It was a packed at the McMichael which is located in Kleinberg, a bit of a hike north from Toronto. As I walked up to the gallery, the sweeping evergreen trees overlooking the winding path relaxed me and put me in the mood to enjoy the evening. The gallery event was showing the art of Alex Janvier who was there for the evening and who gave a speech about his life and sources of creativity.
The McMichael really is worth the drive.
Members of the board were attending and I enjoyed the company of Laura Mirabella, who is CFO of the City of Vaughn, as well a board director of the McMichael.
Laura Mirabella and Jacoline Loewen
A delicious buffet was served and then we all heard the artist, Alex Janvier, speak about the story of his life and how he is inspired. After touring his collection, there were some interesting items in the gallery's store. There was a book with his art over the years, umbrellas and bags, but my favourite were the coffee mugs with his gorgeous colours and patterns which almost infuse you with energy.
Peter MacKay with Susan Fulford, Jacoline Loewen and Debbie Dimoff
"Boats are safe in the harbor, but that is not what they are built to do," said Peter MacKay, Vice-Chairman of Valitas advisory board. Speaking at the Valitas event at The Spoke Club, Peter shared a few war stories about how he seen the corporate finance mandates achieved by Valitas and the challenges of undertaking corporate finance deals. He also made a few light comments about his political background and said he would not start discussing taxes.
Peter's words certainly inspired the room of entrepreneurs and Bay Street's finest - lawyers and wealth managers.
Paris Aden, founder of Valitas, also spoke about the success of the firm and the passion of the team. "Thank you to Peter MacKay for his commitment and contribution to Valitas".
One of the fine women I mentored sent me an uplifting email and photograph featuring the latest addition to her family, sweet William.
William's mother is Farrah Ahmad Solly who is a Rotman graduate close to my heart. I met Farrah when she was the marketing expert in her group project. The team went on to win the overall competition and Farrah contributed the lion's share to their success. I was impressed with Farrah then and now and I'm now impressed with her dedication to her family.
William Solly, son of Farrah Ahmad Solly
Wiley has a good summary about Money Magnet, It is still being used by Ivey and Ryerson. I get emails from entrepreneurs who used it as their blueprint to access private equity.
More about Money Magnet
The number-one issue for every entrepreneur is Money—getting money, raising money, convincing investors to give you money. Whether you are a start up, a family business, or a $100-million company, your biggest issue is always money.
Money Magnetis the solution to your money worries. It's the complete how-to guide to attracting private investors—debt and private equity—for business founders and owners. It reveals what private investment is and how it works, the benefits and pitfalls, how and where to find it, and how to be successful in attracting it.
Praise for Money Magnet
"Every ambitious private business owner should understand the role of investors and how to attract them. Money Magnet is an indispensible guide to the process."
—Austen Beutel, Chairman and CEO, Oakwest Corporation Ltd.
"Don't put another nickel into your business until you have read this book. Money Magnet is Financing 101 for entrepreneurs and owners who want to grow their business."
—Greig Clark, Entrepreneur (College Pro Painters and Arxx Building Products) and Venture Capitalist (Horatio Enterprise Fund)
"Money Magnet begins with a startling proposition: some businesses succeed more than others simply because they know how to raise money. By sharing these processes, tools and secrets, Loewen is daring Canadian entrepreneurs to dream bigger than they've ever dreamed before."
—Rick Spence, Entrepreneurship Columnist for the National Post and PROFIT Magazine
Follow on Twitter @jacolineloewen
Money Magnet, by Jacoline Loewen, published by Wiley.
By Elisa Martinuzzi and Joel Weber | October 3, 2017
BLOOMBERG MARKETS: Almost half the world’s billionaires bank with you. That’s a distinct set of clients. What have you learned from them?
SERGIO ERMOTTI, CEO of UBS Bank: It’s always fascinating to hear how they became so successful. When you look at billionaires, many of them share one characteristic: They were not born billionaires. I was in Asia recently, where I met a few, and they have quite impressive stories. It feels like the American dream, only it’s no longer just in America. The main lesson for me is that with passion, focus, vision, determination, you can do a lot.
BM Which trait most stands out?
SE You see a lot of passion for what they do. And the same level of focus. It’s quite clear that it’s not all about money. Of course some people care about that, but at the end of the day, they enjoy what they do.
BM How much time do you actually spend with clients?
