Retirement 2020

BIV MAGAZINE

RETIREMENT THE

JANUARY 2020

THE COST OF CARE PRICING OUT A $71B CHALLENGE

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ISSUE

EN ROUTE TO R&R TOP 5 RETIREMENT TOWNS IN B.C.

GOING GLOBAL CHIP WILSON’S NEXT APPAREL PLAY

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

CONTENTS

THE

20

BIV MAGAZINE

RETIREMENT JANUARY 2020

THE COST OF CARE PRICING OUT A $71B CHALLENGE

ISSUE

EN ROUTE TO R&R TOP 5 RETIREMENT TOWNS IN B.C.

GOING GLOBAL CHIP WILSON, 64, HAS A NEW PLAN

PRESIDENT: Alvin Brouwer EDITOR-IN-CHIEF, BUSINESS IN VANCOUVER; VICE-PRESIDENT, GLACIER MEDIA: Kirk LaPointe EDITORS: Frank O’Brien, Hayley Woodin DESIGN: Petra Kaksonen PRODUCTION: Rob Benac CONTRIBUTORS: Lise Boullard, Jim Doyle, Rick Goossen, Arthur Klein, David Lee, Frank O’Brien, Lori Pinkowski, Dominique Roelants, Hayley Woodin PROOFREADER: Meg Yamamoto DIRECTOR, SALES AND MARKETING : Pia Huynh SALES MANAGER: Laura Torrance ADVERTISING SALES: Blair Johnston, Corinne Tkachuk, Chris Wilson ADMINISTRATOR: Katherine Butler BIV Magazine is published by BIV Magazines, a division of BIV Media Group, 303 Fifth Avenue West, Vancouver, B.C. V5Y 1J6, 604-688-2398, fax 604-688-1963, biv.com.

FEATURES

11

20 ‘DEMENTIA VILLAGE’ A new approach to Alzheimer’s care opens 22 A $71 BILLION CHALLENGE Calculating the rising cost of care in Canada 24 TOP RETIREMENT TOWNS The best places to retire in B.C. – and why 26 RADICAL IN RETIREMENT Seniors who stay active and activist 28 RISING TO THE CHALLENGE A technological solution to erectile dysfunction

Copyright 2020 Business in Vancouver Magazines. All rights reserved. No part of this book may be reproduced in any form or incorporated into any information retrieval system without permission of BIV Magazines. The publishers are not responsible in whole or in part for any errors or omissions in this publication.

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Return undeliverable Canadian addresses to Circulation Department: 303 Fifth Avenue West, Vancouver, B.C. V5Y 1J6 Email: subscribe@biv.com Cover: Golden egg graphic via Shutterstock

BIV MAGAZINE 11 BIV PROFILE: Chip Wilson 14 AROUND TOWN: January 18 INFOGRAPHIC: Retirement 30 5 QUESTIONS: Laurie Schultz 31 ASK THE 40

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

MESSAGE FROM THE EDITORS

INTRODUCING OUR NEW MONTHLY BUSINESS PUBLICATION Welcome to the first edition of BIV Magazine, a monthly publication dedicated to some of the most relevant trends in our province.

Many of these themes follow up on topics we’ve covered before, including this month’s issue on retirement – a topic that affects all of us in one way or another (see our monthly infographic on page 18-19). Even so, readers will notice that we have also included content unrelated to January’s theme. Lululemon founder Chip Wilson is the first B.C. icon we speak with for our monthly BIV profile.

BC CEO Award winner Laurie Schultz answers five questions on culture (page 30-31). On page 14, we offer three arts and cultural events happening around town this January. And at the back are answers from 2019 Forty under 40 winners on how they follow through with their resolutions.

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SPRY SENIORS CONTINUE TO BEND CONVENTIONS

The approximately 913,000 British Columbians aged 65 or better are among the best-housed residents in the province.

More than 80% of seniors own their own home and 73% of them have no mortgage, according to the Monitoring Senior Services 2018 report from the office of B.C. seniors advocate Isobel Mackenzie.

But research reveals a divergence in seniors’ housing along gender lines.

Simply put, most single men over age 65 want to live with a woman but most senior women would prefer to live alone.

It is among the emerging trends that show how those we celebrate in our retirement issue continue to redefine the world around them, as they have for the past half-century or more.

According to Statistics Canada’s latest census, women accounted for 68% of sen iors l iv i n g solo, m a ny of t hem

choosing to “live apart together” with a male companion.

And, so far, it appears to be working fine for many such B.C. couples.

Seniors living apart together could be seen as the latest manifestation of the search for love, peace and freedom that has characterized the boomer generation since the 1960s.

Welcome to BIV Magazine: The Retirement Issue, where there is always something new to learn about Canada’s most trend-bending demographic.

Frank O’Brien Editor, Retirement Issue fobrien@biv.com Hayley Woodin Editor, BIV Magazine hwoodin@biv.com

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

WHEN SECESSION IS A MESSY FAMILY AFFAIR Loved ones can add levels of complexity to a family business transition

RICHARD GOOSSEN

One of my most memorable classes in my undergraduate yea rs was i ntroduction to psychology. It was a glimpse into trying to understand why people do what they do – often they themselves don’t know.

This class has been relevant to almost everything I’ve done in business since that time.

Which leads me to the family business. I tell clients all the time that the problem with a family business is people. People can be complicated. Then, add in family dynamics, brewing and stewing for decades, and there can be a powerful set of complicated dynamics that would satisfy even Shakespeare.

One of the most common aspects that gum up a transition from one generation to the next is a sense of entitlement. This is an interesting issue. Where does this come from? It is very prevalent in our society and often filters into the family business.

In our society, there is a notion that we are entitled to particular things from certain people and institutions – the belief that the world, or at least parts of it, revolves around us. There is no longer such a great sense of self-reliance, of pride in one’s hard work and accomplishment, of taking initiative. Rather, there is no shame in bleating about what one deserves, that I need to get what’s mine, my fair share, and that my expectations need to be met.

This may be at the root of the apparent decline of western economies, while various Asian economies have been on a seemingly inexorable rise for decades. I lived in Hong Kong enough years to marvel at a committed work ethic first-hand. In Asia, people don’t have the same sense of entitlement – they share a notion that they need to work to sustain their lifestyle.

In the West, a culture of entitlement appears woven into the psychology of society. And this relates to a family business. We have well-meaning parents who have a business and who are thinking of passing it on to the next generation. How to pass it on? Sell it? Gift it? What about the other siblings? Do you need to have worked in the business to own some of it? These questions can open a Pandora’s box.

In my experience, it is always psychological dynamics that derail a transition strategy, rather than the technical

aspects of the transition. It takes a lot of planning and meetings to unpack people’s views and understandings.

And a big challenge is a sense of entitlement.

Did the second generation grow up thinking, “One day all this [the family business] will be mine”? Did one think that because they were the oldest sibling they were first in line to take over? What about grown sons- and daughters-in-law?

Then, there are things implied, but not said. Parents may make an offhand comment that then becomes embedded in the child’s memory as a reference point. Kids may think birth order is important. It may or may not be.

The problem with a lot of these assumptions is that they are not verbalized but become an internalized compass. So, some children believe they are entitled to a piece of the family business, maybe a bigger piece than the others. Maybe some children have invested more of themselves in the family business than their siblings.

What about the role of meritocracy? Can that upset the pecking order? What if there are a number of siblings, but the youngest turns out to be the most competent?

Dealing with family dynamics requires a deft touch and finesse – not decrees or royal fiats. I still come across the occasional situation where the patriarch says, “I’m not telling anyone about my transition plan – but they’ll find out when I pass away.” The most likely outcome of this stance is squabbling, legal or otherwise, among the heirs – and potential permanent fracturing of the family.

Recognize the necessity of dealing with a sense of entitlement. It must be acknowledged. There are ways to deal with it. It can take a long time to undo a pattern of thought that has taken a lifetime to develop. Yet it must and can be done.

