Getting Started: Preparing for the world of entrepreneurial adventure (Attitude)

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Published by CPA Canada in CareerVision

Although you’ve completed years of education and gained some experience, cialis there is still much to learn.  Whether this reality hits you as daunting, exciting, or somewhere in between, you probably don’t realize just how much your attitude matters when facing future learning.  Many of us were raised with reminders to “think positive”, but probably didn’t realize just how important this is when facing something new.  This concept is particularly relevant in the startup world.

Generating success isn’t just about getting something new to “work”; but rather, in the case of startup companies that require assistance and investment from others, it’s more about what comes along with the quest for capital.  Investors tend to have many choices where they can put their money, and there are often far more options than what can be financed.  For this reason, those with capital have the latitude to select the opportunities that represent the best “fit”, in terms of returns and the ease of getting there.  A big part of this has to do with attitude.

Why it Matters

One of the “screens” that early stage investors tend to use to evaluate investment opportunities is the attitude of a company’s leadership, particularly in terms of responsiveness to advice.  For all that is known, there is much more to learn, and investors typically bring a host of knowledge that is critical to moving a young company forward.  Although they might not understand all of the intricacies of a startup’s technology platform, investors understand enough to generate success, as well as many other things that entrepreneurs typically don’t have the depth of experience to appreciate.

What is powerful is when experience and emerging ideas come together to build something that is both competitively advantageous and soundly executed.  In order to do so, startups need to be receptive to good advice and demonstrate an ability to work well with those who have more experience than they do.  What many startups don’t realize is that investors have better things to do than fight with entrepreneurs who will never see the light, and, as a result, will bypass these situations for more productive opportunities.  Don’t let this happen to your business!

Get Started

Experienced investors know that smart entrepreneurs will do whatever they can to reduce the risk of rejection.  Since grace in times of what could be a hearty dose of reality isn’t a given, take the opportunity to get some practice; here’s how:

  • Learn how to focus on “breathing”: If you’re not in the routine of receiving constructive criticism, it’s time to get used to it.  When facing times of difficult questions or advice, learn how to respond.  Practicing how to reflect on the question, “count to 10”, or give all ideas a “positive life” for a period of time can help.
  • Reflect on what you don’t know: Step 1: Accept the fact that you don’t know everything.  Step 2:  Accept the fact that there are things that you will be wrong about.  Step 3:  Make an active effort to learn about what you don’t know.  Step 4:  Reconcile the first three steps and move forward with a positive attitude, not grudgingly or with resentment.
  • Refresh research skills: Although it might be easy to find information online and think that this alone addresses the question or combats the advice, this is only half the battle.  Investors know that understanding what to do with the information is what really matters.  Think about it.
  • Practice developing responses: Startups seeking capital will be asked a lot of questions and face a great deal of advice.  Make the most of these opportunities (yes, these are opportunities!) by learning how to address inquiries directly with responses that are thorough and relevant, yet concise, and then utilize “smart advice” for all it’s worth!

There are lots of entrepreneurs who take the position that pushing forward with reckless abandon is what matters; be difficult, be original, never surrender.  The reality is that when investment capital from others is needed, this type of approach just doesn’t cut it, and although some things might be worth fighting for, the list should be short.  Failing to do so can result in alienating the audience that startups have such a critical need to engage in order to move forward; one that’s counting on your positive attitude.

Getting Started: Preparing for the world of entrepreneurial adventure (Finance & Business Acumen)

Hand and aces

Published by CPA Canada in Careervision

You’ve spent a good portion of your career in the business world, treat working with those who manage, cheap keep track of the numbers, and hopefully understand it well.  In addition to this practical experience, you’ve probably spent a number of years completing formal business and finance study.  It’s easy to take management and finance for granted, when it’s a big part of what you and those around you do on a daily basis.

Although entrepreneurs tend to end up in the leadership role in startup companies (often by default), most lack actual business experience; this is particularly true in terms of finance.  The bulk of the emphasis tends to be placed on the product, service, or technology (entrepreneurs are typically guilty of this!), resulting in the business and finance aspects that are so important to any company being overlooked.  This can also be a function of entrepreneurs simply preferring to spend their time on what they love, and it isn’t accounting.

Those who have formal education and experience in these areas have knowledge and skills to offer to startup companies, to a degree much more than they realize.  What’s important is to understand what the real needs are and why, so that the opportunity to prepare in advance isn’t missed.

