The Business Advocate - March 2024 by Fireside Publishing House

End of life planning businesses going through rapid change

Grown kids need help; should the bank of mom and dad be open?

Skilled trades need more youth to choose this learning path

BOB GAUVREAU'S

community-minded focus is a big part of his company's success

The Kawartha Regions' Premier Business Magazine • March 2024

Entrepreneurs: Did you know Launch Kawartha has FREE dedicated workspaces available to help you grow your business?

Turn your ideas into reality FREE & Flexible Introducing our FREE flexible drop-in hot desks for daily use or for your next team or business meeting.

Designed for Success Enjoy the Launch Lounge with FREE 5G WIFI, coffee and tea. A quiet and professional place to discuss business.

Connected Spaces Book the boardroom for your next big (or small) meeting and feel the difference cutting-edge technology makes.

launchkawartha.ca | klcfdc.com | 165 Kent Street West, Suite 302, Lindsay

MARCH 2024 • VOLUME 01 • ISSUE 02

FEATURE 10 Planning for one’s death offers more choices than there used to be.

COVER STORY 16

The numbers are adding up for Bob Gauvreau, a great local success story in accounting and tax law.

FEATURE 24 Parents should keep this in mind if helping their kids buy their first home.

Peterborough’s Bob Gauvreau. Photo: Ash Nayler.

The Business Advocate is published three times per year in October, March, and June. It is distributed to high traffic locations across Peterborough and Kawartha Lakes, and mailed to every business in our catchment area. Fireside Publishing House family of magazines is independent and 100% local, based in the Kawartha Region.

Publisher: Roderick Benns

Printed By: Maracle Inc.

Editor/Business Development: Rebekah McCracken

Art Direction + Design: Barton Creative Co. Christina Dedes

Contributors: Ian McKechnie Susan Oliver Denise Waldron Rebecca Schillemat Wesley Found Dennis Geelen

Photographers: Ash Nayler Sienna Frost Web Developer: Kimberly Durrant

Send editorial inquiries to Roderick Benns at roderick@lindsayadvocate.ca or by calling 705-341-1496. Send advertising inquiries to Rebekah McCracken at rebekah@lindsayadvocate.ca or by calling 705-328-5188, or to Cara Baycroft at 905-431-4638. PRIVACY POLICY: The Business Advocate is independently owned & operated. The opinions expressed herein are the views of the contributors & do not necessarily reflect those of this magazine. Photos, text & art work contained in The Business Advocate are copyrighted & may not be published, broadcast or rewritten without the express permission of the Publisher. Liability for incorrectly displayed advertising is limited to publishing corrections or advertising credit for subsequent issues. The Publisher reserves the right to reject, revise, cancel, omit, discontinue or even decline to print advertising without reason or liability, & without notice. The Publisher has made every effort to ensure information contained herein was accurate at press time. The Publisher does not assume & hereby disclaims any liability to any party for damage, loss, or disruption caused by errors or omissions.

BUSINESS BRIEFS 6 OPINION 9 Innovation on a Budget: How creativity trumps capital.

OPINION 15 The 80 20 Rule: How to streamline decision making.

ASK THE EXPERTS 28 CHAMBER NEWS 36 3

PUBLISHER'S NOTE

WELCOME TO THE BUSINESS ADVOCATE Welcome to the second-ever edition of The Business Advocate, the newest and premier business magazine in the Kawartha Region. In our first feature story in this issue local writer and historian Ian McKechnie looks at the changing landscape of end-of-life services. The article explores how local businesses in the Kawarthas are adapting to the shifting preferences and needs of their customers regarding death and burial. In our cover story by writer Susan Oliver and I, we spotlight Robert (Bob) Gauvreau, a successful entrepreneur who founded a well-known local accounting firm – which just happens to be one of the fastest growing companies in Canada, with more than 500 clients. Gauvreau is well known for his philanthropic work, too. In our third feature we call The Bank of Mom and Dad, writer Denise Waldron looks at the challenges and implications of parents helping their adult children buy their first home. Through her interviews with professionals, we look at the options and risks of gifting or loaning money to children, including the impact

on the parents' finances and retirement. We’ve also got updates from your local chambers of commerce, business briefs, thoughtful business columns from Dennis Geelen and Wesley Found, and our popular Ask the Experts section at the back. The next edition of The Business Advocate is out by June 1. Reach out to me at roderick@lindsayadvocate.ca with feedback or future ideas. Tired of only getting a few Likes on Facebook and Instagram for your business? Why not be in magazines that people actually take the time to read? We are mailed to every business in Peterborough and Kawartha Lakes, the perfect B2B vehicle for your business! You can reach out to Rebekah at rebekah@lindsayadvocate.ca or Cara at carabaycroft@gmail.com to find out how affordable it is to choose The Business Advocate. See you in June! Roderick Benns,

Exceptional real estate experiences. Residential. Commercial. Brokerage.

Tim James Broker of Record

TimJames.ca • 705.341.6774 • 273 Kent St W, Lindsay NOT INTENDED TO SOLICIT BUYERS OR SELLERS UNDER CONTRACT

MARCH 2024

BUSINESS BRIEFS

13 COMPANIES CHOSEN FOR NEW LEVELUP INNOVATION PROGRAM The Innovation Cluster in Peterborough recently announced 13 exceptional companies selected for the inaugural cohort of LevelUP — a startup accelerator program with the aim of bringing more products and businesses to market. The 13 companies span Agtech, Healthcare Tech, Cleantech, Social Innovation, and Digital Technology — the five core sectors for the program. LevelUP is a fully funded, comprehensive startup accelerator tailored for experienced entrepreneurs and regional innovators. It operates in three cohorts annually, hosting a select number of companies over a 12-week journey culminating in a competition where they will pitch for investment and compete for prizes up to $10,000 and access an exclusive AI platform. The program offers mentorship, workshops, networking opportunities, and access to funding to transform startups into thriving businesses. With the aim of driving substantial economic growth in the region, LevelUP aligns with the strategic plan to make Peterborough and the Kawartha Lakes an innovation hub. The program contributes to job creation and economic de-

THE BUSINESS ADVOCATE

velopment by nurturing and retaining these companies, enhancing the region's status as a beacon of entrepreneurial growth. Camila Duarte, executive director of the Innovation Cluster, says the selection of these 13 companies “is a milestone for our region.” “We are fostering a sustainable ecosystem where innovation and economic growth thrive together. This program symbolizes our commitment to transforming our region into a vibrant hub for entrepreneurs." The 13 companies and owners are: Metaboly by Danie Palbergl and his team; Community Pin by Ashley Bonner; Maman Biomediclal by Latchmi Raghunanan; NX Cast Innovations by Joe Nicholson and team; Farmerscart by John Samuel and Joseph Premana; Cestrum Smart Technology Corp. by Mayhar Eslami; Derimed by Eduardo Serna Barragan; EasyFit Technology Inc. by Safiya Khaki; Netmechanics Inc. by Graeme Barrie; Smarteeth by Zahra and team; AppSport Inc by Hanieh Ebrahimi; Turtle Riot Studios by Maria Coates; Course Sync by Nick Landon.

