Background

Daniel is the founder and sole shareholder of a manufacturing company that develops specialized parts for hockey rinks.  The business has been booming and is expected to grow considerably over the next 5 years before Daniel’s retirement.  Daniel is looking for advice about transitioning his business and planning for retirement.  Daniel is married to Hyun, who is not active in the business.  

Discovery

Although Daniel’s question initially related to transitioning his business, we uncovered many other important areas to examine through our discovery process and subsequent discussions with Daniel and Hyun. Not only did we need to understand Daniel’s business goals and their vision for retirement, but also Daniel and Hyun’s goals as a family.  We learned:

• This was Daniel’s second marriage
   
• Daniel and Hyun have two children together.  Their daughter, Helen (22) is in her first year of medical school and has never been active in the business.  Their daughter, Grace (19), is involved in the business but isn’t sure if she will continue in the business.
   
• Daniel has a son, Andrew (27), from his first marriage.  Andrew has never been active in the business. He has a successful career in New York.
   
• Even though Andrew isn’t in Canada that often, they all love spending time at the family cottage. Daniel and Hyun were concerned about the fairest way to keep the cottage in the family when they pass.