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Trusted Tips & Resources

Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explain The Importance of Succession Planning

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms. Their Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning division. 


THE IMPORTANCE OF SUCCESSION PLANNING


Whether it’s a well-loved breakfast diner that feels like the hub of the community or a factory that manufactures safety shoes and work gloves, creating and growing a small business is incredibly rewarding and requires a lot of hard work. After toiling long hours to become successful, most owners want the business to continue thriving long after they step away.

A carefully crafted succession plan is important to any successful small business. It can help you clearly identify your company’s goals, protect the business's legacy, plan for the unexpected, and prepare for the financial security of your family and employees. The planning process can feel overwhelming at first, but carefully considering all aspects of your business is time well spent.


GETTING STARTED

There’s no time like the present. Succession planning can clarify how you visualize your future success, even if you just opened the doors to your business. Planning helps you narrow down your goals and objectives, identify the right person to take over one day and prepare for financial setbacks.

Bob Labrecque, a succession planning consultant with Manulife Securities, says business owners often wait too long to begin the planning process, starting when they’re only three or four years away from retirement. “A good succession plan is a five-to-10-year strategy of building the business, and then transferring ownership while it’s in a growth phase – not in a maturity or a declining phase,” he says. “And you want a team of experts in place to help make this happen. An advisor is a key member of this planning team.”

The first step in developing a business succession plan is to self-reflect and ask yourself some critical questions. Consider the following:

  1. When would you like to retire or step back from running the business?
  2. What kind of future would you like to see for your business?
  3. Do you have a successor in mind with a mentoring plan in place?
  4. Are there any weaknesses in your current business operations that must be addressed?
  5. What is your plan for handling unexpected events, such as illness, financial difficulties, or the retention of top employees?
  6. Do you have a team of financial and legal experts to help you with the planning process?

 

ESTATE PLANNING AND TAXES

Even though running a successful business can occupy your full attention, looking at the bigger picture and how a business succession plan dovetails into your personal plans is essential. An advisor can help determine a company's financial value and opportunities for growth and also help with retirement and estate planning.

A business owner hoping to step down must plan for adequate retirement income to maintain his or her desired lifestyle, put a savings plan in place to cover future expenses such as a child’s education, and set up life and disability insurance plans so loved ones are well cared for in the event of severe illness or death – all while maximizing tax-planning opportunities.

 

MANAGING EMOTIONS

As you are getting your succession plans down on paper, don’t discount the emotional impact that this major life event might have on you and the entire organization. Labrecque says leaving can be very difficult and emotional for many business owners.

 “Quite often, for a first-generation business owner, this is their baby, and there can be strong protective feelings that nobody else can do what they do.” 

Owners have some crucial decisions to consider:

  • Take an honest look at who can lead the business and compile a short list of candidates
  • Create a succession team to help navigate the financial, legal, and human resource aspects of the transition
  • Explore new opportunities for the organization to ensure continued strength and growth
  • Establish a co-lead to allow the current owner to begin stepping back into a lesser role

If the intent is to transition the business within the family, a specialist called a family facilitator might also be helpful. 


“Family transfers are the most complicated because they involve not only the business but the family dynamics,” says Labrecque. “Families also need to have honest discussions about whether children even want to take over the family business. They may want the money and the lifestyle but do they find the work interesting?”


WINDING DOWN

As a business owner prepares for retirement, there might still be an opportunity to stay involved and active but at a slower pace. A step-down approach is possible, where the ownership is transferred, but the owner stays on in a limited capacity for a set duration to help with the transition. After a lifetime of work, the boss can gradually ease into retirement rather than giving up everything all at once.

Succession planning can be a rewarding process that sets the tone for your business's overall success. For more information about getting started on a succession plan, please contact Wiegers Financial & Benefits to speak with one of our experienced advisors

The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.

Sanctum Care Group Joins Trusted Saskatoon's Non-Profit Category

The Trusted Saskatoon team ran a social media contest in 2018 to decide upon a new category; the majority asked for it to be  Trusted Saskatoon NON-PROFITS. This was a good fit, as we have always had a strong community focus. Trusted was proud to be recognized as the Saskatchewan Chamber of Commerce ABEX Award for Community recipient in 2017.

We are thrilled to announce that Sanctum Care Group is our newest Saskatoon non-profit partner. In this article, we will share WHO they are, what they do and why Trusted wanted to get more involved in helping Sanctum achieve their lofty goals! After reading this, we hope you will join us in helping them! 



Trusted Saskatoon welcomes Sanctum Care Group, the latest addition to our Trusted Saskatoon Non-Profit Category. This revolutionary non-profit organization is making waves with its innovative HIV care model, drawing attention from across Saskatchewan and beyond. In this blog post, we'll delve into the inspiring story of Sanctum Care Group, its founders, and their impactful work to provide holistic care to individuals with or at risk of HIV.

