Share

cover art for Family Coaching with Alex Kirby | E110

Financial Planning For Canadian Business Owners

Family Coaching with Alex Kirby | E110

Ep. 110

Jason talks to Alex Kirby, Co-Founder and CEO of Total Family Management. It is a company focused on family coaching and helping families through the dynamics and personalities that are in the family to create better cohesion and better family Wellness and long-term satisfaction for everybody. They explore the challenges of entitlement within family businesses and how purpose can be used to unify the family's values and goals. It also touches on the initial steps of onboarding with Total Family Management.


Episode Highlights:

  • 4.12: Jason wants to know how family dynamics change as young families evolve into families with teenagers and adults, and ultimately as the older generation, the patriarchs and matriarchs, transition into their senior years.
  • 4.38: Alex outlines his approach to classifying people into four distinct life stages like the wonder segment, the balance segment, the harmony segment, the wisdom or legacy segment within families and these stages are akin to being sorted into different houses like in Hogwarts.
  • 6.45: Alex highlights that having a clarified vision is crucial for a sense of direction and well-being, regardless of one's age or life stage.
  • 13.18 Alex says, maintaining a healthy, normal relationship with adult children and transitioning from a parenting role to a more peer-like relationship is an important challenge that needs to be addressed over an extended period.
  • 29:02: Alex discusses the concept of passing on values and how purpose can be a unifying factor in families, especially in the context of family businesses.
  • 32:02: Alex discusses the process of engaging with Total Family Management and outlines the steps clients typically go through to make the most of their time with the service.
  • 34:04: Alex emphasizes the authenticity of their company and how everyone in their organization goes through the processes they advocate for, ensuring that they practice what they preach.


3 Key Points:

  1. Jason and Alex discuss the challenges faced by business owners, especially when it comes to succession planning and family dynamics within the business.
  2. Jason highlights several challenges and complexities that arise in family businesses when it comes to succession planning.
  3. Total Family Management offers a transparent and straightforward process for clients to engage with their coaching services, with a focus on providing ongoing support and flexibility to address family dynamics effectively.


Tweetable Quotes:

  • “Waiting until the final stage to address important family dynamic and communication issues may not be the most effective approach.” – Jason
  • “Parents often possess the answers to the questions asked during the coaching sessions but may not have explored them before. The goal is to create a safe space for discussing important family matters. “- Alex
  • “If parents care enough to participate in a conversation or coaching session about their children, it demonstrates a significant commitment, which is a crucial step in addressing family dynamics.” - Jason


Resources Mentioned:

  • Facebook – Jason Pereira's Facebook
  • LinkedIn – Jason Pereira's LinkedIn
  • https://totalfamily.io/offer


More episodes

View all episodes

  • 117. Legal Wills with Tim Hewson | E117

    29:28
    Jason Pereira interviews Tim Hewson, CEO of LegalWills, an online platform providing millions of users with a simple and accessible solution for creating legal and compliant wills. Tim discusses the importance of having a will, the challenges of estate planning, and how Legal Wills aims to demystify the process.Episode Highlights:03:00: Recognizing the inadequacies of existing will templates, Tim and his co-founder envisioned an online platform, drawing inspiration from Microsoft Office's user interface to guide users through the will preparation process.08:39: Tim talks about additional estate planning documents, including a Financial Power of Attorney and Living Will, designed for situations where an individual loses capacity, and decisions need to be made on their behalf.11:32: Tim discusses the expansion of LegalWills to multiple countries and the challenges of adapting services for different jurisdictions. He introduces the concept of expatriate wills, allowing users to cover assets in different countries with complementary wills.16:57: Jason reflects on the binary decision people face when choosing between affordable online services like LegalWills and more expensive options for complex legal matters.22:31: Tim acknowledges the challenge of changing the perception that creating a will is only necessary when someone is about to die. He discusses the battle to disassociate the act of writing a will from thoughts of death, emphasizing that estate planning should be a standard part of financial planning.24:28: Jason and Tim emphasize the emotional impact on families left to deal with disorganized estates and stress the importance of creating a will to prevent conflicts and contempt among family members.Key Points:LegalWills aims to simplify estate planning, catering to diverse needs, including those of blended families.Tim discusses the challenge of balancing growth and service quality as Legal Wills has steadily expanded without external funding.The platform has made a positive impact on users and charities, emphasizing the importance of organized estate planning for individuals and Tweetable Quotes:"Writing a will shouldn't be about dying; it's part of financial planning. Organize your affairs while you're well; it's a gift to your loved ones.”"We're on a mission to demystify wills. Losing the legalese can make the process more accessible. It's about clear instructions, not complex language.”"Every person who used our service is better off—over a million users and counting. Helping families and charities with organized estate planning is what keeps us going.”Resource Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – SponsorLinkedIn – Jason Pereira's LinkedInhttps://legalwills.company/https://www.linkedin.com/in/timhewson/?originalSubdomain=caPodcast Editing
  • 116. True Cost of CPP with Aravind Sithamparapillai | E116

