Since retiring a little more than a year ago, Tom Mitchell has become more active in the Calgary community, including serving on the board of a local lawn bowling club.. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor, visit our
I had a succession plan for several years before retiring, which saw my daughter and her husband take over the company. She always loved the business; she used to come with me on sales calls when she was six years old. She then worked in the business for 13 years before taking it over last year. I am still a strategic advisor to the business, but she runs the show. I also have two other kids; one is in university, and the other plays in a band.
I’ve also become a lot more active in my community. While working, I was part of a group that helped to build a lawn bowling club in downtown Calgary, and I’m on the board. I’m also chair of the board of the Manufacturers Agents for the Foodservice Industry, and more recently I became the Canadian chief ambassador for the Burnt Chef Project, an organization in the U.K. that provides mental health support and education for the hospitality industry.
As for our retirement plan, my wife and I have worked with a financial advisor for about 20 years. I don’t have a pension plan as a business owner, so I had to create my own. I have a business investment account and I’m concerned about how the federal government’s recent increase in the capital gains tax will affect me and other small corporations. I think it will impact a lot more people than the government suggests.