers have benefits in the first place is to be competitive and what Matt has done is democratized access to benchmarking data.02:23: Every advisor got their own limited pool of experience regarding different sectors, different types of companies.04:58: Employers go through different stages where they don't need benefits perhaps when they very first started, they can't afford benefits and then they quickly start adding people and they get into a world where your benefits become table stakes. So, they become that checkbox.06:35: Matt explains how their system has options for employers that have no coverage, they can get a sample plan.07:17: Matt explains how their system intakes the benefits plan and breaks it down into hundreds of different variables that one can then compare by industry, region and group size.09:57: Matt explains how they developed the bar score, and it stands for benefits, action, retention, and it's like a credit score.17.14: Matt talks about the type is benchmark that they do. There are basically 2 types, he says.19:41: Matt talks about the database that they have built and how they segregate problems and solutions.22:30: Matt says that they recognize that business owners are busy, and they have got businesses to run, and insurance is only a small component of that needs to be done efficiently and effectively and conveniently.3 Key Points:Matt talks about the big determinants, basically how benefits programs get structured in terms of, different industries or different careers, different development stages, what are the big factors implemented that should be impacting, and how a plan is designed. Cloud Advisor has been in the marketplace coming up eight years and when they first developed the database, they had a very limited amount of data in it to perform the benchmark. Matt shares how they achieved about 15,000 employee benefit plans.Matt talks about the client output and how they visualize the actual results.Tweetable Quotes:"We show them how their current programs stack up by industry, region group size as well as how they can improve their program." - Matt"When I started in the industry, my dad had spent most of his career working for a public crown corporation with the incredibly robust union." - Matt"We will connect not just with the vendor and the vendors; information will actually perform an instant quote and an instant proposal so that the employer has everything they need to." - MattResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira talks to Brian Portnoy, Founder of Shaping Wealth and author of three books, including the must-read advisor book - The Geometry of Wealth. Brian is a well-known expert in the field of behavioral finance, and he will talk about what behavioral finance is and how it affects our decision-making and our relationships with the people advising us.Episode Highlights:07:16: We think of ourselves as kind of thoughtful, critical thinkers. But the fact is that the main elements of the brain are designed or evolved to basically regulate all the different biological or physical systems inside of us, says Brian.09:19: We see good financial planners enter their practices in day-to-day is dealing with people as who they are, as opposed to who in economics textbook said they should be, says Brian.11.21: Brian says that their brain is a gas guzzler, and it soaks up a ton of energy. It doesn't want to work that hard because we are constantly trying to be efficient, and in the way we use energy, it produces specific outcomes, especially in the context of our decision-making that are quite consequential.12:34: The brain tends to seek out information that merely aligns to what we were thinking before, says Brian.14:41: Jason has read in multiple places that the brain, when under stress performs worse and our IQ gets dumber when we are under prolonged stress and our ability to process information just diminishes.19.50: We need to stop pathologizing normal human behavior and just work with the people who show up in all their messiness and complexity, says Brian.21:27: Brian explains what they are doing with Shaping Wealth and how they are trying to move beyond that general construct of just understanding dump of information checklists.24:29: Each of us is born with a certain level of emotional intelligence, just like we have a certain IQ, and emotional intelligence is just not a trait that we're born with, it's a skill.3 Key Points:There is a whole stack of evolutionary remnants that are built inside of us that really do not map to the traditional economic man model.One of the unsung tasks of modern behavioral finance is that advisors get to know themselves as well or better than they are getting to know their clients and stop acting like some diagnostic expert.Positive psychology is a distinct field of psychology and the science of happiness. It's basically saying what are the inputs to a life well lived.Tweetable Quotes:"Behavioral finance is basically a science and a discipline that sits at the intersection of economics and psychology." - Brian"One of the key assumptions in traditional economics is