ANNUAL REPORT

2O2O|
2O21
ACKNOWLEDGEMENT
OF THE LAND
We acknowledge that our membership spans multiple unceded traditional territories of many
nations, and that the Family Enterprise Canada office in Oakville operates on the traditional
territory of the Mississaugas, Neutral, Huron-Wendat and Haudenosaunee, and the Family Enterprise
Foundation office in Montreal operates on the traditional territory of the Kanien’keha:ka (Mohawk).
We recognize and deeply appreciate their historic connection to the land, and we have the
responsibility to honour and respect the original keepers of this territory and the many Indigenous
Peoples living here today.

CONTENTS
2 About Family Enterprise Canada

2 About Family Enterprise Foundation

3 Message From the CEO

4 Message From Our Board Chairs

6 Highlights: Past, Present & Future

6 A Dynamic Peer Community That Helps You Thrive

8 Learning Together, Moving Forward

10 Resources to Build Stronger Family Enterprises

12 The Voice of Canadian Family Enterprise

14 Governance Update

16 Our Supporters

18 Financial Update
ABOUT FAMILY
ENTERPRISE CANADA*
We are the national community for family business in Canada. Our goal is to ensure the
long-term success and continuity of enterprising families and their family enterprises, across
generations. Family Enterprise Canada empowers business families and Family Enterprise Advisors
(FEAs) to thrive by providing dynamic peer communities, family-focused learning, relevant resources,
a family enterprise specific designation and — together with our Foundation — a voice for all.
  For more information about Family Enterprise Canada, please visit FamilyEnterprise.ca

ABOUT FAMILY
ENTERPRISE FOUNDATION
Family Enterprise Foundation (FEF) is the charitable organization of Family Enterprise Canada.
As the unified voice of family enterprise in Canada, Family Enterprise Foundation focuses on
developing family-focused educational resources, conducting research, building a strong and
connected ecosystem and promoting the success and sustainability of entrepreneurial families
and their enterprises to ensure intergenerational longevity.
  To learn more, please visit FamilyEnterpriseFoundation.org.

*Family Enterprise Canada is a registered business name of Family Enterprise Xchange (FEX) and will not replace
the legal corporate name until a name change resolution is approved by members at the Annual General Meeting
on September 14, 2021.

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MESSAGE FROM THE CEO

What a year of disruption and change it has been – for the world, for our personal lives, for business
families and for our organization. In addition to the stress and concerns we all experienced with our
health and well-being, certain members in our community have struggled economically over the past
year. Like many of you, however, we are emerging from the pandemic stronger and looking a little
bit different. We adapted our programs and platform for the virtual environment and have continued
our evolution to a truly national model while expanding our community to encompass the whole
business family ecosystem in Canada. These exciting changes prompted a small but meaningful
adjustment to our name. Going forward, we will be Family Enterprise Canada, a name that better
reflects who and what we are today: one face, one voice, one community for Canadian family
enterprise from coast to coast.

Our response to the operational and financial impacts of the pandemic and the progress achieved
over the past year is a reflection of the tremendous work and commitment of our dedicated Family
Enterprise Canada team. The adjustments to existing programs, introduction of new programs and
activities and evolution of our business model are major team accomplishments under challenging
conditions. On behalf of our whole community, I want to thank our dedicated team for their efforts
and commitment.

We look forward to the coming year with a great sense of

optimism knowing the proven strength and resilience
of family enterprises. We believe Canadian business
families and our designated Family Enterprise
Advisors will play an important role in the economic
recovery now underway. At Family Enterprise
Canada, we too will embrace the opportunities and
challenges that arise over the coming year to ensure
our community continues to thrive and succeed.

Bill Brushett
President and CEO, Family Enterprise Canada
President and CEO, Family Enterprise Foundation

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MESSAGE FROM
OUR BOARD CHAIRS
Our purpose and mission are clear, we are committed to ensuring the success, continuity and
sustainability of Canadian business families and their family enterprises.