Having been through this process many times, I find there are best practices that give the optimal chance for a successful outcome. People and families going through something for the first time inevitably make mistakes, have false assumptions, say things they can’t get back and permanently rupture the situation. A family – let alone the business – is too important to sort it out as you go along, for the first time. This is no time to risk your life’s work. É Richard (Rick) J. Goossen, PhD, works with Nicola Wealth in Vancouver, and with one of Canada’s largest networks of highnet-worth entrepreneurs and family-business owners. Through relationships at Nicola Wealth, M&A Capital and Entrepreneurial Leaders Organization, Goossen advises thousands of business leaders in Canada and worldwide annually.

ONE OF THE MOST COMMON ASPECTS THAT GUM UP A TRANSITION FROM ONE GENERATION TO THE NEXT IS A SENSE OF ENTITLEMENT. IT IS VERY PREVALENT IN OUR SOCIETY AND OFTEN FILTERS INTO THE FAMILY BUSINESS

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

FEAR, GREED AND SURVIVAL Don’t let emotions negatively impact your retirement portfolio decisions

LORI PINKOWSKI

Managing risk in your investment portfolio is always important, but it’s vital during retirement, when you have less time to wait out a recovery or add funds through a savings strategy. With stock markets hitting all-time highs, this is an ideal time for you to reassess your goals and the risk levels you are taking in your portfolio.

If investors want to successfully navigate market volatility, it is vital to have the ability to remove emotion from investment decisions. Otherwise, they are likely to make the wrong move at the wrong time. As Warren Buffett said, if you’re emotional about an investment, you are not going to do well; you may have all these feelings about the stock but the stock has no feelings about you.

It’s easy for investors to get caught up in the day-today headlines with all the political uncertainty, global growth concerns and economic updates, all of which need to be considered by their wealth management team.

Since you have no control over the stock market or how an investment will perform, you need to ensure that you have a plan in place for both when to buy and when to sell.

You need to understand what to expect from your portfolio as well as what realistic returns and volatility you can likely see. This is an important step in eliminating negative emotional behaviours and avoiding knee-jerk decisions that can have significant adverse effects on your investment returns.

Fear and greed are the two most common but dangerous and damaging emotions in investing. Greed can cause investors to take on more risk than they are actually comfortable with or chase performance by jumping from one investment to another following the most recent winner. Fear can lead to holding on to cash for too long, waiting to feel “good” before investing, or selling investments at the worst possible times.

The stock market is volatile. As good as the U.S. markets are this year, the S&P 500 experienced a 20% fall a year ago. Your investment portfolio doesn’t have to be the same. A diversified portfolio, with active management and a defined risk management strategy, will reduce your volatility, making it easier to sleep at

night while still aiming to hit your own personal return targets determined by your personal risk tolerance and financial goals. While there are never any guarantees when investing, it’s important to stick to your investment strategy throughout the market swings to achieve those goals. However, this doesn’t mean “buy and hold,” or “buy and hope,” as we like to call it. Instead, your investment strategy needs to be flexible and allow for your asset allocation to change with conditions; for example, holding more cash during periods of increased risk in the markets.

While volatility is normal, it still needs to be properly managed. Avoiding exposure to the sectors that are not working and allocating more funds to less volatile areas that are performing well is an example of proper management. Your investment team should be monitoring global news and your positions daily with a proactive risk management strategy in place. They should also take steps to proactively shift your portfolio into a more defensive mode. With conditions as they are now, you not only can consider reducing your exposure to stocks by taking some profits and moving to fixed income, but you also may want to look at shifting some of your stocks from cyclicals to defensives. Moves like these are ones that you or your financial advisers should be implementing on a regular basis.

Another method to help alleviate worries and not make emotional decisions during volatile times is to develop a financial plan that includes projections of where you should be in terms of net worth at any given stage of your life. Regularly comparing where you are with where you should be in that plan will reassure you that you are still on track or, better yet, ahead of schedule.

It’s normal to have emotions when it comes to your finances. Just don’t let them influence and negatively impact your decision-making when it comes to your retirement portfolio. It’s important to have a proactive investment strategy that works for you in all market conditions, paving the way to a much more relaxing and prosperous financial future and retirement.É Lori Pinkowski is a senior portfolio manager and senior vicepresident, private client group, at Raymond James Ltd., a member of the Canadian Investor Protection Fund. This is for informational purposes only and does not necessarily reflect the opinions of Raymond James. Contact Pinkowski at pinkowski@ raymondjames.ca.

YOUR INVESTMENT TEAM SHOULD BE MONITORING GLOBAL NEWS AND YOUR POSITIONS DAILY WITH A PROACTIVE RISK MANAGEMENT STRATEGY IN PLACE

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BIV PROFILE

LULULEMON FOUNDER

CHIP WILSON On going global with his next apparel play

PHOTO: SUBMITTED

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

HAYLEY WOODIN

R

etired life starts early for Chip Wilson, founder and former chief executive officer of Lululemon Athletica Inc.

TO LEAD A COMPANY TO THE FUTURE, A LOT OF THINGS HAVE TO BE BROKEN j Chip Wilson Founder, Lululemon Athletica

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It’s dark and drizzly when his driver pulls up outside of Business in Vancouver’s offices in a luxury black sedan.

Wilson waves from the back seat. It’s just past 6:30 a.m.

We are on our way to Mother Nature’s Stairmaster, where Wilson has started hundreds if not thousands of mornings over the last decade and a half. He figures his first time tackling the Grouse Grind was around 1986 with Dr. Hal Gunn, now founder and CEO of Burnaby-based Qu Biologics Inc. They made a point of going up the mountain maybe three times a year.

“That was considered radical at the time,” says Wilson, who can now be found scaling the Grind’s 2,830 stairs as often as four times a week.

Sometimes, the 2.9-kilometre ascent is an informal mentorship forum for entrepreneurs – provided they’re willing to put in the sweat equity to earn their 75 minutes with Canada’s ninth-richest person. Mostly, it’s a social exercise mixed with a little bit of business.

“I’m not much of a golfer,” Wilson explains. “You know, to be able to do a little business and to be out here.

I mean, I think people would pay $5,000 anywhere in the world to have the opportunity to do it. And yet here it is.

“It’s one of the most beautiful things in the world, the Grind.”

Wilson, who stepped down from Lululemon’s board of directors in 2015, has been retired for close to 40 years – or since he was 25 years old. If you love what you do, he says with a smile, you never work a day in your life.

It is, by all accounts, a highly active retirement.

“Not many people know this but I bought … with a Chinese partner this company Amer,” Wilson explains between deep breaths as we climb higher and higher above the North Shore on a cold November morning.

Wilson is sporting Salomon shoes, which splash through the puddles and mini waterfalls forming along parts of the Grind. He’s also wearing Arc’teryx. Both brands are owned by the Finland-based sporting goods conglomerate Amer Sports Oyj, which was acquired and taken private by a group of investors in the first half of 2019.

Wilson says he was looking into acquiring Amer on his own when he learned that Anta Sports Products Ltd. was also exploring a deal.

Anta is big. It’s the largest sportswear company in the world’s second-largest economy. It owns a number of sportswear brands, including Fila’s business in China, which has nearly 1,800 stores on the mainland and in Hong Kong, Macau and Singapore. The company also has more than 10,200 Anta stores in mainland China – a domestic footprint that is almost nine times greater than Nike Inc.’s global store count.

“I looked into it and it was like a dream come true,” says Wilson. “I phoned them up and said, ‘I don’t want to compete against you so why don’t we do this together?’”

Wilson contributed 550 million euros in equity (around C$807 million) for a 20.65% stake in the joint venture that acquired Amer. Anta took a 57.95% stake in the 5.7-billion-euro debt-and-equity deal, which is worth roughly C$8.3 billion.

Arc’teryx is one of the brands owned by Amer Sports Oyj, which was acquired by a group of investors led by China’s Anta Sports Products Ltd. in early 2019 • LMWH/SHUTTERSTOCK

The private equity firm FountainVest Partners owns the remaining 21.4% stake, through which Tencent Holdings Ltd. – the creator of WeChat – indirectly owns 5.63% of the venture that now owns Amer.

“It’s taking up a lot of my mind share,” reflects the billionaire, who also paid HK$778 million (approximately $131 million) last year for a 0.59% slice of Anta’s issued share capital. He currently serves as an adviser to the company’s board.

Wilson sees a massive opportunity in developing apparel around Amer’s brands, which include Wilson Sporting Goods, skimaker Atomic and commercial fitness equipment brand Precor.

