A lot of Ivey grads are uncomfortable with the “R” word. After spending their careers working and playing hard, they are tackling the next chapter with gusto.
They are energetic, high-powered business leaders throughout their careers. So what do Ivey graduates do when they leave full-time work? Intouch checks in with six of them.
Maybe we should drop the “R” word altogether. Gary West, HBA ’68, prefers the term “the second half.” West had a long and successful career, most of it spent with the Royal Bank. He had his eye on early retirement and achieved his goal, leaving paid employment at 55 and settling in London, Ontario. He says his early departure with a reduced pension was a great trade-off.
West is a deeply committed community volunteer. He serves on the Ivey Alumni Network Board of Directors, assists at many Pledge Ceremonies, and is currently working with the Governance and Recognition committee to study how the Ceremony might be improved. He also serves on the Western Alumni Association Board, Western’s Senate, and the Foundation Western Board. He is a long-time member of the United Way London & Middlesex Board and has served on the boards of VON London Middlesex and his condo corporation.
West says he has never felt happier in his life. “It’s a great feeling to be able to give back,” he says. “There’s a real sense of connecting with people and being involved.” West and his wife Shirley have linked calendars on their smartphones to help them organize their busy schedules. He estimates that he puts in 600 to 700 volunteer hours each year.
Michael Porter, also HBA ’68, had no plans to retire early. In fact, he was sure he would never retire. He started his career in advertising but eventually became a fast food franchisee. He owned three McDonalds, two Pizza Huts and a KFC franchise over the course of his career. “I was the kind of guy who was very hands-on, very busy, and able to get a lot accomplished. I thought that they’d carry me out! But then I got to the point where too many things were running my life and I wanted to control it for a change.”
Since selling his franchises in 2007, he’s been dividing his time between three homes. He and his wife bought a small cottage in Killarney on Georgian Bay and then added two sleeping cabins, bought the property next door, and renovated the cabin on that property. “I’m probably most at peace up there,” he says. “There’s nobody running my life, but there’s always something to do and it’s very beautiful.” Porter’s mother-in-law, who is 87, lives on her own in Florida so he and his wife visit regularly to support her. They also bought and renovated a condo there. A Collingwood home gives him a chance to ski in the winter, and it’s where his 103-year-old grandmother lives in a nursing home.
Porter says he and his wife found the adjustment to retirement surprisingly smooth. “We don’t need a lot of structure: we’re quite happy to wake up in the morning and say, ‘What are we going to do today?’ It was easy for us because we were on the same page and happy to spend more time together.” Porter, who is Class Liaison for HBA ’68, organizes his class reunions every five years, and is looking forward to the next one, which will mark 50 years since graduation.
Bob Bulloch, HBA '68, is another member of the HBA class of ’68. He started his career as a teacher, moved to Xerox and then bought a McDonalds franchise. Eventually he owned four, which he sold in 2006. But he was definitely not ready for a rocking chair. “I’m a hyper kind of person and I can’t sit still for long,” he says.
He now organizes and hosts exclusive high-end cruise holidays. Building on the offerings of six-star cruise companies like Seabourn and Crystal, Bulloch carefully researches the destinations, and then plans unique land excursions and luxury stays before and after the cruises. “The people who come with me love to travel and are very successful,” he says. “They want something exotic and they want it all done for them.” For a recent river cruise in France, for example, he organized a visit to a private farm where bulls are raised for bull-fighting.
Bulloch and his son, a real estate agent, have developed a new business renovating small houses into luxury condo alternatives. The first property was a rundown “crack house” that had been subdivided into three apartments but was ideally located in the heart of the resort town of Huntsville, Ontario. They gutted the 850-square-foot building and then rebuilt it with luxury finishes and high impact, low-maintenance landscaping. The next project, an old boathouse on the lake, has also been transformed, and a garage with a two-bedroom apartment has been added to accommodate guests.
