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AVOIDING COMMON HOME SELLING MISTAKES DURING DIVORCE
HOW DOES DIVORCE AFFECT THE SALE OF OUR HOME AND WHAT COMMON MISTAKES SHOULD WE AVOID? Divorce is a challenging and emotional journey, and selling your home during this period can be equally challenging. As a real estate professional with nearly 30 years of experience, I’ve observed some common mistakes that divorcing couples make when selling their home, which can ultimately lead to a lower sale price. Here are the 5 most common errors I see clients making, and tips on how they can navigate the home-selling process more successfully.
BUYING OUT YOUR SPOUSE One of the first decisions divorcing couples face is whether one spouse should buy out the other’s share of the home. While this may seem like a convenient solution, it often leads to a lower sale price down the road. The spouse retaining the property might end up overpaying to buy out their ex-partner, making it challenging to recoup their investment when it’s time to sell. When a new partner enters the picture, they may not be interested in living in the same house. Consequently, they’ll need to cover the costs of selling such as repairs, maintenance, an updated Real Property Report, legal and real estate fees on their own.
LETTING THE HOUSE GO Amid the emotional turmoil of divorce, home maintenance can easily fall by the wayside. Neglecting simple repairs, cleanliness, and tidiness can result in a lower list price. Buyers are often deterred by homes that require extensive work or appear unkempt, which can lead to lower offers or an extended time on the market.
NOT BEING ACCOMMODATING TO SHOWINGS Refusing or canceling showings after listing the property is a detrimental mistake. When showings are not allowed, potential buyers do not consider you a serious seller. They will quickly move on to another property. Putting off buyers also leads to a longer time on the market and that is usually associated with a lower sale price.
NOT AGREEING ON INCLUSIONS AND YOUR BOTTOM LINE Disagreements between divorcing spouses over the sale price and the inclusion of items like appliances or curtains can undermine the selling process. It’s essential for divorcing couples to agree on these matters in advance to facilitate a smoother sale.
A HALF-EMPTY HOUSE When one spouse moves out, taking half of the furniture, the remaining space can appear less appealing to potential buyers. To some, this half-staged look may signal a distress sale, making buyers think you’re desperate to sell. Consequently, they may submit lower offers, assuming you’re willing to accept less. Remember, the right course of action may vary based on your unique circumstances. Selling a home during a divorce is a complex process that requires careful planning and cooperation. Seek professional guidance to help you navigate a well executed home sale that allows you to move forward with greater financial stability.
REACH OUT FOR VALUABLE INSIGHTS. CONSULT WITH REAL ESTATE EXPERTS WHO UNDERSTAND YOUR UNIQUE SITUATION.
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Nestled on a serene cul-de-sac with sweeping city skyline and natural reserve views, this opulent home is a true marvel. A grand foyer with soaring ceilings leads to the formal living room complemented by a cascading fountain, and a dining room with coffered ceilings. Two private home offices offer quiet retreats. The family room, casual dining area and kitchen have incredible vistas. High-end appliances and a caterer’s/spice kitchen are features of the kitchen. Retreat to the second floor bonus room at the end of the day. The lavish primary bedroom has a double-sided fireplace, walkin closet, and a spa-like ensuite. Three additional bedrooms each offer privacy and personal ensuites. The walk-out basement is an entertainer’s dream, featuring a spacious games area, family room, bar, gym, and a theatre with tiered seating and a snack bar. Two additional bedrooms cater to guests or older children. Indoor-outdoor living is seamless with expansive decks, covered patios, and a pergola offering river valley and city views. Walking trails and natural woodlands are just out the back gate. A triple garage plus a single garage cater to your practical needs. Welcome to a home where opulence meets comfort!
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This immaculate residence is perfect for a growing family. It is in a prime location on a quiet street with a west facing yard. As you step inside, the open-concept main floor welcomes you with a warm and inviting ambience. The kitchen is a place to connect with family and friends and has stone counters, a 5-burner range, and side-by-side fridge and freezer. For those who need a quiet space, the office down the hallway is meant for focused productivity. Upstairs, the bonus room is the perfect area for the kids to hang out. Two generously sized bedrooms each have walk-in closets and the bathroom has dual sinks and separate shower/toilet ensuring smooth morning routines. The primary bedroom is a sanctuary of its own, with a seating area, a stunning ensuite with makeup vanity and a walk-in closet that connects to the laundry room. In the basement you’ll find a media room with a projector and a bar equipped with a fridge and dishwasher - the ideal setting for movie nights. Additionally, there is a gym, fourth bedroom, and bathroom on this level. Outside a beautifully landscaped flower bed edges the yard and there are bike trails and a playground just steps away. This is more than a home, it’s a lifestyle waiting to be embraced!
ASPEN WOODS | $1,495,000
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This two-story with a walk-out basement, four bedrooms upstairs and a south facing yard is designed to meet all your family’s needs and desires. The main floor open concept layout makes it perfect for entertaining. Gather in the living room, serve meals in the dining area or grab a quick bite at the kitchen island. Chef ’s will appreciate the classically appointed kitchen, its beautiful glass display cabinets, ample storage and stainless appliances. A den/office on the main floor offers flexibility and ample space. The bonus room on the second floor is ideal for family movie nights. A vaulted ceiling, statement chandelier, and luxe ensuite are features of the primary suite. There are three additional bedrooms on this level, one of which has its own ensuite, ensuring everyone has private space. The walk-out basement includes a fifth bedroom, a fifth bathroom, and a bright and airy family room. A well-maintained south-facing yard features a storage shed and a lush lawn, providing a space for outdoor activities. Additional conveniences include a triple garage, a second-floor laundry room, a mudroom, and air conditioning for year-round comfort. Create lasting memories in this exceptional home!
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L a m m l e’ s K i c k s I t U p a N o t c h by John Hardy
T
he new, 8,600-square-foot Lammle’s Western Wear location, at the prominent Calgary corner of Macleod and Glenmore Trails, is proof that it’s possible to make a good thing even better. In retail business terms, it is growth, expansion and, for the Lammle family and staff, it was also inevitable. “We had planned it for a while,” Jeff Lammle explains, “Creating a store within a store concept. Which adds a special boutique space to showcase a unique and elevated line of men’s and women’s western fashion to the already well-known Lammle’s offering. Now it’s an exciting reality.” The new store concept will be known as The Ranch. It pays tribute to founder Barry Lammle. Growing up and operating a farm, Barry recognized the need for farmers and ranchers to have quality western clothing which became known as Lammle’s Western Wear. Now, 40 years later Lammle’s is taking it a step further offering an elevated western selection in its own boutique space within the Lammle’s store. The remarkable Lammle’s success story is built on the retail business savvy of knowing what the customer wants, changing trends and a passion for the practical needs of everyday Canadians, looking for quality western clothing and friendly, good service. When it comes to the western wear retail business, Lammle points out that suppliers constantly adjust and elevate their products.
“The Ranch offers high-end men’s and ladies’ apparel that is not meant for work on a farm,” Lammle explains. “The Ranch offers a western style that is made for evenings out, upscale events or when you just want to turn heads in a crowd.” Double D Ranch, Jaun Antonio, Vogt, Tasha Polizzi headlines the Ranch store, rounded out by Stiefeld, Lane, Old Gringo and Liberty Black Boots to name a few. “A lot of these upscale brands are not available anywhere else in Canada.” Although Lammle’s new Macleod and Glenmore Trail store just opened last month, the urban-inspired, high-end Ranch section is already creating much buzz. “The Ranch is meant to be a unique and special space, with a wet bar and private fitting rooms,” notes the personable and upbeat Nicole Monti, Lammle’s Director of Retail. “The barn doors can be closed creating an intimate area for parties or corporate shopping events, allowing our guests to personalize their own private function.” “The new Macleod and Glenmore Trail location, and particularly the boutique section, was a natural progression and a long-term business plan,” Jeff Lammle adds. “A boutique area with a selection of high-end brands made a lot of sense. It’s a good way to showcase speciality western products.” Similar to the other 23 stores, the uncompromised Lammle’s tradition of great service, knowledgeable staff and providing the highest quality western wear will be a part of the Lammle’s experience in the new Ranch boutique. Founder Barry Lammle proudly accentuates that, “It is such an important part of who we are. We want our customers to come back, and we also want our employees to always feel like they are vital parts of the business.” The Lammle’s success story is driven by a tradition of western heritage and hospitality and a culture of informality and friendliness. While Monti acknowledges the impact and popularity of online shopping, she is enthusiastic about the dynamic www.lammles.com website. She points out with much retail customer expertise, “Our Ranch section is aimed at customers who prefer a distinctive in-store experience. There is something genuinely beautiful about smelling the leather feeling the fabric on your skin and finding the perfect fit, all the while in a rustic cozy environment.” Still celebrating last month’s grand opening of the new Lammle’s store at Macleod and Glenmore Trail, the obvious question is, will the Ranch concept also happen in other Lammle’s location? There are always new style trends or colour palettes. “Western apparel is a very hot trend right now. Our new store carries the traditional looks while taking western wear to an exciting, new level.” The Ranch section of Lammle’s new Macleod and Glenmore Trail store welcomes you with rustic barn doors, stone fireplace, a stunning antler chandelier and inviting soft leather chairs, anchored by tasteful wall and rack displays of chic western clothing. It specifically caters to a more urban customer, versus the Lammle’s traditional customer.
“If the market fits, I don’t see why not,” Jeff Lammle says with a warm entrepreneurial smile.
www.lammles.com
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Supporting the visions of entrepreneurs one story at a time. Volume 33 | Number 12
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Hands off our Money! By Shane Wenzel
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Calgary Chamber of Commerce Parker’s Pen By David Parker
CONTENTS COVER FEATURE
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urtis Stange and the C Power of Possibility The President & CEO of ATB Financial has a unique outlook on life and his role as a leader By Nerissa McNaughton
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UNIVERSITY DISTRICT OFFICE SPACE FOR LEASE Seize the final opportunity to lease office space in University District’s Central Block along University Avenue with stunning south-facing views of a 3-acre park featuring an outdoor skating rink. University District is an amenity-rich neighbourhood spanning across 200 acres conveniently located west of the University of Calgary main campus and nestled in the second highest employment hub outside of the downtown core. Customizable office spaces vary from 2,500 to 10,000 square feet with limited office space available. Don’t miss your chance to work in an award-winning community. Visit myuniversitydistrict.ca/commercial
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Supporting the visions of entrepreneurs one story at a time. Volume 33 | Number 12
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THIS MONTH’S FEATURES
16 20
CONTENTS 26 Sureway Construction Group
Celebrates 50 Years
32 61
Conform Works
Celebrates 25 Years
he 50+ Crowd Goes Back T to School
OPUS Corporation
Celebrates 40 Years
DECEMBER 2023 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
Crystal Ball Gazing: 2024 2024 resales and new builds By John Hardy
The Other Considerations of an Alberta Pension Plan Experts say much to consider should province withdraw from CPP By Jamie Zachary
Viewpoint Investment Partners
Celebrates Business Excellence
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The Win-Win of Giving Back Corporate philanthropy is more important than ever By John Hardy
Continuing Education as a Career Re-boot By John Hardy
COMPANY PROFILES
43 72 75 79
Business in Calgary Leaders Gala 2023
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What’s the Plan? Experts urge communication when looking to avoid conflict during succession planning By Jamie Zachary
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Business in Calgary magazine’s circulation is audited twice a year by BPA International.
HANDS OFF OUR MONEY! // SHANE WENZEL
Hands off our Money! BY SHANE WENZEL
D
ivisions and attempts to influence in politics is not new to those of us who pay attention to what appears to be directing our destiny. Compromise using logic and truth appears to be impossible. It doesn’t help that the ‘news hounds’ primarily in theory are bought off with subsidy dollars. And, outside sources and opinions are blocked due to endless ‘C’ Policy bills via the NDP/Liberal Party marriage flying straight through to the Senate who only offer mumbles of objection. Freedom of speech and thought are quickly disappearing in this environment.
Does that sound like democracy at its best? The most noticeable objection from the NDP beyond fear mongering is a mix of unrelated information that adds nothing to the discussion. Their intent appears to be to end it before credible facts can even be published. The argument that the UCP are spending $7M to communicate this important information to the public ‘pales’ compared to the $86B of debt the NDP left behind. Particularly, when it is relevant to every voter who will find themselves at this vulnerable point some time in life.
Provincially, I can’t be the only one to notice who gets the last comment of any news article by the Premier locally or otherwise. Definitely not the Premier herself. Every policy, suggested or planned, reverts to the NDP with tailor-made responses. We all know that for busy readers the last line read is what they remember and consider clarification by the press of what is true. That appears to be the intent! People are just too busy with life, surviving endless and harmful policies by elected governments to become a watchdog. That is the job of a non-monitored press. Misinfor-mation is rapidly becoming our future and social media cannot be blamed. Something needs to change – soon!
On the federal front, the Bank of Canada recently stated that Canada has entered a ‘mild recession’. Are recessions ever really mild? Certainly not for most Canadians. Or is that just words for saying, “things will be fine – don’t worry – we will do everything we can to make sure ‘you’ don’t spend too much of your own money.” No comment from the PM on this.
The Alberta proposed splitting from the CPP is a prime example. It is just that – a proposal along with facts so Albertans have a chance to decide without a lot of miss-cues from the ever-dissenting opposition. It is being considered as an Alberta alternative for the most vulnerable group of Albertans – the pensioners whom we will all be someday. And why not, it is our money? Unfortunately, and as usual, the NDP purport to have all the answers. It appears they hope their misinformation will lead to a ‘no’ referendum.
Following this is continued attacks on grocers with threats of another Liberal tax caused by the Liberal Carbon Tax, which would eventually end up coming from the pockets of Canadians. Now - that’s a fact! There is no space left here to mention the attack on our food systems by limitations on fertilizers, our meat products, covering our farmland with solar farms and exposure to jeopardizing our electrical supply to name a few.
Shane Wenzel is president of the Shane Homes Group of Companies. Follow him @shanewenzel on Facebook, Twitter, LinkedIn, Instagram and YouTube. His column is written for the Alberta Enterprise Group, @AEG on Facebook, Twitter and LinkedIn.