Why it Matters

As already explored in this series, startup companies lack the stability of more established businesses, and one of the main areas of risk is cash flow, closely followed by the challenge of attracting investment capital to support growth.  Non-financial entrepreneurs typically don’t realize the degree to which their venture is at risk in financial terms, nor do they understand the needs of early stage investors, when it comes to raising capital.

As a result, startups often find themselves in double trouble: (i) short of cash and the skills to manage it; and (ii) an inability to provide the financial oversight and reporting that investors require.  The outcome, too often, is a predictable death spiral, where these two factors get caught in an endless loop, resulting in the business running out of cash and being unable to generate what’s required in order to stop the plunge.

Get Started

Chances are that you have underestimated just how much the business and finance skills that you have learned and practiced are of value to startup companies.  Put a lid on the typical excitement and hype associated with new technologies and opportunities and focus instead on accentuating the value of what you have to offer:

  • Become acquainted with the “hands on” finance role: Since startup companies are small, the “accounting person” often has to do it all: transaction entry, generating financial statements, and dealing with billing and banking matters.  Recognize that startup work is much more involved than a lofty oversight role and that the buck will truly stop with you.
  • Map out routine processes: Make the most of limited time by developing checklists to guide task completion, including on a weekly and monthly basis.  Most entrepreneurs don’t have the financial experience to do this and it will make everyone’s life easier, as well as provide the discipline that investors seek.
  • Revisit financial accounting, in reporting terms: Recognize that internal reporting and recordkeeping often differ from what external parties expect to see.  In order to keep investors and financial institutions happy, ensure that you’re able to produce monthly financial statements in the standard financial accounting format.
  • Master cash flow management: Being able to manage cash with confidence is critical, and may not be a skill that is practiced much while working in a larger company.  Cash flow management is not an area to be learned on Day One of working with a startup, so get lots of advance practice now.
  • Learn about what investors require: Early stage investors look for a qualified person in the Finance Chair, as it’s this individual who will take care of their investment.  Recognize this and seek to learn about their particular needs, in terms of reporting and ongoing operation of the finance function.

Early stage investors recognize that the majority (if not the vast majority) of startup companies fail.  There are a variety of reasons for this, including products that aren’t competitive in the marketplace and an inability to attract enough customers.  What’s more typically the problem, however, is poor execution on the part of Management, in terms of not running the business well.  At the core is often a lack of financial acumen, resulting in the company running out of money before it even had a chance to get started.

Leaving a Leadership Legacy: Big Skills in the Leadership Space

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Published by The Canadian Society of Club Managers in CMQ (Winter, prescription 2016)

Most people recognize that leaders have the ability to impact many aspects of an organization. One of the key areas is people, including staff and management team members at all levels.  There is a perception that leadership involves guiding the masses, who, if not for the leader, might never find their way forward.  This is a concept that is quite dated.

Leaders have the ability to create an organization that is empowered at every level, in terms of continuous learning, improvement, advancement, and dare we say, independence. Envision a place where staff members understand their role, take steps to perform it efficiently, apply innovation and improvement where it makes sense to do so, and strive to take on and learn more.  Staff members know what to do and how to work well with others, putting their hand up only when help is needed.  Micromanagement isn’t practiced here.

Instead, managers are able to free themselves from mundane and repetitive tasks that consume far too much time in a given day: the questions of what to do, who should do it, and why. Instead, they are able to focus on things that actually improve how a club functions, is perceived in the marketplace, and perhaps most importantly, where it’s going in the future.  If this sounds like an elusive place that doesn’t exist, think again.  It’s all a product of what empowered leadership can do.

Trouble in the Club

One of the realities of being a leader is that the higher you rise, the more people you have reporting to you. Although many might represent indirect reporting relationships that don’t actually interact with you on a daily basis, rest assured that they are out there, keeping a keen eye on how you lead.  When leaders operate on a basis of insecurity, indifference, or a lack of purpose, a wide range of negative outcomes can result.  Regardless, there is a missed opportunity to “leave the place better than you found it”, in terms of advancing the capability of staff and management team members and how they approach their roles.

Believe it or not, some leaders have a strong need to be “needed”; to be the referral point for all the questions, the one who provides all of the directions, and is the proverbial “smartest person in the room”. This type of approach misses the opportunity for staff members to stand on their own two feet and creates an unhealthy dependence on the leader (for both the organization and its people).  Looking sharp in this type of environment actually doesn’t make you valuable; rather, such leaders are a barrier to an organization’s ability to grow and make progress.