For David Walker, MBA ’58, retirement means staying fit and pursuing adventure. Walker works out and runs or swims every day. A long-time climber, he summited his last peak in 1993 but continues to hike, ski and trek on horseback through the mountains. Three years ago, he rode a camel through the Sahara, camping under the stars. He has gone skydiving several times and plans to do it again in celebration of his 80th birthday. “It’s not difficult,” he says. “All you do is lean forward when they open the hatch!”
When he’s not on an adventure, Walker gives his time to Out of the Cold, a hot meal program for Toronto’s homeless. Walker’s role is to raise money to support the program. His approach is simple and effective. “I send out letters and then I follow up. You just have to ask.”
Ray Verdon, MBA ’70, formerly CEO of Nabisco Canada and President of Nabisco Biscuit USA, left corporate life at 55. He spent his “second career” serving on corporate boards such as Chase Manhattan Bank and MRS Trust, and doing speaking engagements. Then, four years ago he started his third career as an author.
Verdon’s first book, Not Exactly a War Hero, explores a forgotten corner of history—Canada’s conscription crisis during World War II. He focuses on “zombies,” men who were forced to serve as reservists and were reviled because they didn’t go to the fighting fields of Europe. His hero, a French Canadian, hides out in the Gatineau Hills, working with other zombies and developing a snowmobile and primitive ATV to avoid capture. The book features an aging “Huck Finn” character, Mac Gleason, who tries to unravel the mystery of the zombies.
“The writing was heaven,” says Verdon, who estimates he spent about 1,400 hours on the project over three years. “The publishing was purgatory, and trying to get it sold is hell!” Still, he has two more mysteries in mind for Mac Gleason to solve.
Barbara Fraser, HBA ’71, concluded an enviable corporate career at the age of 57. A C-level executive with Procter & Gamble, Citi, and American Express, she spent the last third of her career based in New York City, where she held several global roles and traveled extensively. After “retirement,” Fraser joined several corporate boards, an involvement she continues to enjoy. “It keeps me active in the business world and I feel that I’m able to contribute at a high level,” she says. “Being on a board also allows me to develop ongoing relationships with the business, the management and the other board members—and those relationships are important to me.”
But what really drives Fraser’s after-work activities is her lifelong passion for learning. Fraser studied Italian to a high level, in part to enhance her frequent holidays in Italy. She and her husband have been interested in wine for many years and almost any trip they take involves exploring vineyards. In 2007 she completed the intermediate level of a sommelier education program, which included study and exams in viticulture and wine tasting. A film buff extraordinaire, she has watched and reviewed more than 1,000 movies for Netflix. Along the way, Fraser spent more than 20 years as a member of the Ivey Advisory Board, chairing several high-profile task forces for the School.
Fraser has a simple recipe for retirement: “Determine what makes you happy and do more of it!” It may take time to figure out what you enjoy most, she says, but once you do, make a conscious decision to pursue your interests. Gary West says careful financial planning is a must, but sees retirement as a golden opportunity. “You can continue doing the same things, making more and more money, or you can decide to change things,” he says. “We decided that money wasn’t the end goal, and chose to make a difference.” Verdon warns against making your second or third career into work. “If the writing was painful, I wouldn’t do it,” he says. “Find something you love to do, and be careful to leave it that way.” Walker advises staying in good physical shape. “Your head only works as well as the rest of your body.”
Porter says people leaving full-time employment should be aware that retirement isn’t as structured as working life. “Either be happy with the lack of structure or replace it with something else,” he says. For Bulloch, retirement has provided an opportunity to try new business ventures without financial pressure. “I’ve got a niche with the cruises and a niche with the tiny houses, and they’re both things I enjoy doing,” he says. “In the end, it’s all about keeping busy and having fun.”
Photos: Nation Wong (Gary)
Photos: Michael Paras (Barbara)
Art Direction: Greg Salmela, Aegis