SE Not as much as I would like. The most interesting discussions are actually when we are fortunate enough to bring them together. We organize events where our clients can get together. It’s also a way for them to foster a level of cooperation, of getting to know each other—which is important for business regardless of UBS being involved or not.
BM You’re like Tinder?
SE At these events we are a kind of sophisticated speed-dating organizer, sure. It adds value for our clients. Take Art Basel. The idea is that people attend because they share a common interest, a passion. And while attending the events, maybe they start to talk about other issues or opportunities.
BM What did you think of UBS before you got here?
SE I thought it was an incredible franchise with almost 150 years of history that had survived a dramatic moment. My predecessors had stabilized things, but it was not clear yet what the path was going to look like going forward. I’ve always been impressed by the fact that, as bad as things got here, only 2 percent of clients closed their accounts. I figured the franchise and the quality of the people who are able to retain the clients during such a crisis must be extremely high. My view was, I want to be a part of this. Bloomberg Markets: How would you describe your business today?
SE We are the undisputed global leader in wealth management. We think that this is a huge advantage. It’s a very fragmented market still. And if I look at our position and the growth expectations of wealth creation, which is expected to be twice as high as GDP, we should stay focused on doing this. Sell-side analysts, rating agencies, and the media still consider us an investment bank. I find it totally ridiculous. If you look at where our business comes from, we are basically the world’s most expensive investment bank and its cheapest asset manager.
BM What advice did you get when you arrived here?
Jacoline Loewen and team
SE Some competitors were telling me, “Shut down the investment bank; we’ll serve you.” They wanted to grab flows and build out their business. People also told me to sell Wealth Management Americas. My popularity would have soared, especially in Switzerland; UBS wouldn’t be where it is today; and I doubt I’d still be here. That was a defining moment—to say, These are businesses we can turn around. It was a good reminder that the consensus is not necessarily the right thing to do.
BM Was there a company, maybe even outside your industry, that you looked to for inspiration?
SE Not for strategy. But when I joined, I said I wanted UBS to be the Apple or the IBM of the financial-services industry: from glory, to near-death, and then back to glory.
Thank you again to all who applied to the UBS Future of
Finance Challenge 2017. Please read the full Media Report here with links to all the global finalists.
Jacoline Loewen and team for FinTech
After careful consideration and collaboration, those listed
below are the applicants who we feel currently have the highest potential to
partner with UBS in one or more of our businesses globally.
We would like to extend our thanks again to all applicants,
and remind you that although your application might not have been chosen this
time, this does not preclude you from applying to any future Challenges.
Jacoline B. Loewen, Disruptive Technology in Fintech
From TechFest happening in Vancouver to the Waterloo Innovation Summit and Elevate Toronto, it was the week of innovation and entrepreneurs.
During the same week, I got an amazing phone call from Switzerland. Our UBS Global Fintech Challenge was done. UBS was now releasing the details about the finalists selected to go to New York.
The eleven finalist companies will receive mentoring about their technology and brain storm about how they could work with our UBS information technology team members.
The finalists will spend several days in New York And hang out with the UBS key players and decision makers for UBS Bank around the world. This is worth more than the prize money for both the startups but also for UBS. It is an amazing way to engage with the best, most disruptive and the most relevant innovative fintech companies from around the world.
The 11 finalists will then be helped to prep and then to present their Pitch Deck to the judges. One winner will be selected to get the investment capital award. Probably the mentoring and networking is of far greater value but someone has to won the podium. This is all coming up in November, 2017.
I must say, I was stunned to hear the numbers behind the competition and how much the Canadian FinTech is hitting above its weight. For your interest, here is a quick numbers break down:
1,000 applicants across the globe.
125 were looked at closely
Out of the 11 finalists in the Americas going to New York - a whopping 5 are Canadian.
2 of these Fintech companies are female founded and led.
It would be amazing if a Canadian won. I will keep you posted!
The Billionaire, Ray Dalio, one of the world's largest and best-performing hedge funds has published his autobiography which I recommend. A true entrepreneurial success story, Dalio started his company in a tiny apartment. He was a self-described poor student. Forty years after starting his company, Dalio decided to share his success secrets in his new book,Principles.
Ray says the most important chapter that reveals the number one roadblock to success that is so engrained in the human experience, and in our DNA, it's difficult to overcome. But those who recognize it and take steps to knock down the barrier will be in a much stronger position to get what they want out of life.
