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Open Road Auto Group acquires fourth Toyota dealership with purchase of Peace Arch Toyota

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OpenRoad Auto Group is OpenRoad Auto Group is proud to announce the company’s acquisition of Peace Arch Toyota in South Surrey, marking the dealership group’s fourth B.C. Toyota dealership and 28th automotive retail location. As of today, the dealership will operate as OpenRoad Toyota Peace Arch.

“We are honoured to continue the legacy and family success story of Peach Arch Toyota as a leading B.C. Toyota dealer in White Rock and South Surrey,” said Christian Chia, CEO of OpenRoad Auto Group. “We look forward to maintaining the dealership’s excellent reputation for offering superior customer service, being a committed community partner, and a great place to work.”

Located at 3174 King George Highway in South Surrey, Peace Arch Toyota is an award-winning Toyota dealership that has been proudly serving White Rock and South Surrey customers since 1966. Under the leadership of the Vines family, the dealership was awarded Toyota’s highest honour for excellence in customer service, sales volumes, and market penetration. The dealership has also earned the prestigious President’s Program Award an impressive five times.

Peace Arch Toyota also has a strong reputation for being a dedicated community partner through its many charitable donations to the Special Olympics, the Canada Cup Softball Tournament and the Peace Arch Hospital Foundation. As the new owners of Peace Arch Toyota, OpenRoad is committed to continuing those traditions and starting many more.

OpenRoad began its partnership with Toyota in 1978, when the company opened its first Toyota showroom on Granville Avenue in Richmond. In 1985, the dealership moved to its present location in the Richmond Auto Mall, where it was renamed OpenRoad Toyota Richmond. OpenRoad later acquired OpenRoad Toyota Port Moody and most recently, OpenRoad took over Sunrise Toyota which has since been renamed OpenRoad Toyota Abbotsford.

The company is currently building what will become Canada’s largest Toyota dealership and the new home of OpenRoad Toyota Richmond. The impressive 205,000 square foot, mega facility will incorporate the most advanced technological features and environmental systems, while housing the country’s largest Toyota showroom and service centre. The new OpenRoad Toyota Richmond dealership is expected to open in late 2019.

Peace Arch Toyota will soon be rebranded as OpenRoad Toyota Peace Arch. OpenRoad will also bring its signature Club OpenRoad loyalty program and associated service and events benefits to its new South Surrey and White Rock customers. For more information visit, openroadtoyotapeacearch.com.

ABOUT OPENROAD AUTO GROUP | OpenRoad Auto Group is B.C.’s largest automotive dealership group with over 1,400 associates representing 20 quality automotive brands at 28 full-service retail locations, including 23 B.C. dealerships, three collision centres, and four luxury automotive brands in Bellevue, Washington. OpenRoad Auto Group offers car buyers and owners an experiential automotive retail service. With sales and service in multiple languages, OpenRoad Auto Group encourages a car buying experience based on openness, participation and expertise. OpenRoad is proud to be one of Canada’s Best Managed Companies, a CADA Laureate, and the recipient of multiple Canadian Best Employer Awards. openroadautogroup.com

Surrey604 is an online magazine and media outlet based in Surrey, BC. Through writing, video, photography, and social media, we secure an intimate reach to the public. We promote local events and causes.

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City of Surrey Among Canada’s Top Employers for Young People

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The City of Surrey has been selected as one of Canada’s Top Employers for Young People, which recognizes the nation’s best workplaces and programs for young people starting their careers.

“This award is a testament to the great work our City does to invest in young people and ensure a bright future for Surrey,” said Mayor Doug McCallum. “Programs like our summer hiring initiative, internships and co-op placements have helped more than 400 young people build and advance their careers each year.”

This is the ninth consecutive year that the City of Surrey has received this distinction and is the only municipality in British Columbia to be recognized with this award in 2020. Some of the programs and initiatives the City is being recognized for include:

  • Providing post-secondary students between the ages of 15 and 30 opportunities to gain work experience in a variety of positions in the City of Surrey’s summer student program
  • Offering a 2-year Emerging Leaders program to provide new and emerging leaders with training, education, work experience and self-development opportunities
  • Helping students gain career-level experience through co-op placements and a technical student program, offering opportunities in a variety of fields, including engineering, water and sewer planning, media design and information systems

With 16 percent of the City of Surrey’s full-time employees under the age of 30, supporting our young workers is an important step to cultivating a desirable and engaging workplace.

More information on a career with the City can be found here.