BUSINESS BRIEFS

Left to right, Matt Geraghty, Tim Wisener, Julia Taylor.

VIDEO SERIES PRODUCED BY CITY SNAGS EDCO AWARD The Kawartha Lakes Economic Development team recently received a 2023 Award of Excellence from the Economic Developers Council of Ontario (EDCO). As part of this campaign, a series of three brand videos were unveiled on January 19, 2023. All three videos are available on the city’s YouTube channel. “Kawartha Lakes Welcome Home signature videos showcase our vibrant business ecosystem and community spirit, while incorporating our brand promise: Opportunity, Community and Naturally,” said Lindsey Schoenmakers, Economic Development Officer for Business Development. “Featuring local ambassadors, these videos highlight our supportive business infrastructure, abundant natural resources, and unique lifestyle. From entrepreneurs to families, our series speaks to a diverse audience. With over 1.3 million views and a surge in community pride, these videos have not just met, but exceeded our goals.” Matt Geraghty told his story of finding the ultimate work-

life balance with his family in Kawartha Lakes. In the Kawartha Lakes Opportunity video, he shared why he Jumped In to Kawartha Lakes and hasn’t looked back. Tim Wisener and his husband and business partner, Chris Van Lierop, talked about the three questions they had about whether they’d fit into the community. In the Kawartha Lakes Community video, they shared those answers and the way they feel about their life in Kawartha Lakes. Julia Taylor shared her family’s connection to nature and how people across Kawartha Lakes are Jumping In to support the environment in the Kawartha Lakes Naturally video. The project benefited from a mixture of local talent, including videographer Shayne Pasquino and Toronto-based writer/director Catherine Rix. Warren Frank composed the soundtrack for two of the videos, and music by Adam Crossman was used for the third. The project was supported by the Kawartha Lakes Communications, Advertising and Marketing Division, which includes Cheri Davidson, Bryan Reid and Kirsten Meehan. This division helped create the videos and share them through digital and print channels. MARCH 2024

BUSINESS BRIEFS

BRITTANY’S SHOES IS OPEN Brittany’s Shoes is now open for business in downtown Lindsay. Owner Brittany Roberts said that she is excited to expand her offerings to customers near and far. Her new location is located next door to Brittany n Bros that will continue to carry clothing and accessories while the new shop will focus more on footwear for all occasions. A grand opening will occur later this spring.

EXECUTIVE DIRECTOR RETURNS TO BIA ROLE Melissa McFarland has recently returned to her role as executive director of the Lindsay Downtown Business Improvement Association after a maternity leave. McFarland oversees and executes all the activities on behalf of its board. The LDBIA is an association of businesses in downtown Lindsay dedicated to the growth, prosperity, and preservation of the downtown. Needs are met by advocating for businesses, beautification, developing partnerships, and marketing and coordinating special events.

RESTAURANT PASSPORTS BY LINDSAY BIA

Brittany Roberts. Photo: Roderick Benns. 8

THE BUSINESS ADVOCATE

Visit downtown Lindsay between March 1-17 for a “Loaded” food event available at participating restaurants. Order the featured loaded food dish on their menu to earn a stamp on your passport. Collect three stamps, submit your entry and you could win a $100 gift card for one of your favourite downtown restaurants.

Engineering, consulting and construction From preliminary studies to detailed design and construction support specializing in a range of projects in both the public and private sectors. Geotechnical Engineering Environmental Engineering Materials Testing Construction Inspection Service Solar Foundation Design

Let’s Plan Your Project! 205 St George St, Unit 2 Lindsay, ON K9V 5Z9 (705) 702-3921 info@priengineering.com

priengineering.com

OPINION

INNOVATION ON A BUDGET How creativity trumps capital BY DENNIS GEELEN In the dynamic world of entrepreneurship, the prevailing notion often suggests that success is a privilege reserved for those with substantial financial backing. Yet, the story of Dharmesh Shah, co-founder of HubSpot, stands as a compelling testament to the contrary, highlighting how creativity can wield more influence than capital in the journey to building a prosperous business. Dharmesh Shah embarked on his entrepreneurial journey in 2006 with a grand vision — to redefine the landscape of marketing. His co-founding of HubSpot, a wildly popular customer relationship management (CRM) software platform, alongside Brian Halligan marked the genesis of a company that would challenge traditional business norms. In the early stages, HubSpot faced the financial constraints typical of many startups. However, Shah approached this challenge not with resignation but with an ingenious resolve to make every penny count. Embracing the ethos of doing more with less, he pioneered the concept of inbound marketing — a strategy that relied on organic growth through content creation, SEO tactics, and social media engagement. This departure from conventional outbound marketing proved revolutionary at the time. Instead of pouring funds into expensive ad campaigns, HubSpot attracted a broader audience through thoughtful, cost-effective strategies. The company's success wasn't contingent on an extravagant budget but rather the creative deployment of available resources.

facing stiff competition, HubSpot's innovative solutions, user-friendly platform, and customer-centric focus have propelled the company to success, solidifying its position among the established leaders in the field. HubSpot's ascendancy stands as a testament to Shah's steadfast belief that creativity is the linchpin of impactful innovation, even in the absence of substantial capital. The company's suite of tools empowered businesses, irrespective of size, to enhance their online presence without the need for exorbitant marketing budgets. For aspiring entrepreneurs in the Peterborough and Kawartha Lakes area, we’re very blessed to have so many resources available to help us get started. Organizations like the Small Business Centre, the Innovation Cluster, and Launch Kawartha can give you the tools and guidance you need to turn those innovative ideas into a viable business. Dharmesh Shah's story resonates as a source of inspiration to those thinking they don’t stand a chance of breaking in. His path challenges the conventional narrative that associates success with loads of Venture Capital funding. Instead, it beckons aspiring entrepreneurs to embrace creativity, leverage existing resources, and focus unwaveringly on delivering value to customers. In an era where startups often prioritize securing funding, Shah's journey serves as a compelling reminder that it can all start with a new idea, some creative thinking, and some support along the way.