that more is better, and from an empirical point of view, that's not the way we are wired." – Brian"If someone is coming to you because they think that you can pick investments better than the next guy, I think you have a competitive problem. But if they think that you are better at structuring the estate just perfectly, it's hard to distinguish yourself on those sorts of things." - BrianResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://www.shapingwealth.com/https://www.linkedin.com/in/brianportnoy/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Christine Brunsden, CEO of Benefits2, a web-based application designed to help people and medical practitioners identify disabilities that qualify for the Disability Tax Credit. It also assists them by saving time and money while increasing the rate of success when applying for the Disability Tax Credit.Episode Highlights02:56: Through her teenage years, Christine's daughter went downhill, and she ended up going through some really terrible stuff.03:52: Christine realized how hard it is for young people who are aging out of the system, they don't have the proper support.09:41: Christine shares an example of a woman who did her disability tax credit with Benefits 2 on January 31st.11:09: The hard part for everyone involved in tax refund is that nobody has ever taught anything about this in school.12:02: Christine explains how her platform helps people qualify for disability tax.12:45: The government tried to bring in the disability tax motors restrictions act and fix the fee at $100. 17:08: Christine thought the disability tax credit promoters were really predatory in nature, taking that big percentage.19:10: Christine is a huge advocate for diversity, equity and inclusion, and he is also a huge advocate for people with disabilities.24:18: The Canada Caregiver credit, medical expenses, and disability supports deductions home buyer's amount.25:09: 60% of all people who have the disability tax credit are over the age of 55, and the RDSP is not even a benefit for that.26:22: It's not a disability tax credit. It's really an enabling for people with ordinary everyday impairment to their activities of daily living.3 Key PointsChristine shares her daughter's ordeal and how her teacher called her out in front of all of her peers at the age of 6.Christine developed Benefits2 to leave more money in the hands of persons with disabilities and their supporting family members and to ensure Canadians have an option that complies with the disability tax credit promoters restrictions act.Christine explains how they created a platform, a complex algorithm in the background that once you have answered your questions related to your particular impairment, they write the application for success for you, you get a code and the PDF of the application and e-mail.Tweetable Quotes"My eyes are really wide open around the disability taxpayer." - Christine Brunsden"If we look at what happens with incontinence, well, somebody who suffers from incontinence is likely going to impair on their physical activity because of the whole leakage issue. They are probably not hydrating properly because of the leakage issue and that they will basically cause some other sort of disabling condition." - Christine Brunsden"Our marketplace will have diversity, equity inclusion, calendars that support all the different awareness dates throughout the country and internationally." - Christine BrunsdenResources MentionedFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsorhttps://www.benefits2.ca/Podcast Editing Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Jamie Hopkins, Managing Partner of Wealth Solutions at Carson Group, a national wealth management firm that offers coaching and partnership to financial advisors. Jamie is a well-known personality in the US Financial advisory space and recently published a book called Find Your Freedom Financial Planning and Life Purpose.Episode Highlights:05:17: As per Jamie one must take care of basic level of financial planning, cash and flow, budgeting, debt management before one can move on to more complex financial planning, pictures, and strategies.07:21: Jamie shares his background story and the motivation behind writing the book.08:06: Jamie explains how they challenge people to write their eulogy.10:03: If you would change your whole life if that was the case, it probably means you are doing the wrong thing, says Jamie.10:32: Early childhood development is a lot more impactful than we probably give enough credit for, says Jamie.11:03: It becomes harder and harder to change people's behavior. We must change the environment or the situational factors around them to then develop actual change, says Jamie.13:31: In his book Jamie talks about scarcity that changed his view on money.15:29: Jamie explains how he and his mom encountered different experiences post his father's demise.16:35: Jamie talks about his childhood trauma and how he learned to handle money.17:22: Focus on the amount of money, you need to save, there isn't enough money. You can go to the richest person in the world, and they are