Katelyn & Morris

The story begins with Katelyn Roberts and Dr. Morris Markentin, two relentless individuals who defied skeptics to establish Saskatchewan's first HIV hospice. Katelyn, a former HIV case manager, pitched the idea to Dr. Markentin years ago over a meal at their favourite Vietnamese restaurant in Saskatoon. Their vision was to shift the focus from reactive to proactive care, providing preventative, holistic, and trauma-informed support before problems escalated.

Dr. Markentin, with years of experience in addiction medicine, recognized the interconnected issues of poverty, inadequate housing, and trauma as the root causes of his patients' challenges. Sanctum Care Group found its home in an empty building on Avenue O, a space provided by the St. Paul's Hospital Foundation. The initial days were challenging, with only two residents –a patient affectionately known as the "Lone Ranger" and Katelyn Roberts herself.  When the second patient moved in, the Lone Ranger stretched out a hand and said, “Welcome to heaven.” Soon, the 10-bed facility was battling a six-month waiting list. For many, it was the first time in their lives that many of the residents had a safe, stable place to call home.

The Impact of Sanctum Care Group 

Today, Sanctum Care Group provides solace for individuals with HIV, supports mothers in keeping custody of and reuniting with their children, and offers a peaceful environment for palliative patients. Dr. Markentin emphasizes that, at Sanctum, no one has to face death alone. The organization has extended its reach through various initiatives, connecting former residents to housing and Sanctum 1.5, a neonatal care home for pregnant women, those with HIV or those at risk of contracting it.



Acknowledging that the journey was far from perfect, Dr. Markentin believes that Sanctum Care Group has made a significant impact already, and they have so much more to give! The organization's signature fundraiser, the annual Sanctum Survivor, involves community leaders spending 36 hours on the streets, simulating the challenges faced by those with chronic diseases and no housing. This event raises funds and fosters a deeper understanding of the struggles in Saskatoon's core neighbourhoods.

 In 2023, the founder of Trusted Sara Wheelwright stepped up to participate as one of the ten survivors in the Sanctum Survivor event. Together, they raised a staggering $426,000, with Sara individually contributing an impressive $26,700. The huge final total was greatly impacted by the efforts of 2023 survivor participant David Dube, who surpassed his personal  $100,000 fundraising goal and announced at the Sanctum Gala that his total would be matched by the Les & Irene Dubé Foundation. 

Reflecting on her experience, Sara said: 

"The Sanctum Survivor experience was extremely humbling; I had no idea how many barriers our cities' most vulnerable citizens face in their daily lives. When I understood how impactful Sanctum is , I was determined to help them going forward - the work they do is so needed and I hope I can help them as they grow and share their model for the benefit of all involved! "

 This is a glimpse of their experience.

 

Sanctum Care Group's journey is a testament to the power of determination, compassion, and a vision for proactive care. As they continue to expand and share their proven programs, Sanctum Care Group is making a lasting impact on the lives of individuals with HIV and their families. Trusted Saskatoon is excited to have them in our Non-Profit Category, and we look forward to amplifying and supporting their transformative work for the community.


Sanctum Care Group is a Trusted Saskatoon Non-Profit - learn more about them and their programs on the listing.


Welcoming Anchor Managed Solutions As A Trusted Saskatoon IT Expert

The Trusted Saskatoon Team is delighted to welcome our newest Trusted Saskatoon Partner, Anchor Managed Solution to the Computer and Website Design CategoryGet to know all they do and meet the people behind the business in our latest Trusted Saskatoon article welcoming a new partner to our Saskatoon community of locally owned businesses operated with integrity!

  

Meet Saskatchewan IT Experts -Anchor Managed Solutions 


The Trusted Saskatoon community is thrilled to welcome a new business-to-business partner to our thriving business ecosystem.- Anchor Managed Solutions, established in 2014, has quickly risen to become one of North America's leading IT companies, specializing in supporting small and medium-sized businesses in the Saskatchewan region. With a dedicated team of experts and a commitment to providing top-tier IT solutions, Anchor Managed Solutions has proven itself a trusted partner for businesses needing tech support and guidance.

Meet the Visionaries: Andrew, Pat, and Shawne


Behind the remarkable success of Anchor Managed Solutions Ltd. are three passionate and dedicated local founders: Andrew Ouellette, Pat Kolysher, and Shawne Hancock. These leaders have collectively brought a wealth of experience and expertise to the company, making Anchor a standout choice for businesses seeking IT excellence in Saskatoon.


Andrew Ouellette's extensive experience in IT spans a wide range of industries. His profound knowledge has been honed through numerous projects, including designs for prominent organizations in Saskatchewan, such as mining, telecom, and health regions. Andrew has earned the trust of technical leads throughout the area and has a well-deserved reputation for delivering exceptional IT solutions.