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Webber Academy has been bestowed with the highest accolade of ‘Platinum’ by the College Board, reflecting the collective perseverance and dedication of our AP student body and faculty. This prestigious award is a testament to the unwavering commitment, innovative teaching methodologies, and the nurturing environment that Webber Academy provides to its students.
Webber Academy is one of only seven schools in Canada, and the only school in Alberta to earn a Platinum status in the Advanced Placement program.
Webber Academy
“AP represents an opportunity for students to challenge themselves, earn college credit and placement, and potentially boost their grade point averages. These schools have shown that they can expand access to these college-level courses and still drive high performance – they represent the best of our AP program.” – Trevor Packer, Senior Vice President AP & Instruction
LEADERS GALA 2023 // LEADERS 2023
HIGHLIGHTS FROM THE CALGARY LEADERS 2023 GALA THURSDAY, NOVEMBER 9, 2023 PHOTOS BY REBECCA HARDCASTLE
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DECEMBER 2023 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
Bow Valley College is launching its Esports Business Management Diploma To say the number of esports viewers worldwide has mushroomed in recent years is an understatement: the League of Legends 2019 finals drew in just under 100 million unique viewers, earning more viewers than the Super Bowl. Esports are video games that people play in a highly organized competitive environment. These games can range from single player first person shooters to virtual reconstructions of physical sports. Millions of fans all over the world attend live esports events in indoor arenas or watch them on TV or online. In January, Bow Valley College is launching an Esports Business Management Diploma. The first of its kind in Southern Alberta, the program bridges the worlds of esports and business. “Other professional sports have licensing deals with big TV networks,” says Eddie Sargent, Associate Dean of the Chiu School of Business at Bow Valley College. “Esports, because it's so new, doesn't have that same business acumen. People
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have done it because they're passionate about it, but they're amateurs. They're not businesspeople.” For that reason, 14 of the program’s courses are business courses, including 11 foundational courses like human resources, accounting, and marketing, and three electives. The other six courses are specialized in esports. Calgary is the ideal market for the program because a lot of the film and entertainment industry is located here. “By utilizing our space, right in the downtown core in Calgary, we're able to access other successful businesses that already exist in the esports space,” says Sargent. Bow Valley College is also building an esports arena which will accommodate hundreds of participants. The program’s job prospects include esports social media specialists, marketing coordinators, event coordinators, and product managers.
LEADERS GALA 2023 // LEADERS 2023
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GROW YOUR BUSINESS WITH OUR EXPERIENCE Cadillac Fairview offers a diverse real estate portfolio complemented with comprehensive property management services. Through the strength of ownership, strategic acquisitions, and development, Cadillac Fairview provides innovative, sustainable and functional facilities that are able to deliver exceptional solutions to tenants.
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CALGARY CITY CENTRE - 215 2 STREET SW This LEED Platinum building opened the doors in 2016. Calgary City Centre is anchored in Calgary’s remarkable Eau Claire area. The building has a first-class fitness facility, professional conference centre and more. • LEED Platinum Certified • Class AAA Office • 36 Floors • 26,695 sf Floorplate • Fully Connected to the Core via +15 Walkways • Breathtaking Finishes • Energy Star Certified
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THE WIN-WIN OF GIVING BACK // PHILANTHROPY
THE
WIN-WIN
OF GIVING BACK Corporate philanthropy is more important than ever
BY JOHN HARDY
I
n Calgary, corporate philanthropy continues as a positive and is more important than ever. Corporate giving, AKA “giving back,” is the corporate focus of businesses donating money, resources or time – or all three – to charitable causes. It has become widely accepted as a win-win for the community and for the business.
The win-win of corporate philanthropy includes networking, because most philanthropic organizations have business leaders on the board, for forming bonds.
While the primary focus of corporate giving is a company’s commitment and social responsibility, affecting people and the quality of life in their communities, corporate philanthropy is also a proven business-positive, with numerous benefits including improved employee morale, increased brand reputation and a solid way to positively create community impact.
For many businesses that succeed by growing its customer base, local charities are not just wonderful outlets for support, but a good way to build reputation, brand and sales. A recent Canadian business survey underscored that an overwhelming majority of Canadian consumers said they would choose a brand that supports a cause or a charity over one that does not.
In Calgary, and in business at-large, corporate giving can take on many forms. Financial donations, in-kind donations and employee volunteer programs. Financial donations are often made to a variety of organizations, such as non-profits, educational institutions and cultural organizations. In-kind donations provide goods or services.
To be blunt (not crass), business stats suggest that corporate giving can also be a boost for the company’s bottom line. Consumers are more likely to do business with companies that have a reputation for social responsibility and charitable giving.
Employee volunteer programs are effective ways for businesses to give back by encouraging employees to use their skills and talents to support charitable causes.
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Empowering employees helps make the company team feel like they are making a difference, and it generates higher morale, camaraderie and respect.
DECEMBER 2023 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
And the most glaring but important business intangible: it’s just the right thing to do! Making a difference in the lives of others and adding good into the community. With philanthropy, as with other operations aspects, whether it’s the strategizing and the action plans, business is
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Gifts to the Calgary Foundation become part of our endowment. It earns interest each year, which flows to every corner of our city supporting causes as myriad as our citizens.
That is the power of generosity. Learn more at calgaryfoundation.org
THE WIN-WIN OF GIVING BACK // PHILANTHROPY
She explains a tool called social return on investment (SROI), similar to the return on investment (ROI) that some organizations use, to determine if the dollars invested in social activities are providing more benefits than costs. “Although the monetized numbers put on the social activities require many estimates or fall within ranges, implementing the calculation can help support the efficient and effective use of donated dollars.” Corporate philanthropy is also important for a company’s employees. “Beyond the societal impact, which represents a social ROI, companies should consider brand benefits and heightened employee engagement resulting from a clear connection to social purpose,” explains the focused and plugged-in Rhonda Roth, chief impact officer with United Way of Calgary and Area.
“PERHAPS REFLECTING ON THE SOCIETAL PROBLEMS THAT THE CORPORATION CREATES, OR WHICH PHILANTHROPIC ORGANIZATIONS BEST ALIGN WITH ITS BUSINESS ACTIVITIES, WOULD LOGICALLY LEAD TO THE ORGANIZATIONS IT SHOULD SUPPORT,” EMPHASIZES HERREMANS. business, and the jury’s undecided on the tangible, and intangible, ways to adequately measure ROI on corporate philanthropy. “Even though it is not always necessary to ensure that there is a return on philanthropy, a corporation’s donations should be strategic and logical,” emphasizes the experienced Irene Herremans, professor emerita accounting at Haskayne School of Business. “Perhaps reflecting on the societal problems that the corporation creates, or which philanthropic organizations best align with its business activities, would logically lead to the organizations it should support.”
“Particularly, younger generations in the workforce seek opportunities for meaningful engagement with their companies, emphasizing the importance of aligning corporate philanthropy with employee values for a comprehensive assessment of return on investment.” She adds that corporate philanthropy “not only boosts employee engagement but also cultivates a more cohesive team environment, fostering an enriched company culture. Research consistently shows that employees value being part of an organization that actively engages with and contributes to the community where they live.” The practical – but unavoidable – realities of community needs and organizational factors like the economy, inflation and other business challenges impact and perhaps transform corporate philanthropy, particularly in the dynamic Calgary business market. “The community needs are complex,” Roth notes. “People approaching an agency for help have more issues that need support and it takes more time to help each person. These issues are often connected to each other and may require referrals from multiple agencies. More people need help, and more people overall need help with mental health, income stability, ensuing relationships remain healthy and making sure people feel like they belong and are included in their community.”
ABOVE: IRENE HERREMANS, PROFESSOR EMERITA ACCOUNTING AT HASKAYNE SCHOOL OF BUSINESS.
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DECEMBER 2023 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
Tax Efficient P hilanthropy Eliminate the capital gains tax when your company donates publicly traded securities in-kind, while supporting the causes you care about the most.
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THE WIN-WIN OF GIVING BACK // PHILANTHROPY
carry out their responsibilities related to cleaning up the environmental impacts they have created. “The context in which we live has also changed,” Irene Herremans adds. “The pandemic, of course, created new needs for computers for children learning at home, for various health care products, for help to care for those who became sick or suffered mentally from the isolation. Many of our corporations stepped up with contributions in this time of need. We also have more immigrants, with many social needs and new demands on non-profits to support immigrants and make them feel at home in their new country.
“THE NEEDS FOR THE BASICS ARE INCREASING, WHETHER IT IS ACCESS TO AFFORDABLE HOUSING, FOOD AND OTHER BASIC NEEDS. THE AFFORDABILITY CRISIS IS IMPACTING HOW FAR DOLLARS GO,” EXPLAINS ROTH. She explains that agencies struggle with affordability and funding as well as staff attraction and retention. “The needs for the basics are increasing, whether it is access to affordable housing, food and other basic needs. The affordability crisis is impacting how far dollars go.” She mentions that it is also harder for agencies to find staff and keep staff, translating to longer wait times for much needed services. In the past five or so years, and moving forward into 2024, the needs of the Calgary community and the corporate philanthropy focus have changed. “Many businesses rely on non-profit organizations to help them carry out important activities, such as sustainability objectives. The pressures on businesses increase to be responsible citizens and to
“And food insecurity has become an important concern recently due to the high inflation of groceries. Alberta experiences the highest food insecurity of any province, resulting in increased demand for food banks. Also, the increased cost of rental units has made it difficult for students and low-income families to find reasonable housing, increasing homelessness.” She emphasizes that non-profits are expected to step in and fill these needs, but it is difficult to provide the much-needed services if corporations do not do their part by supporting them through dollar contributions. The encouraging news is that, despite expected and unexpected broadsides like the economy, inflation and surging community needs, Canadian business is continuing with philanthropy as a crucial priority. According to the respected Imagine Canada – the national charitable organization whose cause is Canada’s charities and nonprofits – corporate sponsorships, donations and grants make up approximately $3 billion worth of funding to the charitable sector in Canada. Rhonda Roth says corporate philanthropy in Calgary remains robust, reflecting the City’s tradition of strong community support. Companies like TD, Pembina, TransAlta, Tourmaline Oil, Lexus of Royal Oak, City of Calgary, Keyera, RBC Foundation, Arc Resources and more than 650 other Calgary-based companies have dynamic United Way campaigns, targeting to build a better tomorrow for Calgary. Calgary’s corporate giving walks-the-walk of the classic Winston Churchill-ism: “We make a living by what we get, but we make a life by what we give.”
ABOVE: RHONDA ROTH, CHIEF IMPACT OFFICER WITH UNITED WAY OF CALGARY AND AREA.
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THE 50+ CROWD GOES BACK TO SCHOOL // CONTINUING EDUCATION
THE 50+ CROWD GOES BACK TO SCHOOL CONTINUING EDUCATION AS A CAREER RE-BOOT
BY JOHN HARDY
S
uddenly, continuing education has a delicate dilemma. With different goals and motivations, more and more mature students are re-enrolling and heading back to the classroom for credentials, qualifications, upgrading, and some because it’s just something they always wanted to do. Continuing education, in Calgary and throughout North America, is treading gingerly about what to call the new CE students. “Mature students?” “Older students?” “Later-in-life students?” “The 50+ crowd?”
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// CONTINUING EDUCATION
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“THE TREND OF MATURE STUDENTS RETURNING TO THE CLASSROOM HAS GAINED MOMENTUM, AS MANY ADULTS ARE RECOGNIZING THE IMPORTANCE OF UPSKILLING AND GAINING NEW COMPETENCIES TO STAY COMPETITIVE IN THE JOB MARKET,” NOTES PATEL. Calgary CE professionals agree that, while going back into Mount Royal University or Bow Valley College classroom may not be the right choice for everyone, it is becoming an increasingly attractive option. For some, it is to upgrade or re-skill, to delay retirement, or to find the next chapter after a career interrupted by choice or chance. In Calgary, the trend is undisputable. According to Margaret Toye, associate dean, Arts, Sciences and Extended Education at Bow Valley College (BVC) there was an increase of 8.6 per cent of students aged 50+ from 2021/2022 to 2022/2023, in the School of Extended Education. “The trend of mature students returning to the classroom has gained momentum, as many adults are recognizing the importance of upskilling and gaining new competencies to stay competitive in the job market,” notes Suhayl Patel, associate dean at BVC’s Centre for Academic Innovation. “We have observed a growing trend among mature students particularly those focused on skill enhancement and second career pursuits. Many of those learners often come with prior experience and knowledge, and they opt for the value of building upon their existing expertise.”
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ABOVE: SUHAYL PATEL, ASSOCIATE DEAN AT BVC’S CENTRE FOR ACADEMIC INNOVATION.
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THE 50+ CROWD GOES BACK TO SCHOOL // CONTINUING EDUCATION
The wants and needs and expectations of mature students is different. And the mature learning experience of being back in a classroom, or taking courses online, is not only different but, for some mature students, a jarring difference. “Continuing Education at Mount Royal University (MRU) offers more than 60 professional development programs and hundreds of courses to help mature students advance their career or prepare for a career change,” explains Evan Cortens, dean at MRU’s Faculty of Continuing Education and Extension. “In professional development programs, the percentage of mature students enrolling appears to be slowly declining, but the average age of a mature student appears to be slowly rising. We believe this is because more mature students are investing in their education later in their careers and the value of Continuing Education programming is more widely recognized among all ages.” CE experts agree about some of the main reasons why later-in-life students are opting for courses, diplomas and credentials. Wanting second-chapter careers after decades on the job and having their duties outsourced or rendered obsolete by new technologies, or abruptly interrupted by layoff or getting phased-out or fired. For some, it is a post-retirement need for income. Or the urge to create new challenges, learn new things or just to spend the last of their working years doing something completely different. To accommodate what mature students want to learn and how they want to learn it, changes are happening and new options are available at BVC and MRU. “The trend of mature students pursuing occupational and academic upgrading programming looks different than professional development programming,” Cortens points out. “In occupational programming (Funeral Service Education, Massage Therapy and Personal Fitness Training), the demand for mature students is slightly increasing. However, mature students enrolled in academic upgrading are declining over the last couple of years. The trend in this programming speaks to the increased desire of mature students pursuing programming that will result in a career.”