Leading Large

One of the most powerful things that leaders can do is put everyone in the organization in a position to do more.  Development can be fostered well when it starts at the top, as an example of how all staff and management team members should operate.  Here’s how to get started on the empowerment path:

  • Focus on the bigger picture. Insecurity can arise from scenarios where people feel that they are “giving up” something to someone else. Delegating some of your tasks to a member of your senior team shouldn’t create feelings of insecurity, such as “what if they do a better job?”; rather, it should increase the level of organizational performance overall, a goal in which you should find comfort.
  • Establish professional development plans. Performance management shouldn’t just focus on what a staff member did in the past or where they currently are. Include an action plan of two to three items that are to be successfully learned over the next six-month period, such as taking on a new area of responsibility or completing a training program. This approach helps to keep the focus on progress that can be applied, measured, and built upon.
  • Be a learning organization. Make it a requirement for all staff and management team members to commit to learning on an ongoing basis. Approaches could include taking on new responsibilities, completing courses or training programs, or mentoring a peer. Remember that teaching and transferring knowledge is also learning.
  • Don’t settle for less. Seek to replace those who aren’t on board or don’t consider development to be part of their job description. Negative attitudes and opting out of what’s expected don’t just harm the role at hand, they also hold back the rest of the organization. Effective leaders can’t afford to carry this type of baggage.
  • Reinforce the vision. Remind staff and management team members that your organization is a place of excellence where everyone can soar. Show them how this behavior fits with where the organization can go in the future. An environment where people see the opportunity to make progress in their role and are empowered to do so is a great place to be.

Developing and empowering staff and management team members to a level of independent competence represents an opportunity to create a lasting legacy. If you think that sounds powerful, that’s because it is!  Those who have the courage and ability to make it happen differentiate themselves in the leadership arena more than they know.

EVENT: CVCA Insights, Data Release Roadshow (Apr 6th, Halifax)

Pleased to be co-sponsoring this event with innovacorp!

Join us for a morning of networking to mark another great year in the private capital industry.  The CVCA‘s Chief Executive Officer, Mike Woollatt, will discuss the 2015 Market Overview, including transaction and fundraising data, most active Venture Capital and Private Equity investors, top firms, rising investment sectors, and other insights.

Registration is required by March 30, 2016 and seating is limited.  Reserve your place today!

Getting Started: Preparing for the world of entrepreneurial adventure (Discipline)

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Published by CPA Canada in CareerVision

The word “entrepreneurial” is often associated with a freewheeling, for sale zig-zagging, devil-may-care, caution-into-the-wind type of attitude. Although it’s true that the ideas and new ways of doing things that are typically associated with startup companies require some creative thought, this is not all that’s needed.  In fact, one of the things that is surprising about young companies is just how much discipline they need in order to be successful.

Startups are focused on building: new companies, new products and services, new markets, new ways of doing things. Like any construction project, this is best done by building on solid ground, starting with the site, a good foundation, and using tactics that are tried and true.  Although this particular house might include some new features or ideas (think geothermal heating or windows that provide privacy with the flick of a switch!), most construction fundamentals still need to be in place.  Why is this the case?  Simply because it’s important to put evolution into practice within a stable environment, as combining too many new things at once can cause the structure to come tumbling down.

This type of balanced progress (or evolution under control) resonates well with early stage investors, as it raises the likelihood of overall success. It also serves as a means to manage and mitigate risk, which is something that we have already explored in this series.  Understanding that the sound business practices and discipline that are learned in the corporate world shouldn’t be abandoned; but, rather, leveraged and built upon, is a key area of opportunity for anyone entering a startup company.

Why it Matters

When something is young; be it a child, a puppy, or a company, it needs more structure, not less. Think about the last time you learned how to do something: in order to understand the task, your role, and the implications of doing it right (or wrong!), it was necessary to pay careful attention to the lesson, understand what needed to be done (and how), practice, and perhaps take corrective action (or refer back to the manual) in order to get it right.  Startup companies really aren’t much different than these examples.

What runs against the grain of what early stage investors know to be true is when young companies do the opposite (remember that devil-may-care attitude?), applying good business practices just about nowhere. If the intent to is make a new way of doing things work for the long term, it has to be supported by the fundamentals; business planning, financial management, implementation monitoring, and defined roles and responsibilities are just a few examples of the discipline that should be in place.  In many startup companies, an investor would be challenged to find any of these practices!