Our research prior to the pandemic highlighted the considerable impact of family-owned businesses
– small, medium and large – as the real backbone of our Canadian economy. The experiences of the
past year and a half confirmed the critical integrated support systems family enterprises provide
to our communities and to the social well-being of all Canadians. While many Canadian businesses
struggled over the past eighteen months, many family-owned businesses from across the country
stepped up and dug deep to support their employees, their communities and their businesses.
They provided essential services, medical, personal and financial support to their employees and
their communities’ charitable and social services. They pivoted to produce PPE or focused their
philanthropic activities where needed most, proving once again their critical role in the Canadian
economy. The resilience and strength of the family enterprise system is indeed amazing.

As we embark on a thoughtful post-pandemic recovery, we truly believe family enterprises will play a
critical role in leading the way. It is a critical time for family enterprises, and it is incumbent upon us
to support, encourage and champion family enterprise on a successful path towards a future where
they continue to thrive.

At Family Enterprise Canada and Family Enterprise Foundation, we empower and inspire business
families to be their best. We will continue to be the centre for the dissemination of collaborative
research, to be the voice of family enterprise in Canada, to develop and provide access to world class
educational resources, programs and thought leadership. We will continue building a connected
community for business families and Family Enterprise Advisors, providing a platform for a
flourishing eco-system where multi-generational continuity provides pathways for sustainability.

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WE INVITE ALL FAMILY ENTERPRISES TO JOIN OUR COMMUNITY. If you know a family
enterprise, invite them to be a part of our strong, dynamic community, where everyone speaks
the same language – the language of family enterprise.

Finally, on behalf of our Boards of Directors, we want to express our appreciation to the
talented team at Family Enterprise Canada and Family Enterprise Foundation. Through very
trying times over the past year, they performed exceptionally well. They adapted to mitigate the
operational and financial challenges of the pandemic, developed and introduced new programs
and services, successfully executed a merger of two predecessor foundations to constitute
Family Enterprise Foundation and continued to connect and engage our community across the
country. Thank you for your commitment and dedication to our community.

Susan St Amand Margaret-Jean Mannix

Board Chair, Family Enterprise Canada Board Chair, Family Enterprise Foundation
Board Vice Chair, Family Enterprise Canada

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Highlights: Past, Present & Future

A DYNAMIC PEER COMMUNITY

THAT HELPS YOU THRIVE
One Family Community,
Two Unique Experiences
Member feedback over several years was to implement clear and concise
membership options. We listened and together with our members we
created one unified family membership that provides two different
experience options: Foundational and Progressive. Families can be at
different stages in their family enterprise journey, requiring different
resources, levels of support and ways to participate in our community.
  Learn more about our two Family membership experience options.

Integrating Our FEA Designates

During the past year, we introduced a program for new FEA designates
to help them build relationships and participate in the full Family
Enterprise Canada experience. The objective is to ensure our newest
FEAs are fully empowered by our community through member
engagement, sharing of experiences, learning and contributing through
Community Calls, creating content for newsletters and participating at
events with a clear focus on driving the FEA connection to ensure our
FEAs experience the full value of connecting with their peer community.

FEA Peer Groups

FEAs have always valued the opportunity to connect with peers to
share experiences, learn from each other and continue to build their
skills. During the pandemic, we felt the time was right to establish self-
moderated FEA Peer Groups. Some informal groups have been getting
together already and we want to build on that success. We have taken
a soft launch approach to this program to give us the opportunity
to refine it and ensure it meets the needs of our FEAs. Flexibility in
focus and design will be important to the overall success. In forming
Peer Groups, we will recognize the differing interests of FEAs, such
as learning, networking, focusing on an area of practice, and multi-
disciplinary versus single disciplinary.

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NextGen, Our Fastest Growing
Community
Our NextGen Community represents the voices of over
215 individuals from Canadian business families. Our
NextGens tackle crucial business family issues with open,
diverse and often non-traditional perspectives – pushing
one another and holding each other accountable. With
passion and commitment to leadership development in
the rising generation, we can revert the “Shirtsleeves to
Shirtsleeves” paradox.