MORE THAN 77 PER CENT OF THE LEARNERS IN THE PROGRAM ARE AGED 40 TO 50, AND 23 PER CENT OF THE LEARNERS IN THE PROGRAM ARE 47 TO 50,” CITES TOYE. There are various shifts and transitions to accommodate a wider (and aging) range of CE classroom demographics. BVC’s Margaret Toye cites examples that, “In fall 2023, we started offering our Payroll Professional Certificate in affiliation with the National Payroll Institute. Learners take courses towards attaining the NPI’s Payroll Compliance Practitioner designation. More than 77 per cent of the learners in the program are aged 40 to 50, and 23 per cent of the learners in the program are 47 to 50.” BVC’s School of Extended Education provides courses and programs for upskilling and reskilling in accounting, payroll and bookkeeping. She mentions another example that, in this fall’s BVC’s Financial Accounting Introduction, 22.5 per cent of the students were 40 to 44, 10 per cent were 45 to 49, and 20 per cent were 50+. “We are proactively adapting the curriculums to meet the needs of mature learners,” Patel says. “This is achieved by collaborating closely with Subject Matter Experts (SMEs) who are actively engaged in the industry. These experts ensure that the curriculum remains current, aligning
ABOVE: MARGARET TOYE, ASSOCIATE DEAN, ARTS, SCIENCES AND EXTENDED EDUCATION AT BOW VALLEY COLLEGE.
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THE 50+ CROWD GOES BACK TO SCHOOL // CONTINUING EDUCATION
with the latest industry standards and trends. By doing so, learners can acquire knowledge that is immediately applicable to their field, enhancing the overall educational experience for mature students.” He adds that BVC is not only responding to the needs of mature learners through curriculum adaptations but is also enhancing the value of its micro-credentials by partnering with professional bodies and associations such as CPHR (Chartered Professionals in Human Resources) and others. “The partnerships validate the quality and relevance of the education provided, making us even more attractive choice for those looking to upgrade their skills or embark on second careers,” he adds. “The combination of industry-informed curriculum and professional partnerships ensures that learners receive education that is not only up-to-date but also recognized and respected in their respective fields.” For later in life (er, mature) CE students, what is taught is sometimes not as important as how it is taught. “Mature students require programs and courses that offer job-ready skills, while also presenting opportunities for upskilling and reskilling in current and prospective career paths,” MRU’s Cortens says. “Reliance on programming that supports students in the digital economy and offers flexible delivery options is essential. “Establishing career paths and training that allow mature immigrant students, most with previous education, to find employment quickly is equally as important.” He emphasizes that MRU consistently prioritizes flexible delivery of courses and programs, including fast track, evenings and weekends offerings. Courses are offered in a variety of formats from online, blended, in-person and virtual synchronous, so students can choose the learning format that suits their learning style and best fits within their schedule.” Popular MRU mature student courses include ADaPT Alberta, Cyber Security, Supply Chain Management, Project Management, Digital Media Marketing and Social Media for Business. The similar mature student focus is also happening at BVC. “In response to the changing educational landscape, online
“MATURE STUDENTS REQUIRE PROGRAMS AND COURSES THAT OFFER JOB-READY SKILLS, WHILE ALSO PRESENTING OPPORTUNITIES FOR UPSKILLING AND RESKILLING IN CURRENT AND PROSPECTIVE CAREER PATHS,” MRU’S CORTENS SAYS. options have become increasingly popular among students,” Suhayl Patel says. “We offer a range of online courses and micro-credentials to cater to the needs of those who value the flexibility and convenience of virtual learning. These online options empower especially mature learners to acquire skills and knowledge while accommodating their personal schedules and commitments.” In today’s continuing education, as in most businesses, “knowing the market” is critical. Adapting – not overhauling – the CE product and delivery by knowing the mature student market, is essential. “We recognize mature learners need programs and courses that are accessible, affordable and designed to meet employer and market demands, resulting in relevant workforce skills,” MRU’s Evan Cortens emphasizes. “We support mature students in our curriculum design by developing assessments that allow students to leverage real life scenarios from their work as part of their assignments. Equally as important, we enable mature students to share and have their competencies and skills verified quickly with an employer or potential employer.”
ABOVE: EVAN CORTENS, DEAN AT MRU’S FACULTY OF CONTINUING EDUCATION AND EXTENSION.
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CRYSTAL BALL GAZING: 2024 // REAL ESTATE
CRYSTAL BALL GAZING: 2024 2024 RESALES AND NEW BUILDS BY JOHN HARDY
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algary realtors, builders and developers and numbers crunchers agree! Despite nearly an entire year of a hot market, spiked mortgage rates, low inventories and high prices, the Calgary real estate market is a unique dynamic, compared with other major Canadian real estate markets, but the crystal ball about 2024 – for new homes and re-sales – is a bit hazy. While hindsight is always an interesting reference to where the Calgary real estate market has been, at best, it is a trending guesstimate about where it is headed. “Calgary’s real estate market in 2023 saw a surge in sales and demand, especially in higher price ranges, primarily thanks to newcomers from Ontario and B.C. seeking affordability despite higher lending rates,” says Christian Twomey, respected Calgary realtor with RE/MAX Landan Real Estate and the former chair of CREB (Calgary Real Estate Board). “A downside was the shortage of available homes, making it tough for buyers due to limited options and increased mortgage rates. Prices are likely to stay high due to limited housing supply this year. While the pace of increase may slow down, the persistent low supply will keep prices elevated.” Stats and number summaries are usually relevant crystal ball indicators. And for Calgary 2023, the summary showed that: • the number of home sales jumped 28 per cent, and actually set a September sales record. • detached home average price increased by 14.3 per cent, year-over-year, to $730K. • semi-detached home average price increased by 18.1 per cent, year-over-year, to $601K.
“A DOWNSIDE WAS THE SHORTAGE OF AVAILABLE HOMES, MAKING IT TOUGH FOR BUYERS DUE TO LIMITED OPTIONS AND INCREASED MORTGAGE RATES,” SAYS TWOMEY. ABOVE: CHRISTIAN TWOMEY, REALTOR WITH RE/MAX LANDAN REAL ESTATE AND FORMER CREB CHAIR.
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CRYSTAL BALL GAZING: 2024 // REAL ESTATE
• townhouse average prices increased by 22 per cent, year-over-year, to $419K. • condo apartment average price increased by 2.4 per cent, year-over-year to $316K. It is a similar but different situation for Calgary’s new build real estate market. “The allure of the Calgary region as a hot market is multifaceted, driven by its overall desirability and the relative affordability it offers for home ownership,” notes Brian Hahn, CEO of BILD Calgary Region. “In 2023, Calgary witnessed another strong year with housing starts and completions maintaining pace aligning with last year’s record numbers. CHMC housing starts and completions reports track a slight shift in demand toward townhomes, duplexes and purpose-built rental units. “Overall, there is an increase in the demand for housing, both rental and owned, in the Calgary region. Several factors contribute to this trend, including Calgary’s historical reputation for relative affordability compared to other major metropolitan areas and the overall desirability of Calgary as a place to call home,” Hahn adds. The experts agree. Re-sale or new builds, Calgary’s 2024 real estate market will continue to be availability and affordability driven. “One of the most significant hurdles of Calgary’s 2023 market was the need for many buyers to make adjustments to what they could afford, and explore options for smaller or different types of properties,” says Jared Chamberlain, pluggedin realtor, and team lead at Chamberlain Group. “Buyers in and around Calgary found themselves in a highly competitive landscape, where multiple offers became the norm for almost every style and price range of homes. “The upside is that the past few years have brought about remarkable increases in property values, primarily due to a significant influx of people relocating to Calgary, and persistently low housing inventory in the region. Consequently, property owners experienced a surge in the value of their homes, unlike anything seen in decades.”
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The crystal ball gazing professionals speculate about 2024. “Calgary factors like migration and a strong job market are maintaining the momentum. And considering the ongoing demand and local job opportunities, the Calgary market will likely stay hot into 2024,” says the upbeat Christian Twomey. “If rates do rise next year, it will affect buyer affordability, slowing down demand, and sellers could face a more selective market. But if rates are lowered, demand will likely increase, and potentially trigger more home price rises. Exact impacts depend on economic factors, which need continuous monitoring throughout the year.” Spiked mortgage rates are big factor for re-sale and new builds.
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// REAL ESTATE
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“RISING INTEREST RATES WOULD PRESENT AN INCREASED BARRIER TO PROSPECTIVE HOMEBUYERS AND RENTERS, ERODING AFFORDABILITY,” HAHN POINTS OUT. “Rising interest rates would present an increased barrier to prospective homebuyers and renters, eroding affordability,” Hahn points out. “Through our advocacy with policy makers, we have encouraged measures to lower the barriers that higher interest rates would present. Specifically, we have encouraged policy makers to adopt longer insured mortgage amortization periods, fix the stress test and avoid more mortgage rule tightening.” Mortgage rates for 2024? Available inventory for 2024? Calgary affordability for 2024? Will Calgary’s hot market turn lukewarm in 2024? The crystal ball is simply not sure.
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“Despite the potential for the real estate market in Calgary to cool off, it is important to consider the city’s affordability in comparison to other major cities,” Jared Chamberlain says. “Price points, coupled with Calgary’s growing reputation as a sought-after destination for individuals relocating to Canada and Alberta, suggests that any possible lukewarm market conditions will likely be short-lived.”
1-855-85-WICOM | WICOM.CA ABOVE: BRIAN HAHN, CEO OF BILD CALGARY REGION.
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2023 SEASON IN REVIEW 2023 marked a remarkable season for Calgary’s professional soccer team, Cavalry FC. The club lifted the Canadian Premier League (CPL) Shield, which is awarded to the winners of the regular season, while setting a league-record for the most points accumulated over 28 games. This success clinched a berth in the 2024 Concacaf Champions Cup, a tournament which features the best 27 teams from North America, Central America, and the Caribbean. Cavalry could host the likes of Lionel Messi’s Inter Miami, Mexican side Club América, or fellow Canadian side, Vancouver Whitecaps FC, to name a few. The Concacaf Champions Cup gets underway in February 2024 – the perfect way to kick off the 2024 campaign.
THE GROWTH OF CANADA’S SOCCER LANDSCAPE Soccer is growing immensely across Canada, and Cavalry FC’s achievements in 2023 continue to cement the club as a powerhouse in the Canadian soccer landscape. With the growth of the CPL, the successes of the Canadian Men’s and Women’s National Teams, and Canada co-hosting the 2026 FIFA World Cup, the soccer ecosystem in Canada has never been stronger. Cavalry has become a key piece in this system. Since inception in 2018, Cavalry has developed and transferred players to major European leagues and Major League Soccer (MLS), many of whom have gone on to represent Canada internationally.
HOLIDAY GIFT IDEA: 2024 SEASON TICKETS 2024 Season Tickets are now available and are the perfect way to support Calgary’s club. Cavalry FC matches combine the energy and emotion of professional soccer with the premium hospitality experience of Spruce Meadows. Cavalry FC boasts a strong Corporate Partner roster, with fully customizable deals designed to meet the goals of each organization. Whether it is ticket and hosting opportunities, or access to the club’s unique and diverse fanbase, a partnership with Cavalry FC is a fantastic way to #RideWithUs and be a part of the world’s biggest sport. The Canadian Premier League season runs from April to October, with 14 guaranteed home matches to catch on ATCO Field at Spruce Meadows. Cavalry FC is committed to four different competitions in 2024 – the CPL Regular Season, CPL Playoffs, Concacaf Champions Cup, and the Canadian Championships. The club offers numerous corporate hosting opportunities: from VIP experiences in our Officers Club and the Carscallen 1975 Club, to corporate team building functions on the Balustrade or ATCO Field.
Book your next event with us! For ticket and hosting information, visit cavalryfc.ca/corporate-hosting. For any additional information or to speak with a member of the Cavalry FC staff, email info@cavalryfc.ca or call us at (403) 974-4567.
CURTIS STANGE AND THE POWER OF POSSIBILITY // COVER
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CURTIS STANGE AND THE POWER OF POSSIBILITY // COVER
CURTIS STANGE AND THE POWER OF POSSIBILITY THE PRESIDENT & CEO OF ATB FINANCIAL HAS A UNIQUE OUTLOOK ON LIFE AND HIS ROLE AS A LEADER
BY NERISSA MCNAUGHTON
I
t’s a familiar story. The high school years are coming to a close and it’s time to think about the future. For Curtis Stange, CEO and president of ATB Financial, that future was open to many possibilities.
“I REMEMBER PULLING INTO THE
“I wasn’t sure what I wanted to do,” says Stange. “So, I worked a lot of jobs from selling clothes to selling tires. One thing did stand out for me. Despite being a city kid, I knew I had a strong leaning towards agriculture.”
CROWDED AROUND ME CLAPPING
So off he headed to the University of Saskatchewan to pursue his degree. As his studies were coming to an end, he was introduced to the idea of banking at a career day event. “I connected with an individual who said, ‘If you don’t want to directly operate a farm, why not lend the money and support the farmers instead?’ he reminisces. “That was the start for me in one of the big banks. I stayed with the same bank for 23 years and made financial connections with farmers, farms and the agricultural industry.” In 2009, he received a call that married his desire to return to the Prairies and continue helping the farming community through purposeful financing. “ATB Financial reached out in July 2009,” says Stange. “As soon as I met the CEO and board chair, I knew they were aligned with how an institution should be run. They deeply believed in creating success for clients and stakeholders. I knew that this was a regional bank where I could make a difference in people’s lives.”