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CSR for SMEs: Small businesses making a big difference

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CSR for SMEs: Small businesses making a big difference

Corporate social responsibility (CSR) is often seen as the preserve of large enterprises. From the outside, the CSR practices of large business often appear to be thinly veiled attempts to bolster brand image and resonate with their key demographics. However, CSR doesn’t have to be a cynical affair – or exclusive to enterprises.

Those who view CSR negatively should consider whether it’s better for companies to give with personal gain in mind, or not give at all. While businesses’ images absolutely benefit from effective CSR, this is rarely immediately reflected in their bottom lines. Jaded consumers are typically unswayed by one-off demonstrations of “altruism”. Over time, however, companies which prove themselves to be ethical, environmentally friendly or socially supportive, enjoy greater longevity and brand loyalty. Businesses which do not take causes seriously, or which hope to gain from “flash in the pan” shows of charity, rarely see meaningful gains from their CSR campaigns.

The benefits of ongoing, committed CSR practices are increasingly apparent to smaller businesses, too. The beauty of charitable or socially-minded programmes is that they are incredibly scalable and versatile. Businesses of all sizes can offset the more negative effects of their daily operations in a manner which is meaningful to them – and manageable for them. Just as long term CSR projects can earn large enterprises a positive reputation (while achieving positive outcomes for charities and communities), smaller businesses can also benefit from this “win-win” situation.

CSR Case Study: Fruitful Office

To illustrate the positive impacts of CSR in a SME (Small-to-Medium sized Enterprise), we’ve stepped into the world of Fruitful Office; an office fruit delivery company, currently running a successful programme Planting Fruit Trees in Africa.

For every fruit basket sold, the company has planted one fruit tree in Malawi. This location and this project were chosen for their productivity and potential benefits. Fruit trees grow quickly in this region, maturing in 3-5 years and producing reliably abundant harvests of fruit such as guava and papaya.

Working in association with RIPPLE Africa (a UK charity focussed on projects which engage local communities in Malawi), Fruitful Office provided seedlings, instructions and training for householders, schools, community groups and farmers. In some cases, equipment was provided, empowering Malawians to grow productive trees which would help generate sustenance and potential income.

Extending the project

In 2016, Fruitful Office took its CSR project further, working to combat deforestation in Muzuzu by planting fast-growing guava, papaya and senna siamea trees (the latter is an excellent source of firewood). The project was shaped by local government forestry staff – and through consultation with the local community. By working with communities directly, the fruit delivery business has been able to develop initiatives which generate real benefits, matching the needs of local people and dovetailing neatly with the company’s offering.

With customers in Europe and the UK becoming ever more environmentally responsible (especially in the wake of global movements such as the Extinction Rebellion), companies which use natural produce stand to win custom if they can negate their use of natural resources – and evidence this. Planting fruit trees to both support Malawian communities and reduce the effects of deforestation neatly demonstrates this SME’s understanding of shrewd CSR which simultaneously benefits society and supports business growth.

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Essential Agreements for Your Business

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Athiviraham-Anand

By Anand Athiviraham, Senior Associate
Watson Goepel LLP

What agreements do I need for my business?

A significant part of my practice involves advising clients on which agreements best suit their business needs and goals. Whether it’s two partners looking to start a new venture, a growing business looking to fundraise, or a more established entity negotiating an acquisition, they all need agreements that will protect them from risk and allow their businesses to flourish.

A bootstrapping business may not be in a financial position to put all necessary agreements in place before they launch their business, but it is still important that they understand that investing at least some money now can protect them from potentially incurring thousands in litigation costs later.

Following is an overview of some common agreements, why they are important, and how having the right agreements in place at the right time will benefit your business regardless of the stage of growth you’re at.

Shareholders’ Agreement

Any business involving two or more owners should get legal advice on drafting a shareholders’ agreement as early in the process as possible, ideally at the time of incorporation. Starting a new venture often involves a ‘honeymoon’ period during which the owners are getting along very well and are fully engaged and bringing new ideas to the table. It is not uncommon during this stage for owners to take their good relationship for granted, not anticipating the challenges that may follow.

Business partners, especially friends and family, can sometimes get into disagreements over seemingly trivial issues which, if left to fester, can cause anxiety and further confrontations as the business grows and becomes profitable. Therefore, the key consideration for any business involving multiple owners is to ensure that the expectations, responsibilities, rights and restrictions of each owner are clearly defined in a properly drafted shareholders’ agreement.

