Big three Takeaways: 

1.       Canada’s Scientific Research and Experimental Development (SR&ED) or SHRED program can be a fantastic financial resource to help entrepreneurs bring their ideas to life. Naren’s team at Grant Thornton helps companies navigate the complex process of applying for SR&ED credits.

 2.       Tracking activity is important when it comes to SR&ED applications. The lesson here is to create systems that can scale. There’s a great quote in James Clear’s book Atomic Habits that says “You do not rise to the level of your goals; you fall to the level of your systems.” This quote is applicable for any business., but is essential where you're trying to create consistency.

 3.       A mistake I see a lot of people make in business and in life is focusing too much on the price of hiring a specialist to help solve a problem, instead of looking at the value of the opportunity you can unlock with the help of an expert or consultant you’re considering hiring. For example, A good accountant might cost $5,000 a year, but they may help you save hundreds of thousands while you’re working with them. 

 Other Takeaways for entrepreneurs 

00:01:13 – Naren introduces Grant Thornton and his role as an Research & Development and Government Incentives (RDGI) consultant, helping companies access government funding.

00:03:07 – Naren explains the SR&ED program.

00:04:08 – What qualifies as innovation from a SR&ED perspective, Naren explains the concept of technological uncertainty and gives a comparison to a toolbox.

00:08:14 – Naren provides an example of the type of a company he worked with 

00:09:15 – What industries (superclusters) is the CRA looking to support through the SR&ED program?

00:10:23 – Naren gives examples of some superclusters or areas of innovation the CRA is looking at

00:12:25 – How Naren got started learning about SR&ED

00:14:31 – The similarities and differences between a company pitching for private investment vs. an application for Government funding 

00:16:27 – How founders and entrepreneurs should think about the application process for SR&ED.

00:17:10 – Why you should be proactive and keep records R&D activity and expenses early

00:21:50 – Naren’s team also helps build systems to track SR&ED eligible activity more effectively

00:26:16 – How much money does Canada have in the SR&ED program and how does it compare to other countries

00:28:10 – What Naren thinks Canada is doing right and areas that can be improved in terms of attracting talent, and enabling innovation

00:31:14 – Why a more holistic approach between government and regulators is a better approach to funding innovation and keeping talent in Canada

 00:34:50 – Don’t disqualify yourself before exploring the opportunity for SR&ED funding.

More on my guest:

• Grant Thornton & Naren @ GT
• Naren Balakrishnan

Recommendations, resources, and extras:

• SR&ED program
• National Research Council
• Suzy Q donuts
• Burgers and Fries Forever

Big three Takeaways: 

1.       Take action, when you notice a trend with business potential. Josh admits later in the interview that he has said yes to too many things in the past, but his default mode is to take action and he creates opportunities for himself with this mindset.

2.       The other side of that coin; Be careful what you say yes to. Choose the topics you want to focus on and the people you want to work with carefully. Time is your most valuable resource.

3.       Instead of jumping right into the middle of a trend and opening an online store, try starting a business that helps other stores sell their product more effectively. These have been referred to as picks and shovels businesses, and it goes back the mid 1800’s during the gold rush. Instead of digging for gold, some entrepreneurs had a great success selling picks and shovels to other prospectors.

Other Takeaways for entrepreneurs 

00:03:16 – Josh takes us back to before e-commerce was as important as it is now and shares his insights of the potential he saw back in 2012.

00:06:33 – Think about how others will use your website. Not everyone will explore the site in the same way. 

00:08:10 – removing steps improves user experience. 

00:08:59 – Mountain Crest Gardens. Before and after, Air Kayaks

00:17:00 – Josh explains how he was able to immerse himself into tech to the point where he knew enough to start companies despite a lack of formal technical training.

00:18:32 – Josh goes through several resources available now to learn anything.

00:19:55 – Josh explains how he balances his curiosity and interest in learning new skills with the need to focus when you’re building a company. 

00:25:51 – Josh disagrees with the notion that there’s no point in acknowledging weakness and wins me over to his viewpoint.