still trying to save and accumulate more that will never go away.20:17: When saving money, if the focus is on accumulating, you can't get to an end number. It doesn't top out, but when you can start thinking about the impact you can have, you will find it to be meaningful.21:04: Community is such an important aspect of our lives in the world and there are great books and research and experts just on the aspects of community.28:16: Our purpose gets taken away from us, but we don't have to let that happen, says Jamie.32:09: Goals are mile markers along that way to your aspiration, says Jamie.32:31: Aspirations can change too; you don't have to be permanent on that.32:59: If you do not feel freedom in your life today, you don't feel financial freedom.3 Key Points:Jamie explains how people's upbringing around money can really impact the way they see the world around money going forward in their adult life.Jamie shares how important purpose is and how it affects different people and how people can take steps to prevent that gap in their life from existing purpose.Community is important, but it can also be very negative and draining and it can subtract from your life if you are not purposeful on it.Tweetable Quotes:"If you are living on the street and you just need to figure out where your next meal is, you're not worried about climbing Mount Everest." - Jamie Hopkins"You can just literally Google Carson group and blueprinting guide and you will be able to grab it and download it." - Jamie Hopkins"It's my legacy and when you remove that from somebody, it can take away a lot of their purpose, and if you're not intentional on replacing that purpose." - Jamie HopkinsResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWebsite - Jamie Hopkins  Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira talks to Vipul Jain, an accounting and tax consultant who helps business owners file for shred credits. Vipul explains what SR&ED, or the Scientific Research and Experimental Development program is and who qualifies, and how one can apply.Episode Highlights:03:57: Ask yourself these two key questions. The work you are doing, does it have some sort of technological or scientific innovation, and the code of your business? And are you experimenting with new ideas and approaches to solve problems?05:34: One of the key principles that must be involved in your work is the use of scientific process. The way you work should involve formulation of a hypothesis, testing the hypothesis and arriving at a conclusion.07:00: Imagine one employee is working on three projects. Two of them are routine quality testing market research, but one in Australia, that portion of the expense can still be claimed.07:33: Most business owners are to start off having no idea where to turn. This is which Fred Consultancy comes in the picture to help. 08:53: Vipul explains the process they follow and what documentation is required. 10:22: The CR that currently is promising a timeline of 90% of schemes will be processed within two months.11:10: You can get your money in 60 days, and then you can use it for literally whatever you want, like invest in a business, build a jacuzzi if you want.12:29: If you are smart about it, you think of that money coming in first and you basically float.13:46: If you are a start-up and if you are going for funding for you. They are basically venture capitalists, so you have to show the work you have done at different stages.15:41: Vipul explains the audit process of the SR&ED program.17:16: If you are claiming six month's worth of salaries, show me six month's worth of work.18:11: We might go a little bit back and forth with the CR, and everything is good. Usually it can pass through, but Vipul has seen teams come down anywhere from 20 to 40%. 19:53: There are three key questions the CIA asks, which is in the right form that you have to define what technological uncertainty you had.3 Key Points:SR&ED, or the Scientific Research and Experimental Development program, is a Canadian tax incentive program developed to encourage businesses of all sizes and in all sectors to conduct research and development in Canada.Vipul shares what makes you eligible and ineligible for applying to the SR&ED program. If you have a scientific process, that's the biggest chunk of you to prove what technical work you did, and how do you prove it?Tweetable Quotes:"Most government programs are typically focused on benefiting those who are actual resins." - Vipul Jain"Keep in mind when your tax here and you still have 18 months to file the team, and you can file it with your T2 data." - Vipul Jain"If you think you have a budget of 60,000, could technically hire somebody for 100K, get 60% back and your net cost is 40K." - Vipul Jain"I know many organizations where basically they have already factored it in as a line item on their revenue." - Vipul Jain"You can't pay yourself if you own more than 10% of the shares of the company as a contractor." - Vipul JainResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://vipuljain.ca/ Hosted on Acast. See acast.com/privacy for more information.