    26:56
    Jason talks to Aravind Sithamparapillai, an associate at Ironwood Wealth Management Group. Aravind is known for his unique and novel research on the cost of the Canada Pension Plan, and they will talk about the intricacies of Canada Pension Plan and its often-underestimated value for business owners. During the conversation, Aravind and Jason delve into the comprehensive out-of-pocket expenses for employees, taking into account tax credits and deductions. The dialogue explores the fluctuation in costs depending on income levels and the potential for tax savings.Disclaimers-“investment shop”*Investment services are provided through Ironwood Securities, an approved trade name of Aligned Capital Partners Inc. (“ACPI”). ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Only investment-related products and services are offered through ACPI/Ironwood Securities and covered by the CIPF.-“I do full scale planning”*Aravind Sithamparapillai is an Associate at Ironwood Wealth Management Group. Ironwood Wealth Management Group offers financial planning and insurance services. Ironwood Wealth Management Group is an independent company separate and distinct from ACPI/Ironwood Securities.Episode Highlights:03:20: Aravind acknowledges Jason's content on corporate topics and integration, highlighting the confusion around CPP savings and the realization that the after-tax impact needs closer examination.09:26: Introducing a chart to visually represent net costs for employers, the conversation explores hypothetical examples across various income levels. Emphasis is placed on the significance of taking the entire tax scenario into consideration.14:15: Aravind introduces the concept of the Canada Child Benefit and other income-tested benefits that can be impacted by the choice between salary and dividends. He emphasizes the importance of considering all factors in optimizing total wealth.21:43: Aravind discusses the "light bulb" moment regarding CPP calculations. He explains that when an individual takes CPP, a bonus is calculated on top of the actual CPP rate for that specific year.22:26: The emphasis is on the assertion that the expansion of CPP extends beyond inflation; it encompasses real income growth attributed to the additional growth linked to the average industrial wage.25:21: Jason discusses the importance of considering Old Age Security (OAS) and CPP in retirement planning. He also addresses the common belief that everyone thinks they will live to 100, pointing out the statistical likelihood of living longer as one ages.Key Points:Jason and Aravind discuss the worst-case scenario related to CPP contributions and how the tax savings play a crucial role, reducing the total contribution amount by over a third.The conversation delves into the considerations for business owners deciding between salary and dividends.The discussion emphasizes the importance of benefits of the Canada Pension Plan, including survivor benefits and disability portions in situations where private disability insurance may not be practical.Resources Mentioned:https://www.ironwoodcanada.com/aravind-sithamparapillaiFacebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedIn
  • Mortgages Renewals in 2024 and Beyond with Ron Butler | E115