Frugality became a guiding principle for Shah. Rather than investing in luxurious offices and lavish marketing endeavours, the early HubSpot team worked from modest surroundings. This commitment to resourcefulness not only conserved funds but also cultivated an ethos where the emphasis lay on delivering value rather than unnecessary expenditures. Shah's leadership style played a pivotal role in shaping HubSpot's corporate culture. By championing a collaborative environment that encouraged and celebrated innovative ideas, he fostered a community where creativity thrived. This cultural emphasis on ingenuity over extravagance propelled HubSpot to the forefront of the inbound marketing revolution. In the highly competitive CRM market, HubSpot has emerged as a formidable player alongside industry giants such as Salesforce, Microsoft Dynamics, and Zoho. Despite

Dennis Geelen is the author of The Accidental Solopreneur and curator of the Happy Accidents newsletter. He lives in Lindsay. MARCH 2024

FEATURE

END OF LIFE PLANNING

Local firms are breathing new life into the business of death and burial BY IAN MCKECHNIE

THE BUSINESS ADVOCATE

Traditions are being modified, and the funeral industry is catching up, says Linden Mackey. Photo: Sienna Frost.

More than 80 years have passed since James S. Mackey constructed a chapel in his funeral home at 33 Peel Street, Lindsay. Complete with hand-carved pews, Gothic architectural details, and a Franklin Legge pipe organ, the space evokes an earlier age – when life’s end was marked by a set of customs and rituals largely dictated by the dominant faith traditions of small-town Ontario. The chapel continues to offer a peaceful, dignified place in which to say goodbye to the deceased. Yet it’s been a while since music sounded forth from the organ pipes, and as of 2023 only about 20 per cent of funeral services entrusted to Mackeys occur in this space. It’s all part of a growing trend away from end-of-life customs as we once knew them. While prayers and hymns are still the rule at some celebrations of life, others look more like cocktail receptions: casual mingling over finger foods and the absence of a traditional casket afford the occasion a decidedly un-funereal atmosphere.

Cunningham’s funerals feature a box borne to and from the service by pallbearers. This trend towards casketless occasions has caused local morticians to rethink their entire business model: Cunningham offers a licensed bar, a coffee bar, and a buffet table for memorial services at his facility. Mackey, meanwhile, opened Celebrations in the former Queen Street United Church nearly a decade ago to cater to those who desire something different – not just at celebrations of life, but also birthdays, weddings, and other, happier occasions. Of the funerals handled by Mackey, he estimates that approximately 40 per cent occur at Celebrations – double the number that the Peel Street chapel hosts.

REDEFINING THE FUNERAL “On the one hand, nothing has changed,” says J.S. Mackey’s grandson, Linden Mackey, when asked about the shifting landscape of the death-and-burial business. “We have been doing this for 3,000-plus years. What has changed is our interpretation of definitions. We’ve just changed what we want to do.” According to Mackey, even the words ‘funeral service’ have become for many people loaded with particular meanings (such as solemn religious rites), and he would prefer to use the term ‘funeral care.’ “People don’t investigate the options enough and are motivated by other factors in their decision-making: by custom, by market trends, and by media presentation of a funeral,” Mackey notes. He attributes this in part to inertia within his own industry. “Funeral directors have not always recognized the need for change. We are challenged by ourselves; previous generations have been slow to adapt to change. Traditions are being modified, and we are adapting and catching up.” The shift away from the formality of funerals past hasn’t gone unnoticed in neighbouring Peterborough, where John Cunningham oversees both Community Alternative Funeral & Cremation Services Ltd., as well as Ashburnham Funeral Home & Reception Centre. “A lot of people are not seeing the value of a traditional service,” Cunningham comments. (By ‘traditional service,’ Cunningham is referring specifically to occasions involving a couple of days’ visitation followed by a ceremony at which a casket is present.) Indeed, a staggering 50 per cent of the families his business serves opt for no service whatsoever. Of the remaining half, the vast majority are choosing to have memorial services (defined by Cunningham as funerals sans the casket), and only about 10 per cent of

John Cunningham of Community Alternative Funeral & Cremation Services Ltd., and Ashburnham Funeral Home & Reception Centre, Peterborough.

ONE-STOP SHOPPING AT RIVERSIDE CEMETERY If funeral homes have been reinventing themselves in light of new approaches to end-of-life services, cemeteries have also been rethinking their role and function as well. Lindsay’s Riverside Cemetery has been the final resting place for local citizens for more than 150 years. And for most of that period, it was quite literally the last stop on the deceased’s journey: a solemn procession comprised of a funeral coach and automobiles made their way through Riverside’s gates and a casket was lowered into its picturesque grounds. Things changed in 1996, when Riverside acquired its first cremator. Since then, cremation has become a big part of its business, with new cremators being installed in 2015 and 2022, respectively. These units come complete with pollution monitoring controls, and handle between 150 and 200 cremations annually (from across Kawartha Lakes and beyond) – far more than the 60 or so conventional burials the cemetery carries out on average each year.

MARCH 2024

So where is Riverside going next? Into the funeral home business. “We went through a major strategic planning exercise in the spring of 2023 to chart our path forward over the next several years,” says Tim Godfrey, general manager of Riverside. “I’ve seen a lot of change in my almost 30 years in the industry as a funeral director and crematarian; people want the one-stop shop.” With that in mind, in November of 2022 Riverside was granted a Class 1 funeral home licence and in April 2024 will be launching Riverside Funeral Services. While the plan at present is to utilize existing spaces (including its recently renovated chapel, which dates to 1908), there is potential for a new facility to be built elsewhere on the grounds at some point down the line. Riverside’s strategic plan stresses the importance of adapting to a changing environment through innovation – and that means a consolidation of services that were once carried out by separate entities. “For us, a full-service funeral home is in the future,” Godfrey says.

NEW UNDERTAKINGS AT NORTHERN CASKET A 10-minute drive away from Riverside Cemetery, Northern Casket has been a key fixture of the local end-of-life sector

Tim Godfrey, general manager of Riverside Cemetery in Lindsay. Photo: Sienna Frost.

THE BUSINESS ADVOCATE

since 1925. Given the popularity of cremation, and with caskets falling into abeyance at many celebrations of life, what lies in store for the venerable Lindsay business? “For us, as a manufacturer and supplier of caskets, the biggest change has been the shift to digital or virtual selection rooms,” says Caley Ferguson, CEO of Northern Casket. At one time, many funeral homes offered on-site selection rooms where the deceased’s family would pick out a casket in person, which would be used for the funeral service itself. The supplier would then replace that particular casket a couple of days later, when its delivery trucks were full of new product. “What we see now are funeral homes (that) display their casket offerings either on a display wall (end-cuts), or digitally from their website or on a screen in an arranging office,” Ferguson says. “This means that the casket will need to be delivered the next day because, typically, funerals occur within a few days of the death. As a result, we are required to service all delivery areas each day meaning fewer caskets on each truck, and more trucks and drivers on the road. This has increased our shipping cost per casket by about 200 per cent.” Although shipping costs have shot up, Ferguson doesn’t believe that the undertaker’s art is a dying one. “It is our belief that the need for a casket will always be there,” he says.