Get Started

Benefit from the established fundamental business practices that are typically present in large companies by learning how to incorporate them with discipline into a startup environment:

  • Dust off that textbook: Although it might have been a while since you’ve held the student viewpoint, recognize what is part of good, old fashioned fundamental business practices and undertake the discipline to learn how to put (and keep) them in place. Areas to think and learn about include planning, budgeting, assigning tasks, monitoring performance, documentation, and roles and responsibilities.
  • Practice recognizing where business fundamentals can be applied: Regardless of the environment, there is a place for good business practices. Learn how to transfer what you have observed and worked with in a corporate environment to that of a startup business. Resist the temptation to fall into the “it can’t be done” trap; experienced investors know that it can be done.
  • Learn more about what you don’t know: While in the relative stability of an established organization, take the time to learn more about areas with which you are less familiar. Research, courses, and new job responsibilities are all strategies for learning.
  • Test your ability to perform on a disciplined basis: What sounds simple “on paper” is typically much more of a challenge when it’s put into practice. Pursue opportunities to take learning to a practical level and be sure to take note of how performance could be improved.
  • Think in both the short and long term: Short term thinking tends to equate with getting things done, while a long term mindset is more about putting policies and procedures into place. Recognize that investors expect to see both: the track record of what has been achieved and established practices in a business to demonstrate discipline and ongoing value.

When you take the time to think about a startup company in the context of other things that are early in their developmental stage, it is blatantly obvious that much structure and attention are needed in order to shepherd a neophyte safely into the future. By separating the creative process of generating ideas from the disciplined approach of building, it’s possible to fully recognize the stark differences between the two.  This is what early stage investors see every time.

Accounting for Business Growth and Transition Course Now Available!

I’m pleased to announce that my new course, Accounting for Business Growth and Transition, is now available!

Growing companies are dynamic places and there are a number of specialized issues that could arise during the lifecycle of a business. These include the complexities related to expanded operations, entering new markets, and undertaking business transactions.  It’s critical to understand these areas proactively, as well as how to add value to the company during the process.

Too many companies barely manage to do the minimum; resulting in the accounting function being little more than a place where transactions are recorded and reports are filed away.  The opportunity to learn how to develop and manage an accounting function that not only helps to improve operations on a day-to-day basis, but also provides a valuable support in times of transition is a powerful one!

This course addresses a range of areas that might be encountered during the evolution and growth of a company. Topics include organizational structures, consolidated financial statements, foreign exchange, due diligence requirements, and understanding approaches for structuring a business transaction.  Those who work in the accounting function will gain an understanding of how to take a leadership role in creating a value centered department that can play a key role in not only a company’s current operations, but also in whatever the future might hold.  Register today!

 

 

Getting Started: Preparing for the world of entrepreneurial adventure (Early Stage Financing)

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Published by CPA Canada in CareerVision

One thing that most start up companies have in common is a lack of resources, search including people, order capital, and “stuff”. The root of this shortfall (or the thing that can resolve it) is money, something that can be hard to come by in the startup world.  Once entrepreneurs have exhausted their own funds, and often that of friends, family, and anyone else they can convince, the only remaining option is to find an investor.  This is a big step for many young companies, as it represents the first time that the money ask goes outside of “the circle”.

There’s another important reason why approaching an investor is such a significant step, and it is simply this: most entrepreneurs have no idea what investors need to know in order to make an investment decision. Put another way, investors, be they experienced angels or institutional funds (such as venture capitalists) have very specific expectations in terms of the information they require.  This includes content and format, as well as fitting within the investor’s particular mandate.  While it might sound simple, it’s anything but, and most of what investors receive doesn’t meet their needs at all.

Life in a corporate job usually doesn’t involve spending time in this area, especially in terms of just how critical it is to success. Financing matters are typically handled by others, and access to this type of external party is limited.  In this series, our focus is on understanding the significant differences between a startup environment and the corporate world so that you can place a greater amount of emphasis on developing some of the skills that will serve you well in advance of when they’re actually needed.   So far, areas we’ve considered include risk, rejection, and money.  Understanding the expectations of early stage investors couldn’t be more important!

Why it Matters

Entrepreneurs tend to show a lot of confidence when discussing the topic of investors. They’re excited about the product/service they’ve developed, and generally expect that others will be equally impressed.  Comments like “so-and-so wants to invest” or “is ready to cut a cheque” are often heard, but as the process moves forward, these seemingly slam-dunk situations tend to fade.  Impressed or not, entrepreneurs are often left to wonder where the money went.