Pat Kolysher’s versatility in the IT field is impressive. He excels in software programming, IT recruitment, business development, and account management. He holds a Six Sigma Green Belt Certification, showcasing his commitment to excellence. His history of providing software support to healthcare institutions, including the U.S. Department of Defense, demonstrates his dedication to developing innovative programs that meet the specific needs of businesses in our province.


Shawne Hancock's journey in the IT industry dates back to the late 90s and has taken him through various roles, from desktop support to managing one of Saskatchewan's largest help desks. His exceptional leadership and time management skills, shaped by his experience in the Canadian Forces, have been invaluable. Now, as the Chief Operating Officer of Anchor Managed Solutions Ltd., Shawne uses his expertise to ensure efficient operations and services for their clients.


Anchor Managed Solutions has brought a wave of change to many businesses in Saskatchewan, serving as a guiding light through the complex world of technology. Their award-winning Help Desk operates 24/7/365, providing the support you need whenever you need it. But Anchor offers more than just tech support. They provide a range of professional services, including project management, scoping, and planning. Their advisory services help with policy development and compliance, ensuring your business stays on the right track.


What their clients say…..


We have been with Anchor Managed Solutions since their early beginnings.  In the area of IT there can be so many things that come up and there have been bumps in the road but they have always made things better.  I really feel like they have our backs.  They will get to work when issues arise and do whatever it takes to take care of things as quickly as possible.  I am pleased with our partnership with Anchor Managed Solutions and that is why we have been with them for so long.”
- Diana Perviera. Handy Special Events Centre 

In addition to their comprehensive IT support, Anchor Managed Solutions offers their clients procurement services. Whether you need hardware, software, or online store membership and discounts, Anchor has you covered! 


Anchor Managed Solutions is a proud Indigenous-owned Saskatchewan company. This distinction signifies a commitment to diversity, inclusion, and empowering Indigenous peoples in business. As an Indigneous-owned enterprise, Anchor Managed Solutions contributes to the region's economic development and promotes cultural awareness and social responsibility. It is a testament to the potential for success and collaboration in an increasingly diverse and interconnected global economy. It demonstrates that when businesses prioritize Indigenous ownership and values, they enrich the fabric of their communities and foster a more inclusive and equitable society.


But what truly sets Anchor Managed Solutions apart is their teams’ proactive approach to IT and cybersecurity. They are dedicated to taking the burden of technology management off your shoulders so you can focus on what truly matters – growing your business. Their tagline, "IT Done Right," reflects their commitment to excellence and their promise to deliver IT solutions that truly work for you.


Welcome Anchor Managed Solutions Ltd to the Trusted Saskatoon Community.



Trusted Saskatoon Experts at JOB Heating & Air Share How a New Furnace Can Save You Money

JOB Heating & Air Conditioning Saskatoon is eager to provide the best possible customer experience. Their aim is to be a professional resource for our clients before, during, and after the sale! Their team takes pride in service knowledge of modern equipment and training. They are recognized by peers and offer sales, service, training & installations for residential, and commercial Heating, Cooling, and Plumbing systems in Saskatoon and the surrounding area. JOB Heating & Air are Trusted Saskatoon Furnace and Air Conditioning Experts. In their latest article, they share why buying a new furnace saves money. 

WHY BUYING A NEW FURNACE SAVES YOU MONEY

The cost of gas and electricity is always on the rise, and it is becoming increasingly important to consider the energy efficiency of your home furnace. While the cost of a new furnace is a shock for most people, it is beneficial in the long run. Here are a few reasons why buying a new furnace can save you money.


Repair Costs

furnace repair costs on older furnaces get expensive - new furnaces save money

Newer furnaces save money as they require less repairs. As with anything that gets older, your furnace requires more repairs as it ages. Over time, constant repairs add up and become expensive. Especially when many call-outs or after-hours calls are required, often these costs will exceed that of a replacement furnace. If you find that service calls are becoming more frequent, it is likely time to purchase a new furnace.


newer furnaces use less energy to save you money

Energy Efficiency

Newer furnaces save money as they are more energy efficient. Not only do old furnaces require more repairs, the cost of running and maintaining older furnaces is significantly greater. Overall, older furnace models consume more energy than newer models. Now that technology is more advanced, energy efficient and environmentally friendly furnace models exist and they are definitely better options. 

It is worth noting that older furnace models may also be heating your home unevenly. Naturally, older models are not as efficient in operation or functionality. Older furnaces just cannot keep up with household demands. They become strained which leads to bill increases. Newer furnaces are able to produce more heat while using less energy, saving you money on your energy bills.