“We believe that the cremation rate has plateaued and likely won’t grow much higher. The best way for us to adjust our business model with the significant rise in cremation has been to pivot to offer other things outside of caskets.” To that end, Ferguson’s business has become a distributor of embalming fluids and currently offer several lines of urns and other innovative products to contain cremated remains. (While the cremation rate might have plateaued, other options have recently made their mark on the industry – particularly in Peterborough, where Cunningham offers aquamation as an alternative to fire-based cremation. This process utilizes water and alkali to hasten decomposition and is considered by its advocates to be a more environmentally-friendly process, producing less of a carbon footprint.)

MEETING NEEDS – AND DEMAND Given all the changes facing the death and burial business, is it something aspiring young morticians ought to consider? Absolutely, says Northern Casket’s Ferguson. “Right now, funeral homes and crematoriums are facing a severe labour shortage as we’ve never seen. I am on the board of directors of the Ontario Association of Cemetery and Funeral Professionals, and a comment we hear at every single meeting is ‘we need more funeral directors.’” “You have to be the right type of person,” says Cunningham, who remembers when many funeral homes were urging their customers to purchase services that they neither wanted nor needed. “The consumer is king,” he asserts, when asked about the most significant change to the industry. From the funeral home his family has overseen for more than a century, Mackey concurs. “If we can market the idea that we can meet the needs of the consumer, then that’s our goal.” TBA

MAKE YOUR STORY ETERNAL Locally owned and family operated.

We bring compassion and comfort at the most difficult time. www.kawarthamonuments.com 2520 Chemong Rd., Selwyn (705) 292 0202 info@kawarthamonuments.com

69 Aylmer St. N, Peterborough (705) 745 5020 sales@kawarthamonuments.com

Caley Ferguson, CEO of Northern Casket in Lindsay. Photo: Sienna Frost.

MARCH 2024

You Grieve. We'll take care of everything else. Let us help with planning your funeral care, whether simple cremation, burial to traditional or less formal services that commemorate the life you have lived. We are here to help.

33 Peel Street, Lindsay • 705-328-2721 info@mackeys.ca • mackeys.ca

FINEST QUALITY SINCE 1925. The highest quality in casket manufacturing and sales. Locally + family owned for over 99 years. 1.800.461.1428 • Lindsay, ON northerncasket.com find us on Facebook info@northerncasket.com

The Lindsay Cemetery Corporation owning and operating Riverside Cemetery and Crematorium & Riverside Funeral Services

Your new alternative Funeral Home in the Kawarthas 347 Lindsay Street S. Lindsay, ON • riversidelindsay.com • 705-324-2431 14

THE BUSINESS ADVOCATE

OPINION

THE 80 20 RULE: HOW TO STREAMLINE DECISION MAKING BY WESLEY FOUND

Children provide the pleasure of learning from movies that are played on repeat. To quote Grand Pabbie, the Troll King in Frozen 2, "When one can see no future, all one can do is the next right thing." While a business plan is invaluable, worth is often judged by the next right move. Like the movie, finding this can be transformative.

having a hard time framing the search query. Rarely are the results fitting.

My previous article in this magazine described how consumers are rarely consistent with their choices and you must set up your offerings to match how decisions are made. Business decisions suffer from the same problem. A lot more is at stake than a wrong purchase. Queue the dreaded decision fatigue.

EMPLOYEE MANAGEMENT: 20 per cent of employees account for 80 per cent of productivity. Lean on these employees like the business depends on it because it often does. Reflect this in employee management. Delegate the rest.

We are taught to navigate our surroundings with the scientific method. Using a controlled environment to objectively establish facts through testing and experimentation. Business does not have a controlled environment and it rarely knows the what ifs. Businesses trade off between opportunities and their risk rather than objective facts. This has created a business environment ripe with specialists foretelling a promised land where opportunity can be tested, and risk mitigated. While these skilled folks are needed, the tides are flowing away from the incredible value generalists create in our workforce. A generalist is a “jack of all trades but a master of none.” Sounds of little value but the other half of the quote is often left out – “though oftentimes better than a master of one.”

INVENTORY MANAGEMENT: 20 per cent of inventory accounts for 80 per cent of the cost. Efficiency triumphs completeness. Track the 20 per cent often and the remaining 80 per cent less frequently.

SALES MANAGEMENT: 20 per cent of offerings or clients produce 80 per cent of the revenue. Optimize pricing and employee management accordingly. Same goes with word of mouth. So, 20 per cent of offerings or clients may not be the largest or most profitable but are the lion share in referrals. Think through your business with this rule. There are numerous applications beyond these examples. I would argue 80 per cent of productive decisions in business that push society forward are made by the 20 per cent who embody this concept. I hope this helps put your business in a place of transformation to do the next right thing.

The economy is messy and information imperfect. Generalists understand perfection is the enemy of the good. The true value of business leaders is their ability to turn information into knowledge necessary for making quality decisions in an uncertain economy. The generalist decision toolkit can be taught. After all, we are born generalists who become specialized. A valuable tool in sifting through the imperfect world is the 80/20 rule.

SMALL DECISIONS: Small decisions make up 80 per cent of time spent and it should be 20 per cent. Are you 80 per cent sure that a decision will work? If the 20 per cent case happens, are you 80 per cent sure it will not be detrimental to your business? Then go for it! BIG DECISIONS: Spend 80 per cent on planning and 20 per cent on execution. This is often interpreted as spending the bulk of time gathering information. Instead, 80 per cent of the planning should be finding the right question to ask. Without this, gathering information is an impossible task. Think about trying to find information on the internet but

Wesley Found is president of Linborough Property Corp and an active community member of the Kawartha Region. MARCH 2024

THE BUSINESS ADVOCATE

COVER STORY

‘YOU FIND THE BEST OF YOURSELF’