PARKING LOT AND WALKING UP THE STAIRS. TEAM MEMBERS WERE AND SMILING. THERE WERE ABOUT 100 PEOPLE THERE GREETING ME IN A WAY THAT WAS SO REMARKABLE – I WILL NEVER FORGET IT.” Fast forward to 2018 and he was celebrating another first day at ATB Financial – this time as its president and CEO. He remembers that day fondly. “I remember pulling into the parking lot and walking up the stairs. Team members were crowded around me clapping and smiling. There were about 100 people there greeting me in a way that was so remarkable – I will never forget it.” Such is the culture at ATB Financial. It celebrates its people, clients and communities. Stange is committed to the institution’s continued growth and success. “We really have transformed and rebuilt the company from the ground up while still retaining its roots and fundamentals,” he says. “This transformation includes a bold
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CURTIS STANGE AND THE POWER OF POSSIBILITY // COVER
10-year strategy that will take us from 2020 to 2030. The strategy is brought to life by our ‘why.’ This is our purpose as a company, to make things possible for those around us. It guides and inspires us every day.” Stange is also proud of ATB Financial’s continued presence on the Great Place to Work® Canada list; a position the company has retained for eight consecutive years, even during the pandemic. Although he’s humble about it, Stange’s leadership is making a clear difference. “I look at my banking career in two separate ways,” he notes. “First there was 23 years with a national bank serving diverse geographic markets. Now I am with ATB Financial, and for the last five years, being the CEO. No matter my role, I lean into everything I do with an inquisitive nature and I work hard to be accessible and transparent in all my interactions. I always try to lead by example, to be a courageous leader, help develop people around me and commit myself as a lifelong learner. During the last decade, I have learned the important skill of being vulnerable. I don’t have the right answers all the time and I am empowered by a great team and highly capable people around me.
ATB FINANCIAL AT A GLANCE
A
TB Financial is a leading financial institution headquartered in Western Canada that is consistently named as one of the best workplaces in Canada and one of the top financial institutions in the country when it comes to differentiating on client experience through its people. ATB Financial provides tailored solutions and advice to 800,000+ clients in Alberta across its Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB Financial offers expert advice, services and products through its many branches and agencies, 24-hour Client Care Centre, four entrepreneur centres and digital banking options. ATB Financial wrapped up its most recent fiscal year with record results, which is a sign of positive momentum returning to Alberta’s economy.
I am so proud of the role our team members have played in helping people to thrive and businesses to grow and prosper throughout a challenging environment. I believe that by using the skills and capabilities that we have as a financial institution and by partnering with others, we can power possibilities for our clients, our team members and our communities in meaningful ways moving forward.” That great team helped Stange keep things going during one of the greatest challenges ATB Financial faced in its 85-year history – the pandemic. It wasn’t something the company could anticipate or prepare for and it came on suddenly; shutdowns, mandates and a flood of uncertainty. As an essential service, banks like ATB Financial remained open. “Early in the pandemic I received a lot of direct calls from team members and even families of team members across all the branches,” says Stange. “They wanted assurances as to how we were going to keep our people safe. We reacted in a very efficient, effective and proactive way.”
ABOVE: ATB FINANCIAL MEDIA ROOM PHOTO SOURCE: ATB FINANCIAL
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CURTIS STANGE AND THE POWER OF POSSIBILITY // COVER
The mechanism for addressing this pressing challenge was the same applied to the other external factors that affect ATB Financial: economic volatility, geopolitical events, social unrest and rapidly changing times. “As the CEO, you are trying to move the company forward at the right pace and with the right volume of change to make sure you stay a step ahead of the competition,” explains Stange. “I am always looking forward to seeing how ATB can be sustainable in the long-term while making the right decisions in this fast-paced, volatile, complex world. Everything we do is focused on how we can provide client experiences in the most remarkable way possible to Albertans and their businesses.” That commitment extends past banking. ATB Financial is very well known for its philanthropy, which includes sponsoring events; making donations and creating partnerships in areas like mental health, financial well-being and supporting Indigenous relations. Stange is particularly passionate about ATB Financial’s focus on mental health. “My wife and I are big advocates of mental health initiatives. We sit on boards and donate funds. A year before I became CEO, I was looking for a community I TOP: ATB TEAM MEMBERS AT ATB PIVOTAL LEADERSHIP. BOTTOM: ATB TEAM MEMBERS AT GLENORA BRANCH OPENING NOVEMBER 2019. PHOTO SOURCE: ATB FINANCIAL
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CURTIS STANGE AND THE POWER OF POSSIBILITY // COVER
could really lean into. A colleague introduced me to mental health. When I started to do more research, the impact of mental illness on organizations and communities was a thread I kept on pulling. I realized it is an element in our life that isn’t talked about a lot. How could I bring it to the forefront in our own company? What was the role I could play as CEO that could make an impact on Albertans? I wanted to help reduce the stigma.” From leading through unpreceded times to helping change the stigma of mental health in Alberta, Stange is making a difference – and he is far from done. “I still have a lot of work to do to position ATB Financial as a competitive organization for the future. Through our Path to 2030, our focus is on bringing our purpose and strategy to life. We want to help raise the well-being of Albertans broadly. With highly passionate people, through and beyond banking, we can make an incredible difference in the lives around us. That means, I have a lot of work to do personally and professionally.” He knows it is worth the time and effort. “The Alberta advantage is that we are entrepreneurial, hardworking, passionate, risk-taking people. The new advantage is the increase of diversity and inclusion in the workplace. That is powerful for the province. Another growing advantage is the economic diversity Alberta is leveraging. When I first became CEO, there was talk of the need for diversifying. Now Alberta is more technically advanced, working towards cleaner energy and making great strides in aerospace, transportation, logistics, value-added agriculture, life sciences, bio-tech, medical… the list goes on and on. These are formidable industries.” He continues, “Alberta is clearly in a growth phase, accelerated by an abundance of skillful people moving into the province. Over the short-term, economics, interest rates and combating inflation will create volatile conditions, but in the long-term, we are in a growth phase. ATB Financial will be there as it has been there for 85 years. No bank can compete with us when it comes to truly understanding the Alberta economic and business landscape.”
CURTIS STANGE SHARES HIS THOUGHTS ON LEADERSHIP
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ounter Volatility with Vision: We need to accept and embrace change as a constant, while being clear about the kind of city, business and organization we want to be. Meet Uncertainty with Understanding: Our communities are filled with diverse people with diverse ideas and experiences. Landed immigrants comprised a record 29.3% (or 776,000) of Alberta’s labour force in September 2023. If we pause to listen and look around, we can understand and develop new ways of thinking and acting. React to Complexity with Clarity: We need to communicate clearly to help those around us understand how to react and what to do when the world moves quickly. Fight Ambiguity with Adaptability: As leaders, we need to promote flexibility, adaptability and agility. Plan ahead but build in contingency time and be prepared to alter your plans as events unfold.
in the business community. My wife Shannon has been incredibly supportive through my whole career, and so has my leadership team and the Board of Directors. I’ve been surrounded by a village in my time as CEO.” Stange smiles as he draws a final conclusion about his life, his work, and his mission at ATB Financial. “I know that purpose is powerful. Find your purpose and align yourself with organizations that are purpose driven. Leaders will be remembered for how they treat their teams and look after communities. Profit will follow from that.” Learn more at atb.com, and on Facebook, Instagram, X, LinkedIn and YouTube.
As he looks back on his career, Stange points out, “I’ve been surrounded by incredible people at home, at work and
BUSINESSINCALGARY.COM // BUSINESS IN CALGARY // DECEMBER 2023
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Unlock Your Brand’s network Potential corporate headshots
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Video podcast www.yyc-headshots.com
BUILDING ALBERTA:
The Transformative Impact of Sureway Construction S u r e w a y C o n s t r u c t i o n G r o u p C e l e b r a t e s 5 0 Ye a r s By Nerissa McNaughton
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS
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Sureway Construction Headquarters - 1978
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ifty years. Millions of man hours. Building and connecting the communities Albertans work in and call home. Countless projects spanning earthworks, underground infrastructure, mining and more. Since it began in 1973, Sureway™ Construction Group has changed the landscape and become a trusted legacy in Alberta. “I met a gentleman in a bar and he asked me if I ever thought of doing this for myself,” says Dennis O’Rourke, chairman. “I replied that I had not. I was a superintendent for a large company but his offer to give me half of his company to work for him got me thinking. Another guy was in the bar at the same time and heard the offer. Later that night on the way out he said to me, ‘I know your brother from Olds. He is a good guy so you must be alright too.’ In that moment he offered, ‘If you ever do go out on your own, I will take a piece of the action.’” The second “guy in the bar” was Jack Richardson. Jack was from Olds, had his own business and was a WWII veteran with seven kids. “I wound up quitting a very good job at Whissel Enterprises to start Sureway with Jack. Initially, Jack owned 30 per cent while I owned 70.” O’Rourke reminisces. “When I joined Jack, I brought two fellows on my crew with me from Whissel, Ron Kunellis and Marv Gunderson. The four of us were the heart of the new company. We took on all the hard work, the work no one wanted. One particular job near 17th Street in Edmonton was being run by a certain inspector who was the most difficult person I had ever dealt with. We finished the work but I never forgot that inspector! From there we had some good jobs in Lethbridge and constructed the 34 Street tunnel sanitary under the Sherwood Park Freeway. As time went on, we learned from our mistakes, bid smarter and started making good money.
Dennis O’Rourke
“After a strong winter in 1975, I took on a real tough job in Stony Plain with no bonding. We had a good bank account at the time but Jack saw some of the jobs as too risky and wanted out, so we parted ways. Marv had left us after the Lethbridge job. So, with just the two of us left, Ron took Jack’s 30 per cent and we kept going. Ron stayed with us until 1991 when he sold his portion to me and moved on. “We still needed quality people and I never forgot that difficult inspector, so I went out and hired him. We talked, looked each other in the eye, made a deal, shook hands and that was that. That is how, in 1975, Bruce Hagstrom came to work for Sureway. Bruce and I have been together ever since. No paper, no contract – just complete trust and faith in each other to get it done… and the rest is history.” That history spans half a century. At first, things went very well.
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 2
1976
“From 1975 to 1981 things were very good in Alberta,” says O’Rourke. “Things also opened up in Fort McMurray; we had some really good years. Then the National Energy Program came along and things went downhill.” (See Sidebar on next page: What Was the National Energy Program and How Did it Affect Alberta?) That was far from the only hurdle Sureway faced over its 50 years of growth. From changing politics to shifting economics, from a pandemic to the impact of wars, every decade was marked with highs and lows. Sureway rode out the waves every time. “We have had so many ups and downs in Alberta; it has been amazing,” laughs O’Rourke. “When we started, we had about five guys. We now have around 900 employees, but the most we have ever had is 1,400.” Being able to ride the waves was not luck. O’Rourke and his management team were visionaries with sound business sense. One thing they did early on, which had a profound impact on the subsequent years, was to pay off its corporate debt.
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 4
What Was the National Energy Program and How Did it Affect Alberta?
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he National Energy Program (NEP) was a policy enacted by Prime Minister Pierre Elliot Trudeau’s Liberal government in October 1980. Its goals were to ensure the supply and price stability of Canadian natural gas and oil, increase Canadian ownership and control of the petroleum industry, and secure a larger share of energy revenues for Canada. Under the NEP, a two-price system was implemented, with lower rates for Canadian consumers and higher rates for others. Additionally, taxes on operating revenues of oil and gas companies were increased, and export taxes were added. The NEP’s Petroleum Incentives Program (PIP) aimed to redirect exploration efforts towards Canadian-owned companies operating in the Canadian North and offshore territories, diverting attention away from western Canada and Alberta. One of the major effects of the NEP was a strain on relations between the West (particularly Alberta) and the East. Alberta responded to the NEP by reducing the flow of oil to the rest of the country and challenging the federal government’s legal authority. This led to conflicts over energy resource revenues and a sense of dissatisfaction among Albertans who felt unfairly treated by the policies. The NEP was officially eliminated in June 1985 by the Western Accord of Brian Mulroney’s Progressive Conservative government. This accord removed oil price controls, abolished federal taxes, and encouraged foreign investment and exploration. The elimination of the NEP, along with subsequent market-oriented policies, brought about significant changes in the energy industry in Canada.
Shell is proud to be a partner of Sureway Construction.
Congratulations to the Sureway group on 50 years of excellence!
To learn more about how Shell Lubricant Solutions can help improve your equipment reliability, visit: www.shell.ca/lubricants
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 5
PROJECT HISTORY, EDMONTON Since 1973 Sureway has installed thousands of kilometres of water, sewer and storm and moved millions of cubic metres of earth for the Edmonton area to grow over the past 50 years. Many of these projects could not have succeeded without the collaborative effort and partnerships with our many clients, developers, engineers and subcontractors that we have worked with over the years. The map above only covers a portion of the areas and communities that Sureway has helped develop. Project highlights include: • In North Edmonton, Crystallina, McConachie, Marquis and Cy Becker neighbourhoods • In NW Edmonton, Hawks Ridge, Trumpeter, Big Lake and Starling neighbourhoods • In West Edmonton, Hamptons, Rosenthal, Secord neighborhoods • In South Edmonton, Ellerslie, Allard, Chappelle, Heritage Valley neighbourhoods • In SE Edmonton, Sakaw, Greenview, Tamarack, Laurel and Aster neighbourhoods • In SW Edmonton, Riverbend, Windermere, Ambleside, Keswick and Glenridding neighbourhoods In 2013 Sureway widened it’s scope to include the Industrial and Mining sectors in Edmonton and area. Highlights include: • Enbridge SET (South Edmonton Terminal) 2013-2016 o Sureway performed the scopes of all earthworks and underground utility installation for a new 5 tank terminal expansion. o 700,000 m3 Earthworks o 3.1 km drainage pipe o 3 km firewater pipe o 750,000 tonnes of gravel for tank pads o 1,200 m3 of concrete structures o 10 lift stations • Enbridge Hardisty o Earthworks, firewater and mechanical services o Three new product tank foundations, new containment area, manifold containment, above ground and below ground piping and structural • Enbridge Cheechham o Earthworks, shear wall and containment system for water management facility upgrades • Gibson Energy 2021-2023 o Rail loading area expansion, tank foundation and containment liner systems • Imperial Oil o Civil Maintenance contractor 2019 to present o Southlands Rail Terminal o Earthworks, drainage systems and demolition for rail yard – 2022 to present • Interpipeline 2020-2022 o Bypass piping, new containment area • TC Energy o Fabrication Services • Dow o Earthwork and mechanical for new and retrofit pipe below and above ground
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 6
• Nutrien o Earthworks, sub-drain systems and containment systems for new gypsum stacks – multiple projects o Earthworks and drain system for plant reclamation • Shell Scotsford o Earthworks and drainage installations for expansion • Cenovus (Canexus Rail Terminal) o Earthworks, drainage, tank foundations for new rail yard and product transfer station • Capital Power – Generating Station o Earthworks and mechanical for new gas feed to plant. Firewater upgrades • Transalta Highvale Mine o Earthworks and utility construction for mine expansion, ash dike raise, process water • Westmoreland Coal Valley Mine o Earthworks for mine reclamation
PROJECT HISTORY, FORT MCMURRAY In 2004 Sureway began to operate in Fort McMurray and has maintained a permanent presence in the region since as a major contributor to its continued regional growth. Highlights in Fort McMurray include: • Prime contractor for the Regional Municipality of Wood Buffalo performing major capital infrastructure projects across the region • Parsons Creek Interchange which was the largest bid-build contract from Alberta Transportation at the time
• Eagle Ridge and Parsons North neighbourhoods • Eco Industrial Park • Stone Creek including 250 acres residential neighbourhoods o Stoney Creek Village Shopping Centre o The Markets future development • Emergency support during the 2016 wildfires and 2020 flooding • Community reinvestment
Canadian Industrial Hydraulics Ltd. would like to congratulate Sureway Construction on half century of hard work & excellence. We thank you for trusting CIH with keeping your hydraulics’ equipment ready for a hard day’s work.