Environmental Benefits

newer furnaces are more energy efficient than older ones

Though the environmental benefits of newer furnaces are not always top of mind, they are surely significant. Using efficient heating systems has a positive impact on the environment. With energy-efficient furnaces, the use of fossil fuels and power stations is decreased. This results in reduced consumption of natural resources and less pollution. If everyone made the switch to a more energy-efficient furnace, imagine the magnitude of impact this would have on the environment. 

Not only will a new furnace ensure more money remains in your pocket, but it will also provide you with peace of mind and a dependable source of heat for your home.

These are a few reasons why buying a new furnace can save you money. Be sure to schedule your routine furnace maintenance to ensure your system is running as it should. If you need any assistance with your furnace or home heating and cooling equipment, do not hesitate to contact our team at JOB Heating & Air Conditioning.


JOB Heating & Air Conditioning are Furnace and Air Conditioning Experts. They show up on time, deliver on budget, and leave the work area cleaner than when they arrived! They take pride in their work in this city and surrounding area, so nothing means more to us than testimonials from their clients as their preferred plumber in Saskatoon.

‘Your Comfort is Our Concern!’

JOB Heating & Air Conditioning are Trusted Saskatoon Furnace and Air Conditioning Experts

Signs That It's Time to Upgrade Your Water Heater From Trusted Saskatoon Plumbing Experts at JOB Heating & Air

JOB Heating & Air Conditioning Saskatoon is eager to provide the best possible customer experience. Their aim is to be a professional resource for our clients before, during, and after the sale! Their team takes pride in service knowledge of modern equipment and training. They are recognized by peers and offer sales, service, training & installations for residential, and commercial Heating, Cooling, and Plumbing systems in Saskatoon and area. JOB Heating & Air are Trusted Saskatoon Plumbers. In their latest article, they share signs it’s time to upgrade your water heater. 

IS IT TIME TO UPGRADE YOUR WATER HEATER?

Your water heater consumes more energy than all household appliances combined, accounting for 17% of the energy use in your home. Not sure when to upgrade? Here are signs it is time to upgrade the water heater in your home. 


The Water Heater Is Old

Though water heaters are certainly built to last, they do not last forever. Generally, water heaters last 20-30 years. However, if your water heater is over 15 years old, it is worth looking into purchasing a new one. Water heaters lose efficiency over time, and newer more efficient systems are always entering the market. If you cannot remember when your water heater was purchased, look for a sticker near the top. This manufacturer sticker will have numbers – the first two usually indicate the year. 

It is important to note that a new water heater is well worth the investment. Your water heater is a significant contributor to your energy bill. While old hot water heaters run continuously, newer models use minimal electricity to provide hot water whenever you need it.


Your Water Is Not Hot Enough

boy holding removable shower head over head

As a rule of thumb, hot water should start to flow within a minute of turning on the tap. If this is not the case and you are stepping into a cold shower, the heating element may be worn out. Even in the cold Saskatchewan winters, your water heater should be performing promptly. If it is not, it is time to have a professional take a closer look.


Your Water Heater Is Making Loud Noises

A noise coming from your water heater is indicative that there is an issue with the mechanical system. In older hot water heaters, rumbling sounds are common. This rumbling sound is the result of sediment build up on the tank floor that accrues and hardens over time. When sediment buildup occurs, your water heater is less efficient, damage-prone, and runs the risk of breaking down completely.


You Notice Rust On The Water Heater Or In Your Water

top of rusty old water heater

Signs of rust on the water heater or in the water itself are signs to look out for. It is possible for rust to occur even in newer hot water heaters. Be sure to check the water inlet or pressure relief valve on the water heater unit. These are two places where rust is noticeable and indicate that rust is likely present within the tank as well. 

If the water flowing from your taps is rusty, there is an issue with your water heater system. Be sure to call in a professional before a bigger problem arises such as a leak. 


You Notice Leaks 

As water heater units age, leaks are more common. A leaky water heater is a tell-tale sign that it is time to upgrade. Sometimes, loose fittings or issues with the pressure overflow pipe are the cause of leaks. Usually, however, leaks are caused by metal in the tank expanding after years of heating cycles. Whenever a leak is involved, it is more than likely your water heater requires an upgrade. 

If you notice any of these signs, it may be time to upgrade the water heater in your home. If you are ready for an upgrade, do not hesitate to contact our team at JOB Heating & Air Conditioning. We will help you explore water heater options and answer all your questions.

JOB Heating & Air Conditioning is a Trusted Saskatoon plumbing company. We show up on time, deliver on budget and we leave the work area cleaner than when we arrived! At JOB we take pride in our plumbing services in this city and surrounding area, so nothing means more to us than testimonials from our clients as their preferred plumber in Saskatoon.

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S & E Trusted Online Directories Inc
TrustedSaskatoon.com
310 Wall St #209
Saskatoon, SK   S7K 1N7
Ph: 306.244.4150

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