00:27:43 – Josh’s entrepreneurial journey

00:31:17 – What Josh thinks the future of e-commerce might look like.

00:34:19 – We get off-track and discuss supply chain and inflation. Josh’s advice, buy all your Christmas presents ASAP.

00:39:00 – How the pandemic has made it much harder to find talent and what Arctic Leaf is doing to keep up.

More on my guest:

• https://www.arcticleaf.io/
• Josh Garellek - Linkedin
• partnerportal.io

Books Mentioned:

• Range – David Epstein
•  The Compound Effect – Darren Hardy
• The 10x Rule – Grant Cardone 
• The Effective Executive – Peter Drucker
• Ready Player One – Ernest Cline

Big three Takeaways:

1. With the cost of failure as low as it is in ecommerce, launch well before you fully understand everything and trust that you’ll fill in the blanks as you build.

2. Be consistent, with your product and marketing. People should know what to expect when they do business with you.

3. To build a lifestyle brand, you have to find ways to consistently share your brand's values.

 Other Takeaways for entrepreneurs 

06:18 – You can launch before you understand everything.

07:22 – The stages of scaling manufacturing

10:32 – Why cash-flow is so important when you're scaling

13:25 – behind the curtain. How ecommerce works

18:45 – The more decisions you have to make, the faster you get and the better your instincts become 

20:08 – What to prioritize when launching an MVP to make sure you don’t turn customers off

25:18 – How Jaz thinks about hiring: Find people who know what they’re getting into. Go broad first then specific.

32:43 – How Jaz thinks about building a lifestyle brand. Consistently share your values.

 More on my guest:

• Jaz Fenton
• Yellow Beauty 
• Yellow Beauty - Instagram

Also mentioned:

• Halud (Tumeric) ceremony - Wikipedia 
• Bathorium 
• LoveKind – Yellow Beauty Investors
•  ChitChats – Shipping to the US
•  Shopify
•  Emotive (not owned by Twilio) – SMS messaging software
• Biddyco – Social advertising
• Ulta 
• Rosen Skincare – Jamika Martin
• Coco Kind – Priscilla Tsai – (Forbes article)
• Mooshu Ice Cream & Kitchen
•  Shawarma Palace 
• Colonnade Pizza, Bronson Pizza, Louis Pizza
• Steve’s book recommendation – Let My People Go Surfing – The Education of a Reluctant Businessman

Big three Takeaways: 

1.       Using a mission to drive decision making, helps build a culture. For Right Way, the mission is more than just creating better basketball players. 

 2.       When coaching or running a team, don’t micromanage. Let players figure things out on their own as much as possible.

 3.       On pricing: Price your service at a level to attract the clients you want. In a services business, particularly coaching, you want clients who are serious about results and will put the work in.

 Takeaways for Entrepreneurs 

00:01:46 – The business started as something Mike decided to try over Christmas and March break, which worked well because he didn’t have to compete with basketball camps that typically run in the summer. Counter positioning in action.

00:05:50 – When you’re operating in a tight knit community, connections can go a long way,  particularly when you do good work.

00:11:03 – How to build a business that can scale beyond you when you are the brand initially.

00:14:45 –Why excitement about getting back in the gym, team cohesiveness, and confidence are how Mike evaluates Right Way’s impact.

00:21:07 – A story of how the attention to detail of Carleton’s basketball program stayed with Mike.

00:26:08 – CHARDG - The core principles of Right Way Basketball.

00:41:26 – We’re all in sales, and a lot of Mike’s advice is useful to sales. 1: Don’t take rejection personally, be persistent 2: Observe more than you talk.

00:42:21 – Mike is wise beyond his years: He talks about pricing and gives a simple, but effective framework for pricing service-based businesses.

00:47:50 – Incentivizing staff is the hardest part of being a business owner.

00:54:58 – The concept I’m trying to explain and can’t remember is called is Ikigai. See link in resources below.

00:58:00 – The things Mike could only learn by running the business

Takeaways for coaches

00:17:40 – For coaches: The benefits of letting players coach themselves.