Family Enterprise Mentorship Program

In spring 2021, we introduced one of the most impactful
and engaging family programs, the Mentorship Program.
Focusing on the needs of our rising generation, the
essence of this new program is to connect family
business leaders of tomorrow with the leaders of today
and yesterday. This unique program creates a culture
of learning and provides personal and professional
development to further Canadian family enterprise legacy
and successful transitions.
  Learn more

Family Leadership Forum

The Family Leadership Forum, a professionally facilitated peer group designed for
family members in a leadership position within their family enterprise, will launch in
January 2022. The Forum will consist of eight to 10 members, led by two experienced
moderators trained to work specifically with enterprising families. The Forum will provide
participants with new perspectives and insights, as well as opportunities to network and
strengthen their family enterprise and position it for growth and continuity.
  Learn more

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Highlights: Past, Present & Future

LEARNING TOGETHER,
MOVING FORWARD
Canadian Family Enterprise Forum 2021
In April 2021, we hosted our signature conference, Canadian Family Enterprise Forum, gathering
over 250 family and FEA members virtually from coast to coast. The exceptional feedback from our
community reflected the success of our insightful presentations and panel discussions on topics such
as Social Impact, NextGen Dynamics, Supporting Senior Members of the Family, and more.  While
we all missed in-person connections, the collaboration of our FEAs and Enterprising Families during
Forum allowed us to feel united as one community! 
Together, we celebrated the achievements of Canadian family businesses at our National
Family Enterprise of the Year Award (FEYA) celebration honouring three deeply inspiring family
businesses:  Burnbrae Farms, Schinkel Properties Inc. and our 2020 FEYA Recipient, Akhurst
Machinery Limited. 

Families Summit of Minds 2020 & 2021

Our annual Families Summit of Minds conference connects enterprising families and global thought
leaders in facilitated discussions, focusing on today’s issues and tomorrow’s opportunities, and
draws on shared wisdom, contrasting opinions and solution-driven ideas. Last year, families gathered
around the virtual summit table to learn about topics such as Mitigating Future Risks, Entitlement in
Family Enterprise, The Digital Economy, and more.
We are planning to return to in-person for our 2021 Families Summit of Minds. On November 12
and 13, enterprising families and global thought leaders will gather in Montreal to explore important
issues impacting business families today and into the future. Preparation for this unique event is
progressing rapidly and the program has been finalized and includes an exciting lineup of topics and
peer discussions.
  Learn more about the 2021 Families Summit of Minds.

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FEA Program Continues To Grow!
In early 2020, at the start of the pandemic, we had to pivot
quickly to move the FEA Program, traditionally an in-person
experience, to online delivery. Thanks to the exceptional work
of our team and faculty, we were able to successfully complete
two in-progress cohorts virtually and launch four new virtual
cohorts over the past 18 months. In total, there were 163 FEA
candidates who either started the program or completed the
program during the pandemic. It has been encouraging and
rewarding to see enrolment and demand for the FEA Program
remain so strong and continue to grow.
As vaccination rates improve and restrictions are lifted, we are
planning a return to in-person delivery of the FEA Program
starting in early 2022 with a Vancouver cohort in January
followed by a Toronto cohort in May. However, we do see
continuing demand for a virtual offering, particularly from
candidates who must travel to our program locations, as well
as out-of-country participants. Consequently, we anticipate
continuing to offer the virtual experience with at least one
cohort each year.

FEA Advanced Curriculum

and Continuing Education
We are developing an advanced education curriculum that
builds on the learnings of the FEA Program. The primary
objectives are to advance and strengthen the knowledge,
skills and abilities of FEAs and to provide a continuous
structured path of high-end learning on specialized topics.
While being developed for FEAs, we see potential to leverage
this content with business families and other interested
groups in the future. The concept plan is based on a series of
“mini certifications” in certain specialized topical areas (e.g.,
governance, family dynamics, advanced advisory skills) based
on the domains of our learning continuum. We are currently
engaging with focus groups with a goal to pilot the program
late fall or early 2022.