Bob Gauvreau on lessons learned in sports, building a great workplace culture, and taking businesses to the next level BY SUSAN OLIVER AND RODERICK BENNS Robert (Bob) Gauvreau was just 25 when he opened his accounting firm in 2008 with one other person. Now, Gauvreau Accounting Tax Law Advisory employs more than 100 people and has been recognized as one of the fastest growing companies in Canada. It’s a business story that probably started with hockey. That is, Gauvreau traces his ambition and determination to a childhood filled with competitive sports and the lessons learned along the way. “Growing up and playing competitive sports was a fantastic experience. You find the best of yourself, learning how to win and how to work with a group. The more effort you put in the more success you get – that’s what I learned,” he tells The Business Advocate. That “foundational experience,” as he calls it which led to his success in the business world, started in the Bobcaygeon-Downeyville area, where he grew up. Gauvreau attended St. Luke Catholic Elementary School in the little village well known for its community spirit. After Grade 7 the family moved from the Bobcaygeon area to a home on Pigeon Lake, not far from Emily Park. Gauvreau’s mother was a nurse at Peterborough Regional Health Centre and his father was a plumber, for Culligan. It was a relatively comfortable life, he said, but certainly they were “a 9-5 family.” He says growing up on the water offered an enriched experience, and likely why the married father of two has a cottage on Paudash Lake for his own family to enjoy. When he was in high school and leading into university, Gauvreau worked at the now-defunct Midtown Sports in Lindsay. It was there he got his first taste of the business world, selling sporting equipment. “It was an incredible experience for me. I was like a sponge, trying to learn all that I could.”

Robert (Bob) Gauvreau. All photos: Ash Nayler.

Gauvreau's earliest professional aim was to become a teacher, but he found deep inspiration in a first-year entrepreneurship course and subsequently pursued a degree in Business Administration (B.B.A) at Trent University. His positive experience at Midtown Sports may have provided some of that spark. MARCH 2024

Fuelled by a desire to stand out from his cohort and offer something unique, he additionally obtained his Master's in Business Administration (MBA) and CPA designation. While working on audit projects for governments and non-profit organizations at a global CPA firm, Gauvreau’s entrepreneurial instincts had him thinking about how he could energize the accounting sector. CPA firms traditionally offer compliance services (audits, financial reviews, compilation or bookkeeping assistance). Still, there is a wealth of valuable financial knowledge beyond those services that Gauvreau knew he could bring to the table and utilize to reshape a business' ability to gain momentum and grow.

“So when we can get a good outcome for someone, and can alleviate that stress, that’s what matters most to me. It’s the look in their eyes afterwards – that’s what I’m in it for.” In short, the financial maverick wanted to push the envelope. At 25 his vision materialized with the establishment of Gauvreau & Associates CPA, which has since evolved into Gauvreau Accounting Tax Law Advisory. With its purpose of serving the business owner community, the firm is now a comprehensive solution provider, offering not only a suite of business professional services, including account18

THE BUSINESS ADVOCATE

ing, bookkeeping, taxation, advisory, and legal services, but strategic business coaching services focused on achieving the "million dollar year." This is a performance program designed for entrepreneurs who want to increase the financial results within their business and scale to the next level. "In essence, our business was formed out of a massive need in the market for proactive solutions that didn't focus on historical figures, but rather focused on helping entrepreneurs take their existing numbers and turn them into something better," he says. Opportunity through innovation is at the centre of the firm's mission. Embracing new technology, challenging firm-client relationships and pioneering processes have made this firm stand apart from the crowd, according to its leader. This may be part of the reason why the firm has more than 500 clients, including businesses acknowledged on the prestigious Fortune 500 and Growth 500 lists in North America Gauvreau explores new and creative technology offerings that deliver accessible, value-added support, saying he is "on a mission with our clients to help change the world." When asked what his favourite part is of what he does, he doesn’t hesitate. “It’s knowing we can have a significant impact in someone else’s life. Finances are one of the highest stress factors in people’s lives. People lose sleep, they lose marriages, they lose businesses,” over finances, he says. “So when we can get a good outcome for someone, and can alleviate that stress, that’s what matters most to me. It’s the look in their eyes afterwards – that’s what I’m in it for.”

Now that the firm has grown to more than 100 employees, Gauvreau says he now has a “next level experience” from people he’s never personally met. “People are telling me how much my team has helped them. Our impact is getting exponentially greater,” he says. Believing that it is "not good enough" that most firms meet just once a year with their accountant, Gauvreau focuses on building proactive partnerships with a commitment to communication at its core, consulting with clients throughout the year in person, by phone, and online. In 2021, the firm expanded to offer business owners legal services, including corporate and commercial law, real estate law, and estate and succession planning support. The objective is to help small business owners advance their goals, allowing them to reinvest in their businesses to aid further the people they serve.

Gear Up for Good, a Big Brothers Big Sisters of Peterborough (Peterborough Bigs) initiative, is of particular importance to the team as several of the employees at the firm grew up benefiting from the program and see this initiative to help the next generation of children. A year later they launched a new migrations division to help customers adapt to the rapidly changing technological landscape surrounding financial management. Their team helps business owners integrate accounting software technology with other business management tools, tailored to each business. Like most other business, COVID meant adapting a new reality for the firm. After the pandemic, “the lives of our team members and customers, had changed,” he says. “One of the early realizations we had is that our team wanted more flexibility. Family became a priority.” Gauvreau had to figure out fast how to create the flexibility that people wanted and recruit quality professionals from across the country. Now, the workforce at the firm is about 50-50 in terms of local and non-local workers to help achieve this vision. While they actively recruit from Trent University, which he calls “an incredible institution,” it doesn’t quite meet their needs in terms of the volume of workers required. “Grads sometimes go home to wherever they’re from, so we had to open things up to remote workers,” which also helped achieve the level of flexibility everyone was looking for in their job.

Gauvreau’s firm has grown to more than 100 employees. MARCH 2024

WORKPLACE CULTURE The firm is known for supporting employee well-being, professional growth, and work-life balance. A social committee organizes ongoing events, from celebrations to team-building activities, that keep the team connected and engaged. Perhaps unsurprisingly, the firm has been named A Great Place to Work in Canada and is a Best of Accounting Employee Satisfaction recipient. Gauvreau says he wanted to create a company “that gets you excited to go to work.” We want to “keep things exciting, fun and build something you can't imagine not being part of." The business leader has collaborated with some of the world's most influential personalities in business, including

IN THE MEDIA Gauvreau has been featured on Breakfast Television, Entrepreneur, Yahoo! Finance, Authority Magazine, Fox News Media, NBC, The Globe and Mail, Global News, The GaryVee Audio Experience, Business Insider, Forbes, and Canadian SME. He is the author of The Wealthy Entrepreneur – The Formula for Making Money and Gaining Financial Clarity, which reached Amazon Best Seller Status in 2020.

THE BUSINESS ADVOCATE

Tony Robbins in 2016 when Gauvreau provided advice and guidance to attendees of Robbins' business mastery events. At the inaugural Ascent Summit in 2021, he welcomed guest speaker Gary Vaynerchuk, a well-known American entrepreneur, author and speaker.