Dalio's advice: Be radically open-minded
Good decisions aren't necessarily the ones that stroke your ego. A good decision is what's best for you and your company. To make good decisions, argues Dalio, a person must have the ability to explore different points of view and different possibilities, regardless of whether it hurts your ego.
Ask any of your friends or any entrepreneur if he or she is open-minded, and most--if not all--will say they are. But are they? Are you? According to Dalio, here are some cues that will tell if you are truly open-minded.
Close-minded people don't want their ideas challenged; open-minded people are not angry when someone disagrees.
Close-minded people are more likely to make statements than ask questions; open-minded people genuinely believe they could be wrong.
Close-minded people focus much more on being understood than on understanding others; open-minded people always feel compelled to see things through others' eyes.
Close-minded people lack a deep sense of humility; open-minded people approach everything with a deep-seated fear that they may be wrong.
Dalio believes that recognizing these traits in yourself is just the first step. The second step is recognizing them in others. Once you do, "surround yourself with the open-minded ones," he says.
Imagine a world where everyone was perfectly honest and trustworthy when it came to money. This is where banks arose to help trusted intermediaries to able to protect and transact with money. Now, imagine a world with a single, universal, absolutely trustworthy and completely indestructible financial ledger. This is where blockchain is arising. It is to create a simplified, single ledger for transfer of value.
Jacoline Loewen at the Blockchain and Crypto-Currency Event, 2017
With these points in mind, I put together an event discussing these themes and how blockchain is gaining in achieving this lofty vision. Crypto-currencies and blockchain technologies are attracting tremendous interest from new and traditional participants across all sectors, and banks are at the forefront of understanding the potential applications of these technologies - which will change how banks operate at an organizational level, not just at a technology level. Efforts like UBS's Blockchain and Innovation Lab in London, UK will drive innovation through unique partnerships with fintechs and other large banks as blockchain technologies are better understood by regulators and clients and industry standards emerge. In 2015, UBS started a pathfinding journey to explore, harness and share the potential of blockchain. As a leading financial organization, it is our duty to understand the technology and its implications, to share the knowledge and benefits with clients, the financial industry and the wider society, and become ready for blockchain in production in 2018.Thank you to our expert speaker, Peter Stephens, Head of UBS Blockchain and Innovation Lab in London, UK. A special thank you to Andre Perey, Blake, Cassels & Graydon LLP (Blakes), who hosted the fireside chat with Peter. Andre is also a director on the board of UBS Bank (Canada).If you would like more information about the Exploring Blockchain and Crypto-Currencies event held by UBS Bank (Canada) in August, 2017, or for UBS reports on blockchain and cryptocurrencies, please contact me for details.
Jacoline Loewen: 416-332-7012 You can follow me on Twitter @jacolineloewen
I was pleased to be invited to serve for a third term on the board of directors of The Atmospheric Fund.
Being on the Investment Committee means real input into private equity investing and sustainable investing.
TAF is governed by a 12-member board. Five of these members are City Councillors and seven are citizen members appointed through the City of Toronto’s public appointments process. TAF has been fortunate to have attracted a wide range of experience and expertise to our board, including investment specialists, energy experts and community engagement professionals. The board meets five times a year and board meetings are open to the public (but may include in-camera sessions).
Investment Committee
The Investment Committee oversees both management of TAF’s endowment and mandate-related investments (loans and equity investments in enterprises that can deliver emission reductions). The committee members have a wealth of investment and legal expertise and provide recommendations to the TAF board on all investment decisions.
Members:
Rob A. Roberti (Chair), Principal at Verde Finance
John Campbell, City Councillor
Bill Crossland, President and CEO at Thermal Energy International Inc.
Jason Kotler, Entrepreneur
Hyewon Kong, Associate Portfolio Manager at AGF Investments Inc.
Matthew Z. Leibowitz, Partner at Plazacorp Ventures
Jacoline Loewen, Director at UBS Bank (Canada) Wealth Management
Graham McBride, Independent Investor and Strategist
Bill Tapscott, Managing Director at Era2 Productions Inc.