A big part of the reason for this is that young companies lack the ability to package an investment opportunity in a manner that meets the needs of investors. Be it the business plan that lacks context, too much emphasis on the product, or a financial forecast with questionable assumptions (or none at all; startups can’t forecast!), investors aren’t buying.  Entrepreneurs tend to respond by offering up information that is used to run the business, or even worse, more technical information, in the hopes that the tide will turn.  No such luck.

Get Started

Not understanding the needs of early stage investors is a very common problem in the start up world. Rise above it by taking the time to understand what investors want to know, well in advance of when the bank account is empty:

  • Research the topic of early stage financing: Venture capital and angel investing are specialized areas that are not understood well, and reading about it in a text book isn’t sufficient. Tap into resources produced by investor networks, associations, and similar sources to understand how it works and the preparation that is required.
  • Recognize that investors have specific needs: Many entrepreneurs simply do not do this. They believe that all they have to do is provide “what they have” and the investor will adapt. In a world where deal opportunities vastly outnumber the supply of capital, this isn’t likely to happen anytime soon.
  • Learn how to write a business plan: Bypass the folklore that “investors don’t read business plans”; they do. In addition, they challenge entrepreneurs on their business model, target markets, and the financial outcome of implementing the plan. All of these areas are very difficult to address well in the absence of having developed an investor ready business plan.
  • Network with experienced advisors: Those who specialize in the area of early stage financing have a clear understanding what is needed to raise the likelihood of getting to yes. Although there are no guarantees in life, their expertise can be invaluable. Look for those with a demonstrated early stage financing background, such as a former venture capitalist.
  • Practice accepting rejection gracefully: As simple as it sounds, doing this well can be the difference between ultimately receiving capital and burning your bridges. Chances are, you won’t raise money on the first (or even on the tenth!) try, so learn how to make the most of these interactions by asking questions, seeking out network contacts, and leaving a professional impression. Too many entrepreneurs do the opposite.

Thinking that your product or service is so great that investors will line up to put money in is a path to failure. If there is a scenario out there where all of the stars will line up to secure easy capital, chances are, it won’t be your company.  These are rough lessons that are best learned before they happen, so take the time to understand the complex world of early stage investing and prepare for it.

COVER STORY: Canada’s Venture Capital Report Card- Building on regional successes to stoke the long term fire

Cover story, medical as published in Private Capital, Q4 2015

The Conference Board of Canada’s most recent Innovation Report Card includes some impressive venture capital benchmarks, but there’s much more to consider when looking beneath the surface.

Decreased venture capital investment levels in peer global markets, which are largely a lingering byproduct of the financial crisis, coupled with brisk, but isolated investment activity in select geographies here in Canada raises questions about our ability to sustain a high ranking when conditions improve elsewhere.  Perhaps, even more importantly, these findings put the focus on what actions should be taken to bring improvement to Canada’s weaker markets, of which, there are quite a few.

The Findings

Canada

Increased venture capital investment, primarily in Canada’s large provinces, coupled with lagging investment in European countries since the recession have resulted in Canada moving from being one of the weakest performers to one of the strongest. Specifically:

  • Canada’s ranking has improved from third worst in 2009 to second best in 2014 in venture capital investment, relative to 15 peer countries. Canada earned a B grade and a fifth place ranking overall.
  • Canada’s venture capital investment has more than doubled, from nearly $1 billion (.07 per cent of GDP) in 2009 to over $2.3 billion (.12 per cent of GDP) in 2014.
  • The number of companies receiving venture capital in Canada has increased from 378 in 2009, to 416 in 2014. Peak levels of approximately 450 companies receiving venture capital in 2011 and 2012 have not been met in recent years.
  • The vast majority (80 per cent) of Canada’s venture capital investment in 2013 was later stage, with only 20 per cent taking the form of early stage financing. This falls well short of international trends where more than 60 per cent of venture capital targets early stage financing. The report notes that Canadian venture capital took a much more balanced approach in 2009, when financing was more evenly split between early and later stage.