    28:38
    Jason talks to Ron Butler, the founder of Butler Mortgages and a prominent figure in the Canadian mortgage space. Ron, known for his insightful Twitter presence, discusses the impending "perfect storm" of mortgage renewals and the current interest rate landscape in Canada.Episode Highlights:00:39: Ron describes himself as an experienced mortgage broker with 29 years in the business, highlighting substantial mortgage volume.05:10: Ron explains the impact of COVID, quantitative easing, and selling fixed-rate mortgages at 1.49%. He also talks about the upward trend in rates in 2019, coinciding with economic buoyancy and surging house prices.09:02: Ron addresses the surge in mortgage debt during COVID, particularly with variable-rate mortgages starting at 1.45% and now at 6.2%. He describes the genuine consumer pain experienced by those facing mortgage payment increases, especially those dealing with income changes or additional financial commitments.15:19: Ron mentions the impact of high immigration on the demand for housing and the challenges in obtaining permits for new builds. talks about the significant governmental costs associated with building houses today compared to 25-30 years ago.17:30: Jason asks Ron about what people should be thinking about in preparation for upcoming renewals, 12-24 months out.18:48: Ron advises those with variable rates experiencing negative amortization to make voluntary payments and lump-sum payments to avoid growing mortgages.20:50: Ron highlights that despite talk about longer mortgage terms, the utilization of 10-year terms has never exceeded 3% in Canada, indicating the strong desire for low-interest rates.21:53: Jason emphasizes the strain people put on themselves to negotiate for minimal interest rate improvements, showcasing the demonstrated preference for lower rates.23:26: Ron explains that self-employed individuals often aim to minimize personal tax, resulting in reduced income visibility for mortgage applications. He mentions the government's emphasis on net taxable income as the primary metric for mortgage qualification, regardless of assets or retained earnings.25:28: Ron and Jason discuss the tendency of business owners to prioritize accountants who reduce personal taxation, even if it comes at the cost of Canada Pension Plan contributions.26:16: Jason acknowledges the complexity of tax planning and the compromises involved, such as lower reported income affecting personal borrowing capacity.27:35: Ron encourages listeners to shop around for mortgage renewals, emphasizing the potential savings even if it's only a quarter percent, and cautions against giving the bank more money without reason.Key Points:Ultra-low interest rates led to a surge in mortgage debt, posing challenges for renewals in 2024 and beyond.Business owners may face reduced borrowing capacity at mortgage renewals due to lower reported income for tax planning. Plan wisely.Amid changing interest rates, shopping for mortgage renewals is crucial. Don't settle – explore options and save money in the long run.Tweetable Quotes:Recognize that interest rates are dynamic, and lower rates might be on the horizon by 2025. Understand the potential impact on mortgage renewals.Don't settle for the status quo. Take the time to explore different mortgage options and lenders during renewal periods, even small interest rate differences can result in significant savings.If your mortgage is increasing, take proactive steps to avoid paying interest on interest. Consider prepayment and increased payments to maintain control over your financial situation during renewals.Resources Mentioned:https://www.butlermortgage.ca/
  • 114. Don't Leave A Mess with Sandy Pollack | 114

    39:05
    Jason talks to Sandy Pollack, author of the book "Don't Leave a Mess." The focus of the book revolves around estate planning, emphasizing the crucial distinction between financial thinking and financial planning. Sandy delves into the necessity of understanding both concepts to effectively navigate the complexities of financial management.Episode Highlights:01:55: Sandy introduces the concept of estate thinking and planning, emphasizing the need to differentiate between the two. She stresses the importance of careful consideration rather than a quick and efficient approach.03:00: Jason shares his perspective on the urgency some people feel when addressing estate planning and highlights the misconception that writing a will is an ominous sign.08:38: Sandy emphasizes the importance of understanding one's net worth, pointing out that many successful entrepreneurs are unaware of their actual wealth. She underscores the need to comprehend the composition of wealth and addresses illiquidity issues.09:54: Jason adds insight into the delusion some entrepreneurs have about their business's value, emphasizing the significance of realistic valuation for effective tax planning.13:36: Sandy acknowledges the honour of facilitating family meetings and emphasizes the richness that emerges from each generation's perspective, guiding the conversation towards the transformation of wealth into significance.16:17: Sandy delves into collaboration, differentiating it from cooperation. She stresses the significance of sharing information among professional advisors for a holistic approach to planning.21:59: Sandy recounts the importance of addressing family dynamics through personalized letters and meetings. She emphasizes the power of relationships, clarity, and understanding within families.28:29: The discussion shifts to individuals who inherit wealth without having their own businesses. Jason wants to explore how this inherited wealth affects the estate planning process.33:21: Jason expresses concern about the unrealistic expectations being fostered and questions whether people are led to believe that billionaires are lacking the minimum effort required.35:13: Sandy introduces the emotional factors associated with estate planning, including guilt and shock. She emphasizes changing the narrative from "passing down" to "passing wealth to."36:13: Sandy emphasizes the three keys to managing wealth: save some, spend some, and share some. She talks about the positive attributes of money and its potential to make a significant impact, such as eradicating hunger, promoting literacy, and providing scholarships.Key Points:Estate planning isn't just about passing down wealth; it's about passing wealth to the next generation with intentionality and wisdom.Being a steward of inherited wealth involves not just managing it but also imparting financial fluency to the next generation.Money has the power to do exceptional things; beyond financial security, it can create a lasting impact on society.Tweetable Quotes:"In estate planning, it's crucial to address emotional factors like guilt and shock, not just financial aspects, fostering a healthy family legacy.""Financial literacy for young adults is essential; amidst misinformation, parents should teach about saving, spending, and the purpose behind wealth.""Estate planning goes beyond documents; it involves collaboration, communication, and transparency among advisors for client clarity and confidence."Resources Mentioned:https://www.dontleaveamess.ca/
  • 113. Consumer Insolvency Revisited with Scott Terrio | E113

