WHEN OTTAWA BUSINESS leader Ian Sherman agreed to chair Lee Valley Tools’ first family business advisory board, the mandate was clear: bring independent strategic insight to the trusted Canadian company, sharpen its long-term focus, scale responsibly and mentor the next generation of Lee family leadership.
Sherman was a natural choice. Over a 32-year career at Ernst & Young Canada, he advised national and local leaders, major public companies and large private firms in real estate, retail and technology. As he neared retirement as an EY Partner in 2021, he didn’t slow down—he “rewired”—earning the ICD.D designation through the Institute of Corporate Directors-Rotman Directors Education Program and launching Relationship Capital to focus on board and advisory work.
An Iconic Canadian Business, Evolving With the Times
Founded in 1978, Lee Valley is a family-owned company with 19 stores across Canada and a strong online presence, serving customers domestically and internationally. In 2022, the company asked Sherman to build and lead an advisory board that would add independent perspective, specialized retail expertise and strategic foresight to the table.
The board’s priorities were to scale thoughtfully, anticipate shifting customer expectations, respond to the post-COVID retail landscape and plan for long-term succession.
National Recognition for Excellence in Governance
Three years later, the results are earning national recognition. In June 2025, Lee Valley’s advisory board was named Best Family Business Advisory Board in the Canada’s Best Private Boards program—an initiative led by MondouxRollins Partners to spotlight governance excellence in private companies. Winners were honoured in November at the program’s Summit and Awards in Toronto.
“The board is going extremely well,” Sherman says. “There’s tremendous expertise, collegiality and teamwork, with diverse skills around the table.” That mix includes retail consultants who understand how dramatically customer expectations have shifted. Stores and the customer journey look very different than they did five, 10 and 15 years ago. The advisory board’s role, Sherman emphasizes, is not to run the business but to help guide its course, holding true to the ICD’s first principle of “fingers out” of operations, and “noses in” on strategy.
Strategy in Action
The recent grand opening of Lee Valley’s Pickering store underscored that approach. Sherman describes it as a tangible translation of boardroom strategy into design, service, customer experience and operational excellence.
Awarded the Order of Ottawa in 2021, Sherman is a recognized and approachable business and community leader who is highly regarded for connecting people, ideas and institutions across sectors. His approach to governance is rooted in trust, integrity, purpose, and the right mix of balanced and objective perspectives. These qualities make a critical difference for family enterprises managing succession strategy, intergenerational planning and growth.
Raising the Bar for Family Business
For established companies, an advisory board can be a powerful catalyst. The right chair assembles expertise, sets cadence and keeps leaders focused on decisions that compound over time—talent, technology, customer experience, capital and culture.
Through Relationship Capital, Sherman now dedicates his time to a select number of mandates where he can deliver that impact. He partners with iconic, values-aligned enterprises prepared to embrace disciplined governance and committed leadership, and that are ready to do the work it requires.
For companies that meet that bar, Sherman welcomes an initial conversation to explore fit and readiness. Connect with him through Relationship Capital at iansherman@relationshipcapital.ca.