00:35:05 – Two things coaches in any sport should hear. 

00:39:00 – What is piggybacking and why is it detrimental for player development?

More on my guest:

·       Mike Kenny - Twitter

·       Right Way Basketball – webiste,  

·       RW on Facebook

Recommendations, resources, and extras:

·       Ikigai – (Forbes)

·       Shawarma Palace

·       PGC Basketball

·       Luka Dončić – Highlights (video)

·       Professor Live – YouTube Channel

·       Gregg Popovich – If you’ve never heard of him, this article is great, and there’s a lot to learn about coaching and life.

Big three Takeaways: 

1.       For owners planning for an eventual transition of the business to the next generation, it’s important to establish what your ideal outcome is, as opposed to selecting particular assets to leave certain individuals.

2.    When rules change, like 2016/2017 with the introduction of Tax on split income (TOSI) rules, having a team of professionals becomes even more valuable because they can help you make necessary changes to adapt.

3.    When it comes to structuring a business for transition, the numbers issues are much easier to solve than the emotional side of things. This is why frequent communication and voicing expectations is key.

Other Takeaways for entrepreneurs 

 4:25 - The importance of founders establishing clarity around objectives: "what do you want to see happen?"

 7.22 - The difference between treating family members equally vs. equitably

 8:58 - The importance of communication among family members

 10:39 - The importance of creating a good shareholders agreement

 12:34 - The purpose and advantages of a holding company
 
14:20 - How a Holdco can help access the Lifetime Capital Gain Exemption

 17:41 - What is a trust and why to use a family trust

 23:45 - TOSI Tax rule changes in the last five years and how Pam has helped her clients adapt

 31:20 - What is an estate freeze and why did the pandemic present an opportunity to undertake  a freeze

 35:45 - The keys to a successful family business transition
 
41:44 - Pam answers the question: How realistic is HBO's Succession?

 45:54 - The numbers are much easier to figure out than the emotional issues

More on my guest:

•  Pamela Cross
•  Bordon Ladner Gervais
•  Pam – LinkedIn

Recommendations and other resources:

• STEP Canada
• Fourth Avenue Wine Bar & Café 

Big three Takeaways:

1a) Large scale changes in an industry force companies to evolve. This will often lead to failures when transitioning to new way of doing things. Having a growth mindset using failures as a learning experience separates companies that become stronger when industries shift from those who are left behind. You don’t want to be a dinosaur when a meteor is about to hit. 

1b) Change takes a lot of energy. Transitioning younger employees to leadership keeps energy high and ideas flowing.

2.   You can have lots of metrics to evaluate success, but often it comes down to fundamentals and perfecting those. Be great at everything you can control.

3.   When you take care of your people, your people take care of your business.

 Other Takeaways for entrepreneurs 

1:55 – How Roxborough started a grew as a family business in 1959 with one school bus.

3:55 – How to transition the next generation into the business.

6:22 – Roxborough made a large purchase during the worst part of the financial crisis,  Nick credits this with transforming the business.

8:06 – Nick begins his journey leading the company by focusing on systems and processes.

10:10 – New RFP process starts to separate adaptable companies from lazy incumbents. Learn and iterate, ask how to improve even though criticism can be uncomfortable.

12:12 – the behind the scenes of school bussing. Why the busses must stay on schedule

15:55 – The two items Nick focuses on.

19:05 – Bus drivers are some of the unsung heroes of the pandemic. Nick explains why.

26:20 – Nick’s humility and respect for the people that built the business, instilled from an early age.

27:53 – School bussing is a scale business.

29:30 – Nick’s financial advice to someone running a school bussing business. Having an honest relationship with lenders.

30:36 – Nick explains how growing too fast in a business with high CAPEX can backfire.

32:40 – Boring business can be great, but it takes hard work, and a high level of service.

33:30 – Balance listening to advice and making high conviction decisions that you can stick to.

35:05 – Making adjustments throughout the financial crisis made Roxborough better.