COMMUNITY INVOLVEMENT/PHILANTHROPY To Gauvreau, success is not just about the numbers but also the community. As a founding member of the Venture North Group and Startup Peterborough, he contributes to the growth and development of the local business ecosystem. He is also Trent University's School of Business 202324 CEO in Residence. The CEO-in-Residence program gives students at both the Peterborough and Durham Greater Toronto Area campuses unparalleled access and opportuni-

BOB GAUVREAU’S DAILY ROUTINES FOR SUCCESS * I definitely have a focus on nutrition and physical exercise. I’m at the gym four times a week with a personal trainer. My day is pretty intense, so if I don’t have the energy I won’t be able to perform. * I typically work 9 a.m. to 6:30-7 p.m. I definitely don’t work weekends, so I have focused family time. No one in our organization does. * Constant learning. I’m an active participant in several masterminds. (A mastermind group is a group of peers who share their insights and help each other.)

Brittany Harwood, social media and PR coordinator.

ties to learn from business leaders across the country and around the globe.

“Peterborough has been incredible to me and I try to give back.”

The Gauvreau community engagement committee is a team dedicated to community advancement. Gear Up for Good, a Big Brothers Big Sisters of Peterborough (Peterborough Bigs) initiative, is of particular importance to the team as several of the employees at the firm grew up benefiting from the program and see this initiative to help the next generation of children.

When asked for his best business advice for anyone thinking of going into business or becoming an entrepreneur, he says it’s important “to take the time and make sure it’s right for you.”

Gauvreau donated 100 backpacks stocked with essential school supplies in 2023. He’s a big fan of Junior Achievement and also sponsors local events, including MusicFest, the Rotary Golf Tournament supporting Five Counties Children's Centre, Peterborough Petes, Peterborough Lakers, and the Trent Career and Experience Expo.

“A lot of people jump in quickly, but I would challenge anyone to take their time to get the angles right. They need to be resilient. Not everything will go how you plan,” he explains. Gauvreau says one must be resourceful to figure out how to solve problems that inevitably crop up. “Invest upfront and have a plan. Know your map – where you are and where you need to go. The clearer we can be upfront, the more likely we’ll succeed.” TBA MARCH 2024

Join us for the 2024 International Plowing Match & Rural Expo Lindsay, ON October 1 - October 5

Find out how to become a volunteer for this exciting event! www.plowingmatch.org • IPM2024@plowingmatch.org

LINDSAY PAPER BOX THINKING “OUTSIDE THE BOX” • Tailored Packaging Solutions • Unmatched Quality Since 1951 • 705-324-2342 • LPB.ON.CA

WWW.LPB.ON.CA Custom Folding Cartons

Over 70 Years of Quality, Service & Innovation

THE BUSINESS ADVOCATE

INTERNATIONAL PLOWING MATCH AND RURAL EXPO NEEDS YOU Expected 75,000 visitors to show means volunteers are critical BY KIRK WINTER With eight months left until the largest plowing match and rural expo in North America rolls into Kawartha Lakes from Oct. 1-5, local Chair Bob Armstrong is hoping for a small army of volunteers to step forward over the next few months to help make this agricultural extravaganza a success. “This is an opportunity to help your community,” Armstrong told The Business Advocate in a face-to-face interview. “Our share of any profits from the show will stay in the community to benefit local initiatives.” “Our goal is to attract 75,000 people to this show,” Armstrong said. “We expect 40 per cent of the crowd will come from outside the area. We are hoping to raise between 600-700 volunteers from the area to assist, and there are a number of opportunities for chairs, co-chairs and committee members in many different areas. “There are no paid positions anywhere in the show,” Armstrong said. “Everyone, including myself, is a volunteer.” While Armstrong is looking for many individuals with many different skill sets, five particular committees that require some very specialized skills are at the top of Armstrong’s recruitment needs right now. Vacant positions include members and chairs for the tractor park committee, the horse plowing committee, the equipment committee, the wagon tours committee and the chair of the traffic management committee. He said volunteers for the tractor park committee should have some knowledge of plowing, and good candidates are typically people working at local tractor dealerships. The chair for this committee must know how to involve people, delegate responsibility and plan effective meetings. SPONSORED CONTENT

The horse plowing committee requires at least three people to assist in planning for the stabling of horse teams and planning for the horse plowing competition. The chair for this committee should be familiar with horses and horse plowing competitions. The third set of positions Armstrong hopes to fill involves equipment coordination. The equipment coordinator will work closely with other committees to get the needed vehicles, tractors, UTVs, golf carts and wagons that are key to running a show of this size. This committee usually has a chair and two to three committee members who require good negotiating skills and a strong sense of commitment. Armstrong says the fourth committee he is looking for consists of at least five individuals including a chair who will manage the wagon tours which are important to getting people in, out and around the show. The chair will arrange with members the safe and efficient transportation of visitors by tractor and wagons to and from the parking lot to “tent city,” the central hub for the International Plowing Match and Rural Expo. This committee will also be responsible for wagon tours of tent city and the RV park. Finally, Armstrong is looking for a chair for the traffic management committee who will be responsible for ensuring that no pedestrians cross Angeline Street on foot from the parking lots to the exhibition grounds, and will also be vital in arranging and organizing buses to take people from the parking area or tent city to the plowing fields. Bob Armstrong. Photo: Sarah Fournier.

Those who are interested in these or other volunteer positions should contact Armstrong at localchair2024ipm@gmail.com. MARCH 2024

FEATURE

THE BANK OF MOM AND DAD Why it’s not always sufficient BY DENISE WALDRON

THE BUSINESS ADVOCATE

The Bank of Canada raised interest rates to their highest levels in over 22 years. The median home prices stand at $652,000 in Peterborough and $650,000 in Kawartha Lakes (excluding waterfront homes, which skew the numbers). Coupled with high rates, low inventory, and stagnant wages, the real estate market poses a significant challenge for first-time home buyers. For some, receiving a gift or loan from parents becomes the primary means of establishing a foothold in this market.

it is a gift, and the parents can’t sort of claim it back or treat it as a loan.” In the case of loans, McNeil said you can document the loan in certain ways by virtue of a promissory note. “You want to make sure there’s an understanding that it’s a loan and not a gift.” At times, banks will approve a mortgage, however, they will ask the parents to co-sign. “They’re now contractually with the bank. They’re borrowers, just like the kids,” said McNeil.