    35:27
    Jason talks to Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos. Scott is here to discuss the impact of COVID-19 on businesses, focusing on the Canadian Emergency Business Account (CEBA). Jason and Scott will also delve into the economic challenges faced by various sectors and the diverse effects of the pandemic on businesses and the unexpected impacts on certain sectors during different phases.Episode Highlights:01:06: Scott provides an overview of his role and the services offered by Hoyes Michalos, highlighting their focus on personal insolvencies and their significant experience in the field.02:52: Jason introduces the main topic, discussing the Canadian Emergency Business Account (CEBA) and its implications for businesses.03:24: Scott explains the purpose of the CEBA and its role in providing financial support to businesses during the economic downturn caused by the pandemic.07:02: Scott provides insights into the diverse range of businesses significantly impacted by the pandemic, highlighting sectors like restaurants, bars, entertainment, tattoo artists, and flight attendants.12:19: Jason outlines the current challenges faced by business owners, including loans coming due, economic difficulties in specific sectors, and cash flow constraints.13:12: Scott highlights the aggressive actions taken by the Canada Revenue Agency (CRA), freezing accounts, and putting additional pressure on businesses. He also mentions businesses using funds meant for HST or payroll to sustain operations during the pandemic.16:30: Scott emphasizes the importance of seeking assistance promptly, sharing insights from their experience that individuals often take 12 to 24 months to reach out for help when realizing they're in financial trouble.28:21: Scott introduces the concept of tribal knowledge derived from the US and emphasizes the inclusion of various unsecured debts in a consumer proposal, such as tax, HST, credit cards, personal loans, and more.28:56: Scott compares the insolvency code in Canada to the U.S. He emphasizes that Canada's system is more gentle, less litigious, and cheaper.Key Points:Scott provides insights into the struggles of small businesses, ranging from restaurants and bars to tattoo artists and flight attendants, highlighting the diverse impact of the pandemic across different industries.The discussion covers the economic uncertainty during the early days of the pandemic, the unexpected impacts on sectors like flower shops, and the challenges faced by businesses in terms of ramping up and letting go of employees.Scott addresses counterproductive behaviours individuals exhibit during financial struggles and stresses the legal obligation of trustees to provide options.Tweetable Quotes:"Time is the enemy of debt. Seeking assistance promptly is crucial. Waiting 12-24 months to address financial troubles can exacerbate the situation.""Consumer proposals offer a more inclusive approach, covering tax, credit cards, and more. Understanding the nuances helps dispel misconceptions about the insolvency process.""In the complex game of finances, early intervention is your winning strategy. Act promptly, seek advice, and navigate the challenges strategically to secure your financial well-being."Resources mentioned:https://www.linkedin.com/in/scott-terrio/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&originalSubdomain=ca
  • 112. Canada Digital Adoption Program with Alexandra Moore | E112