Trusted hydraulic pump and motor repair Edmonton
780-465-1133 | www.cih.ca
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 7
Congratulations to Sureway Construction for 50 years in business
Southeast Anthony Henday Drive (SEAHD)
Northeast Anthony Henday Drive (NEAHD)
Congratulations Sureway Construction on 50 Years! We are proud to be a part of your success.
Ring Roads and Interchanges: Southeast Anthony Henday Drive (SEAHD): • 2005 to 2007 – in Edmonton, AB • Project scopes were Earthworks and Underground drainage utilities – as a Subcontractor • 7.1 Million m3 of Earthworks • 9 km of drainage pipe – culverts and storm pipe Northeast Anthony Henday Drive (NEAHD): • 2012 to 2015 – in Edmonton, AB
WOOD MAT OPTIONS
• Project scopes were Earthworks and Underground drainage utilities – as a Subcontractor
COMPOSITE MATTING
• 7.69 Million m3 of earthworks
RIG MAT WASHING EQUIPMENT RENTALS
• 5.5 km of Culvert CSP
www.littleguyrentals.com
• 5.0 km of Storm pipe
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 8
Sureway Construction Group, 50 years of shaping Alberta and Western Canada!
Parson’s Creek Interchange
Thank you for being valued partners of Ritchie Bros. and supporters of the communities that we live and work in. Here’s to many more years of success together!
West Calgary Ring Road (WCRR)
Parson’s Creek Interchange: • 2013 to 2016 – in Fort McMurray, AB • General Contractor was Sureway Construction • Project scopes for Sureway was Earthwoks and Underground drainage utilities • 5 Million m3 of earthworks
WE CONNECT COMMUNITIES TO ESSENTIAL RESOURCES
• Subcontractors performed 450,000 tonne of roadway gravel and 190,000 tonne of asphalt West Calgary Ring Road (WCRR): • 2019 to 2022 – in Calgary, AB • West Calgary ring road DB1 project, for Stoney trail and Highway 1A (Transcanada) construction • Project scope was Earthworks – as a Subcontractor • 6.2 Million m3 of earthworks • 1.9 Million m3 of bedrock blasting
ICONIX proudly supplies waterworks products and solutions to the construction industry. Congratulations to Sureway Construction Group on 50 years of success!
Visit us online at iconixww.com
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 9
O’Rourke explains, “When interest rates were high in the late 70s and 80s, we paid off our debt. So, when interest rates went crazy later on, we didn’t have any debt. Sureway was not in a desperate position to underbid for jobs. We simply parked a lot of our equipment in 1982 and waited for things to get better.” They were not idle as they waited. O’Rourke and his team took the downtime to improve on processes and diversify the company. Once things improved economically, a stronger, larger Sureway was ready to take advantage of the project landscape. While O’Rourke cites the “ups and downs of Alberta’s economy” as the most challenging aspect of his career, he is also quick to cite the most rewarding. “What I have enjoyed the most is contributing to the places where people live, work, commute and thrive.” Sureway Construction, over the past half-century, has been pivotal in shaping the infrastructure and landscape of Edmonton, the surrounding communities and the province of Alberta as a whole. The company’s vast contributions have left an indelible mark on the region, extending from Calgary to High Level and from Hinton to Fort McMurray – and beyond. “We do very good work. We complete on time, we always finish our work and we don’t like to fight and argue. We just like to complete what we start!” says O’Rourke. O’Rourke has seen the company grow to include an impressive fleet of production, support and maintenance equipment, with the heavy equipment fleet currently numbering over 700 units. This fleet supports projects in underground utilities, earthworks, mining, mechanical services, environmental services, trucking, aggregates and inspections. In 2014, Sureway replaced its existing facility with a brand new 110,000 square foot shop focusing on repairs and maintenance to this substantial fleet. The sheer volume of Sureway’s work is staggering. They’ve installed thousands of kilometres of water, sewer and storm systems and moved millions of cubic metres of earth to build out the Edmonton area. Since Sureway commenced operations, Edmonton’s developed area has nearly tripled as the population more than doubled. Sureway has contributed to a significant portion of this growth. However, their reach extends far beyond Edmonton. Sureway’s projects have spanned across numerous communities and cities, reflecting their extensive influence and commitment to development. Sureway’s dedication does not stop when developments are complete. With support for infrastructure emergencies, snow removal and fire response, Edmonton and area can rely on Sureway to respond to community needs.
Sureway’s work isn’t limited to residential and municipal projects. They’ve also been instrumental in industrial developments, working with major corporations such as Enbridge, Gibson Energy, Imperial Oil, Nutrien, TransAlta, Shell, Capital Power and Lafarge, among others. Sureway provides full life-cycle services, from breaking new ground to reclaiming the land. Whether it is developing new residential, commercial, rail or industrial facilities or reclaiming to natural land or farmland, Sureway is always committed to project delivery. Their contribution to the transportation sector is equally impressive, having constructed major roads in the Edmonton area, including half of the 78-kilometre Anthony Henday ring road and highways stretching from Milk River to Spirit River and Fort McMurray. Despite a period of stalled development in the ‘90s, Sureway persevered. As Fort McMurray began booming again, Sureway established operations 450 kilometres north of their main office. Initially, Sureway focused on land development in the new communities north of the Athabasca River, eventually becoming a resident contractor for the Regional Municipality of Wood Buffalo. They also constructed the Parsons Creek directional interchange and twinned HWY 63, which at the time was the largest bid-build contract from Alberta Transportation. Sureway’s dedication to the community resounds beyond their construction projects. They provided emergency support during the 2016 wildfires and 2020 flooding, further cementing their commitment to the communities they serve. The work over the past 50 years has been nothing short of transformative, leaving an enduring legacy on the landscape of Alberta. Fifty years later, however, O’Rourke is building something far more personal.
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“Right now. I am very inspired with building a winery from scratch. I’ve already built and opened Peak Cellars. Currently, I’m building O’Rourke Family Estate.” The development, located in Lake Country, B.C., north of Kelowna, encompasses over 340 acres with lake access and when complete will include a world class winery, vineyards, a restaurant, a 30,000 square foot event centre and outdoor amphitheatre, all with stunning views of Lake Okanagan. Some of O’Rourke’s early wines have already won international acclaim and the wines will only get better as the vines age and mature. Sureway physically contributes to building communities, but also contributes by providing robust community support amounting to millions of dollars to a wide variety of charitable interests including but not limited to:
• Alberta Cancer Foundation • Athol Murray College of Notre Dame • Capital Care Foundation
Congratulations on 50 years of success. Here’s to 50 more! Proud to be your surety partner since 2004.
• CASA Foundation • Compassion House Foundation • Edmonton Opera • Festival Place Cultural Arts Foundation • Habitat for Humanity • Junior Achievement • Kelowna General Hospital Foundation • Kids with Cancer • Kids Kottage • Make-A-Wish Foundation • Mazankowski Alberta Heart Institute • Mustard Seed • Northern Lights Health Foundation • Okanagan Symphony Orchestra • Pilgrims Hospice Society • Prostate Cancer Canada • Sign of Hope Society • STARS Foundation • Strathcona Community Hospital Foundation • University Hospital Foundation Festival of Trees • Wellspring Edmonton House • Valour Place Society
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 11
intact.ca
For its outstanding project achievements and philanthropy, both O’Rourke and Sureway have been recognized numerous times. Awards include O’Rourke’s Junior Achievement Northern Alberta & N.W.T. Alberta Business Hall of Fame induction in 2008 and recognition from the Alberta Roadbuilders & Heavy Construction Association. Sureway swept the Minister’s Award of Excellence for Construction Innovation in 2014 and 2016, received an EllisDon Safety Excellence Award in 2020, then followed up with a safety award from Imperial Oil in 2022. O’Rourke has recently set up the Dennis O’Rourke Foundation to ensure this legacy of philanthropy and charitable giving will continue and be carried on by future generations. However, O’Rourke doesn’t count the trophies in the case as the measure of success. He counts the successful projects that contribute to the lives of the communities they serve, the teams they employ and the future generations he wishes to support. “I just keep looking ahead,” he smiles. Half a century is a very big milestone for any company – more so for any company in Alberta that is affected by the boom and bust cycles. O’Rourke has much to be proud of but he is quick to point out that he is far from alone in crafting the company’s success.
Congratulations Sureway Construction! We wish you many more years of continued success.
“We have had a lot of very good and faithful employees. There are a lot of people that worked with us that are not around anymore too, and that makes us very sad. Anyone can start a company and buy equipment but running a successful company? That is all about the people, people, people. I’m grateful for each and every one of them.” The story of Sureway is just getting started. O’Rourke plans to leave a legacy that will always stand the test of time.
pwc.com/ca
“We own Sureway, gravel pits and shopping centres. Right now it’s about the future and transitioning the brand. We have many good people and lots of great things going on. I’m thankful to be in a position where we can continue to create quite an impact going forward.”
Premium Service. Anytime, anywhere. Oil & Gas, Industrial and Commercial. Potable, Demineralized and Hot Water Services.
Mailing Address: 9175 – 14 Street NW, Edmonton, Alberta T6P 0C9
Congratulations
Phone Number: 780-440-2121
Toll-Free: 1-877-447-2121
on 50 years!
Email: info@sureway.ca
www.sureway.ca
780-496-7604
Follow us on Facebook, X, Instagram and LinkedIn.
SUREWAY CONSTRUCTION || CELEBRATING 50 YEARS || 12
TOC
Page 1 - Looking Back and Moving Forward Page 4 - BOMA Insider
NEWS WINTER 2023
Looking Back and Moving Forward By Lloyd Suchet, Executive Director, BOMA Calgary
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n our mission to serve the commercial real estate industry and its people, here at BOMA Calgary we are constantly recalibrating our offerings to ensure that we remain relevant to our members. Relevance means that we are providing the education and training to meet the current and future needs of the industry, timely government advocacy on the pressing issues, and the professional connections that promote best practice and enrich our days. Over 2023, BOMA Calgary renewed its focus on the safety challenges that are impacting all of our members, but particularly those in the downtown and Beltline areas. Leveraging our strategic reserves, we were proud to offer a series of safety training courses for both building staff as well as tenants in BOMA-member buildings. Led by Deb DeWaal of Safe and Sound Training, these sessions provided practical training and tools on how to prepare for the worst, all in a supportive and empowering environment. Early in the year, we also undertook an ambitious exercise tracking the safety incidents occur-
Leveraging our strategic reserves we were proud to offer a series of safety training courses for both building staff as well as tenants in BOMAmember buildings. ring. This was formalized with the first ever release of the BOMA Calgary Downtown Safety Survey, which constituted the most thorough reporting of incidents within private buildings. Through this work and the data we received, BOMA secured a seat on the Downtown Safety Leadership Table. Through this group BOMA is engaged in high-level discussions on city-led solutions, and will have a direct role in shaping outcomes. This work has garnered attention from across the country, and BOMA
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BOMA Calgary News
BOMA Calgary News is a co-publication of BOMA Calgary and Business in Calgary.
Business in Calgary
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BOMA Calgary
Suite 225, 550 11th Avenue SW, Calgary AB, T2R 1M7 Email: info@boma.ca • Web: www.boma.ca Tel: 403.237.0559 • Fax: 403.266.5876
Executive Officers
CHAIR Rob Blackwell, Aspen Properties CHAIR- ELECT Candace Clark, Avison Young TREASURER Tanya Befus, QuadReal Property Group PAST CHAIR Richard Morden, QuadReal Property Group
Directors
Blair Carbert, Carbert Waite LLP Keri Cormier, QuadReal Property Group Laurel Edwards, Avison Young Carla Fedele Graham Halsall, ONE Properties Dominik Hubaczek, Oxford Properties Dan Lindsay, Surety Technologies Colin Norris, Insignia Asset Management Aaron Pratt, Allied Properties REIT Talia Purdy, BentallGreenOak Giovanni Worsley, MNP LLP The Building Owners and Managers Association of Calgary publishes BOMA Calgary News quarterly. For advertising rates and information contact Business in Calgary. Publication of advertising should not be deemed as endorsement by BOMA Calgary. The publisher reserves the right in its sole and absolute discretion to reject any advertising at any time submitted by any party. Material contained herein does not necessarily reflect the opinion of BOMA Calgary, its members or its staff. © 2015 by BOMA Calgary. Printed in Canada.