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Highlights: Past, Present & Future

RESOURCES TO BUILD STRONGER

FAMILY ENTERPRISES
FamilyEnterprise.ca Resource Centre
Over the past year, we made tremendous progress adding content from the Foundation and building out
our Resource Centre – unlocking significant value for business families and FEAs. Our Resource Centre
contains over 1,700 pieces of content, including videos, articles, case studies, 14 new
interactive activities and online courses such as Compass for Entrepreneurial
Families and the recently released Financial Management for the Rising
Generation. Resources are searchable by topic, audience and format making it easy
to find and access relevant resources for families and FEAs.

Compass for
Entrepreneurial Families
Our community can now access Compass
for Entrepreneurial Families, an educational
program developed to provide business families
with a better understanding of fundamental,
contemporary concepts in family business.
Family Learning
Based on the experience and expertise of
Discovery Tool family business owners and scholars, the course
The Family Learning Discovery tool, is focused on five core areas:
developed by the Foundation, sets
• Balance between family and business
business families on specialized learning
paths to acquire the skills they need to • Understanding life stages and their impact
succeed, build resilience and maintain on family and business dynamics
transgenerational longevity. Participants • What it means to be an owner
are scored in three categories and • Effective decision-making
offered recommendations that include • Planning for the future
topical reading materials, family
enterprise related courses and activities
and motivational videos from experts
and peers in the family enterprise
sphere. Over 300 family members used
the assessment tool in 2020 and have
since started their learning journey.
 “Let’s Talk  Family Enterprise” Podcast
Our Let’s Talk Family Enterprise podcast,
launched in April 2019, continues to bring
valuable insights and thought provoking
discussion to our community. With episodes
released monthly, experts explore global
ideas, concepts and models related to
family enterprise advising. The podcast was
created for FEA designates and members of
Family Enterprise Canada in particular, but
it is made available to enterprising families
and advisors in Canada, the USA and world-wide
through various podcast platforms.

Family Enterprise Barometer

In collaboration with Monthly Barometer, Family Enterprise Foundation curates
and issues to our Progressive Family members a valuable, predictive and
analytical monthly newsletter that distills how the five major macro issues
(economics, society, geopolitics, environment and technology) intersect and
impact Enterprising Families in today’s world.

Membership Discovery Tool

A streamlined process for new, future and renewing members.
This onboarding diagnostic survey helps assess family needs
and life-cycle stage along a continuum, then suggests the
most beneficial path to a membership experience. It supports
our overarching principle, We’re here for your family, no matter
where you are in your family enterprise journey!
  Learn more

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Highlights: Past, Present & Future

THE VOICE OF CANADIAN

FAMILY ENTERPRISE
A key mandate of Family Enterprise
Family
Foundation is to be the voice of family
Business Pulse
enterprise in Canada and a leader in family
enterprise research. We seek to develop
Survey
insights and thought leadership based on This time of challenge
family-focused research which supports and change is also a powerful learning
business families with the significant opportunity for family enterprises and
challenges they face. Another objective of their leaders. We partnered with WATSON
our research is to influence public policy in a Inc. on a series of Family Business Pulse
way that creates more positive outcomes for Surveys to learn from the experiences of
family enterprises, enhancing their ability to family enterprise leaders and to gain their
contribute to the Canadian economy and job insights into what has helped leaders
creation in the future. and businesses survive and thrive. Survey
results were shared with our community
in an article and live webinar events.