“Clothing. They don’t know how to do it,” he explains.

“Customers aren’t buying clothing that matches the quality of their equipment.”

Success for him is having Amer own four of the premier direct-to-consumer clothing brands in the world.

With Anta, success is going global.

Wilson offers up a piece of business advice he gives entrepreneurs keen enough to join him on early-morning hikes up the Grind.

“You have to go to sleep at night wondering about it,” he says.

“To lead a company to the future, a lot of things have to be broken.”

GASTOWN

Wilson doesn’t spend much time thinking about Lululemon, which he founded just over 20 years ago.

The “unauthorized” account about the company’s creation, successes and challenges is comprehensively documented in his book Little Black Stretchy Pants, first published in 2018. An updated version – Story of Lululemon by the Founder: Chip Wilson – was released in 2019.

Instead, Wilson is focused on applying hard-earned

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lessons from decades in apparel to the “much, much larger” global technical apparel market. He estimates his work related to Amer takes up about 30% of his time.

About an hour every two weeks is spent on Low Tide Properties, which is where we head to dry off after the Grind. We camp out in an office primarily used by Wilson’s wife, Shannon. It looks out toward the North Shore, past the trains, planes and automobiles clustered around Vancouver’s industrial waterfront. Wilson says he once counted more than two dozen modes of transportation from his window.

“The view is just spectacular,” says Wilson. “So it’s wonderful to come to work. And then, of course, my house is pretty nice too,” he adds with a chuckle.

Privately held Low Tide Properties has invested in some 27 locations in Vancouver, including a more than 46,000-squarefoot industrial building along Grandview Highway, a nearly 77,000-square-foot office space in Kitsilano and seven office and retail buildings in the Gastown area.

We walk by some of them on our way to Nelson the Seagull for cappuccinos. There, Wilson has a meeting with a representative from the British Columbia Liberal Party. He has no ambitions to run for office, but the party is interested in his thoughts on its direction. He also assumes financing is a likely part of the discussion.

Every couple of weeks, Wilson checks in with his team at Low Tide, which has a staff of around 30 and recently expanded to Seattle. A couple of hours south of the border, the company is in the process of renewing an older building that sits right across from Amazon.

Posted on a wall in Low Tide’s kitchen area are the 2019, fiveyear and 10-year goals of the company’s employees. Last year, Wilson vowed to walk 21 days on the El Camino trail in Spain and Portugal, which he did with his family.

They also have a major philanthropic initiative planned.

“We’ve been kind of holding back because we have a really, really big thing that we’re doing and we’ve been working on it for a couple years. So it kind of looks like as a family we haven’t been doing very much,” explains Wilson, who was honoured in October by the U.S.-based Atlas Society at its third annual fundraising gala in New York.

He credits Ayn Rand’s book Atlas Shrugged for his first

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Anta Sports has more than 10,200 Anta retail outlets in mainland China and is considered China’s largest sportwear company • STREETVJ/SHUTTERSTOCK

significant introduction to the idea of elevating the world from mediocrity to greatness – an idea cited often in Wilson’s book.

POINT GREY

We pull into the sleek concrete garage under Wilson’s $73 million Point Grey home – the kind of garage that features art on the walls. The home itself could be a gallery, its showpiece an unobstructed multimillion-dollar view of English Bay and Burrard Inlet.

It’s also home, with an entryway filled with shoes and jackets and backpacks just like any other household. Wilson’s three youngest children are still in high school, and yes, even billionaires pick their kids up from school.

“If you don’t get them in the car and talk to them you don’t really get to talk to them,” Wilson says with a laugh. He says he spends part of his time figuring out how best to be there for his children – he has five in total – and on legacy planning. He has a team of advisers for that who join the family on retreats.

Wilson brought in a world-class expert on negotiation and decision-making to address the group on the last one.

There are two meetings scheduled before Wilson leaves to pick up his kids from school. The first is with the architectural team helping the Wilsons expand on their Sunshine Coast property and think through their entertaining and family reunion needs.

The second is with a Canadian filmmaker and an executive from Netflix to explore a potential documentary or series about Wilson’s story and the story of Lululemon.

“It’s an interesting possibility,” says Wilson.

“I picked up the book and just finished it in two days, I think,” notes one of the guests. “This is a really fascinating story that I think has huge marketability.

“It’s very helpful that you never really had your chance to tell your side of the story,” he adds. “That’s compelling for a documentary.” É

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

AROUND TOWN IN JANUARY Three things to take in at the start of 2020 HAYLEY WOODIN

DINE OUT DISHES UP LARGEST FESTIVAL YET

More than 300 restaurants will cater to tens of thousands of patrons when Dine Out Vancouver returns January 17 to February 2.

Between meals, tickets and hotels, the foodie festival generates an estimated $5.4 million in economic activity annually. New additions to this year’s menu include a Chinatown master dumpling class, a sustainable seafood walking tour and a posh punch brunch presented by The Alchemist. dineoutvancouver.com

PUSHFEST/INSTAGRAM

DINEOUTVANFEST/INSTAGRAM

PUSHING THE BOUNDARIES OF PERFORMING ARTS

WE COME FULL CIRCLE by taking care of each other

The PuSh International Performing Arts Festival returns with three weeks of genre-bending and politically daring events. Starting January 21, the festival will showcase international and Canadian artists at free and ticketed events throughout the Lower Mainland.

Last year, PuSh celebrated 15 years with more than 150 events, 41 sold-out shows and artists from 13 countries. pushfestival.ca

Your legacy gift to Peace Arch Hospital completes a circle of care that goes on to benefit so many other people in our community.

SERGEI BACHLAKOV/SHUTTERSTOCK

To o learn rn n more, contact ctt: JIIM BIND N ON ND 604.54 42.3184 8 j m@ ji m pa ahffou ou und n attio on..ca p hfou pa ound ndat atio at ion.ca a

The hospital touches everyone at some point in their lives.

RING IN THE YEAR OF THE RAT

It is perhaps a welcome symbol at a time when economies around the world are slowing down: the rat – this upcoming year’s zodiac sign – is thought to represent wealth and surplus. Events in Vancouver and Richmond will ring in the Lunar New Year on January 25, and the 47th Vancouver Chinatown Spring Festival Parade will march through Chinatown the following morning. lunarfestival.com É

[JOAN AND IAN]

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FIVE STEPS TO RESCUE YOUR RETIREMENT PLAN Nearly a third of Canadians aged 45 to 60 concede their financial preparations for retirement are ‘inadequate’

DAVID LEE

Do you feel like you’re on the right track to be financially ready for your retirement yea rs? I f you r i m med iate thought is no, you’re not alone.

According to Statistics Canada, 31% of Canadians between the ages of 45 and 60 say that their financial preparations for retirement are inadequate.

If you’re in your 40s or 50s and haven’t started thinking about retirement yet, it may feel like you have already missed out on some prime saving years. But there’s no need to panic. It’s never too late to start planning, and you can still make up for lost time. Start rescuing your plan today to get back on track and on your way to a comfortable retirement. Below are some steps to get you started.

1. ESTIMATE HOW MUCH YOU WILL NEED

Canadians today are generally living longer than previous generations, with many living past 85 years old.

That means more years to save for overall. Putting a plan together today to pay for retirement in the future is crucial. Everyone has vastly different requirements for how they want to live out their golden years, so it’s helpful to set clear objectives. Understanding your retirement lifestyle goals will help you determine cost estimates, so you know what to plan for. Do you want to work part time, travel or move from your current home?

Annuities, company pension plans, your Canada Pension Plan, old age security, unregistered investments, other savings and wages from part-time employment can all contribute to your retirement income. Write it all down and do the math so you are aware of what amount you’ll need to save. Also plan for future uncertainties such as illness or emergency home repairs. You will need to supplement the difference between your pension and your overall expenses, for as long as you live.

2. MAKE USE OF RRSPS, TFSAS AND LIFE INSURANCE

As you enter the peak earning years of your career, you should utilize tax strategies to save more. Get back tax on the money you earn today by contributing to a registered retirement savings plan (RRSP). Grow your money tax-free in the RRSP until retirement, and then you can withdraw it later as taxable income, often at a lower rate if your overall income is less than in your working years. By contributing early and monthly to an RRSP, the tax-sheltered compound interest can make a dramatic difference.