Terry Vaughan, Senior Consultant at Prime Quadrant
The committee’s responsibilities include:
Selecting the investment manager(s) and any other agents or advisors needed to prudently manage the endowment
Formulating and amending when necessary the Statement of Investment Objectives and Principles (SIOP), with consideration to TAF’s mandate and purpose of advancing solutions to climate change and air pollution, and reviewing the SIOP at least once per year
Preparing and maintaining a Prohibited Securities List of companies whose securities cannot be held in the portfolio in keeping with the mandate and beliefs expressed in the SIOP
Monitoring the investment manager(s) and any other agents or advisors with respect to investment performance and compliance with the SIOP
Reviewing and advising on impact/direct investments and providing recommendations on those investments to the board
Providing quarterly reports to the board on the performance of the endowment and any other aspects of asset management, which the Investment Committee deems appropriate or as requested by the board
We all know that automating a monthly deposit to our nest egg bank account is a proven method to build wealth. It's fairly painless as you do not notice the withdrawals and you rapidly adjust your lifestyle. Pretty quickly, your wealth does grow, particularly if you choose lower risk investments with a decent interest rate?
How about something more specific?
I like the table below that shows monthly savings rate with interest earned. It is over a 25 year period which my not serve your needs but will be good to show your adult children to inspire them to at least start with the automatic monthly savings to their TFSA.
The UBS Bank (Canada) team showed their true grit at the Toronto Triathlon Festival 2017. It was a great experience to be with my team on the weekend and to see the competitive spirit of all of them.
Thank you for the great day
For "complete" retirement planning, there is more required than the usual "meat and potatoes" approach of financial preparation. Recent research shows that the retirement planning needs are changing.
Pre-retirees report that they are more anxious about the emotional adjustment to retirement than they are about financial security. Once over that barrier, the retirees worry about health and long-term care, and not so much about having income to sustain their lifestyle.
Our findings confirm that the wealthy investors are focused on:
1) Liquidity: Wealthy pre-retirees want to reach a certain asset or dollar level before they retire. In contrast, age is the retirement trigger for pre-retirees with fewer assets.
2) Longevity: More than half of wealthy retirees feel unprepared for health issues and long-term care. This is an opportunity for Financial Advisors to add far more value to their clients.
3) Legacy: 51% of retirees plan to leave assets to heirs and charity. As a result, many maintain and even increase equity holdings after retirement. Retirees in their eighties, for example, have equity levels similar to investors in their fifties.
Submit your innovation and join our launch event in Toronto
Please
join us for our breakfast and briefing session about our UBS global innovation challenge for
FinTech start-ups, with up to US$250,000 in prizes and support for technologies
that best address our four challenges.
The UBS Future of Finance Challenge 2017 is
open to start-ups and established, growing companies that think they can
change the way finance works and how banks meet their clients' needs.
To find out more: https://innovate.ubs.com/ Complete a submission form to enter our global innovation competition for FinTech start-ups, with up to US$250,000 in prizes and support for technologies that best address our four challenges.
Healthy Start, Healthy Future held their fourth annual Celebrity Tournament, this year featuring a special celebrity skills challenge with some of your favourite stars.
The Celebrity Tournament is in support of the Life with a Baby Program to support parents and prevent Postpartum Mood Disorders. Support focused on the mental and emotional health of mothers, and mothers of preterm infants who spend time in the NICU to prevent postpartum depression.
It was a terrific golf event that featured appearances by a wide range of celebrities who believe in our cause.
Our 4th annual golf tournament took place on Monday July 10th 2017 at The Thornhill Club..
Jacoline Loewen and golf with Healthy Start
Healthy Start, Healthy Future manages the Life with a Baby Program, Canada’s largest peer‐to‐peer network with over 10,000 members. This program is geared toward providing a Healthy Start for parents and children from day one. Members are primarily mothers aged 25‐40 with at least one child. Proceeds from the event will benefit Life with a Baby and other programs that support new and expecting parents to ease the transition to parenthood and prevent the debilitating effects of Post‐Partum Depression and of Perinatal Mood Disorders.
For the fourth year in a row, CFL Hall of Famer Damon Allen returned as host for the event along with Todd Keirstead, golf professional, founder of Golf With Attitude and Bring Back the Game - which focuses on helping everyone enjoy golf regardless of age or (dis)ability.
Other celebrities in attendance include:
Murray Foster – Songwriter, environmentalist, filmmaker, and musician with Moxy Früvous, Great Big Sea, and the Cocksure Lads.
Bryan Muir - Retired NHL defenceman and former Stanley Cup Champion with the Colorado Avalanche. Sherman Hamilton – Former Basketball Player for Team Canada and sports analyst on Sportsnet & NBA TV.
Paul Jones – Raptors TV host and Raptors play-by-play announcer for radio broadcasts.
Sherry Middaugh – Five-time Ontario and one-time Saskatchewan curling champion, multi-time bronze medalist at the Scotties Tournament of hearts.
