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SOMBA K'E/YELLOWKNIFE - Shane Clark, son of Homelife Sunrise Real Estate owner James Clark, will take over his father's 16-year-old business starting Jan. 1.

"It's time to turn the torch over," the senior Clark said.

James Clark, right, owner of Homelife Sunrise Real Estate, will pass on his business to son Shane, left, as of Jan. 1. - Guy Quenneville/NNSL photo

While the idea had long been under consideration, the eventual transition of power became official only two weeks ago.

"I was at skating practice with my daughter," said Shane, recalling the day he came to his decision.

"On the way home, we stopped in at my parents' and rang the doorbell and I said, 'Look, here's a suggestion for you. Why don't I buy the company from you?'"

Shane, who has worked at Homelife for 10 years, and his wife Karin will jointly purchase Homelife from Clark and his wife Cheri, who serves as the company's bookkeeper and office clerk.

Clark, who originally came to Yellowknife in 1988 to work as a property assessor for the GNWT, said he's "elated" to have his son take over.

"We couldn't have asked for anything better," said Clark.

Clark said he had considered other alternatives.

"They ranged anywhere from selling it to somebody strange, selling it to a local industry already involved or turning the key and locking the door, which I didn't want to see," he said.

Not that Clark will be going away from the business for good. Not by a long shot, he said.

Until Shane gets his agent's license, which he expects to do by next summer, Clark will remain the company's agent. After that, he will remain in a casual capacity, still consulting clients here and there but always wearing his trademark fedora.

"I would classify it as a semi-retirement," he said.

As for Shane, he's got designs of his own for the company, though he will undertake them gradually, he said.

To start, Shane is looking to eventually increase the staff at the office, which currently consists of him and his parents, to include other realtors and office administration people.

He also wants to retool the company website. Asked what he will take away of his father's business acumen, Shane said, "What my father's always taught me is that we're very customer service oriented," he said. "It can be a strenuous event, buying or selling a home. But you should have a smile on your face during the whole process, and if at any point you don't, then there's something wrong."