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

21. Nov 2023 Admin Saskatoon Financial Services, Trusted Tips

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:

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

Wiegers Financial & Benefits Is A Trusted Saskatoon Financial Advisor

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

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

7. Nov 2023 Admin Saskatoon Air Conditioning & Furnace, Trusted Tips

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

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.

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

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

6. Nov 2023 Admin Saskatoon Plumbing, Trusted Tips

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

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.

‘Your Comfort is Our Concern!’

JOB Heating & Air Conditioning Are Trusted Saskatoon Plumbing Professionals

Trusted Saskatoon Experts at JOB Heating & Air Explain How To Protect HVAC Systems from Snow and Ice

6. Nov 2023 Admin Saskatoon Air Conditioning & Furnace, Trusted Tips

REASONS TO KEEP YOUR HVAC SYSTEM PROTECTED FROM SNOW AND ICE THIS WINTER

The harsh elements are hard on anything left outside throughout the winter. Although air conditioner units are built to withstand winter conditions, they need help to remain protected. Especially in freezing temperatures, here are some reasons to keep your HVAC system’s outdoor unit protected this winter:

Built-Up Ice Damages The Outdoor Unit

Ice build-up can damage the outside and inside of your outdoor HVAC unit. As snow melts and re-freezes, cold temperatures cause blocks of ice to form in roofs, gutters, and other surfaces. Falling ice can also damage the exterior of your unit and the lines connected to your system.

Ice build-up also causes internal damage to your unit. If snow and ice are not removed and build up on your outdoor HVAC unit, it causes system components to freeze. Extreme enough temperatures can cause motors to freeze, making your compressor unusable. The worst part is that you may not notice there is damage until you go to turn on your unit when the warmer months hit.

Rust Is Destructive

When snow and water are present, rust is an issue. Water expedites the oxidation process, particularly when combined with exposure to oxygen in the air. Although materials such as copper are resistant to corrosion, they are not rust-proof. Eventually, rust leads to a coil losing the capacity to operate and transfer heat properly under pressure.

Rust will affect the internal parts of your HVAC unit and damage your system's external or structural parts. Although these components are painted or sealed, this is not enough to combat the power of rust. Typically, however, issues commence in unsealed locations such as bolts, screws, and the holes that keep your system together.

Snow And Ice Limit Air Flow

Heat pumps are popular heating systems for many homeowners. Modern heat pumps quickly heat a home efficiently, even in temperatures below freezing. However, to be able to function, they must have access to enough heat, which can only be drawn from the air around them. Therefore, airflow is crucial for these systems. If snow and ice accumulate and block airflow, the system cannot do its job effectively.

HVAC systems that fill up with snow will result in a similar situation. Heat transfer is impossible if snow enters the cage surrounding your interior components. As a result, your heat pump freezes, and your home will not have the heat supply it needs to be kept warm.

Ways To Protect Your Outdoor HVAC Unit

Protecting your outdoor HVAC unit from snow and ice is important to keep it in good working condition. Here are ways to protect your outdoor HVAC unit:

During snow storms, always cover your HVAC system. Covering the system always gives critters a place to build a home and find shelter, which causes damage.
After a heavy snowfall, brush or sweep snow off your unit. Snow and ice build-up can damage it.
Clear away the snow around the outdoor unit (at least a one-foot radius). With a heat pump system, the radius should be three to four feet.
Never use hot water to defrost a frozen air conditioner. Hot water mixed with snow causes temperature shock, shattering even rigid metal.
Always have your air conditioner inspected before use in the warmer months to ensure there is no lasting damage from the winter elements.

These are a few reasons to protect your HVAC system from snow and ice this winter. Be sure to protect your system from the elements and schedule routine HVAC maintenance to ensure it is running as it should. If you need assistance with your furnace or home heating and cooling equipment, do not hesitate to contact the JOB Heating & Air Conditioning team. They show up on time, deliver on budget, and leave the work area cleaner than when they arrived!

‘Your Comfort is Our Concern!’

JOB Heating & Air Conditioning Is A Trusted Saskatoon Furnace and Air Conditioning Expert

Trusted Saskatoon Furnace & Duct Cleaners at Bridge City Duct Cleaning Explain Why Dryer Vent Cleaning is Essential

6. Nov 2023 Admin Saskatoon Furnace & Duct Cleaning, Trusted Tips

Trusted Saskatoon Furnace & Duct Cleaners Bridge City Duct Cleaning provides both residential duct cleaning and commercial duct cleaning and furnace maintenance services. Their team is professionally trained, qualified, bonded, and factory furnace and duct cleaning technicians. In their latest article, they explain why dryer vent cleaning is so important.

Why Dryer Vent Cleaning Is Essential

Dryer vent cleaning is essential for a few reasons.

Clogged Dryer Vents Waste Energy

Responsible energy consumption is important. Clogged dryer vents cause your dryer to not be efficient in drying your items. This means more dryer time is needed, and energy is wasted, leading to higher electricity bills.

To run efficiently, a dryer needs to properly be able to release heat. When there are clogs the heat gets trapped and the dryer must work harder than necessary. Ensuring dryer vents are cleaned will increase efficiency and save energy.

Clogged Dryer Vents Can Cause Fires

The build-up of linen, dust, and debris in the hot air shaft has the potential to cause a fire, endangering your family. Too much pressure causes combustion, and if a fire results it will inevitably spread throughout the home. It is important to note that fires resulting from the neglect of dryer vent cleaning and maintenance are not usually covered under insurance policies. Ensure fires are prevented with regular dryer vent cleaning, and keep your loved ones safe.

Prevent Clogging By Having Your Dryer Vents Cleaned Annually

In order to prevent unnecessary inefficiencies in energy usage, or the potential for fires due to a clogged dryer vent, regular maintenance is highly recommended.

Unless cleared regularly, particulate matter can build up, which can compromise performance. In some cases, the flammable residue from the material being dried may start to disperse elsewhere in the machine, creating the potential for a fire in the appliance. We have the answer!

Having your dryer vents cleaned annually is important. Let our professional team of experts at Bridge City Duct Cleaning take care of your dryer vent cleaning to prevent damage to your air and your home.

Contact Bridge City Cleaning today to have your ductwork cleaned.

Bridge City Duct Cleaning Services Include: