In business, success is rarely achieved alone. For families, pooling resources goes beyond combining finances—it extends to collective expertise, trust, and shared values. Our family’s venture, ODE Toronto, a boutique hotel celebrating Caribbean heritage, is a reflection of this. What began as a passion project has grown into a thriving business, showcasing the power of family collaboration.
Our diverse skill sets made it possible for us to expand ODE. Each family member naturally gravitated toward their area of expertise—accounting, law, technology, engineering, and medicine—creating a streamlined division of responsibilities. This clarity made decision-making efficient and ensured ownership in different aspects of the business. Everyone contributed uniquely, but always with a shared vision.
The Unique Advantage of Pooling Resources
One of the greatest advantages of working with family is trust. In business, trust is currency, and there’s no one I trust more than my family. Pooling our resources allowed us to make a larger investment—one that would have been unattainable individually—and gave us the freedom to keep decision-making in-house.
External funding was considered, but the control we maintained by keeping it within the family outweighed the potential benefits of outside capital. While family resources were critical, external mentorship also played a pivotal role. Our mother, a seasoned entrepreneur, guided us through the complexities of real estate and business, offering invaluable advice.
Transparency and Communication
Transparency has been key to our success. We formalized our strategy with a clear business plan, defining roles and responsibilities. This foundation for open communication is strengthened through regular family therapy, ensuring that healthy relationships enhance our business outcomes.
We managed risks by thoroughly researching the hospitality industry before committing. We analyzed potential pitfalls, assessed our family’s expertise, and sought external advice. This preparation is vital for any family considering pooled investments. Success requires knowledge, not guesswork.
The Success of ODE: A Model for Generational Wealth
ODE’s success is a direct result of our family’s collaborative approach. Our ability to pool not just financial resources, but knowledge and expertise, allowed us to create something that could stand the test of time. For us, building and preserving wealth for future generations is the goal.
Data reveals that family-owned businesses account for 63.1% of all private sector firms in the Canadian economy and generate 48.9% of Canada’s real GDP in the private sector, totalling $574.6 billion. They also employ 6.9 million people across the country, which is equivalent to 46.9% of private-sector employment. This strong foundation positions family-run ventures, like ODE, to drive long-term success.
According to a Statista report, only 1.2% of Canadian businesses are Black-owned, and just over half are sole proprietorships. With only 1% of federal funding allocated to Black-owned businesses in 2020, amounting to $42 million, creating ODE was also a way to contribute to a broader conversation about Black entrepreneurship.
We hope our story inspires other families, particularly within the Black community, to consider pooling their resources and building something together. It’s a leap of faith, but the rewards are immense.
