Transition process to fourth generation beginning at Ted Matheson Men’s Wear

Come 2029 a familiar face at Ted Matheson Men’s Wear will not be around as much. Fred Matheson has begun to transition out of ownership of the Prince Albert store, with his daughter and son-in-law moving into ownership. The transition is expected to be complete in 2029 with the 100th Anniversary of Ted Matheson Men’s [...] The post Transition process to fourth generation beginning at Ted Matheson Men’s Wear first appeared on Prince Albert Daily Herald .

Come 2029 a familiar face at Ted Matheson Men’s Wear will not be around as much. Fred Matheson has begun to transition out of ownership of the Prince Albert store, with his daughter and son-in-law moving into ownership. The transition is expected to be complete in 2029 with the 100th Anniversary of Ted Matheson Men’s Wear.

“The fact that my daughter ... and my son-in-law (are) able to carry over and the tradition can keep the legacy going is really important for me and my family,” Matheson said. Brett Wells, the husband of Matheson’s daughter Emilie Wells, said the family has been thinking about transitioning to the fourth generation for some time. “Probably about two years ago, we really started thinking about how it was going to work,” Wells explained.

“We had to get the ball rolling and Freddie turns 65 when the store turns 100, so it was kind of a perfect storm of everything.” The succession plan has been mapped out and going for a number of years but Brett and Emilie are the current shareholders of T Matheson Holdings the store’s parent company. “Freddie isn’t in the corporation anymore so we technically own T Matheson Holdings now, and then we basically have something owing to Fred to close it out over X amount of deal,” Wells said.

Wells explained that the plan will officially take place over five to seven years before it is completed. Matheson said it is important to the family to have the legacy continue that was started in 1929 by Ted Matheson and continued to Jack Matheson and then to Fred and now to Emilie and Brett. “It’s important for our entire family,” Matheson said.

“My uncle Fred, who I’m named after, and my dad were partners since (the) early ’50s. My uncle decided to leave the business. My dad and I bought him out in the early 90s, but that was an important legacy.

That second generation was important for when I came on board, and I worked with my dad and my uncle for many years.” Fred worked with his uncle until 1992 and his father until he passed away in 2002. Jack Matheson is a former Citizen of the Year and City Councillor.

Fred also served on City Council. The family was also a key fundraiser for the construction of the John Diefenbaker statue in Memorial Park by City Hall. Emilie is an engineer with Klunie Consulting and will continue in that job and Wells who is currently the CEO of a cannabis company will eventually transition full time to the store.

“We need to find somebody to basically replace Fred,” Wells explained. “Fred will always be here in some capacity. We’re leaning towards me doing that, but I also have a full-time job right now.”

Wells said that he thinks that 2029 will be the year that Fred finally dials things back a little. “Anybody who knows Fred knows that he is not going to stay at the cabin seven days a week and not come to the store. He’s probably going to be coming to the store four days a week, (then) take Friday and the weekends off,” Wells said.

“I just want to make that clear. Fred is going to be here forever.” Wells added that he will be coming to the store but there are still some things to work through with his own board of directors at the cannabis company.

He said nobody can really replace Fred Matheson, but he will try in 2029. Matheson said that having the fourth generation coming along means everything to him. “I think that if my kids weren’t interested in this business, it would be a sad day for me,” he explained.

“When I decide to retire, I may not even retire. “They’ve given me the opportunity to walk away from the business, but still having the business here, the best of both worlds. I’ll be off the payroll in March of 2029, ...

(but) I’ll still be here. I’ll be shaking hands and kissing babies and looking after things,” he added. Matheson said that once 2029 rolls around he will finally be able to travel.

His wife Collette is retired but still working under contract for the Prince Albert Catholic School Division and with summer being busy at the store they have not been able to travel. “I’m so lucky that I have an understanding wife that realizes that I’m not going to be around all the time. She’s been very good that way too.

She’s been very supportive,” Matheson said. Wells said that being a part of the Matheson legacy is pretty great. “It’s pretty cool.

I get away with using the, ‘I’m Fred Matheson’s son-in-law’ around town once in a while,” Wells said. Wells said that it is pretty special to be part of the Matheson family because the whole family revolves around the store. “Everybody chips in: grandma, Diane and Colette, and Emily and Jordan, her brother, worked here as young kids, so it’s a big part of the family.

Jack was a very well-respected man and Ted was as well, so it feels pretty special to be included in that,” Wells said. Wells said that the store continues to have loyal clientele and new clientele. “It’s really interesting to see.

Sometimes I’ll work on the weekends, on Saturdays, and a grandpa will bring in his grandson. Grandpa bought his first suit here, and now grandson’s getting his suit. We’re seeing, three generations come through the store now, which is pretty cool.”

Fred has become the face of the store much like Jack and Ted before him and is happy to see the family move on in the future to the fourth generation of the Matheson family. “We’re very fortunate. I know there’s other families out there that have second, third generations, which I think is remarkable.

We just happen to be going into our fourth, which is very lucky for us.” Fred noted that the store has been through a Great Depression because it was founded in 1929, a World War, the Black Monday Stock Market Crash of the 1980s, several recessions and the COVID-19 pandemic and has always survived. “I remember when business was so slow that we had to turn the lights off just to save power and cut back on inventory,” Matheson said.

“I think there’s ups and downs and I believe that the downs make you stronger for when the ups occur.” Wells feels very fortunate to be able to continue the legacy of the Matheson family when the time is right. “I feel very lucky to be able to be included in a family that has a legacy like this,” he said.

“It’s a very important thing for me to keep it going and keep up to the standards that they set almost 100 years ago now.” michael.oleksyn@paherald.sk.ca