If you’re already maximizing your contributions, belong to a pension plan or can no longer contribute to an RRSP, a tax-free savings account (TFSA) can add a

much-needed lift to your retirement savings. Redirect those surpluses to your TFSA plan where they can grow tax-free. Permanent life insurance can also be used as a vehicle to address life insurance needs while also accumulating wealth in a tax-sheltered environment that can be accessed in retirement. Emphasizing one option over the other can make sense, depending on your circumstances, future expectations and overall financial plans. Talk to a financial adviser if you are unsure which option is the best for you.

3. UTILIZE YOUR HOME EQUITY AND OTHER REAL ESTATE ASSETS

Lower Mainland home prices have created an unprecedented amount of real estate equity for many, particularly for longtime owners. Your home may give you valuable flexibility to fund some of your retirement if you plan to downsize or relocate to free up capital in later years.

You could also tap into the equity built up in your home and consider leveraging it into an investment to magnify profits, but you must consider the risks with such a strategy as this is not for everyone. Another option is to consider purchasing a rental property or renting out a portion of the home you already own, as this could generate extra monthly income.

4. PAY DOWN DEBT NOW

It is important to have a plan to settle debts before you enter retirement. If you can, consider adjusting your budget to slightly increase your monthly payments on debts owed. Also consider lump-sum anniversary payments, such as applying your annual bonus, or tax refunds as a payment to your mortgage. Review your current credit facilities and pay off the ones with the highest interest rate first.

5. REVIEW YOUR PLAN ANNUALLY

It is important that you take the time to review your finances regularly to ensure you stay on track. This includes evaluating any investment strategies you have in place and tracking your net worth on an annual basis.

Be sure to review your retirement plan as well as your overall financial plan at least once a year, and again if you experience a significant life event such as a layoff, divorce, inheritance or the purchase of vacation property.

A financial adviser can help tweak your retirement savings and investment plans to ensure your goals remain in reach. Asking for a second opinion from an experienced financial expert who can address any pitfalls and concerns you might miss is highly valuable.É David Lee is a financial adviser at BlueShore Financial and has 20 years’ experience in financial services. He is a certified financial planner (CFP) and a recognized financial management adviser (FMA) and holds the elder planning counselor (EPC) designation.

Visit blueshorefinancial.com.

IT’S NEVER TOO LATE TO START PLANNING, AND YOU CAN STILL MAKE UP FOR LOST TIME

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

RRSP VS. TFSA AND YOUR RETIREMENT How a registered retirement savings plan compares with a tax-free savings account for the average worker DOMINIQUE ROELANTS

It’s registered retirement savings plan (RRSP) season 2020, and the question most likely on your mind is: should I invest in RRSPs or should I invest in a tax-free savings account (TFSA)?

Often these kinds of questions get answered from the perspective of someone earning lots of money, but let us look at the question from the perspective of Fred, an average worker who earned about $44,000 last year.

The nice thing about RRSPs and TFSAs is that they allow you to earn income and get preferential tax treatment. With an RRSP contribution, you get an immediate tax deduction. The money earned in the RRSP is not taxed, but when you take any money out of the RRSP (including investment returns), you pay tax on it. With a TFSA, you get no tax deduction but all income earned inside the TFSA is tax exempt, and when you take the money out of the TFSA it does not count as taxable income. Given these differences, we need to consider which is better for Fred.

Fred can mix and match with RRSPs and TFSAs, but we will look at just two options: 1. putting all his money in a TFSA or 2. putting it all in an RRSP. Once you read through this, you will understand what Fred and all those Canadians like him need to consider while planning for their retirement. I started by assuming that Fred does not have a defined benefit or a target benefit pension plan – because most private-sector employees don’t. That assumption is crucial.

Let’s imagine that Fred is able to save about $2,320 during the year. He can put that in either his RRSP or his TFSA. If he puts it in his RRSP, he could use the income tax savings to top up his RRSP contribution to $3,000.

So his options are: 1. put $2,320 in a TFSA or 2. put $3,000 in an RRSP. Both options leave the same amount of disposable

income after Fred pays his income tax.

If Fred puts $3,000 into his RRSP each year for his entire career and he earns an average of 7% on his RRSPs, after a 40-year career Fred will have around $600,000 in his RRSP. He can then convert that to a lifetime income stream, which pays him about $39,000 per year. Fred will also get around $11,000 from the Canada Pension Plan (CPP) and around $6,800 from the federal government for old age security (OAS). He will have to pay approximately $10,600 in income tax. Fred will not be eligible for the federal government’s guaranteed income supplement (GIS) because his taxable income is too high.

In retirement, his net income would be about $46,200.

Sounds like a great plan – but it’s not. Under the current tax regime, if instead of putting $3,000 per year into RRSPs, Fred puts $2,320 into his TFSA every year and again earns an average of 7%, after a 40-year career, Fred will have around $460,000 in his TFSA. That would produce a tax-free income of about $30,000 per year. He would also earn $11,000 in CPP and $6,800 in OAS. His income tax would be around $1,200, and as a result he would have an after-tax income of $46,600 – which is slightly better than having used RRSPs. But wait – there’s more. Because Fred’s taxable income is so low, he would get an additional $3,500 in GIS from the taxpayer so his actual after-tax income is over $50,000.

Like Fred, most private-sector employees are middle-income workers without a defined or target benefit pension plan. A TFSA is much better for them because it allows them to save for retirement and still collect a GIS benefit paid by future taxpayers.

Workers who are part of a defined or target benefit pension plan don’t get to make this choice. According to Statistics Canada, about 85% of public-sector workers and about 12% of private-sector workers are in a defined or target benefit pension plan. They are forced to save money for their retirement in a way that saves the future taxpayers a significant amount of money. Perhaps that is why such plans are so popular in the public sector – they are fair to future taxpayers. É Dominique Roelants is the executive officer of the B.C. Teachers’ Pension Plan. Column courtesy of Troy Media.

MOST PRIVATE-SECTOR EMPLOYEES ARE MIDDLE-INCOME WORKERS WITHOUT A DEFINED OR TARGET BENEFIT PENSION PLAN. A TFSA IS MUCH BETTER FOR THEM BECAUSE IT ALLOWS THEM TO SAVE FOR RETIREMENT AND STILL COLLECT A GIS BENEFIT PAID BY FUTURE TAXPAYERS

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Most available coverage options from leading BC providers based on survey of conversion from group employee benefit to a retirement plan 3/28/17.

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

ECONOMICS OF RETIREMENT An unprecedented demographic wave is sweeping Canada’s West Coast. More than 19% of British Columbia’s population is over the age of 65, compared with a national average of 17.2%.

For many seniors, retirement is the true golden years. For others, it is a challenging chapter in their life story. Here, we explore the economics of retirement by answering the big questions: how to retire; when to retire; where to retire; how to give and handle an inheritance; and how best to achieve happy, healthy retirement and relationships.

FRANK O’BRIEN

HOW TO RETIRE

$340,000 Average nest egg of a retired person in B.C.

$756,000

$55,000

$155B

73%

Estimated nest egg needed to retire “in style”

Annual spending by a retired couple in Canada

Home equity held by people age 55 and up in Metro Vancouver

Percentage of B.C. homeowner seniors who are mortgage-free

$184,000 AVERAGE NEST EGG OF RETIRED PERSON IN CANADA

WHEN TO RETIRE The sale of boomer-owned businesses in Canada could potentially transfer $1.2 trillion in wealth to new owners within the next 10 to 15 years

WHERE TO RETIRE There are certain places in British Columbia – and in the world – where retirement dollars go further and where seniors may potentially enjoy a more enriched lifestyle

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%

36

of B.C. workers retire at age 55 or younger

900,000 British Columbians have an employer pension plan

120,000

70% of these

913,000

private businesses are owned by B.C. baby boomers

businesses will be sold over the next 10 to 15 years

British Columbians are over the age of 65

83%

15%

10%

24%

of British Columbians want to retire in B.C.

of Canadians want to retire in B.C.

of Canadians want to retire in another country

of Vancouver Island and B.C. Interior residents are over the age of 65

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THE TRILLION-DOLLAR TRANSFER Baby boomers are set to inherit $1 trillion, which represents the biggest intergenerational wealth transfer in Canadian history

53%

$100,000

of Canadians expect to receive an inheritance

Average expected inheritance

80%

$56,000

of boomers have not discussed inheritance with a financial planner

Average actual inheritance

RETIREMENT RELATIONSHIPS AND HEALTH British Columbia seniors are healthier and more active than the previous generation of retirees and they are expected to be among the healthiest seniors in history 80 years: average life span for a Canadian man

75% of Canadian seniors say their health is “good to excellent”

84 years: average life span for a Canadian woman

24% of senior women in Canada exercise regularly

Canada had record 10,795 centenarians as of July 1, 2019

14% of senior men in Canada exercise regularly

100 years: Canada had a record 10,975 centenarian s in 2019.