The Provinces

Provincial venture capital investment levels and rankings vary widely, from A to D-, with six provinces receiving a D or D- ranking. Specifically:

  • Both BC and Quebec rank as A’s in terms of venture capital investment (representing .16 per cent and .14 per cent of GDP, respectively), outpaced only by the US (.17 per cent of GDP).
  • Although companies in Ontario received more venture capital money than that of other provinces, the venture capital investment level of .11 per cent of GDP was sufficient to earn a B ranking.
  • Propelled by two venture capital deals totaling $60 million in 2014, Newfoundland and Labrador received a C ranking.
  • Canada’s remaining provinces received a D ranking in venture capital investment, with Manitoba and Prince Edward Island receiving a grade of D-.
  • Substantial increases in venture capital investment levels from 2009 to 2014 have occurred in four provinces; Ontario (117 per cent), BC (91 per cent), Alberta (81 per cent), and Quebec (61 per cent). All other provinces have experienced declines.
  • In terms of the number of Canadian companies that received venture capital funding in 2014, the highest levels occurred in Quebec (151), Ontario (142), BC (60), Alberta (27), and New Brunswick (19). The remaining provinces ranged from one to nine companies receiving venture capital.

The Fuel

Canada’s much improved ranking was assisted by the fact that, with the exception of the US, venture capital investments declined in all of the other peer countries between 2009 and 2013. Canada weathered the recession better than many countries, contributing to more stable venture capital investment levels. In fact, venture capital investment levels have now returned to the pre-recession level of $2.3 billion. Contributions from the Venture Capital Action Plan (VCAP) have helped, as well as the ongoing participation of BDC Capital, which the study cites as Canada’s largest and most active early stage technology investor.

Venture capital investment in Canada from foreign sources has continued to rise. Traditionally, it has represented approximately 30 per cent of the total, but increased to more than 37 per cent in 2014 from US sources alone. Clearly, venture capital investment levels are positively impacted by foreign participation and our own public policy that encourages investment.

However, we must also be wary of the fact that Canada is currently standing out in a cohort that is performing well below its pre-recession standards. What we do next to continue to separate ourselves from the pack now could have long-standing consequences.

Viewing Canada’s current position of strength as an opportunity to make the necessary improvements to “lift the level of all boats” is a much more proactive approach than simply benefiting from the rise of the tide.

The Fire

Improving venture capital investment levels across the country and generating long term sustainability are important areas of focus. The Conference Board cites a number of factors that contribute to establishing a successful level of venture capital investment, including the presence of those with money to invest, companies that are investment worthy, and a means to connect the two.

Much could be said about the challenges of establishing venture capital pools in particular geographic areas and the difficulties of allocating a portion of funds in existing pools to investments with a higher risk profile. Regardless, fueling the venture investment process requires a stable of “investor ready” companies, enabling venture capitalists to invest well, work with high potential businesses, and generate the returns that are so important in attracting fundraising over the long term.  These are critical components in generating a sustainable venture capital environment.

Venture capitalists recognize that the presence of investor ready businesses and the right approach to get there are, in many ways, the fuel for generating a vibrant investment environment. Too often, the focus tends to be on leading with capital, and although this approach might find some initial success to “get money out”, it does little to generate the level of returns to stoke the fire for the long term.

Speaking Tour, Day 4

DAW traveled to Toronto for the fourth and final stop on the Fall, 2015 speaking tour.  We were greeted by sunny, warm weather and an enthusiastic group; a great way to end our tour.  The mix of participants in the room, the services they provide, and their client experiences always make the sessions interesting and unique.  Recognizing that a real opportunity exists to build a growing client base for the long term is an exciting prospect!

Key thing to think about for Day 4: It’s been raised on every stop of this tour that some clients tend to fall into the same difficulties time and time again; why is this the case?  Much of what needs to be learned represents a mind shift, a new way of thinking, and although these concepts might be understandable, they can be very difficult to put into practice.  This is just one reason why advisors have an important role to play in supporting and coaching their clients to meet and beat the challenges they face.

Thanks everyone who came out to see us, participated, and stopped by to share experiences and tell us that they enjoyed the day.  It means the world to us!

Speaking Tour, Day 3

Our tour travelled to Calgary for the third day of the Distinguished Advisor Family Business and Yearend Tax Planning Workshop  Another great group, with lots of interesting questions and experiences.  It’s always a privilege when advisors share their experiences, with the goal of identifying how and where they can better help their clients.

Key thing to think about for Day 3:  Identifying the right role for a business leader to take on as a company grows is critical, as time is a precious resource that needs to be channeled effectively.  Advisors can play a key role in helping their clients understand where they fit best, setting the stage for bringing in the right resources to build growth capacity.  Too often, clients make the wrong choice, resulting in costly setbacks for the company.

Thanks, Calgary, for the participation and hospitality. Next stop: Winnipeg (to take in some Halloween festivities!), and then on to Toronto!

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