His business sold, Jim Burton was clear on what was next

Article content

When James A. Burton, known as Jim by friends and peers, experienced a liquidity event through the sale of his company, national insurance firm PPI Management Inc., in 2018 to iA Financial Group, he felt that a “higher purpose” was driving him forward.

Taking a generous portion of the proceeds from his business sale, Jim, with his seven children and 14 grandchildren in mind, invested in building a multigenerational family legacy.

Some of the family’s impetus for philanthropy can be traced to a personal tragedy. Burton’s son Jeffrey died from a drug overdose in 2012.

The foundation’s work includes initiatives such as Building Hope in Orillia, Ont., as well as other projects such as food for school children in Hamilton, education supports and housing for vulnerable people.

Here, Burton shares how that become the James A. Burton and Family Foundation was planned, especially in relation to the family’s involvement.

What brought you to establish your family foundation?

“When I sold my company in 2018, I had a clear dream for the next chapter in my life.

I wanted to create a family foundation and a foundation for legacy. I also wanted to affirm the value of being a multigenerational family with my seven children and 14 grandchildren, and create a pathway for wealth transfer and personal higher purpose for each of them.”

Were advisors brought in to assist with discussions around this idea of building legacy?

“We started out by sharing my 40-year journey building my company and philanthropic projects that I was privileged to participate in. It was essential that we transition from ‘I’ to ‘we.’

We created committees to create our vision and mission statements and our governance documents.

With the help of our advisors, we learned how to respect and value each other as adults. We had sessions on having difficult conversations. It was important that we evolve from parent-child relationships to equal respected members around a board table.

One of the exercises we participated in was creating our individual life purpose statement. This evolved over several months.”

How were these advisors and discussions helpful?

“Developing the statements is important, but so is sharing them and it was an amazing experience. For me, I did not see children around the table but strong emerging adults sharing what was important to that person, and this created a strong sense of support for each other.

This year we added two of our rising generation members and the process has further melded us as a family.”

From there, how did your philanthropic foundation build on your family foundation?

“One of our first major projects was in my hometown of Orillia. We became the lead donor in converting a soup kitchen into a $14.5 million project [to help people experiencing homelessness].

It now has a building housing three wings, one for women, one for men, and one for youth.

It is staffed to hold your hand and provide you the clinical, medical, or counselling support needed to make this transition.

There is a second building that can house up to 20 residents for up to 3 years for a further transition to supportive housing.”

Did you have a family member who instilled these philanthropic ideas in you?

“My mother was very focused on me becoming a purpose-driven member of society. It is a significant part of my higher purpose going forward, and an opportunity to live and refine my estate plan during my lifetime.”

How are the next generation staying involved, and how do they continue to be prepared for these roles?

“We instituted a planning and education process including several outside experts.

We are five years into our process, which includes a formal foundation board and committee meetings, and also includes monthly family seminars via Zoom, quarterly in-person weekends, as well as amazing family trips.

The process is also personal, and custom-made for each family member based on their age and stage in life.”

What did you hope to accomplish with your children?

“I aimed to affirm our family bonds and enhance individual scripts, to allow each to dream and create pathways to their higher purpose, and to create a family legacy of philanthropy.”

What advice would you give to others who may be preparing for the next generational transfer?

“I would recommend starting earlier. It is wonderfully fulfilling. Dream first, plan next, implement now.”

Do you have any particularly meaningful moments thus far in your philanthropic journey?

“There are already very special stories of the impact our family is having on individuals and community projects, but for me the more personal stories are of my very special children and grandchildren as they share their excitement and passion as they reach out and touch others through our family foundation.

Our website has captured some of our wonderful projects, including the Otter art club. In each case the many projects start with one of our family being the champion of the project and being actively involved in creating the relationship with that vision.

This is one of the keys for us in deciding where we invest our time and financial support.”

Reponses have been lightly edited for clarity and length.

More from Canadian Family Offices:

• The beer-brewing family who lost it all
• Young people are offered their parents’ business. They say no
• Ottawa’s Sonia Fisher went ‘from knowing very little to being president’
• 13th Street Winery in Niagara run by third generation of Whittys

Please visit here to see information about our standards of journalistic excellence.