Finally, we know that after a few tough years the collegial aspect of the community has been in high demand, and so we have put additional focus on providing those valuable opportunities for professional networking in an approachable way. Calgary and BOMA Edmonton are now working to bring this much needed survey work to BOMA local associations elsewhere to help them drive local decision making in their markets. As the economy and the nature of how we work has normalized following some tumultuous years, BOMA members are focusing on succession and ensuring their organizations have the talent and the workforce to drive future growth. In late 2022, we hosted an enlightening session with some our industry’s brightest minds on human resources, recruitment and talent retention, and we continued on with this theme in 2023. The Next Generation Committee spearheaded sessions that focused on industry career paths and the myriad of ways professionals found themselves in their roles, while also providing members with fresh headshots at a young professional social night. And this is all before we talk about the launch of the 11th year of the BOMA Mentorship Program, that fittingly has an impressive 11 pairs of mentors and proteges. Facilitated by Kyle Kalloo of Change my Business Coaching, this real keynote program enables the exact type of mentorship that helps sustain the future of our industry. For the first time in five long years we were also honoured to be able to recognize the industry’s best and the brightest at the 2023 BOMA Calgary Excellence Awards Gala. This years Awards program featured two brand new categories, recognizing the way new professions are emerging within the industry and driving performance. The Health and Safety Awards recognize leaders who strive to make health and safety best practises a part of their organization’s culture, while also driving innovation in the implementing initiatives. Meanwhile the Security Team of the Year Award recognizes the key role security professionals play in safe, well-functioning buildings for staff, tenants and visitors. Finally, we know that after a few tough years the collegial aspect of the community has been in high demand, and so we have put additional focus on providing those valuable opportunities for professional networking in an approachable way. This means supplementing the existing social events like Ski Day, Bee Clean Golf Classic, Buckaroo Bash and luncheons with social opportunities at educational sessions, which has been well received by the membership. There is a clear feeling of momentum on these key priorities, and excitement as we build on them as we move into 2024. But rest assured we will also remain nimble enough to be able to respond to any new trends or issues animating the industry. Just as the industry and its people never slow down, we at BOMA relentlessly focus on delivering relevant services with a strong value-proposition for members. Thank you for your support and we look forward to another year of building excellence!
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BOMA Insider
BEE-CLEAN BOMA GOLF CLASSIC - THANK YOU! Thank you to everyone who attended the 2023 Bee-Clean BOMA Golf Classic on September 7 at Kananaskis Golf Country Course. With your help, we raised $17K for the BOMA Calgary Foundation. THANK YOU! Special thanks to our Golf Committee Members Dan Lindsay, Jeff Leachman, Nadine Murphy, Teddi Poworoznik and Sharlene Quian for planning an amazing event for the industry.
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THE OTHER CONSIDERATIONS OF AN ALBERTA PENSION PLAN // FINANCIAL PLANNING
THE OTHER CONSIDERATIONS OF AN ALBERTA PENSION PLAN EXPERTS SAY MUCH TO CONSIDER SHOULD PROVINCE WITHDRAW FROM CPP
BY JAMIE ZACHARY
E
arlier this fall, the Alberta government released a report that examined the possibility of creating a provincial pension plan and leaving the Canada Pension Plan (CPP). Prepared by the firm LifeWorks, the 95-page report provided a cost-benefit analysis of an Alberta Pension Plan (APP) that determined Alberta – home to roughly 12 per cent of Canada’s population – would be entitled to $334 billion, about 53 per cent of CPP assets. While national debate has since raged on the exact number Alberta would be entitled to should it leave the CPP – some economists estimate it closer to 20 or 25 per cent – many experts say there is much else to consider. Jack Mintz, President’s Fellow of the School of Public Policy at the University of Calgary, notes one of the many policies Alberta would need to determine is the plan’s investment model. He points to Quebec as an example, which mandates its plan optimizing returns while also investing in the province. On the flip side, Mintz points to Norway’s trilliondollar sovereign wealth fund, which is strictly invested in international financial markets so that the risk is independent from the Norwegian economy. “They’re doing this for macroeconomic stabilization,” says Mintz, noting the fund, one of the largest in the world, also does not invest in certain private equities or companies with more than five per cent of their revenue derived from the oilsands or coal sectors.
By comparison, more than half of the CPP’s assets are in public and private equity funds – the rest a mix of credit, fixed income, real estate and infrastructure. Most come from the U.S. and Asia Pacific, with just 14 per cent coming from within Canada. Alberta Finance Minister Nate Horner initially told media in mid-October that Quebec’s model would not be on the table and, rather, the goal of an APP would be to go big and go broad in order to mitigate risk pension plan holders. Horner’s office later changed its stance, noting, “Albertans have the final say on the mandate of the investment manager. The engagement panel (currently gathering public feedback on the pension proposal) will hear whether Albertans want that mandate to be solely focused on maximizing returns or whether it should have a dual mandate that also focuses on economic development in Alberta, similar to Quebec’s pension manager.” Meanwhile, Deborah Yedlin, president and CEO of the Calgary Chamber of Commerce, points to how an APP could impact labour mobility within Canada. For example, she brings up unanswered questions about the portability of CPP contributions to an APP, and how it could compromise the province’s ability to attract talent to Alberta. “One of the biggest challenges we have in this country is labour mobility. The last thing we need to do is compromise it in any way,” says Yedlin.
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THE OTHER CONSIDERATIONS OF AN ALBERTA PENSION PLAN // FINANCIAL PLANNING
She singles out the sheer number of out-of-province workers employed within Alberta’s energy sector as an example. The Canadian Energy Centre estimates there are more than 12,000 interprovincial employees working in the oil and gas extraction and support activities in Alberta annually – up more than 155 per cent over the last few decades. “They’ve been a very important part of the oilsands workforce,” she says. Yedlin also questions the sustainability of lower premiums in an APP over the long term given the potentially greater influence of fluctuations on a smaller overall portfolio. “We had 184,000 people come to Alberta in the last 12 months,” she says. “If you have your own pension fund, you now have 184,000 new people who represent liabilities, but your assets have gone up. How do the premiums have to be adjusted to make sure that everyone is getting the pension they need?” “Businesses need certainty in terms of fixed costs. Their premiums cannot be variable. Businesses don’t need uncertainty in terms of what that contribution would look like. There are so many other things they have to worry about. It’s affordability. It’s the inflationary environment. It’s how to grow.” The Lifeworks report estimates that APP contribution rates for basic CPP benefits would fall from 9.9 to 5.91 per cent, split between employers and employees. That amounts to annual savings of $1,425 for each Alberta employer and employee, and $2,850 for the self-employed. Then there’s the issue of governance. Both Yedlin and Mintz note the importance of having the APP managed at arm’s length from the provincial government to avoid any undue influence. “The funds need to be segregated from government revenues, and there is absolutely no way governments can get their hands on it,” says Yedlin, who points to the CPP governance structure as the “gold standard.” CPP Investments is the Canadian Crown corporation established to oversee and invest the funds contributed to and held by the CPP. When contacted by Business in
YEDLIN ALSO QUESTIONS THE SUSTAINABILITY OF LOWER PREMIUMS IN AN APP OVER THE LONG TERM GIVEN THE POTENTIALLY GREATER INFLUENCE OF FLUCTUATIONS ON A SMALLER OVERALL PORTFOLIO. Calgary, a company spokesman noted all fund assets are owned by CPP Investments and are separate from the assets of any government. He noted that while the federal and participating provincial governments have oversight of CPP Investments, the organization is governed by an independent board, and that its independence from government is enshrined in “carefully written legislation, ensuring that we can, and do, operate at arm’s length, free from political interference.” Should Alberta decide to leave the CPP, Mintz notes the process won’t happen overnight. The province would first need to provide three years’ notice, as well as to assume all accrued obligations and liabilities. It would then need to enact legislation that takes effect within one year after the above notice is given. Lastly, a federal regulation would have to recognize the provincial pension plan as being comparable to the CPP. Mintz believes the issue going forward will not be in the complexity of creating an APP. In fact, he says that process could be straightforward if Alberta follows Quebec’s model given the mechanisms will already be in place.
ABOVE: DEBORAH YEDLIN, PRESIDENT AND CEO OF THE CALGARY CHAMBER OF COMMERCE.
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// FINANCIAL PLANNING
MINTZ SAYS THE ISSUES MOVING FORWARD ON A POTENTIAL APP WILL CENTRE AROUND DISCUSSIONS ON HOW MUCH ALBERTA IS ENTITLED TO AND, MOST IMPORTANTLY, HOW ALBERTANS FEEL ABOUT LEAVING THE CPP. “I don’t think it’s as difficult in that sense,” he says. “That said, the more that you make your own system, the more complex it becomes and the longer it would take to sort out some of these things out. “For example, if Alberta went down the road of having higher benefit payments, then that would add a lot of complexity and that might make it harder.” Rather, Mintz says the issues moving forward on a potential APP will centre around discussions on how much Alberta is entitled to and, most importantly, how Albertans feel about leaving the CPP. Heading into this fall’s legislative session, the Alberta government noted it would introduce legislation that would set the legal framework for a potential provincial pension plan, including criteria around a referendum that could come in 2025. Horner previously stated that a referendum on leaving the CPP will be based on a “high level feeling from many sources” following consultations with Albertans that will extend through to spring 2024. Mintz says that while there are very significant benefits to Alberta’s creating its own pension plan, he believes Albertans will want to stay. “I believe they really just want a federal government that takes a much more cooperative stand on issues – not the hammer-like approach it’s currently taking,” he says. “That’s why I think this is a negotiation.”
ABOVE: JACK MINTZ, PRESIDENT’S FELLOW OF THE SCHOOL OF PUBLIC POLICY AT THE UNIVERSITY OF CALGARY.
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WHAT’S THE PLAN? // SUCCESSION PLANNING
What’s the plan? Experts urge communication when looking to avoid conflict during succession planning
BY JAMIE ZACHARY
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ntitlement. Power struggles. Unresolved history. Contrasting visions. Trudy Pelletier has seen it all while mediating conflicts that often occur during business ownership transitions. The Calgary-based president of Trudy Pelletier Consulting has spent nearly two decades facilitating difficult conversations with families, teams and leaders as they talk through issues that often go back decades. “Many of the businesses that come to me are about to make some kind of significant decision – whether that’s naming a successor or putting together a board of advisors – and they worry that whatever they do is going to cause more friction,” says Pelletier, whose list of certifications centre around exit planning, family enterprise and executive coaching. David Blom has had a front row seat to this conflict play out. In fact, the chief operating officer and senior advisor at Blackwood Family Enterprise Services has gone so far as having to break up a few rounds of family fisticuffs over the years. “In some cases, the conflict traces back so long ago that they don’t even remember why they were fighting in the first place. In other cases, it’s so deep rooted, I’ve broken up fistfights,” says Blom, whose Calgary-based organization officially launched this past January, and currently works with about 50 families across Canada ranging from momand-pop shops with $3 million in annual sales to family-run billion-dollar organizations.
“IN SOME CASES, THE CONFLICT TRACES BACK SO LONG AGO THAT THEY DON’T EVEN REMEMBER WHY THEY WERE FIGHTING IN THE FIRST PLACE. IN OTHER CASES, IT’S SO DEEP ROOTED, I’VE BROKEN UP FISTFIGHTS,” SAYS BLOM. ABOVE: DAVID BLOM, COO AND SENIOR ADVISOR AT BLACKWOOD FAMILY ENTERPRISE SERVICES.
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WHAT’S THE PLAN? // SUCCESSION PLANNING
While the details differ, the common thread typically boils down to poor communication – people on both sides not conveying their wants and expectations. “People draw their own conclusions when there’s no conversation, and it’s never a good conclusion,” says Pelletier. “What I distinguish for people is there’s brain-driven predictions, conclusions and assumptions that we live as though they’re true, which often is a barrier to having the conversation. Is it a conflict? Or is it just a missing conversation?” Clayton Achen, co-founder of Calgary-based accounting and tax firm Achen Henderson, says, “almost always,” there’s different ideas about how the business should be run. “And there’s pent up sort of resentments or jealousies or fears about what’s going to happen,” he says. “That should
be communicated right up front, but it never is. Those conversations rarely happen.” On the flip side, Achen often sees senior owners who have a vision of how the company will be run in their absence, but haven’t communicated that to the next generation, whether that’s their children, employees or third-party investors. “They want to leave a legacy, but it’s almost always to run the company like they ran it,” he says. “Then, when the conversations actually start happening, they realize the new owners have a very different idea of how the company should be run, and that’s when the conflict starts.” Similarly, Blake Griffith, a Calgary-based financial planner with Sun Life and Griffith & Associates Financial, says he’s seen conflict stem from businesses owners not willing to let go of the reins.
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WHAT’S THE PLAN? // SUCCESSION PLANNING
“Because they are not ready to let go, it does create some hesitation around putting pen to paper and laying out an actual written succession plan,” he says.
Pelletier’s approach is similarly to create an environment where everyone can be “heard, seen and understood” such that there’s now a new space between people.
This leads to the all-too common scenario of owners then trying to play catch up at a time when they should be transitioning out of the business.
“From my very first meeting, I’m out to understand how they are listening to each other. Sometimes it’s very visible. Sometimes it’s not,” she says.
“Too often, we’re seeing business owners beginning to look for advice when they’re ready to retire. A successful succession plan oftentimes takes years to implement, not months,” says Griffith,
“The other thing that I would say is, there’s lots of processes to resolve conflict, but those processes never works unless people are heard, seen and understood. So, it’s slowing people down. Asking questions for clarification. What is respect to you? Maybe it’s something different for the next person?”
“It takes a multidisciplinary team of financial planners, accountants and lawyers all coming around the table, working together to not only identify the risks, but also the planning opportunities – the tax nuances outlining, all the things that could arise.” And if you think this only applies to family succession planning, you’re wrong. “You’d think that a succession plan between non-family members is going to be wildly different from one between family members, but … (it) really isn’t always as different as people might imagine. Whether it’s a child purchaser who’s been working at the business for years or a key employee, the buyout structure in those scenarios is very much the same,” he says, adding there’s the caveat family succession does come with some added layers as it relates to the Income Tax Act. For the family-run businesses that Blom works with, he starts by seeking clarity around three main areas: business, family and ownership. “We interview everybody separately and then we try to find some common ground on each area,” he says. “For example, we might look at what does succession need to look like? What are each person’s expectations? How can we help the business make the best choices on how to get that generation ready to come into the business? “By the end of it, the hope is you either have a family that either is in agreement on a lot of items, or they agree to disagree and they’re able to work around the conflicts that exist from there.”