Critical discussion points may include:

  • what happens when one partner wants out of the business
  • whether each shareholder will need to provide a proportional amount of investment funds when the company needs cash
  • what happens to the shares on death or disability of one of the owners
  • non-competition/non-solicitation clauses to protect employees and customers
  • key-man insurance, which protects an owner’s family in the event of disability or death

The agreement can be designed to be as simple or as complex as necessary to minimize disputes, ensure clarity, and avoid misunderstandings between the parties, even if all parties are not in full agreement on all points at the outset. The agreement can always be tweaked in future, as the business evolves.

The absence of a shareholders’ agreement covering the most essential aspects of the relationship between the parties can allow a business to ultimately suffer from deadlock due to unresolved disagreements, and lead to costly litigation.

Non-Disclosure Agreement

Also known as an NDA or a confidentiality agreement, this type of agreement is important to have in place before you communicate with any suppliers or investors who may be privy to the core secrets and data that underlie your business. Without an NDA in place, third parties are under no inherent obligation to protect or maintain confidentiality around the information received, leaving little recourse for your business in the case of a privacy breach.

This agreement should be drafted prior to engaging in any substantive discussions with such third parties. Another option to a standalone NDA may include inserting tailored confidentiality clauses into other existing agreements. Your lawyer can help you decide which approach is best for your business.

Terms of Service/Privacy Policy

Terms of service and privacy policies have grown in importance as many businesses have incorporated an online presence where they may sell their products or services, and/or collect personal information about visitors to their website. These agreements are often paired together as the terms of service identifies any key sales terms and general use of the business’ website, while the privacy policy informs the visitor on how their information, whether through the use of forms or cookies placed on the end-user’s browser, is collected, maintained, and handled.

Strong terms of service and privacy policy agreements are especially important for a business engaging in online commerce, as privacy and use of data is subject to a variety of jurisdictional laws, such as ensuring international compliance with GDPR.

Employment / Independent Contractor Agreement

Any business hiring an employee or engaging the services of an independent contractor (also known as a freelancer) should require that the party being hired sign an appropriate employment agreement document. This protects the business not only from potentially incurring thousands in unforeseen severance obligations should the employee be terminated in future, but also protects any intellectual property developed through the course of the employee’s duties to the business.

Businesses will also want to ensure that independent contractors are responsible for self-reporting any tax liabilities to the Canada Revenue Agency, are adequately protecting confidential information from falling into the wrong hands, and that any out-of-pocket expenses are pre-approved by the business.

These agreements should be drafted and adopted prior to the hiring of the third-party, as it is very difficult to implement once the relationship has commenced.

Subscription Agreement

If a business in the growth phase is looking to fundraise, either from third-party investors, friends, or family, a subscription agreement is essential to ensure appropriate compliance with securities laws.

Many private businesses are unaware of the strict securities laws governing how non-founders can invest in the business. The broad eligibility categories for any person looking to invest in your company include:

  • accredited investors
  • friends/family/business associates
  • minimum investment threshold by an individual

If a business decides to raise money from third parties without carefully obtaining legal advice, they risk severe penalties and potentially even jail time. Before considering or accepting any external funds, ensure your lawyer is qualified to advise you of the necessary requirements under securities law that govern your business.

Tips for Good Agreements

A poorly drafted agreement can cause more headaches than it’s worth, not to mention potential litigation should interpretation of the agreement come into question. Non-lawyers should avoid drafting their own agreements, even if it may seem convenient or expedient to do so, as a variety of laws and case precedents may be applicable to the agreement and can undermine its enforceability and legality.

Having an agreement drafted by a lawyer does not automatically ensure that it is a “good” agreement. A lawyer who is not fluent in business law may provide a document that is substandard. A good agreement should demonstrate a deep and nuanced understanding of the relevant laws, be formatted clearly, and use concise language when possible without the need for extraneous legalese. It should contain a section that defines terms, which should then be used consistently throughout the agreement. For example, we often encounter capitalized terms used in agreements that lack any proper definition and for which the context remains ambiguous.

Where applicable, commercial agreements should include:

  • details on the length of the term of the agreement
  • renewal provisions
  • clear pricing and payment provisions
  • termination clauses (and identify the effect of any termination)
  • data ownership/intellectual property aspects relating to the business
  • appropriate indemnities to help prevent the need to go to court for enforcement

Alternative dispute resolution and jurisdiction are also important considerations that should be discussed, since they also have the potential to avoid costly litigation.

Conclusion

Businesses may be hesitant to incur legal fees, especially at the outset, for obvious reasons. While certain agreements can be appropriately postponed until they are truly necessary for the business, some of the essential agreements covered here are important to discuss and implement sooner rather than later to ensure your business avoids potentially costly litigation and is well-protected for the future.

Anand Athiviraham is a Senior Associate in the Business Group at Watson Goepel LLP and focuses on advising entrepreneurs at all stages of their business. He works from both the firm’s downtown Vancouver office and its Surrey location.

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Business

Three Compelling Reasons to Outsource Your Bookkeeping Work

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If you’re a small business owner, you would have very likely contemplated the idea of outsourcing your bookkeeping work.

Hiring your own bookkeeping and administrative team to handle year-round bookkeeping takes A LOT of work. And this can be incredibly costly.

For example, the average hourly wage in BC to hire a bookkeeper is roughly $21 an hour. according to Payscale. As a full-time employee at 40 hours per week, you’re looking at $3,300 per month, or $40,000 a year.

On the most conservative level, this is at least 50% more expensive than outsourcing it to a bookkeeping firm – and that’s only from a cost perspective.

Below, we lay out three compelling reasons for you should outsource your bookkeeping to a bookkeeping firm:

1. Outsourcing your bookkeeping does the job at a cheaper price

As we mentioned above, outsourcing your bookkeeping can still help you accomplish what needs to be accomplished, albeit at a lower cost.

Hiring one in-house bookkeeper would cost a business roughly $40,000 per year, and that’s before any employee benefits and payroll costs like CPP & EI.

If we compare this cost to outsourcing it to an online bookkeeping firm like Rooks, you’ll see the huge difference in cost savings:

Looking at Rook’s tiered pricing model, we can see that the ‘Essential’s’ tier goes for $199 USD/month, while the highest pricing tier costs only $899 USD/month, making out to be $2,400 USD and $10,800 per annum respectively.

That means the average small business owner saves between $19,000 – $30,000 per year by outsourcing their bookkeeping!

The reason as to why bookkeeping firms are so much cheaper is simple.

As bookkeeping firms are doing the same work for hundreds of clients, they are able to build a streamlined work-flow and process that allows the bookkeeping firm to work at a much more efficient rate, an advantage called the economies of scale.

Furthermore, an in-house bookkeeper’s work is often redundant: their job often entails reconciling the books once per day, while most bookkeeping firms do it once a month (although it can be shorter depending on what the scope of work is).

This drastically increases the inefficiency rate for an in-house bookkeeper, as they have to go through the same reconciliation process thirty times more often than a bookkeeping firm that would otherwise do it once per month.

Obviously, the benefit for the small business owner here for hiring an in-house bookkeeper is that it’d then be possible to get financial data that is updated daily – but the argument is whether the additional $19K-$30K cost is worth having the daily financial data. The answer, generally, is that it’s not worth the cost for a small business owner because daily financial data is a LOT less actionable for a small business than it’d be for an enterprise.

As a small business, your opportunity cost with money is too high. The $19K-$30K cost savings could instead go into other aspects of expanding your business operations, which is probably a much better use of your money!

2. Advisory and Peace of Mind

One of the biggest advantages of outsourcing your bookkeeping work is that you’ve essentially hired a whole firm of financial experts who oftentimes know more about the numbers than you do!

Personally, at our own firm, we offer a free half-hour meeting each month, where we sit down with our clients to go over their financial statements and KPIs, as well as areas for improvement.

Our clients often bring their own financial questions which we would provide advice for, such as, “What can I do to improve my net income”, or “Why does the income statement say I have a net income for June, but my bank account has less money this month?”.

If you had to hire a financial consultant to answer these questions for you at $50-$100/hour, you would’ve already got your $200/mo money’s worth by having us answer those questions instead!

I probably don’t have to tell you why it’s important to have an advisory board for your business, but if you don’t already have one, reaching out to a bookkeeping firm for advice is already a good start. They’ll have the experience and financial expertise in different business matters that your in-house bookkeeper often wouldn’t have.

3. Scaleability

As your business grows, your bookkeeping team will need to grow along with it.

Having one in-house bookkeeper may be sufficient for now when you’re handling $10,000 in monthly revenues, but what about at $100,000 monthly revenues or $1,000,000?

Imagine the work it’d take to manage a team of in-house bookkeepers, and the risk you entail by doing so.

And not only that – but what if your bookkeeper suddenly decides to quit one day?

As you can see, there are a lot of risks and headaches involved with having an in-house bookkeeper, especially as your business scales.