45% of cruise ship passengers are age 50 or better

72% of single senior women “satisfied” to live alone

Sources: Statistics Canada General Social Survey, February 2019; Statistics Canada Living Alone in Canada, March 2019; BC Stats Population Projections October 2019; Office of the Seniors Advocate of BC, Monitoring Senior Services 2018; CIBC Am I saving enough to retire? February 2018

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

DEMAND FOR ‘DEMENTIA VILLAGE’ Developer already looking at a second project FRANK O’BRIEN

A

retirement housing concept designed for seniors suffering from Alzheimer’s and dementia is now open – and filling up fast – in Langley.

The project – called the Village – opened last August and reached more than 50% occupancy within its first three months.

Canbrit Development, which created and developed the project, expects the Village to reach full occupancy ahead of schedule in early 2020.

“We are now looking for land partners for Village No. 2,” the developer tells BIV Magazine.

The concept, first introduced in Europe, replaces institutional facilities with cottages centred around a secured-perimeter retail village and community amenities where residents are free to safely roam at will.

De Hogeweyk, a short train ride from Amsterdam, Netherlands, is the world’s first “dementia village.” It’s a small-house concept of six people living in a household with walkable access to a complete village within a walled compound.

“These seniors, most of whom have advanced dementia, are experiencing industry-leading aged care a generation ahead of its time,” says Dan Levitt, an adjunct professor in gerontology at Simon Fraser University and an adjunct professor at the University of British Columbia’s School of Nursing.

The Village, a seven-acre complex at 3920 198 Street in Langley, has been developed based on the De Hogeweyk template.

“We are the only one like this in Canada,” says Elroy Jespersen, senior vice-president of special projects with Verve Senior Living, which is headquartered in Mississauga, Ontario. It has a B.C. regional office in Richmond and operates the project on behalf of Canbrit Development.

The Village is composed of six cottages, with 12 to 13 residents sharing each cottage and a communal kitchen. They are clustered around a retail village that includes a grocery store, barbershop, beauty salon, coffee shop and even a neighbourhood pub. There is a community centre with an arts studio and a community garden. The site also includes a barn that, should the residents decide, could be a home to farm animals.

The site is discreetly fenced, with walking paths and egress to all buildings designed with safety in mind. A 72-person staff provides round-the-clock care and monitoring that includes help with shopping, meal preparation and 24-7 nursing care, if required. At the end of 2019, 65 staff members had been brought on board.

After its first quarter of operations, the Village had 38 residents settled out of a possible 72. Its two licensed complex-care

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Canada’s first “dementia village,” which opened in August 2019 • SUBMITTED

households – which collectively house 24 residents – are full, with a large wait-list. Two of the project’s assisted-living households are at 60% capacity, and the developer is taking applications for its other two assisted-living cottages.

Monthly rental costs range from $6,950 for assisted living to $7,800 for those who require full-time nursing assistance, Jespersen says.

“This is a much more dignified way to live for someone elderly who needs support,” Jespersen says, when compared with traditional senior-care institutions.

Last year also saw the launch of two government-supported projects that pilot the new concept in seniors care.

In Vancouver, Providence Health Care – using a $3.3 million private donation – has opened a pilot project for a dementia village connected to the Holy Family Residence seniors’ home at 7801 Argyle Street. The goal is to transfer the model to standalone dementia villages, according to Jo-Ann Tait, Providence corporate director of seniors care and palliative services.

The Ministry of Health, along with Providence and Island Health, is also developing a 17-acre dementia village in Comox that will include 126 publicly funded beds. No date for its completion has been announced. É

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Maximizing value when selling a service-based business Six strategies to increase the value of your business and ensure that it is saleable Arthur Klein

In working closely with privately held businesses providing valuation, divestiture and acquisition services, I have seen many otherwise wellrun companies be extremely disappointed: often the valuation is below expectations, they face onerous buyer terms or they don’t get any offers at all.

The value of business relationships is measured as goodwill. From an accounting perspective, goodwill is the difference (or premium) between the value of a business enterprise and the sum of the current fair values of its identifiable tangible and intangible net assets. Business value is created when it earns a rate of return on net assets (owner’s investment) in excess of a normal rate for the industry in which the business enterprise operates.

While demand for good businesses is quite strong, it is a competitive environment, so it’s important that sellers make their businesses as attractive as possible.

The strategies below will help maximize value and, more critically, ensure that your business is saleable.

Diverse customer base: Buyers typically want no single client account to be more than 10% of total sales.

Several years ago, one of my owner clients decided it was time to sell his $5-million-in-revenue electrical contracting company. But there was one glaring problem: 90% of its revenue came from just one customer.

Right out of the gate this business was unsaleable, despite its solid returns. The purchase price multiple was at least 50% below the vendor’s expectation due to client concentration. Had this owner expanded the customer base so that the company’s five largest customers were, say, less than 40% to 50% of the revenue and profitability, buyers would not be as risk-averse.

Recurring revenue: Recurring revenue as a business value driver is obvious – one that “prints money” with service automations in place. And when you can convert more clients to such a model, you make those services more resistant to being commoditized. Several strategies that enhance recurring revenue and address commoditization and imitation include continuous innovation, segmenting, value-added services, helping customers quantify the value of your company’s

solutions and compensating sales staff on profit margins versus sales revenue.

Good and improving cash flow: A core value driver that buyers look for is that of good and increasing cash flow. A track record of steadily increasing revenue can be convincingly projected into future, post-sale growth.

A company with such a track record will be worth more to a buyer than a company without one, even if both companies have realized the same cumulative cash flow over the last four years.

Demonstrated scalability: When profit margins increase as revenues increase, then you have a scalable business because costs do not rise in lockstep with increasing revenue. For example, professional service firms, generally, are not highly scalable because their revenues are based on practitioner billing rates. In other words, you must increase the number of professionals, while other costs rise in tandem with revenue.

Contrast that to a software development firm – the software development cost, once created, is almost nothing, while additional licensing sales generate increased revenue, profit margin and cash flow.

Employing efficient operating systems and processes that leverage competitive service delivery can improve profit margins as revenue increases.

Competitive advantage: In the most direct manner, a company’s competitive advantage is the reason your customers buy from you instead of from your competitors.

It would be prudent to invest your sales and marketing efforts in the customers and segments that you can best serve and, in return, provide the greatest value. Also, allocate your growth capital toward new products and solutions that serve your best customers, or can attract more customers that are like your best customers.

Financial reporting and management: Sloppy financial reporting can indicate an underlying problem in your business. Ineffective reporting can affect your ability to sell your company under the best price and terms when you are inhibited from managing performance and reacting to changes in a timely manner.

Most entrepreneurs intuitively know these concepts.

The difficulty is making these practices a priority in day-to-day management. The rewards of being able to cash out on your terms are worth the effort. ç Arthur Klein is a mergers and acquisitions advisor with Smythe LLP Advisory Services, Vancouver. He can be contacted via smytheadvisory.com

A client decided it was time to sell his $5-million-in-revenue electrical contracting company. But there was one glaring problem: 90% of its revenue came from just one customer

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

A BALLOONING

$71 BILLION CHALLENGE The cost of care in Canada is set to skyrocket over the next 30 years

HAYLEY WOODIN

I

n 30 years, Canada’s senior population will have grown by 75%. That statistic, a projection from the Toronto-based National Institute on Ageing (NIA), carries several important implications.