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Pelletier also encourages her clients to come into these conversations with open minds. “If you go into those difficult conversations being anxious, impatient, nervous or frustrated, then that can show up in your communication,” she says. “Could you go into this conversation instead being curious, direct, authentic, vulnerable, patient or generous? Could doing and saying different things produce a different result?” Achen adds business owners might have to accept they will never be able to eliminate conflict. It’s about managing conflict. “It will always be there. The point is to have a plan – get clear on the roles and responsibilities,” he says. “Have milestones. Have something you’re working toward.” Blom says that also means accepting that every succession plan will look different, whether it’s succeeding it down to the next generation, an employee group, third party or even a cash asset. “Succession of the business is different in everybody’s mind,” he says. “The best advice I can give you is that there’s no silver bullets to this. It’s a process and it takes time. And once you develop a picture of where you want to go, it’s not a static picture. It’s a motion picture. So, it’s important to have a good cadence of meetings with the family, with the owners, to make sure that they understand what that legacy looks like. “For the majority of businesses I’ve dealt with, their financial assets have performed way better after they went through this process than they did before. The reason is because they have clarity on what they want to accomplish.”
The Calgary Chamber exists to help businesses reach their potential. As the convenor and catalyst for a vibrant, inclusive and prosperous business community, the Chamber works to build strength and resilience among its members and position Calgary as a magnet for talent, diversification and opportunity. As an independent, non-profit, non-partisan organization, we build on our 132-year history to serve and advocate for businesses of all sizes, in all sectors and across the city.
Shopping Local: Making your dollar go further this holiday season
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ith holiday shopping already underway for many, the Calgary Chamber encourages families and companies to shop local. Purchasing goods and services from within your local community supports local jobs, community vibrancy and economic development right where you live. “Calgary has the second highest number of small businesses per capita of Canada’s major cities – a
true testament to our city’s entrepreneurial spirit,” says Deborah Yedlin, Calgary Chamber president and CEO. “Small businesses are represented across sectors and across every quadrant in the city, and we encourage all Calgarians to shop local this holiday season.” Particularly around the holidays, shopping local is a critical time to support your community, extending the giving spirit beyond your friends and family, and to the
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local businesses in your neighbourhood. And, with over 50,000 small businesses in the city, there are a plethora of businesses to choose from. “It’s so important to shop local, especially around the holidays. When you shop local, you are voting with your wallet on what kind of community you want to see, what kind of community you want your business to be involved in and what kind of values you want to be reflected,” says Connor Curran, founder of Local Laundry. Shopping local means supporting local, often small businesses, which are critical to both Calgary and Canada’s economies. They make up over 95 per cent of the total number of all Calgary businesses, meaning our economy is largely driven by small, independent firms. In Alberta, companies with fewer than five employees make up a full 87 per cent of all businesses operating across the province. “It’s important for people to shop local, especially during the holiday season, because it really helps boost – for
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one, our local economy, and two, it helps support the smaller businesses that really thrive and depend on the holiday season,” says Melrene Saloy-EagleSpeaker, owner and designer of Native Diva Creations. “There are some [businesses] that are very seasonal, so I think that’s the best time of the year to shop locally.” Not only do small businesses make up the majority of businesses, they also create jobs, making up two-thirds of employment in Calgary. Further, local businesses drive community vibrancy, which is critical to attract and retain talent, investment and new opportunities for our city. Crave co-founders Jodi Willoughby and Carolyne McIntyre Jackson explain, “Your support enables us to not only sustain our operations but also to generate employment opportunities, invigorate the local economy, and enhance the overall quality of life in our shared neighbourhoods. This collective effort is instrumental in maintaining the unique character and charm of our
communities, making them even more enticing for residents and visitors alike.” Shopping local creates a domino effect, as the money you spend is reinvested back into your community, including through supporting local employment. “Not only are you supporting a local business, but you are supporting all of the businesses that that company uses and supports, because they’re reinvesting back into the local economy,” explains Curran. “By shopping local, your money goes further into the Canadian economy than it would when you shop at a big box store. When you choose to support and buy locally, you are making a value driven decision of what you want to see more of.” Now is a particularly critical time to shop local, too. According to the third quarter Business Conditions Survey, conducted in partnership with Statistics Canada and the Canadian Chamber of Commerce, data suggests that small businesses are struggling and are less optimistic about the year ahead than they were in the second quarter, so we encourage you to support local where they can this holiday season. Particularly given inflation is curbing people’s spending, your dollar matters even more to helping small businesses succeed and drive our city’s economic growth. “By shopping locally, you also get something unique or something that’s one of a kind. Shopping local at Christmas time and during the holiday season is definitely the time of year to really support the local economy and buy something unique and different for those that you love,” adds Saloy-EagleSpeaker.
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Visit us at www.TheCoffeeConnection.ca Calgary - Edmonton - Red Deer BUSINESSINCALGARY.COM // BUSINESS IN CALGARY // DECEMBER 2023
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NORQUAY THE LEGENDARY DIFFERENCE
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orquay is one of the oldest ski areas in Canada and season after season, it remains one of the most popular! Being smaller than most other Canadian Rockies destinations is also Norquay’s unique difference and advantage. “For various reasons, ‘The Mighty Quay,’ as many skiers call it, is special and different,” says the upbeat and high-energy Jasper Johnson, Norquay’s marketing and communications manager. “We cater mostly to families and locals, and since we are just a little over an hour outside of the city, many skiers and riders come from the Calgary area.” Norquay is a 10-minute drive from Banff’s town centre and a key aspect of Norquay’s specialness, unlike other ski resort destinations, is few crowds and no traffic congestion. “One of our most important features is being close to town. So many people come, enjoy the skiing, enjoy the apres-ski from the extensive Lone Pine Pub menu, all while being very close to home,” he says with a warm smile. Of course, the meticulous grooming and terrific hill conditions are huge factors earning Norquay’s reputation and popularity. Johnson acknowledges the lifts, the snowmaking, the grooming equipment and the expert hard work of the maintenance and operations crews. “It’s what people come for and expect. Our runs are always meticulous!”
“Skiing is the big draw,” Johnson admits with enthusiasm, “but there is more to Norquay than the skiing. The Tube Park is very popular, with the thrill of tubing down the longest lanes in Alberta!” He points out that the holiday period into the first week of January are busier, while the remaining three weeks of January have fewer visitors. It picks-up again the third week of February during the Family Day holiday weekend. “Skiing and tubing are always excellent at Norquay, but March and April are usually the best time to visit, with sunny days, deep snow and long afternoons to enjoy the apres-ski.”
‘The Mighty Quay’ also boasts a unique advantage over its neighbours. A sheltered footprint. Norquay runs on 100% green energy and that matters, a lot. Given its location, the area sees a significant number of upslope storms and only a handful of significant cold spells throughout the season. Norquay is also far less exposed than the other resorts, and its tree-lined runs keep it well sheltered from the overly cold elements.
WWW.BANFFNORQUAY.COM
SKI & SNOWBOARD // SKI & SNOWBOARD
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A Calgary Reputation for Excellence Written by John Hardy | Published by Brittany Fouquette
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onform Works, the experienced and industry-respected Calgary concrete construction company is marking a quarter-century milestone of building Calgary and making a significant impact on the Calgary skyline. From decades of experience, Conform Works general manager Jordan Rasmussen points out that, in the structural construction business, only one thing weathers the speedbumps: perseverance. “We don’t take on more work than we are capable of doing well,” Jordan adds. “We stay proactive and we stay lean.” It is widely agreed that concrete work is one of toughest and most demanding components of construction. There’s consensus that concrete formwork is a complex and intricate process of 3D chess. The company has tremendous structural construction expertise, and continues to earn a revered respected Calgary area reputation for the quality, and the on-time and on-budget reliability of their work. Father and son explain that collaboration, effectively understanding the wants and needs and expectations of today’s customer, staying up to date with techniques, materials and technologies are all critical aspects of the Conform Works industry reputation. They also emphasize that much of the credit for Conform’s distinguished and high-achieving 25 years, is due to the company’s solid customer relationships and the consistent hard work and dedication of the company’s highly skilled, on-site people. “It really is important and it makes us spe-
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Brad and Jordan Rasmussen on site with five of the structures they have completed featured behind them. Photo by Courtney Lovgren.
cial,” Brad says with a warm smile. Many Conform employees have been with the company for more than 20 years. “How we began is still our focus today,” says Brad Rasmussen, with more than four decades of hard work and experience in the construction business. “Safety. Quality. And schedules. It’s what we do and how we do it. We are proud about changing the way we see Calgary.” Despite the complexities and competitiveness of the structural construction industry, the father and son Conform Works owners are fiercely hands-on, and admit to a not-very-secret to the Conform Works success. Brad’s sons Jordan and Tahoe are vital parts of the industry-respected construction company. Conform’s reputation and success are not only a testimonial to 25 years of hard work but, as Jordan explains with enthusiasm, “Conform is also family thing! We had all four of Brad’s grandkids working for the company this summer.”
Brad Rasmussen is proud and driven by Conform’s present and future, but he also reflects on the past highs and lows, the ups and downs and the challenges of being part of Calgary’s construction scene for 25 years. “We always focus, look forward and do our best with the circumstances.” Being a vital part of more than 30 Calgary high-rises, the most recent examples of the Conform Works structures are: The Theodore Kensington’s landmark address on 10th Street, The Vogue Tower, west end’s elegant 35-storey mixed-use residential tower. The company is currently working on First and Park, a luxury, 18-storey condominium overlooking the Bow River. Conform is also very proud of the “Grand Staircase” of the all new BMO Convention Centre building scheduled for a June 2024 opening.
Most Calgarians, driving past The Theodore, The Vogue Tower or getting ready to walk down the BMO grand staircase may never realize they are experiencing some of Calgary’s Conform Works’ accomplishments.
2949 17th Avenue SE, Calgary, AB T2A 0P7 (403) 243-2250 www.conformworks.com
Congratulations ConForm Works on 25 Years!
“Sure, it’s a tremendously competitive business,” Jordan admits. “But our decades of experience and our Calgary projects genuinely give us a competitive edge. Besides, we enjoy the hardcore competition.” Despite all of the high-profile projects Conform has completed, some of their most successful and challenging work is done under the streets and parks people walk on every day. Working with local clients on complex city projects is a very important point of pride for this company.
H I SSE SSEL LL 200, 2500 – 107 Avenue SE Calgary, Alberta T2Z 3R7 Main: 1.403.236.2200 | whissell.ca Conform Works Inc. | Celebrating 25 Years
On October 5, 2023, JA Southern Alberta officially inducted three legendary entrepreneurs, Arlene Dickinson, Louis “Lou” MacEachern, and Ronald P. Mathison, into the Alberta Business Hall of Fame – Southern Alberta. Dr. Breanne Everett was celebrated as this year's first-ever Young Innovator.
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Redefining Investment Management
by Rennay Craats | Photos by Riverwood Photography
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uilding wealth is one thing, but sustaining and managing it is quite another. Entrepreneurs by nature are risk takers adept at capitalizing on opportunities to transform the unknowns into tangible rewards. While this skillset is critical for success in business, it takes something very different to manage the wealth that results from it. Mac Van Wielingen, chairman of Viewpoint Group, understands this dichotomy well. He spent decades at the helm of ARC Financial Corporation and ARC Resources Ltd., building these entities into leading forces in the finance and energy industries, and he recognized that managing private wealth requires a long-term approach that favoured using diversification to reduce concentration risk. “There’s an understandable tendency for successful businesspeople and investors to think they built wealth because of their own prowess, initiative and intelligence – ‘I’m really smart therefore whatever I do will work out.’ The advice I give them is you’ve got to diversify – not just financially, but also diversify away from yourself as a decision maker,” says Mac. He followed his own advice when it came to his personal financial affairs, establishing the Viewpoint Family Office in 1998 to manage the financial, investment and administrative needs of the Van Wielingen family. The family brought two part-time employees on board and as the family’s assets grew and their needs changed, the office evolved and grew as well. Spearheaded by Mac’s wife, Susan, philanthropy took centre stage and the office adapted, introducing the Viewpoint Foundation in 2001 to manage the family’s transformative philanthropic initiatives. All the while, the professionals managing the Van Wielingen’s capital were redefining their Viewpoint Group | Page 1
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approach to investment. This spurred Mac, joined by his son Rob Van Wielingen, president and CEO of Viewpoint Investment Partners Corp. (VIP), to open their systematic investment strategies to other high net-worth families, family offices, small institutions and investment advisors with the creation of VIP in 2016. Today, Viewpoint Group and its talented staff of 25 oversee these three entities operating beneath it: the family office, the charitable foundation and the public-facing investment business. For almost 25 years, the Viewpoint Foundation has offered incredible support to causes that meaningfully improve the lives and wellness of people in the community. Over the years, the Foundation and the family have committed approximately $25 million to more than 100 organizations, with much of that support focusing on innovative local initiatives in the arts, education, advanced leadership, entrepreneurship and, more recently, filling some of the gaps in mental health services. “When the family has an interest in a particular area or cause, we leverage experts in the community. We look to the organizations who are doing really great work, and we support them and fund initiatives that are in line with what we’re interested in,” says Karen Macdonald, executive director of the Viewpoint Foundation. The Van Wielingen family sits on the board and leans toward partnerships with causes that resonate with them. An organization close to Rob’s heart and of which he is the chair is the Calgary Public Library Foundation (CPLF). CPLF raises and manages the capital that funds much of the Calgary Public Library system’s innovative programming and outreach, promoting libraries as the heartbeat of a community.