“Parents shouldn’t willy-nilly fork money over necessarily,” said Angus McNeil, a partner at Staples and Swain Professional Corporation in Lindsay, adding there are some implications with the bank of mom and dad. “It would behoove everybody — parents and the children or whomever, to consult with a lawyer about the options available and the implications of which ever route they end up choosing.” McNeil recommends consultation with an accountant occasionally, particularly due to tax implications in many transactions. Tax avoidance becomes crucial if the bank requires parents to become partial owners. McNeil explains that even a one per cent ownership interest in the home could generate capital gains on a capital asset that isn’t their principal residence. McNeil adds, “but there are options available to ensure that the parents do not have to pay capital gains.” While it sounds straightforward to loan cash to children entering the housing market, there are various options to be considered, including some at the request of banks. McNeil notes not all people qualify for a mortgage, because they don’t have a credit history, or any number of reasons. “The lenders in many cases will insist that the parents sign what’s called a gift letter where they are now putting it in writing, and it would be enforceable in a court that this is not a loan —

Parents who purchased homes during high-priced and high-interest rate times may now have adult children living in their basements and parents living with them on the main floor. Another option is for the parents to hold the mortgage, McNeil said, “so it’s literally now the bank of mom and dad and they hold a charge or a mortgage on the property just like a bank would, that provides the parents with significant financial protections.” McNeil says there are several implications, considerations and concerns in a scenario where parents are loaning or gifting their children money. In the repayment plan, it must be stated when and if the parents will be repaid, taken off the deed, and what happens in case of a default, separation, or death of the child.

Times have changed for parents wanting to loan their children money to get into a home. Christine Kemp is a broker at Re/Max Rouge River in Peterborough. She speaks of clients that she sold homes to 20 years ago who want to sell now to help their children buy their first home. She expects they’re going to be free and clear on their mortgages and loans. Instead, they’re not there because they’ve been pulling home equity lines of credit, to pay for their children’s education, weddings and care for their elderly parents. Rather than preparing for retirement, they draw from their homes, which once had interest rates under two per cent but now soar as high as 14.5 per cent. Parents who purchased homes during high-priced and high-interest rate times may now have adult children living in their basements and parents living with them on the main floor. This phenomenon, referred to as the “sandwich generation” by Kemp, relies on increased home equity to maintain their lifestyle. Kemp says she sees an overwhelming number of parents wanting to help their kids these days. For the parents that can loan or gift their children cash to get into a home, it is not always enough for their children to actually live there. She speaks of a Peterborough client who gave her eldest daughter a down payment 15 years ago and has since seen her move up the property ladder and is doing well. The mother helped a second child two years ago, and that daughter is not able to afford to live in the house that she now owns. It’s a fully rented duplex, and it’s not close to paying itself. The daughter is subsidizing it almost $1,000 a month. Kemp says if parents can help and it is still not enough to make the purchase, she budgets with their children to help make it happen, noting some expect to get right into a home like their parents, with all the lux features. The average starter homes in Peterborough MARCH 2024

For those that don’t have an RESP for their kids, Hennekam said she knows some parents have opened a Home Equity Line of Credit (HELOC) and used some of the equity in their home to help towards their kids’ down payment and by writing a gift letter. and the Kawarthas are usually priced between $450,000 and $550,000 thousand. “They are about 800 or 1,000 square feet, outdated and may be in need of pricey upgrades like new roofs and furnaces.” Kemp adds they may feature decor that is decades old as well.

with mom and dad’s help — young buyers may need more. When some first-time buyers receive help from parents and work out a budget with Kemp, they discover they can make their mortgage payments by cutting back on extras. “It’s amazing how much an extra $100 a month going into savings can compound and make a difference,” Kemp said.

With soaring interest rates and real estate prices, saving for a down payment while renting has become increasingly challenging.

She’s had a lot of young buyers do extremely well when they’re willing to make some small sacrifices and get their toe in that market.

Tracy Hennekam is the broker of record and owner of Royale Town and Country Realty in Lindsay. She is seeing more first time home buyers getting help from parents, and it isn’t just cash for a down payment. “They are staying (home) much longer than what was considered normal” of someone in their late 20s and 30s. They are staying “rent free so they can save more money for a down payment.”

“That’s the kicker.”

Hennekam said she and husband John gave their daughter the balance of her education fund (RESP) that she didn’t use for school and that helped towards her goal. “I think other families have done this as well.” For those that don’t have an RESP for their kids, Hennekam said she knows some parents have opened a Home Equity Line of Credit (HELCO) and used some of the equity in their home to help towards their kids’ down payment and by writing a gift letter. “Let’s face it, there is a good chance that the money they were going to receive” after a parent dies can be put to good use now, says Hennekam. There are more programs available now than ever before to help young people save for that down payment, but even 26

THE BUSINESS ADVOCATE

TBA

A QUICK GUIDE TO MAKING HOME OWNERSHIP POSSIBLE •

Buyers should advocate for themselves to negotiate better salaries or find higher-paying jobs.

•

Make necessary sacrifices such as giving up some luxuries to save more money for down payment. Are the latest phones, runners, clothing and fancy vacations really necessary?

•

Consider buying a fixer-upper or starter home instead of an ideal house with high-end finishes and luxuries such as dishwashers.

•

Accept financial help from parents, if possible, for a down payment.

•

Lock in low interest rates for long terms to ensure affordable mortgage payments.

Big city technology. Small town friendly service.

705-775-NEXI (6394)

nexicom.net

Advertise in the Kawartha Region’s premier business publication! Contact Cara at cara.baycroft@gmail.com or 905-431-4638

Telephone Internet TV Security

PKHBA members are professionals who strive to be the best in the industry. Home Owners can be confident that PKHBA Members are fully licensed and insured to work on your home or build your dream home. 175 George St N Suite 8, Peterborough (705) 930-1620 • www.pkhba.com

OPPORTUNITY CHANGES EVERYTHING Jeff Beukeboom

Charity Classic

August 1st 2024 Black Diamond Golf Club

Sponsorships Available! Your sponsorship to our BGC Kawarthas Foundation events helps keep program costs affordable and provides subsidies with the guarantee that no child will ever be denied access to an opportunity to experience programs or services due to financial difficulties.

www.bgckawarthas.com/events Communities We Serve: Lindsay, Little Britain, Coboconk, Manvers, Omemee, Dunsford, Kirkfield, Fenelon Falls, Mariposa, Bobcaygeon, Peterborough, Asphodel-Norwood 705 324-4493 107 Lindsay St. S. foundation@bgckawarthas.com www.bgckawarthas.com

MARCH 2024

ASK THE EXPERTS MARKETING

CONFESSION: I AM A BORING MARKETER BY MATT GERAGHTY

Sometimes people complain that watching professional sports is boring. This is because the athletes are that – professionals – and they are executing. Like two professional boxers in a ring tactically executing their plan. What sets real professionals apart is their unwavering focus on skillful execution rather than flashy displays. Sometimes people complain that my marketing is repetitive. I take pride in that. It means I have done an effective job. I am a boring marketer. I do not make it up as I go. I do not drop everything when a new shiny idea comes up. I do not work in panic. Everything is planned and timed. I am a consistent factory and repetitive. And it is intentional. I tactically execute a plan, over and over. Marketing is not about bits of creativity or random acts of marketing better known as RAM. It is about doing. It is about consistency and doing.