Continuity Intentions of Canadian Family-Owned

Businesses – Ongoing Research Project
Having lived through the COVID-19 pandemic, we understand that some families’ continuity
plans have been altered significantly over the past 12 to 18 months. Therefore, we felt it
was time to conduct a new survey to understand the current continuity intentions of family
businesses. Working on our behalf, Abacus Data completed a survey of 300 Canadian family
business leaders in June 2021. Through this survey, we have gained new insight into family
business continuity intentions post COVID-19. The research focused on the transition of
ownership, including intentions, timelines and perceived barriers to and within family
ownership. We plan to release the findings and share insights from this survey in early fall.

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Canada Revenue Consultations on Disbursement Quota
Family Enterprise Foundation initiated conversations with several business families to provide
input for the ongoing Canada Revenue Agency consultations on the Disbursement Quota for
Foundations. Family foundations are actively involved in philanthropy and make significant
contributions to the family enterprise community. It is important that their interest be
considered and that their voice be heard.

Partnering With
the United Nations
on Sustainable
Development Goals
Family Enterprise Canada and Family
Enterprise Foundation are working jointly
to bring to our community Family Business for
Sustainable Development, an initiative led by the
United Nations and Family Business Network
International. This initiative aims at mobilizing
business families and their enterprises to
embed sustainability into their business
strategies, thereby committing to
concrete, measurable contributions
toward identified Sustainable
Development Goals (SDGs).
The initiative includes the
family business sustainability
pledge and the adoption of
transparent and comparable
core sustainability
indicators. Family Enterprise
Canada will be launching
activities specific to this
initiative in fall of 2021.
GOVERNANCE UPDATE
Update on Family Enterprise Canada
Board Directors and Committees
Last year, we welcomed six new Board Directors following their election at the AGM
on September 15, 2020. The new Directors underwent intensive onboarding sessions
where they were briefed on our strategy, operational model, communities, marketing,
content and resources, activities and programs. As promised, the Board also established
and activated several new Committees that include the Family Council and a Joint
Sustainability Committee.

Diversity, Equity and Inclusion

The Governance and Nominating Committee have started their work on a
diversity and inclusion policy for the organization. The Committee introduced
diversity, equity and inclusion training that is offered by the Canadian Centre for
Diversity and Inclusion. The training has been completed by Board Directors and
the Leadership Team and will be completed by Family Enterprise Canada staff,
Council members and academic instructors in the fall.

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 Joint Sustainability Committee
Family Enterprise Foundation and Family Enterprise Canada established
a joint sustainability committee that focuses on developing and
implementing our fundraising strategy. The Committee, which is Chaired by
Karen Macdonald and includes Board Directors of both organizations, have
started a campaign that aims to raise funds for specific projects related to:
• knowledge creation, which includes developing family-focused
educational courses and resources,
• research, that will help shape public policy and protect the interests of family
enterprises, and
• the building of a cohesive well-supported community of family enterprises.

A Special Thank you

The Boards of Family Enterprise Canada and Family Enterprise Foundation, members of our
community and our staff would like to say “Thank you!” to Jim Burton for his vision, passion,
leadership, dedication and commitment to Family Enterprise in Canada.
And to Bill Sheffield, thank you for your dedication, commitment, leadership and devotion to the
economic backbone of the Canadian economy. These two men have ridden the waves of the future
and created a crest for us to continue in perpetuity. It is up to all of us, to keep on top of the crest
and make the vision for family enterprise a reality.
We welcome your continued engagement with our community.

Jim Burton William Sheffield

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OUR SUPPORTERS

Thank You
To our Founding, Legacy and Charter members, we want to say a very big Thank You for your ongoing
financial support of our community. Your commitment and dedication to our purpose, vision and
strategy has enabled us to invest in building our capability and growing the family enterprise
community across Canada. We appreciate the opportunity to continue working with you in the future.