Rob Hitchcock – Former linebacker and safety for the Hamilton Tiger Cats and the Edmonton Eskimos of the CFL.
Gregg T. Butler – Former CFL defensive back and football coach at the CFL and CIS levels.
Bob Turcotte – Retired curler, winner of 3 Canadian senior curling championships, multiple provincial titles, and a world championship.
Roy Weigand – Retired curler, winner of 3 Canadian senior curling championships, multiple provincial titles, and winner of one world championship.
Jason Portuondo – Veteran Canadian TV/Radio personality and sportscaster for TSN, CTV, Sportsnet, G98.7FM, and 680 News.
Ian Leggatt – Retired professional golfer, winner of one PGA Tour event and one Nationwide Tour event. Ian appears as a golf analyst on Sportsnet and is currently the Director of Golf at The Summit Golf and Country Club.
Dennis Maruk – A retired Ukrainian-Canadian professional ice hockey player. He played in the National Hockey League from 1975 to 1989, scoring a career high 60 goals for the Washington Capitals in 1981–82.
Dwayne De Rosario - A retired Canadian professional soccer player, who played as a forward or as an attacking midfielder. A four-time MLS Cup champion, he also won the 2011 MLS Most Valuable Player award.
Anson Henry - A Canadian sprinter who specializes in the 100 metres. At the 2003 Pan American Games he won the bronze medal in the 100 metres. Also competed at the 2008 Olympic Games.
Glenn Howard - Canadian curler from Tiny, Ontario. One of the most decorated curlers of all time; He has won 4 world championships, 4 Briers and 15 Ontario provincial championships.
Elliot Price - A Canadian sportscaster and currently the host of the morning show of CJCL 590 in Toronto.
The huge transfer of small business wealth is the last big direct impact that the baby boomers are going to have on the economy during their working lives, said Glenn Huber, president of Calgary-based private equity firm Chrysalis Acquisition Partners Inc. After that, boomers’ big influence will be mainly on the travel industry, retirement homes, and ultimately, the funeral business.
Jacoline Loewen, director of business development
Mr. Huber’s company has set up a fund, the Chrysalis Acquisition Fund 1, to buy up small and medium-sized businesses in Western Canada that are looking for an alternative to selling to heirs, employees, or individual buyers. In many cases the fund will partner with a small firm’s remaining management, providing the capital to help buy out the founder.
Jacoline Loewen, director of business development at UBS Bank (Canada)
and an expert on small business succession, said the recession delayed the start of the boomer transition because many entrepreneurs did not want to sell out while the economy was weak. Now, she said, many are ready to think about it, although few have done the necessary preparation. That has created an even bigger bubble of small companies ready to change hands.
Ideally, business owners should begin thinking about transition five to 10 years before they leave, she said, and even before they hit their 50th birthday. In preparation, they should hire advisers, or at least set up an expert advisory board that can help guide them and provide contacts. But baby boomers tend to overestimate their health and stamina, and “stay on for far too long,” Ms. Loewen said.
The first choice for many small business owners is to have their children take over, Ms. Loewen said, although often the kids just aren’t interested, having seen the toll that running an enterprise can take. When the children are keen to take over, she said, a proper valuation of the business needs to be performed, and the next generation should be prepared to buy in – even competing with external buyers if necessary.
At Alps Welding, Mr. Dussin and his parents set up a structure where he received shares that will gain value as the business grows. Eventually, he can buy out his parents’ holding.
More importantly, Mr. Dussin said, was the gradual process of shifting managerial control from one generation to the next. He came in as vice-president 11 years ago, then took on more responsibility over time, becoming president about five years ago.
Mr. Dussin’s father is still involved, and that is a key aspect of baby-boomer business succession if it is to proceed smoothly. “This business is my father’s life … He doesn’t have a lot of interests outside of work. It is not like he has been waiting to play golf five times a week,” Mr. Dussin said.
PricewaterhouseCoopers, in a recent report, predicts a “highly competitive buyer’s market between 2018 and 2025” for family businesses, and suggests that many owners will not get the nest egg they hoped for.
Over all, the sale of small businesses in the coming decade will involve a massive transfer of assets – estimated at between $1-trillion and $4-trillion in Canada alone. And if many of those businesses simply close up shop, it could damage the economy through significant loss of employment.
Boomers will pass a small-business baton worth as much as $4-trillion