“In our 21 libraries across the city, the reach and the impact that they have on all these communities, in particular for new Canadians, as community centres is incredible,” says Rob. Mac’s passions are well represented at the Foundation as well. After the financial crash in 2008, he identified the need for a higher level of leadership in business that focused on both ethics and effectiveness, so he and his partners created the Canadian Centre for Advanced Leadership (CCAL). As part of the Haskayne School of Business at the University of Calgary, CCAL aims to build leadership capacity in students today to make stronger, more ethical business leaders tomorrow. The Viewpoint Circle for Dialogue in U of C’s Mathison Hall is a striking room where students gathering at the circular space are encouraged to incorporate ideas from diverse backgrounds and positions into their decision making. Mac’s visionary leadership in ethical governance and corporate responsibility, along with his transformative advocacy of collaborative philanthropy, earned him the prestigious Order of Canada in 2022. This commitment to effective leadership coupled with being good stewards of capital led Viewpoint Group to evolve from a family office into an investment management company whose strategies now reach a wider audience. After many years of intense research on risk management and investment philosophy, Rob soon realized that Viewpoint’s innovative risk-oriented approach was something that would appeal to other investors as well. Technology, research and data science are at the forefront of this unique approach, and this is what makes VIP stand alone in the market.
Viewpoint Group | Page 2
“We began studying diversification, portfolio modelling and quantitative techniques in financial markets. Through that process, we identified a type of portfolio construction methodology and a type of investment strategy that we wanted to use for our own family in liquid markets,” says Rob. “Technology and data science are the ‘how’ and ‘why’ underneath these principles.” With the overwhelming stream of data available for consideration when making investment decisions, VIP has had the infrastructure in place from the start to separate the important data from the noise and use that data to design the best investment products for its clients. “Technology doesn’t just help us navigate financial markets and drive our investment strategies, but it’s also key in helping us deliver that product to market,” says Ben Reeves, senior vice-president of data science & engineering. VIP has built software solutions for operations and reporting that allow the team to create lower-cost, scalable investment products while using interactive digital media to communicate information and investment philosophies to investors. The resulting framework is something missing from Canada and is why VIP is a breath of fresh air in the market. Through the launch of public alternative mutual funds, VIP now delivers investment strategies to the retail investment community that are typically only available to large institutional investors.
“We create portfolios with an institutional framework, focusing on managing risk and providing diversification. This is a space in Canada where there aren’t many options for retail investors or family offices,” says Scott Smith, chief investment officer and portfolio manager. There is also uncommon alignment between the firm and its investors, given that the investment manager is also the anchoring investor in the company’s products. VIP applies the same principles to the Van Wielingens’ capital as it does to its clients’ accounts, whether that’s a $100-million pension fund or a first-time investor. VIP is transparent, ethical and strives to make the Canadian landscape a better place. “Beyond the strong performance Viewpoint has generated, this alignment with investors has been a critical component in the growing interest from other institutional allocators and family offices across Canada,” says Keith McLean, executive vice-president and portfolio manager. No matter the branch of Viewpoint Group, the same principles and philosophies apply. Across the entire organization, the approach is one of managing risk by being strategic in everything the team does and building for the long term. The theme of stewardship is woven throughout the organization, and whether it’s the family’s assets, capital earmarked for the community or the capital of private wealth owners, Viewpoint Group takes its duty to safeguard it very seriously.
Viewpoint Group | Page 3
“It’s a deeper principle that ultimately we’re managing people’s savings. We’re playing a role in society to manage financial surpluses, and we have a deep respect for that. Other businesses don’t describe it this way, but I think it’s helpful because it makes everything feel a bit more real versus the abstraction of institutional capital. When I think about people working hard to create savings, I feel there is an enormous responsibility to manage that prudently,” Mac says. To achieve that goal takes the right people, and Viewpoint Group has built a stellar group of like-minded professionals that are drawn to its mission and culture of respect, support and positive experiences. Egos are checked at the door and every employee is an important part of the team whose opinions and contributions are valued. The principles and values permeate from the top down, and the staff embraces Mac’s example of integrity and excellence as they grow the firm in the market. One need only consider the breadth of capabilities at Viewpoint to see how different its approach is to wealth management.
from the noise in financial markets, and then we have software engineers that can build the infrastructure that allows us to run quantitative strategies and implement them efficiently,” says Amin Haji, senior vice-president of investment research and portfolio manager. Amalgamating these skillsets has created something entirely different and welcome in an ever-changing financial landscape, and VIP’s innovative and deeply principled approach backed by technology, data science and investment experience is ushering in the next generation of Canadian investment management.
“When we look at our team, it looks a lot different than other firms. We have investment professionals who understand the economic significance of the things that we’re looking at, we have data scientists that are focused on the correct treatment of data and pulling the signal Viewpoint Group | Page 4
400 3rd Avenue S.W., #4301 Calgary, AB T2P 4H2 1 (844) 393-8465 viewpointinvestment.ca
40 Years of The OPUS Advantage Written by Rennay Craats
Above: Andrew Wallace, Senior VP Development & Construction; Krishna Chavda, Leasing & Marketing Associate; Hannes Kovac, president and CEO; Carolina Lopez, Operations Manager; and Jordan Kopelchuk, Director of Finance. Photo by Riverwood Photography.
OPUS Corporation • Celebrating 40 years
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Krishna Chavda, Andrew Wallace, Jordan Kopelchuk, Hannes Kovac and Carolina Lopez. Photo by Riverwood Photography
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hen it comes to being a successful entrepreneur, curiosity is key; it drives you into the unknown areas where opportunities live. Hannes Kovac asks a lot of questions and wants to see just what makes people, and businesses, tick to ferret out those opportunities. Over the years, many of these answers have become part of his business philosophy as he’s built up his company and his team. While chatting with a manager at the Four Seasons, Kovac asked how the organization maintains such incredible service and friendly staff, and while the team is well trained, the manager revealed that the hotel uses an online assessment tool that helps zero in on a specific kind of person. The rest of the resume doesn’t matter as much.
as he focuses on the person over the resume to build his team, so too did his predecessor. Kovac had no real estate training, experience or education when he started at OPUS. He moved from Austria to Canada seeking adventure and opportunity in the 1990s armed with a postgraduate law degree and an eclectic collection of entrepreneurial experiences that ranged from beer breweries to windsurfing.
“I can teach you to be successful in our real estate company in three months, but I can’t change your personality, the person that you are. I accepted that as a fact many years ago. Once we vet a person’s resume, I want to meet them and talk to them and that’s how I hire people,” says Hannes Kovac, president and CEO of OPUS Corporation.
Kovac got his Canadian brokers’ license but that job wasn’t a good fit; he didn’t like that whether you gave good or bad advice, you’d still get paid. He found OPUS, which has been around since 1983, and became a contractor in Vancouver before moving to Calgary to become a fulltime employee in 1997. He loved the spirit and handshake quality of the city and over the years has given back through chairing the Calgary Economic Development’s Real Estate Sector Advisory Committee and sitting on various other boards including the Calgary Film Centre. And in keeping with Calgary’s entrepreneurial spirit, he worked hard and was rewarded.
It has served him well. He has an amazing team of 14 in the office, six building operators, with another few dozen contractors offsite, and together they have created a wildly successful full-service integrated real estate firm. And just
“My first job was assistant to the president at the time, and I worked my way up from there to become president and CEO, become a shareholder and then ultimately after the financial crisis in 2008 to become the sole owner,” says Kovac.
OPUS Corporation • Celebrating 40 years • 2
Mission Landing, Rendering Concept, Casola Keppe Architecture
Kovac was clear-minded in what needed to happen at OPUS to make it sustainably successful. As sole owner, he started implementing changes to herald in the next chapter of the company. A new office space that was comfortable and homey as well as functional was high on the to-do list. As the team worked long days, he wanted to create an atmosphere that they would enjoy being part of, so he focused on the details, from a kitchen space
that encouraged everyone to come together for meals and personal and professional celebrations to an onsite gym to make it easier for staff to stay healthy. He is invested in his team and in return they are invested in the company and its success. “We are a big company in terms of what we do but we’re a small company with respect to atmosphere,” he says.
Congratulations to OPUS Corporation on 40 years of successes! We are honored to work alongside OPUS on present and future projects!
GLAZING SYSTEMS ARCHITECTURAL METALS #410, 11979 – 40th Street S.E., Calgary, AB T2Z 4M3 Email: info@hayfieldgroup.com OPUS Corporation • Celebrating 40 years • 3
Hannes Kovac. Photo by Riverwood Photography.
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That atmosphere is one of family and collaboration. The design encourages different departments to mingle over coffee and these interactions create cross-pollination; each division has a good understanding of all the others and incorporates the things that make their colleagues’ jobs easier. With such a productive space, the team set out to revamp OPUS’ business model away from owning real estate assets and toward a single source delivery method. Kovac’s firm would offer a la carte services depending on the client’s needs, from finding the right piece of land to popping champagne when construction is finished to managing the day-to-day operations. “It’s really the full spectrum of the real estate transaction, from napkin idea to grand opening party and throughout the life cycle of the project,” he says. OPUS can find a piece of land that meets specific criteria and outline the risks and investment needed for the client to make the dream a reality. Then the team can secure financing, handle all aspects of development from permits to execution, lease the space upon completion and manage the property. OPUS wears many hats as it has
THE NINES A GRAVITY & OPUS PROJECT COMING SOON TO SOUTH CALGARY
Glenmore Junction
OPUS Corporation • Celebrating 40 years • 4
The Nines, Rendering Concept, Gravity Architecture
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expertise in taking on any combination of the roles of developer, contractor, property manager and asset manager. This integration of services allows clients to get all components of their project under one roof and the OPUS team makes the process seamless. No matter the project, be it multi-family, office, industrial, retail or institutional, the OPUS team prides itself on working closely with all stakeholders to deliver high quality service on time and on budget. The key to success is making the client happy, and OPUS has a 40-year history of doing just that. As is his nature, Kovac asks a lot of questions to get a good
CONGRATULATIONS ON 40 YEARS OF CUSTOM PROJECTS. We are happy to be partners of your valued team!
403.383.4214 | INFO@HOTELRTG.COM HOTELRTG.COM
OPUS Corporation • Celebrating 40 years • 5
MacLeod Professional Centre
understanding of what clients want and then it’s just a matter of drawing on the wealth of experience at OPUS to execute.
Congratulations to OPUS on 40 years of continued success!
“Because of the calibre of company and the size of projects we’ve done and the reputation we’ve garnered, that becomes part of your risk assessment. Do you want to hire that guy or OPUS? You can look back 40 years and say there should be some intellectual capital and some unique processes and some learnings that that company went through to safeguard my dollars. Because at the end of the day, real estate is nothing but an investment decision,” he says.
With big money on the line, clients have complete trust in OPUS to protect and grow that investment and many will never make a decision on future investments without consulting the team first. It’s a true partnership, and solid relationships form the Commercial Real Estate Sales, Leasing and foundation on which OPUS was built. For a project Property Management to be successful, relationships with not only clients but also consultants, trade partners and OPUS CALGARY • EDMONTON • WWW.BARCLAYSTREET.COM employees need to be nurtured. The stronger the relationships, the better the outcome. This philosophy is paying off, as OPUS enjoys a long Congratulations on 95toyears excellence, Petrin Mechanical list of repeat customers from across the country Congratulations OPUSofon 40 successful is proud to have been a partner into many of your and to date has successfully delivered more than years in business! We look forward seeing whatprojects! the next 40 years will bring. 30 million square feet of attractive, functional buildings. Despite this amazing achievement over an illustrious 40-year tenure, Hannes Kovac’s OPUS Corporation is just getting started.
Commercial Mechanical Contractor Serving Western Canada since 1960 6445 10 Street SE Calgary, Alberta T2H 2Z9 Ph: (403) 279-6881 Fx: (403) 279-6898 Email: reception@pmlcalgary.com
OPUS Corporation • Celebrating 40 years • 6
#500, 5119 Elbow Drive S.W. Calgary, AB T2V 1H2 (403) 209-5555 info@opuscorp.ca www.opuscorp.ca
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PARKER’S PEN // DAVID PARKER
Parker’s Pen BY DAVID PARKER
I
am really fed up with decision makers – whoever they may be – who want to protect us all from things that just might upset our day. Especially last month, thinking of women and men who were tough enough to go to war, while it was announced that military chaplains should replace religious symbols like crosses with generic crests. It appears that some symbols of faith may cause discomfort or traumatic feelings when chaplains choose the dress they wear on public occasions.
Glad our kids have grown up and we are not faced with having to outfit them for sports like skiing and hockey. Reading through those full-page advertisements from the many, many sporting goods stores, I was shocked that if I decided to take up skiing I’d have to pay – at sale prices – $500 for skis, $550 for boots, $200 for goggles and $100 for poles before I even got to the hills. Happy to enjoy a nice walk or a game of competitive snooker which doesn’t cost a dime.
My response is: “Then get over it.” And the directive also urges that there should be no mention of God in public ceremonies. I believe in God and so do my Muslim, Jewish, Buddhist and Hindu friends – so who is going to be so upset?
Which brings me to the matter of city hall spending money on an app to help people pronounce another person’s name. I just ask them.
I enjoyed watching baseball for the first time – coached on the rules by two avid lady fans – and interested to watch top teams proving even the best players can make errors. I became addicted but am somewhat relieved to have four or five hours of my evenings now free. Trying to read the minds of pitchers and batters was challenging, but the loudness and the shenanigans of the U.S. crowds was quite annoying. And please! Only the Americans could hold a World Cup without inviting anyone else to play with them.
Too bad that the coverage of the announcement that a U.S. artist had been chosen to design the rooftop of the $205 million renovation to the Glenbow appeared in the newspaper right across from a page that told of the struggle of food banks and that an estimated 40,000 city households are at risk of homelessness.
The northwest has been lacking in good hotel accommodation, but that has been eased by the opening of the Alt Hotel in University District. The second in the city and part of the Germain Hotels Group that also runs the splendid Le Germain hotel in the downtown core. Alt Hotel sports 150 guest rooms and 4,000 square feet of meeting rooms; ideal for visitors to the University of Calgary, Alberta Children’s Hospital and the Foothills Medical Centre and the surrounding, growing neighbourhood.
Final Words “Man is richest whose pleasures are cheapest.” Henry David Thoreau
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DECEMBER 2023 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
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