In 2050, the youngest baby boomer will be about 85 years old, and presumably well outside of the country’s workforce. In fact, the number of Canadians over the age of 85 will have tripled in 30 years. Over the next decade, more than $1.5 trillion in business assets will be in play as some 72% of small-business owners look for their entrepreneurial exit, according to the Canadian Federation of Independent Business.

The growth of Canada’s senior population also means that the cost of care is set to skyrocket.

NIA’s baseline projection, documented in a report titled The Future Cost of Long-Term Care in Canada, is that the cost of providing public care in nursing homes and private homes will more than triple over the next three decades, from $22 billion in 2019 to $71 billion come 2050.

At the extreme, care costs could rise to $98 billion a year.

“The time is now to find workable solutions that will avoid unmet needs for care … while also balancing the fiscal implications,” conclude report authors Bonnie-Jeanne MacDonald, Michael Wolfson and John Hirdes.

The report is an effort to quantify one consequence of a demographic shift that is affecting and will affect economies around the world for years to come. While $98 billion is a big

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number – more than 25% of all projected personal income tax revenue and 6% of aggregate wages – it reflects only a portion of Canadian seniors’ projected care costs.

For example, the NIA report authors expect the next 30 years will see an increase in unpaid care as families face more pressure to care for aging and ailing loved ones at home. As a baseline projection, the authors expect there will be approximately 120% more older adults using at-home care in 2050. At the same time, it’s expected there will be 30% fewer spouses and adult children available to provide unpaid care.

The bottom line? Family members will need to increase their efforts by 40% on average to keep up with at-home care needs, according to NIA. If paid publicly, that would add $27 billion to public-sector care costs in 2050, and that doesn’t even capture the emotional, physical and financial costs providing at-home care can impose on families.

“Unpaid caregiving will increasingly become the reality of many more Canadians, as the number of seniors need support more than doubles,” found the report authors.

Last year, the vast majority of Canadian seniors (approximately 93%) lived in private homes. Just 2% were in retirement residences and 5% in nursing homes.

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In 2050, a greater percentage of Canadian seniors is expected to live in retirement residences and nursing homes • SHUTTERSTOCK

Over the next 30 years, NIA anticipates a slightly smaller percentage of seniors (90%) will live in private homes while a greater percentage will live in retirement residences (3%) and nursing homes (7%).

According to B.C.’s Office of the Seniors Advocate, approximately 3% of B.C. seniors live in long-term care. From 2014 to 2018, the number of publicly funded long-term care beds in B.C. increased by 2%. The number of seniors aged 75 or older grew by 14%.

At present, the pace of the province’s aging population risks eclipsing available care residences and resources. One metric by which to assess that risk is the median wait-list time for long-term care residences in various B.C. health authority regions. As of March 31, 2018, wait times range from 14 days (Vancouver Coastal Health Authority) to 147 days (Northern Health Authority). At the extreme, the maximum wait time runs from 632 days in the Fraser Valley to 2,627 days in the north – more than a seven-year wait.

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An analysis of long-term care bed availability and population trends by the BC Care Providers Association (BCCPA) last year found that the province is already short around 3,000 beds.

“Now factor in a requirement for another 1,000 to 2,000 additional spaces per year until 2035, and you can see the scale of the challenge,” noted BCCPA CEO Daniel Fontaine.

A BCCPA report titled Bedlam in BC’s Continuing Care Sector: Projecting Future Long Term Care Bed Needs found that publicly funded care beds grew by 1.5% between 2013 and 2017. By comparison, the report found that the growth of B.C.’s senior population sat at around 3.5% in 2015-16.

Funding to renew and replace existing care homes, investments in smaller related infrastructure projects and enhancements to create more dementia-friendly environments are among the report’s immediate-term recommendations to government. É

THE TIME IS NOW TO FIND WORKABLE SOLUTIONS THAT WILL AVOID UNMET NEEDS FOR CARE … WHILE ALSO BALANCING THE FISCAL IMPLICATIONS

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

B.C.’S

TOP 5 RETIREMENT TOWNS

Sechelt on the Sunshine Coast is a short ferry ride from the Lower Mainland • JUSTIN SAMSON/DISTRICT OF SECHELT

LISE BOULLARD

W

ith spectacular scenery, a mild year-round climate and geography that facilitates skiing in the morning and golfing in the afternoon, it’s no wonder many Canadians head west to enjoy retirement. These five communities, located on the Sunshine Coast, on Vancouver Island and in the Okanagan, have proven to be very comfortable, popular places for the 65-plus set.

QUALICUM BEACH

More than 50% of the population in Qualicum Beach is over 65, making the seaside community on Vancouver Island Canada’s most elderly community. European settlers built the area’s first golf course in 1913, and in the 1950s and 1960s retirees began flocking there, attracted by the water views and mild winters. Today, residents spend their retirement hiking, kayaking and biking or enjoying wine and whisky tastings, cribbage games and other activities organized by the Qualicum Beach and Area Newcomers’ Club.

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Average detached house price: $588,500 Medical services: Oceanside Health Centre is just a 12-minute drive out of town while mid-sized hospitals in Nanaimo, Comox and Port Alberni are less than one hour’s drive away Crime rate: 33 offences per 1,000 people (provincewide crime rate: 74 incidents per 1,000 people) Number of seniors: 4,660 (2016), or 52% of the population

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Sidney is close to Victoria, parks and ocean beaches • WESTERN INVESTOR

SIDNEY

If ocean views, a slower pace of life and being part of a cosy community sound appealing, then Sidney by the Sea could be your ideal retirement destination. Located on the northern end of the Saanich Peninsula on Vancouver Island, the area is easily walkable and offers amenities for nature and culture lovers alike. There are the Gulf Islands National Park Reserve, great beaches, a popular bakery and a surprisingly good selection of bookstores. Ferries to Tsawwassen and the Victoria International Airport make the town easily accessible when the grandkids come to visit, and the ferry to Anacortes in Washington state offers a fun trip.

Average detached house price: $632,000 Medical services: Saanich Peninsula Hospital is located just south of Sidney, and the Victoria General and Royal Jubilee hospitals are a 45-minute drive out of town Crime rate: 36 offences per 1,000 people (provincewide crime rate: 74 incidents per 1,000 people) Number of seniors: 4,775, or 41% of the population

Qualicum Beach has the highest seniors population Canada • BERNADETTE RITTER/TOWN OF QUALICUM BEACH

COMOX

Long, warm summers, mild winters and abundant sea life attracted the First Nations people to kw’umuxws thousands of years ago, and they are what continue to draw retirees to this seaside town on the eastern coast of Vancouver Island. Home to a Canadian Forces military base, Comox makes an ideal spot from which to explore the area, whether it’s golfing one of the five local courses, skiing at Mount Washington or sampling artisan cheeses. While the spa set will appreciate the hydropath experience at the renowned Kingfisher Oceanside Resort & Spa, adventure lovers can head off to discover Vancouver Island by car, or set sail through the Gulf Islands.

Average detached house price: $579,655 Medical services: North Island Hospital, Comox Valley, which opened in October 2017, serves patients in the area Crime rate: 33 offences per 1,000 people (provincewide crime rate: 74 incidents per 1,000 people) Number of seniors in the Comox Valley: 17,060 (2016), or 26% of the population SECHELT

Just a 45-minute ferry trip along the Georgia Strait from B.C.’s Lower Mainland and a short drive bring retirees to this quaint seaside town.

Sechelt and its surroundings boast a number of reasonably priced waterfront properties and lots – some of which are accessible only by water – waiting to be developed into dream retirement properties.

While outdoor enthusiasts are sure to enjoy boating, beachcombing and wildlife viewing, art lovers will appreciate the talented folks who have set up shop in these parts. A local hospital, retirement homes and

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Nurse Next Door home care service make Sechelt popular with retirees.

Average detached house price: $605,000 Medical services: Sechelt Hospital is a 46-bed facility serving the over 30,000 residents living in the Lower Sunshine Coast communities including the traditional territory of the Sechelt First Nation, Langdale, Gibsons, Davis Bay and Pender Harbour Crime rate: 52 offences per 1,000 people (provincewide crime rate: 74 incidents per 1,000 people) Number of seniors: 3,030 (2016), or 34% of the population SUMMERLAND

Proximity to wineries, fruit orchards, golf courses and some of the longest sunlight hours in Canada are just a few of the perks retirees enjoy in this community located just west of Okanagan Lake in B.C.’s Interior.