FOUNDING MEMBERS L E G ACY M E M B E R S C H A RT E R M E M B E R S

James. A Burton & Family Northland Wealth Management KPMG Enterprise
BMO Wealth Management Alec G. Henley Group Groupe M. Bacal Group
David C. Bentall and William H. Sheffield ITI Financial Inc.
Next Step Advisors Inc.
WCD WealthCo.
Nicola Wealth
Sirius Financial Services
PPI
Flanagan Foodservice
TD Wealth
Overbay
Allen S. Taylor & Family
The Telos Group

Our Community Ambassadors

Our Ambassadors play a vital role within our community,
providing leadership and supporting important aspects
of our member experience. A special Thank You to all the
Ambassadors for your dedication and commitment over
the past year, as our community navigated through the
challenges and uncertainties brought on by the pandemic.

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Opportunities to Support Our Community and Work

Making an Impact Through

Alliance Membership With
Family Enterprise Canada
The family enterprise community needs the
support of its key stakeholders now more than
ever! As the national community for family
business, our goal is to ensure the long-term
success and continuity of business families and
their family enterprises, across generations.
Professional advisors, financial institutions,
corporations and firms that work closely with
business families have a role to play in supporting
their growth and prosperity. If family-owned
businesses are important to you, then you will
want to be closely connected to our community.
Your support helps us to empower the family
enterprise community.

Making an Impact With Family Enterprise Foundation

You, your family or your organization can support the Family Enterprise Foundation by investing in
projects focused under our strategic pillars: education, research and voice and a strong ecosystem
to support family business in Canada. Your contribution will help to expand our educational courses,
research activities and community initiatives, ultimately strengthening and supporting family
enterprises and ensuring they have the knowledge and skills they need to thrive and succeed for
generations.
 To learn more about funding specific projects to support family enterprise, please contact
Olivier de Richoufftz.

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 FINANCIAL UPDATE
Our financial results for 2020 were certainly impacted Family Enterprise
by the pandemic; however, with the support of federal Foundation Financial
government subsidy programs we were able to maintain Update
overall financial stability and finished the year in a healthy
Family Enterprise Foundation was
financial position. For the year ended December 31,
formed with the merger of its two
2020, we reported a surplus of $424,500 reflective of
predecessor entities on June 30, 2020.
the receipt of COVID-19 Subsidies of $422,800. Without
Consequently, the audited financial
these subsidies, our results would have been essentially
statements report activity for the six-
break‑even for the year. As with most businesses and
month period ended December 31.
other non-profit organizations, we experienced a
This July to December period reflects
significant decline in our revenues early in the pandemic
a post-merger transition for the
which recovered somewhat towards the end of the year
Foundation with revenues of $533,000
as we pivoted programs to virtual delivery. In addition,
and expenditures of $873,000
certain countermeasures were implemented to reduce
resulting in a deficit of approximately
expenditures which helped offset the revenue decline.
$340,000 before COVID-19 subsidies.
Revenue for the 2020 fiscal year (excluding COVID-19 These subsidies totalled $105,572 for
subsidies) was $2,349,000, down approximately 17% the period leaving a net deficiency of
from the prior year. Expenditures were $2,347,400 which approximately $235,000 overall, which
was 20.6% lower than in 2019. At December 31, 2020, was funded through a drawdown of net
the cash position had significantly improved compared assets. On December 31, unrestricted
to the end of 2019. This can be attributed to the inflow net assets stood at $462,000.
of COVID-19 subsidy revenue referenced above and the
As a charitable foundation, we rely
implementation of expenditure reductions.
on donations and contributions as
Our 2021 budget and actual results for the first half of the our primary revenue source to fund
year reflect continuing financial stability. As the economic activities. And consistent with most
recovery builds through the second half of 2021 and into charitable organizations, the pandemic
2022, we are expecting to experience a return to growth has created challenges in raising
in our community and in program revenues. revenues from these sources. As the
economy moves into recovery phase
3.0
through the second half of 2021 and
2.5
into 2022, we expect fundraising will
2.0 improve as business families and other
organizations step up to support our
$ Millions

1.5
projects and related activities.
1.0

0.5

0
2019 2020 2019 2020 2019 2020

Revenue Expenditure Surplus

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FamilyEnterprise.ca