38:51 – Learn from your peers and competitors

 More on my guest:

• Nick McRae
• Ottawa Business Journal 40 under 40
• https://roxboroughbus.com/
• Roxborough  - Facebook

 Terminology:

• KPI = Key Performance Indicators (Investopedia)
• RFP = Request for proposal (Investopedia)

Recommendations and other resources:

• Fratelli’s
• Supply & Demand
• The Score Takes Care of Itself: My Philosophy of Leadership – Bill Walsh
• Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right 

Big three Takeaways: 

 1.      Prospective buyers need to understand seller discretionary earnings and the advantages of seller financing.

2.       For sellers, the key to increase value is to take yourself out of the day to day.

3.       Why buyers should picture a “day in the life” as an owner before buying

 Other Takeaways for entrepreneurs 

2:00 – When Greg explains what the #1 reason for selling was when he first started and why that has changed looking at the #1 reason now.

3:01 – Business owners by age category in Canada

3:46 - I glossed over it in the interview, but Greg used to work 16 hour days, now at age 73, he's still working 10 hours a day!

6:40 – three reasons owners take so long to retire

7:30 – Greg describes generally when and how owners should start preparing their business for sale. 

8:52 – The key to becoming a good delegator.

10:36 – Buyers should think about the unique skillsets they can bring to a business they’re buying.

12:14 – Two of the most important concepts for buyers to understand.

16:03 - Capital gains exemption and why share sales are usually better than asset sales

18:20 – How seller financing aligns the interests of all parties.

21:27 - why many sellers don't know what their business is worth

22:51 - a story of what can happen if an owner waits too long to sell

25:02 - The importance of creating systems well before you're looking to sell

27:50 - "day in the life" test for buyers

30:37 - Why it's better to buy an existing operating entity vs. a new franchise

35:50 - How Sunbelt gets paid and avoids conflicts of interest

41:30 - The most important thing for real entrepreneurship is, do you enjoy it?

42:10 - How to turnaround a business and identify turnaround potential

43:58 – Lessons from Good to Great

More on my guest:

• Gregory Kells
• Sunbelt Brokers – www.Sunbeltcanada.com
• Canada Small Business loan program

 Related Reading:

• Buy then Build
• Think and Grow Rich
• Good to Great
• Sunbelt resources for buyer and sellers 

Big Takeaways: 

•  If you don’t give yourself any choice, you’ll be more resourceful in figuring things out.

Other Takeaways for entrepreneurs:

• 2:18 - Conor’s ‘fight or flight’ approach to starting his business.    
• 6:43 – Now that people have become comfortable with doing a guided workout over Zoom, attendance has picked up.
• 8:37 – The importance of physical fitness for mental well being.
• 9:22 – How to hustle when you have no connections or experience.
• 11:13 – If you’re going to sell yourself, you have to sound different than everyone else.
• 13:38 – Mistakes that gym owners make, not keeping overhead low to start.
• 15:20 – Lean Startup principles in action
• 15:40 – Persistence and creativity again.
• 18:10 – Finding the balance between delegating tasks and still being involved, particularly in a business where your clients choose you.
• 22:40 – Building a culture is about selecting the right people and creating repeatable systems.
• 32:23 – How to tell if a personal trainer knows what they’re talking about.
• 35:15 – What are the main exercises people should focus on if they’re short on time.
• 38:00 – You’re the only one responsible for your health.
• 40:22 – Conor’s story
• 44:50 – How Conor has had to be creative throughout the pandemic.
• 46:18 – How Conor thinks about growth and cash management for his business.

More on my guest:

• These photos will give you a sense of the gym
• SweatFitCo – Website (Crossfit Hintonburg)
• SweatFitCo - Instagram
• Conor Oakley - TikTok

Other businesses mentioned:

• Drip House – Coffee Shop

Related Reading:

•  Influence by Robert Cialdini is one of the best business/psychology books ever written. Conor uses some of the principles from the book early in his journey.
• Grit – Angela Duckworth probably the most important attribute for an entrepreneur is Grit.