    22:03
    Jason talks to Alexandra Moore, CEO and lead strategist at Coach House Marketing. she's also a certified digital advisor and she is here to discuss about Canada Digital Adoption program, a government program that's out there to help businesses adopt digital strategies.Episode Highlights:02:12: Alexandra shares her journey of returning to school for a Digital Transformation Certification Program at Yale during the emergence of the Canadian government's Digital Adoption Program.05:50: Alexandra clarifies her role as a certified digital advisor for the program and notes the underutilization of grant funds, encouraging businesses to access available resources.08:55: Alexandra lists the areas covered in Stream 2, emphasizing the comprehensive digital strategy provided to businesses. She explains the digital roadmap, digital needs assessment, and actionable insights provided to businesses.10:27: Jason asks about the time commitment involved for businesses going through the program, and Alexandra discusses the flexibility in timing and structuring calls based on the entrepreneur's needs.11:46: Alexandra addresses the perception of value in the consulting work and emphasizes providing maximum value under the government grant.13:13: Alexandra advises businesses to inquire about post-CDAP services, reimbursement rates, and references when selecting a digital advisor. She talks about the importance of making services financially feasible for small and medium-sized businesses.17:26: Alexandra outlines the funding options, including 0% financing from BDC, a proposed budget, and the use subsidy wage grant for implementation support.19:38: Jason summarizes the bottom line of the Canada Digital Adoption Program (CDAP), emphasizing that it provides funding for a comprehensive report from experts and supports the implementation of the plan.20:03: Alexandra mentions that the funding covers 90% of the plan, with businesses responsible for the remaining 10%. She advises businesses to be mindful of the application process and recommends interviewing multiple digital advisors to find the best fit for their needs.Key Points:The Canada Digital Adoption Program (CDAP) supports businesses in adopting digital strategies through government-funded grants.CDAP has two streams – Stream 1 offers the "Grow Your Business Online" grant, and Stream 2 provides a $15,000 digital strategy grant for a comprehensive overview of digital systems.Businesses should be aware of the 90/10 funding split, with the program covering 90% of the plan cost. It's crucial to interview digital advisors to find the right fit for their needs.Tweetable Quotes:"CDAP offers a $15,000 digital strategy grant, encouraging businesses to access the funds and expertise to strategically integrate digital systems." - Alexandra"In the digital age, small and medium-sized businesses face opportunities and risks. CDAP's role is to bridge the gap, offering comprehensive support for digital transformation." - Alexandra"CDAP isn't just about funds; it's a pathway to a digital roadmap. Small business owners get a clear plan, actionable insights, and support for implementation." - AlexandraResources:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://coachhousemarketing.com/
  • 111. 2024 Compensation Planning with Luc Lapalme | E111

    23:25
    Jason talks to Luc Lapalme, Senior Principal at Mercer. It is a very large consulting company that consults on various aspects of business. Today he will be discussing about their compensation planning survey, and this is a survey about employers and what they are looking to accomplish or what they are looking to do when it comes to salaries for staff in the coming year.Episode Highlights:01.15: Luc explains that he specializes in compensation management and advises clients on various aspects of compensation programs, including salary structures and incentive design for both executives and salaried employees.04.30: Jason mentions that in recent years, there has been a realization among many that simply matching salary increases to inflation may not be sufficient, especially when inflation rates are high.10.03: Luc mentions that organizations are increasingly providing off-cycle adjustments to their employees, which are not officially included in the budget forecasts. These off-cycle adjustments are often provided to employees at higher risk or those due for promotions.12.06: Luc notes that certain organizations are targeting the 75th percentile of the market to ensure they are highly competitive with specific roles. This highlights the efforts being made by organizations to attract and retain talent in a rapidly evolving work environment.21.48: By focusing on employee engagement and the employee experience, HR managers can enhance job satisfaction and retention, even in situations with tighter budgets, says Luc. 3 Key Points:Luc highlights the impact of the great resignation during the pandemic, which led to increased employee turnover and job changes. However, he notes that attrition rates have decreased, with one study showing a drop from 21% to 18%, indicating more stable employment.Luc provides an example of how changes in minimum wage, such as the increase in Ontario's minimum wage, can create ripple effects and competitive pressures in the labour market for more competitive pay.Jason shares an example from the accounting field in the US, where large accounting firms in cities like New York and Washington, DC, began recruiting talent from across the country. This resulted in some smaller to mid-sized cities experiencing reduced operations or becoming less attractive for talent acquisition due to the significantly higher salaries offered in larger cities.Tweetable Quotes:“The Compensation survey is conducted annually to gather information from participating organizations. Its primary purpose is to understand the organizations' intentions regarding salary adjustments, particularly for the year 2024” - Luc.“The differing salary forecasts between Canada and the United States can be attributed to various socioeconomic factors.” - Luc“While organizations are becoming more transparent about salary bands, they are generally not disclosing specific employee salary details or bonus information due to privacy concerns.” - LucResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInhttps://www.linkedin.com/in/luc-lapalme-mba-96563239/?originalSubdomain=cahttps://www.mercer.com/en-in/
  • 109. AI Guides with John Stroud | E109

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