Jason talks to Tanis Jorge, founder of the CoFounders Hub. It is a resource for helping understand how to come together as CoFounders in order to enable success. For those of you who have been in successful partnerships, it could be great for those of you who have been in unsuccessful partnerships.Episode Highlights:01:43: Tanis explains how he built three data-driven tech companies over the course of the 10 years with his best friend Stephen. 05:07: Tanis shares what people should consider at an early stage before starting any kind of partnership.06:37: Self-assessment is important, the first one is looking at yourself very deeply. Tanis has a product, and the Co-founders have called the self-assessment, and they walk people through the most in-depth self-analysis. 11:12: People just seem to think that friendship is important, and, therefore, it will solve the problem.13:19: Communication and being intentional with the partner is the biggest insurance policy.14:00: Scaling is a big issue sometimes. As a company grows faster and faster, it gets bigger and bigger.16:58: If you can put the business as the central figure in your relationship, then emotional decisions have less bite.18:15: Be clear, having that Depersonalized question doesn't mean that both people are going to agree to that some.19:25: There are contracts and agreements and clauses that one can put into a partnership agreement, and you do that in the very beginning.21:17: Tanis' friend Tom Dean's has written a book called Every Family's business, and at the end of it, there are some 12 questions that you should be asking yourself on an annual basis.25:23: If you encapsulate everything you do what you know, what are the key pieces of advice you are trying to sum it down to when it comes to basically getting involved with the co-founder.27:40: Tanis shares his views on what's involved when the partnership goes wrong, and someone wants out.3 Key Points:Tanis explains how he conducted a detailed survey and launched the book the CoFounders Handbook. Tanis advises people to have a very clear picture of what they bring to the table and to really analyze how this will affect the partnership.Tanis recommends building a trust in your partner where they know without a doubt that the person is getting things done as well, and they don't have to question and go what they do today.Tweetable Quotes:"I get asked to advise on frequently, and what happened was I was approached often by founders who were in partnerships, and they said, look, you've got a track record how is it that you and your partner are still friends?" - Tanis Jorge"People invest a lot of money into their businesses, and you really don't want to just offhandedly jump into something where they will be a key factor in your success." - Tanis Jorge"As much as I love to see successful entrepreneurship, I hate to see things blow up, which can happen too often." - Tanis JorgeResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIncofoundershub.com Hosted on Acast. See acast.com/privacy for more information.

Jason Pereira talks to Grant Hicks, a known financial advisor coach who has been out there basically helping advisors build better practices. He is going to share more powerful and more effective means or strategies that he has seen advisors put in place for business owners that have really helped elevate their business practices.Episode Highlights:01:07: Grant has been in the industry for 33 years, he now focuses on practice management and all facets of practice management.01:35: He is going to share a story of one of the advisors he has worked with and their mastermind group, how to build it, and how to manage it.03:24: We are all business owners, at the end of the day, working on our businesses together. 04:30: Every business has different issues that they are working with.07:35: Grant talks about processes and running effective processes and how do you map with the process.09:53: The HR piece is fascinating, and it's invaluable there because you probably have multiple real time experiments going on, says Grant.11:04: The more time you give something without a deadline, the less like it is going to get done, you give it a deadline and it gets done.12:32: Grant explains how he works through the succession and transition issues.15:11: Grant talks about various priority changes in any business.15:47: Grant talks about the different success stories.16:58: Everyone thinks their baby's pretty, especially when it comes time to put a price tag on it and get the entire endowment effect to play there. But reality is, it doesn't matter people are going to judge it for their own what they consider beautiful.21:02: This is the long game where you are trying to find the ideal clients, and you are trying to find your ideal niche, which would be probably business owners that are selling their practice, and it's the long game where you are getting to help solve the problems.22:30: Benchmarking is used for financial advisors, but we also use benchmarking for business owners and you could look at how benchmarking is used as a tool to help people guide them as well.3 Key Points:Jason and Grant talk about succession and transitionGrant shares what is a very common challenge for most business owners today in the economy.Grant shares how mastermind group is contributing to bring together a bunch of people who have walked a bunch of different paths. It may or may not be relevant to what you are looking for, but can definitely help.Tweetable Quotes:"We are going to talk a bit about today is the growth aspect of growing your practice." - Grant"I have a weekly poker match with a bunch of buddies from university, and they are at different executive positions, and you listen to the different changes in the work life during COVID, and the entire remote work thing saw a massive productivity spike." - Jason"God knows the statistics on succession are not great. I remember, even in our industry, I have heard statistics in the US say the average successful session takes about seven years to nail down and get completely done, start to finish out the joke that failure Is a lot quicker than that." - Jason"Some people are spending a ton of money on marketing and SEO and different Internet strategies." - GrantResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInadvisorproductmanagement.comadvisorpracticemanagement.comhttps://mobile.twitter.com/davideedey Hosted on Acast. See acast.com/privacy for more information.