Use email to remind people you have a solution to their problem. We take for granted that people we know and have worked with us remember that we exist when they need us, but they are so busy and have so much going on, and there is so much competition and information out there, that it is our responsibility to remind them.

Use search engines for when people are searching for a solution to their problem. These are people that are actively looking for a solution so you have to appear.

Use social media to tell people you exist. What you sell may not be something people even knew existed so they may not be searching for it, this is your chance to tell them.

It is not about authenticity or your personal life. People buy solutions to their problems, not to support your dream. They do not fund your passion. The goal of marketing is to make it clear that you have a solution to their problem and then make it easy for them to buy it. That is it. It sounds boring, but it works. You should think about these four tips when you are marketing your own business: 1.

Use ads for when people desperately need a solution to their problem. These are often emergency situations like pest control and plumbers or even where to find the last piece of whatever their project is – gift, meal, outfit, tool. THE BUSINESS ADVOCATE

A real business, serious about growing and making money, does marketing. If you are not doing marketing, you may want to reconsider how serious you are about your business and its future. If you want magic beans, go somewhere else. If you want boring tactical execution of a marketing plan that works, book a call at mattygdigital.com. SPONSORED CONTENT

ASK THE EXPERTS R E A L E S TAT E

LET’S TALK REAL ESTATE

What’s happening in Kawartha Lakes & what it means for you BY TRACY HENNEKAM

705.340.2641 SellWithTracy.com

Let’s recap from 2023. The average sale price was up in our area, while the days on the market stretched out to more traditional lengths of time. In some cases that was months and in others that was weeks. Homes that offered the best value, had flexible showing times and were presented well sold before others. There were less sales overall than the previous COVID years. But 2024 brings us a hold in interest rates continuing on from the tail end of 2023, allowing stronger consumer confidence in purchasing. We are seeing some markets heat up, like in Peel and Durham regions where multiple offers are coming back. Often what happens in the Greater Toronto Area has a trickle effect to our area. We are seeing a lot of buyers out there; their presence is being felt at open houses and by the amount of showing appointments on listings. Buyers are truly thinking about buying. I think this spring we will experience a fast real estate market.

New Beginnings Start Here! SPONSORED CONTENT

And 2024 started with some new rules which mean realtors have slightly different tools to offer consumers. The biggest change is that the new law says a realtor can only help a client. A client is someone that is under a contract with the realtor and/ or the realtor’s brokerage. So, while I can have an open house and the people that may come through are not clients of mine, I am helping the seller, who is a client, and that makes it okay. The spirit of the new legislation is to avoid multiple representation where the same realtor is representing the buyer and the seller in the same transaction. Another change is to allow open offers which means that a seller could choose to allow certain parts of their

offer to be disclosed, including price, terms and conditions and closing dates. They could choose to disclose all of the above or only one or two parts -- or none at all. In that case the buyer would have to be notified that their offer may get shared with others and they could choose to withdraw their offer. Open offers could potentially mean that buyers wouldn’t be overpaying for a property. Keep in mind that it’s the sellers choice to participate. In every case our governing body (RECO) has instructed realtors to send along an information guide that outlines recent changes, so that consumers know they have options. This year marks my 25th year in real estate. As the Broker of Record/ Owner at Royale Town and Country Realty in downtown Lindsay, I want to be the person you think of first when it comes to buying, selling or living in Kawartha Lakes. As a full time local realtor I have the skills, knowledge and experience to help you with your real estate goals. And my prediction for the fall of 2024? A little more balanced, more homes on the market that may take a little longer to sell. I already have a prediction for 2025, but you will have to stay tuned for that one. MARCH 2024

ASK THE EXPERTS E S TAT E P L A N N I N G / B U S I N E S S S U C C E S S I O N

HOW DO YOU WANT YOUR ESTATE TO BE DISTRIBUTED?

NEW PODCAST NOW STREAMING!

BY RYAN O’NEILL

What do Jimi Hendrix, Pablo Picasso, Prince, Howard Hughes and Michael Jackson all have in common? They all died without a valid Will. But they weren’t unusual. An Angus Reid poll found that 51% of Canadians do not have a Will, and 35% of respondents said they had one, but it was outdated. A number of problems will arise if you die without a valid Will.

LOSS OF CONTROL AND POTENTIAL CONFLICT If you die without a Will, you do not get to decide who will be your Estate Trustee/Executor. The Court will appoint someone, having no regard for who you would have chosen. Your estate will be distributed to a set of beneficiaries pre-determined by legislation. This formula has nothing to do with what you may have told individuals (or promised to certain people) to be your intentions. A portion of your estate may go to people you would not have had on your distribution list. In the absence of a Will, all beneficiaries of the same class will receive the same distribution. That means, your long-lost cousin from Ireland, who you’ve met twice in your life, will receive the same distribution as the cousin who you grew up with and helped you so much in your lifetime. This can cause significant family disagreements and conflict. If you die without a Will, you will not be able to designate your choice of guardian to look after your children. Also, your children will be entitled to their inheritance at the age of 18.

CONFUSION AND EXPENSE When you die, your bank accounts are frozen until an Estate Trustee is

THE BUSINESS ADVOCATE

appointed. This is simple if there is a Will that has named an Estate Trustee/Executor. Without a Will, family or friends of the deceased would have to apply to the Court to be appointed as your Estate Trustee/Executor. It will be more expensive to administer your Estate if you die without a Will. A wise person once said, “A man or a woman who dies without a Will has lawyers for his or her beneficiaries.”

Now streaming Episode 1 - Hey, TV! You're out of order! Find it on your favourite streaming platform

LEAVING A LEGACY OF CONFUSION AND CONFLICT Most of us want to live a planned and considered life. It would be a shame if, on our death, our estate wasn’t distributed with the same care and consideration. This is not the legacy that most would want to leave. Everyone over the age of majority should have a Will. The complexity of the document depends on the individual, but regardless, the process of creating a Will needn’t be difficult, or time consuming. It usually requires only two meetings with a lawyer. If you would like to create a Will, or if you would like to review your existing Will, please contact Ryan O’Neill of WARDS LAWYERS PC.

84 Kent St. W., Lindsay, ON 705.324.9273 | info@wardlegal.ca