Short and mild winters can be spent on the ski hills at Big White and Apex, while spring, summer and fall are for lake days, birdwatching, hiking and winery tours. The town’s general hospital, Summerland Health Centre, offers outpatient care while Summerland’s numerous retirement residences provide independent- and assisted-living options in this often-sundrenched setting.

Average detached house price: $481,193 Medical services: Summerland Health Centre is located in town; Penticton Regional Hospital is 19 kilometres away Crime rate: 61 offences per 1,000 people (provincewide crime rate: 74 incidents per 1,000 people)Number of seniors: 2,885 (2016), or 33% of the population

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RADICAL IN RETIREMENT Some seniors are filling their 9-to-5 with activism and even arrest BIV MAGAZINE STAFF

O

lder, bolder and unstoppable. That’s the tag line of Grey Power, an international organization that aims to inspire and educate older adults on fighting for climate action alongside much younger counterparts.

It is one of a number of organizations around the world that keep adults active – and activist – in retirement. In Victoria, Raging Grannies – founded in 1987 – uses satirical songs and skits to “rage” against systems and institutions that harm the planet. In B.C., Suzuki Elders volunteer with the David Suzuki Foundation to raise awareness around environmental issues.

Elder engagement in activism is on the rise, according to a 2013 report from the Seniors Association of Greater Edmonton (SAGE). Seven years ago, SAGE concluded that older Canadian adults are increasingly engaging in politics and current affairs,

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Laurie Embree was among seniors arrested last June for blocking access to the Westridge Marine Terminal in Burnaby • KEVIN GAWLEY, BURNABY NOW

and engaging less in passive pursuits.

That trend was noted before the Trans Mountain pipeline expansion project came to a head in B.C. Trans Mountain pipeline project protesters Laurie Embree and Constance Lasheras, both seniors, were each sentenced to seven days in jail last year after they refused to get off of the road that leads to the related Westridge Marine Terminal.

“The older population of otherwise good standing in the community, without a criminal record, is the population that must be deterred,” Crown prosecutor Monte Rattan said at the time – a comment that prompted laughter from a BC Supreme Court gallery filled with the protesters’ supporters.

Setting aside the perplexing image of grandmothers and grandfathers getting arrested and sentenced in court, it was an emotional event, underscored by deep feelings of justice and injustice for those involved.

Embree and Lasheras are just two of several project protesters in their 60s and 70s who have been arrested for violating a court injunction related to the project. They include Juno-nominated country singer Terry Christenson – in his 70s – who has been arrested multiple times, and 71-year-old Jean Swanson.

“Laws can be bad. Laws permitted the theft of Indigenous land.

Laws [that] let the Trudeau government buy this pipeline are bad laws,” Swanson, now a City of Vancouver councillor, told the Burnaby Now. É With files from Kelvin Gawley, Jessica Kerr, Chris Campbell and Naoibh O’Connor from the Burnaby Now.

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KIDS CAN RUIN YOUR RETIREMENT PLANS Tough love can be required to protect your financial future from lovely but grasping adult children JIM DOYLE

As a senior financial consultant, I am noticing an increase in a trend that can drain savings and threaten the retirement income of many seniors. The trend is helping grown children out financially, but sometimes to the detriment of a retiree’s own financial security. Generosity with adult children is fine, but not without limits. By consistently bailing your children out when they hit a tough spot, you could be preventing them from learning to solve problems on their own and undermining your own years of sacrifice and saving.

Tough love? Perhaps.

The following are real-life examples to illustrate what is happening.

Sarah’s cash flow: A few months ago, I got a call from Sarah, a long-term client. There was a sense of urgency in her voice. When she took early retirement last year, the numbers looked pretty good, but lately she was starting to have second thoughts. She wanted to redeem some funds to put a cushion back in her bank account.

Sarah and I met to take a look at her finances – in particular her cash flow. She is proud of her cash management skills and the fact that she kept meticulous records.

But she was perplexed – where was all her money going?

About this time her daughter called looking for help to pay her cellphone bill, and wondering if Mom could help her buy concert tickets. Sarah mentioned she also helped her son out regularly. These sums were never part of the budget. We were on to where Sarah’s cash was flowing. When Sarah looked closely at her records she discovered that she was helping the kids out to the tune of over $10,000 each and had been doing so for years.

Peggy the piggy bank: Peggy lives in an assisted-living residence. She’s in her early 90s and is full of energy.

She’s financially comfortable. She doesn’t see her two grown sons and their families very often as they live a couple of hours away. Peggy says they call every couple of months and ask if she can afford to withdraw another $10,000 or $20,000, typically, to help one of her sons, who had been visited by yet another financial calamity.

The latest: one of her sons called to say he would like to

take the grandkids to Mexico – could Grandma help?

Amanda’s education: Amanda, a recently divorced mother, called me to review her budget. She felt things were a lot tighter than the budget suggested and wanted to meet soon to have another look at things. We started talking about the changes in her circumstances since getting divorced, and how her kids were adjusting.

Amanda’s daughter was attending university in another province. Amanda had just paid for her daughter’s new snow tires and plane tickets for her flight back home for Christmas. She had budgeted for her daughter’s tuition, books and campus living – but the other living expenses were a bit of a mystery. As it turns out, they’d never spoken about how her mom’s change in circumstances would affect adjustments to the expenses Mom could cover. Amanda asked her daughter to complete a 30-day expense review. They agreed to draft a plan as to what expenses the parents would pay – and what expenses the daughter would be responsible for.

These stories illustrate something we’re seeing more of – parents helping their kids out financially. Parents tell me how giving money to their kids makes them feel good. Unfortunately, for many of these seniors, they are now also considering delaying retirement, working longer, deferring vacations or in some situations going back to work part time to make ends meet. Despite their best intentions, they hadn’t saved enough for retirement.

Establishing financial boundaries with your children can be difficult, especially when many parents feel the life stage of early adulthood has elongated. This can fly in the face of conventional wisdom of parents ratcheting up their savings in the final sprint to retirement.

If helping your kids is affecting your retirement goals, make a game plan for how to best reduce or eliminate financial aid. Inching the rug out from under their feet can be painful – but if you spend money on your adult children that should really be earmarked for retirement, you’ll risk coming up short later in life.

For greater clarity on your financial picture, talk to your financial planner. É Jim Doyle is a principal of Doyle and Associates Private Wealth Management. He is a senior financial consultant with Investors Group Financial Services Inc. The opinions expressed here are his alone. This column is meant to serve as a general source of information only.

A CLIENT IN HER 90’S SAYS HER SONS CALL EVERY COUPLE OF MONTHS AND ASK IF SHE CAN AFFORD ANOTHER $10,000 OR $20,000, TYPICALLY, TO HELP ONE OF HER SONS, WHO HAD BEEN VISITED BY YET ANOTHER FINANCIAL CALAMITY. THE LATEST: ONE OF HER SONS CALLED TO SAY HE WOULD LIKE TO TAKE THE GRANDKIDS TO MEXICO – COULD GRANDMA HELP?

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

RISING TO THE

CHALLENGE A technical adaptation offers relief to the nearly 50% of men over 40 who suffer from erectile dysfunction FRANK O’BRIEN

T

he founder of Pollock Clinics in Vancouver and New Westminster, Dr. Neil Pollock is best known for quick and painless circumcisions and vasectomies, but it’s his clinic’s recent work in the field of erectile dysfunction (ED) that is now raising his profile.

A national study by the Canadian Urological Association found that 49.4% of men over the age of 40 suffer from ED, and Pollock, who has been involved in men’s health research and practice for 25 years, believes he has found a three-tiered treatment for it, which involves “shock wave” medical technology, plasma injections and sessions with a sexual therapist.

In the initial procedure, a patient is treated with the Omnispec Extracorporeal Shockwave Therapy System, which uses low-intensity acoustic shock waves to increase blood flow in the penis shaft. The technology has been proven to help about 70% of patients relieve vascular deficiency, which is the most common cause of erectile dysfunction, according to Medispec, the U.S.-based company that developed the technology.