By hiring a bookkeeping firm, you’re essentially letting them handle all that hassle and responsibility.

Conclusion

More often than not, it just doesn’t make sense for a small business owner to hire their own bookkeeper.

There’s too much work involved, too much responsibility, and too expensive.

While there are some benefits to hiring your own bookkeeper, such as daily financials, the costs and efforts of doing so are simply too high.

At Rooks, we have a team of expert bookkeepers who are able to handle your books in Quickbooks Online. We’ll take away the headache of managing your books, at a lower cost! Try Rooks now.

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Top 5 Fintech Companies in Canada

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After years of slow growth, the Canadian fintech sector is getting bigger and livelier. It defied expectations as half of the nation’s population is now digitally active, according to Ernst & Young’s Global Fintech Adoption Index 2019.

Furthermore, our friends at Fortunly attest that Canada is among the first nations to embrace Bitcoin. The legalization of the pioneering digital coin in the country has emboldened homegrown innovators to explore the potential of blockchain and cryptocurrency in order to achieve strategic business goals.

The best example is Kik, Canada’s only unicorn. In 2017, the chat platform launched an initial coin offering and successfully raised about $100 million from the token sale.

Dozens of startups currently populate the growing fintech ecosystem of Canada. Although most of them position themselves as alternatives to traditional financial institutions, there are some that provide innovative solutions directly to bankers.

Below are the top 5 fintech companies that actively collaborate with banks.

1:  Mobi724

Mobi724 facilitates credit card payments on all devices or point of sale systems. It empowers banks to deploy traditional and mobile payment terminals anywhere.

The company also specializes in Payment Card Industry Data Security Standard compliance, customer engagement and retention, and data monetization.

Mobi724’s turnkey business intelligence solutions help financial institutions understand their customers by analyzing purchase patterns and online behaviours.

Moreover, the Montréal-based company assists credit card issuers in launching measurable marketing campaigns and implementing painless online-to-offline loyalty point redemption programs to delight shoppers.

2:  Salt Edge

Salt Edge is one of country’s leaders in open banking. The company’s financial API (application programming interface) platform builds bridges between banks both in and outside of Canada.

Using Salt Edge’s products, traditional bankers can be on par with the world’s most innovative financial institutions, expand their international footprints, and stay competitive in the ever-evolving digital landscape.

Apart from granting customers access to their accounts, no matter where they are, Salt Edge–affiliated banks can also extend financial management tools to induce loyalty among their customers.

The company’s white label retail banking solution makes it easier for ordinary consumers to consolidate all bank accounts, set budgeting and saving goals, seek expert advice, and receive auto-debit warnings and other useful notifications through one app.

3:  NamSys

NamSys strives to keep cash alive and relevant in the digital age. Its software solutions render cash processing super-efficient to help physical currencies remain competitive despite the growing pervasiveness of electronic payments.

Hailed as one of the promising Canadian fintech stocks in 2019, this publicly traded company offers fintech-driven cash vault management and deposit tracking solutions to give traditional banks a 360-degree view of their cash flow 24/7.

Connected to the cloud, its cutting-edge monitoring solution creates a frictionless process to manage extensive networks of smart safes more easily.

The company’s platform rationalizes interfaces and reports while giving banks the convenience of real-time activity tracking. It also provides remote configuration of software and firmware, and scheduling of safe updates.

4:  Sensibill

Headquartered in Toronto, Sensibill simplifies receipt management to help banks serve their commercial customers better. Through the company’s app, small business owners as well as freelancers can track expenses and comply with tax regulations, with little stress.

The company uses optical character recognition to distinguish printed and handwritten characters in photographed paper receipts. It utilizes deep learning artificial intelligence to structure more than 150 unique pieces of data found on receipts virtually in an instant.

Sensibill also helps self-employed professionals separate personal and business financial matters in one account more easily to save a ton of time on administrative work.

5:  Quandl

Another pride of Toronto, Quandl serves as a one-stop shop for financial data from conventional and alternative sources.

It shortens the path toward information monetization for businesses. The company utilizes advanced analytics and brings the datasets closer to interested parties through an API and custom libraries.

Its platform is being used by more than 400,000 professionals, including asset managers and investment bankers, worldwide.

After fueling historic auto sales, tech companies are poised to help financial institutions in the country to innovate and increase their revenues. Considering how quickly average Canadians have been adopting mobile and online banking solutions, it is only a matter of time before all traditional bankers join the fintech revolution on this side of the world.

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