The sessions are painless, Pollock says, but the procedure requires a dozen sessions over a nine-week period and costs in the neighbourhood of $3,500.

A U.S. study, released in 2018 by the U.S. National Library of Medicine, involved 156 men who had undergone the sessions.

Studies confirmed that, for the majority of subjects, treatments remained effective even two years later, and Pollock believes that followup studies will show that benefits may extend far beyond that time frame.

“Though preliminary results are promising, additional research needs to be done to determine long-term efficacy

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and side effects,” the Library of Medicine report concludes.

Technology also plays a role in the second ED procedure at Pollock Clinics, the Platelet Rich Plasma Therapy, also known as the PRP shot.

Created from the patient’s own blood, PRP treatment involves injections. It is commonly used in orthopedics, plastic surgery and sports medicine.

“Studies have shown that this penile injection contains several different growth factors that can stimulate the healing of erectile tissue and is a safe and effective option for penile rejuvenation and improvement of erectile function by enhancing and increasing the blood flow to the erectile tissue, offering a longer-lasting desired outcome,” Pollock says in an email statement.

A January 2019 study by the U.S. National Library of Medicine and the National Institutes of Health found that patients with ED treated with PRP showed “improvement in erectile function, with no serious adverse event.”

The arteries bringing blood to the penis that cause erections are about two millimetres in diameter, Pollock explains, while the coronary arteries that feed the heart muscle are about four millimetres in diameter.

“So if the arteries in the penis are impaired, there’s a chance the arteries to the heart could also require medical attention,” Pollock says. É

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THE SESSIONS ARE PAINLESS BUT THE PROCEDURE REQUIRES A DOZEN SESSIONS OVER A NINE-WEEK PERIOD AND COSTS IN THE NEIGHBOURHOOD OF $3,500

Dr. Neil Pollock of Pollock Clinics at his New Westminster clinic.

“Shock wave” therapy has been shown to be effective in the treatment of erectile dysfunction • CHUNG CHOW

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BIV MAGAZINE: THE RETIREMENT ISSUE 2020 PUBLISHED BY BUSINESS IN VANCOUVER

5 QUESTIONS ON CULTURE

WITH LAURIE SCHULTZ, CEO, GALVANIZE Galvanize was asleep at the wheel when Laurie Schultz joined the Vancouver company as chief executive eight years ago. So she blew everything up.

Schultz is an avid traveller, is a 2019 BC CEO Award winner and sits in a cubicle like any other employee. Below she shares five insights on culture.

1. YOU WERE HIRED TO BLOW EVERYTHING UP AT GALVANIZE. WHY DID YOU FOCUS FIRST ON CULTURE?

THE BEST THING LEADERS CAN DO IS GET OUT OF THEIR OFFICE AND INTO THE HALLWAYS j Laurie Schulz CEO, Galvanize

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W hen joi n i ng a n orga n i zat ion, m a ny CEOs (and investors) focus on financially re-engineering the company. It’s not that it is necessarily easy to do; but often it is formulaic, obvious and even fruitful in the short term. But if it comes at the expense of the employee and/or customer experience, people leave over time and the financial results diminish. In my opinion, sustainable financial performance always starts with employees. By having maniacally engaged employees, you catalyze the expectation of delivering a great experience for customers and, in doing so, you enable sustainable and material long-term financial outcomes.

2. WHERE DID YOU START?

I started with the bosses – the employees.

In my first month, I met every employee in a cascade of town halls that asked them three questions: What is working? What’s not working? What opportunities are we missing? Not only did I immediately learn what needed to be changed, I met the people that were going to do it. Today, we call them change agents – those employees with integrity of intent who are willing to embrace what they don’t know, make promises they don’t know how to keep and then spend every moment living up to their word. Culture change and ultimately financial transformation at Galvanize happened because I asked smart people for their ideas and then I put them in charge of delivering on them.

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ASK THE 40 3. HOW DO YOU CREATE A CULTURE THAT EMBRACES RISK?

One thing I’ve learned is the power of symbols, values and language when reinforcing a risk-taking culture. Here are a few examples: ■Symbols (moose on the table): every boardroom at Galvanize has a “moose on the table” (like the elephant in the corner). It’s a symbolic invitation to have the awkward – but necessary – conversation. It’s an invitation to take the risk of having a different opinion.

■Values (authenticity, disruptive innovation and customer intensity): as an employee recently put it to me, our three core values are “the oil in our culture.” They referee who we hire and what we do. They push us to listen and embrace ambiguity in the interest of making our customers the most sought after on the planet.

■Language (Project Heisenberg): we regularly use attitudinal project names for transformative initiatives. Project Heisenberg (named after the alias of Breaking Bad’s main character, Walter White, who famously described himself as being in “the empire business”) is an example wherein we converted our perpetual business model to subscription, across 7,000 customers in 130 countries, in one year. Scary as hell, but couched in conviction. The name, and the tag line – “We’re in the empire business!” – became a rallying cry and an example of how language breeds culture.

Every month, we ask past and present BIV Forty under 40 winners a question. In this issue, current honourees share their 2020 resolutions. Because they are all high achievers (and will be recognized as such at BIV’s 30th annual Forty under 40 awards gala on January 30), we also asked how they hold themselves accountable to their goals.

WHAT IS YOUR RESOLUTION FOR 2020?

Practise mindfulness Erin Walker, director of strategy and program management office, Telus Smart

I will ride my bike to work more days than I did last year

Security and Automation

Jeff Ward, founder and CEO,

WHAT IS ONE THING YOU DO TO STAY ACCOUNTABLE TO YOUR GOALS?

Animikii Indigenous Technology

To carve out more time to think director, South Vancouver

I have a mentor that I meet with monthly

Neighbourhood House and

Zahra Esmail, executive

Marpole Neighbourhood House

director, South Vancouver

Zahra Esmail, executive

Neighbourhood House and

My ultimate goal is to complete a full Olympic triathlon in 2020

Marpole Neighbourhood House

Carly Monahan, investment

I always have a list going of small tasks to big goals

adviser, Odlum Brown Ltd.

Jordana Pourian, senior vicepresident of operations, Aritzia

Move more 4. WHAT ARE SOME SPECIFIC WAYS LEADERS CAN LEAD CULTURE BY EXAMPLE?

People relate to people. The best thing leaders can do is get out of their office and into the hallways.

Running regular town halls or finding other vehicles to create a conversation (Slack, one-on-ones, interactive surveys, workshops) to regularly engage employees in “the real stuff” builds engagement, especially if leaders allow themselves to be “vulnerable” at the same time. The combination of open communication and vulnerability brings relatability and, in turn, encourages employees to be vulnerable themselves and speak up for what they believe in. At the end of the day, that is what people want – to be themselves and to have a say in authoring their future.

5. WHO OR WHAT HAS SIGNIFICANTLY SHAPED HOW YOU THINK ABOUT CULTURE?

I heard once that 10% of what you learn is in the classroom, 20% from a mentor or observing someone you admire and 70% from getting into the hallways and just “doing it.” This emulates my own experience in learning how to drive culture.

The things we did that had the biggest impact on culture were based on gut feel; on doing what felt right, on making it personal. I’m a huge advocate of experiential learning. É

Reshma Chaskar Mehta, program director, partnerships and business development, Telus Health

Everything in my life – our businesses, our household, our travel and our son – is in a Trello board Nicole Parmar, founder

To invest more in my own upskilling

and managing partner, JNJ Business Strategies Inc.

Robert Coard, partner, PwC

To develop my free app that will help people with better access to justice Leena Yousefi, lawyer

I write down my goals and then tell someone I greatly respect Matthew Lewis, president, Braidy Corp.

and CEO, YLaw Group

To personally answer one customer support email per day in 2020

Outlook calendar appointments Sharon Singh, associate, Bennett Jones LLP

Ian MacKinnon, CTO and cofounder, Later Media Inc.

Take better control of my time Adil Ahamed, managing director,

Communicating the goals through a written plan and verbally are great ways Derrick Li, COO, Lawson Lundell LLP

Destination Auto Group

Dedicate specific days and hours to specific goals

To evolve our corporate culture

Vera Kobalia, board director,

Christina Marcano, founder

Sandstorm Gold Royalties

and CEO, Silver Icing

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2020-01-02 3:05 PM

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