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What motivated you to become an entrepreneur?
I wanted to make my own business; successful or unsuccessful. I gave a lot of value to making and being accountable for my own actions.
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If you can go back and start over, what might you do differently?
I think the corporate experience gave me mostly a financial starting point but more importantly, I think it gave me a better perspective and appreciation for what I didn't want to do, so I don't have any regrets. I think that it worked out well. I think I'm better off and have a bigger appreciation now for being independent.
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Give us your explanation of what an entrepreneur is?
Well, I think an entrepreneur is someone who's driven and who thrives on being independent. An entrepreneur enjoys the financial game, and I think the primary thing is that they really enjoy the hunt.
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What are the most crucial steps you taken to grow your business?
One of most crucial steps is not to loose sight of the core business. Always be engaged in that as much as you possibly can and try not to be distracted. It’s imperative not to miss this opportunity. Building a core business and expanding it gradually is important, and that includes obviously surrounding yourself with like-minded people, not only in business, but personally.
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You talk about focusing on your core; what is your core?
Well, our core business is to help our customers, our clients, gain home ownership and go through the proper steps with their mortgages. We want to make sure they're not being taken advantage of. It is a very rewarding thing, and everyone in this office has the same mindset.
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It sounds like one of the crucial steps is building relationships with your clients, is this true?
Every client is a salesperson, so this is why we take the time to build monthly touches. That’s why we get their co-workers, family, friends referred to us, because they are programmed to effectively be our sales force, and since then, our services are no charge to them. So, all our clients ask what they can do in return, and we let them know in a delicate way that we need them as much as they need us.
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Which business achievement are you most proud of?
The fact that there's a lot of good will and a lot of confidence that I get as a reaction from my clients is my biggest achievement. I find that very, very rewarding. I think that when my clients hear from me, they find the information I give them very useful. So I think that’s my biggest achievement to date.
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Tell us the role of your team, and how valuable they are to you?
Well they are extremely valuable. You don’t realize how valuable your team is until you reflect. As being an entrepreneur, one of the biggest tips is taking your time and doing the research necessary to hire good, qualified and compatible people. Make sure you hire someone who is compatible with you and you’ll always look back and say “why didn’t I do this sooner”. We’re in the people business.
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What has been your biggest challenge to date?
The biggest challenge would have to be critical path, the efficiency of getting from A to Z as quickly, efficiently and proficiently as possible and that obviously makes you more profitable. So I would say efficiency is my biggest challenge.
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What is next for you and your business?
We will be expanding our product line, we’re going to be getting into secured loans and we’re going to be getting into our own credit cards with our logo on it and also home insurance. Once a client has 3 products with us, at that point there is less likeliness of them going elsewhere, so our chances improve significantly. So as you know in our business currently, we only have one product for them – so eventually we would want to improve by broadening our product base.
It would be more retail, everything from an ATM, to a branch, to if someone needs a GIC or secured line of credit. We are currently sending them elsewhere now, but eventually we will have our own. The credit card might not be more profitable, but it’s a good anchor. Home insurance is more profitable, so with the clients already dealing with us for their mortgage, home insurance is a natural business. We’ve been working on that for a couple of years now.
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What advice would you offer entrepreneurs starting out today?
Well, the advice we would give to new entrepreneurs is the focus aspect. It’s easy to get distracted, because once you become successful and make some interactions, other industries and people will approach you and they’re going to want you to do what they’re doing, because they say they know the industry and can make things come to fruition. So my suggestion as an entrepreneur is of course to determine your core business and focus only on that and don’t get distracted.
The other one is that the key to the business today is not investing in print advertising. Having advocates out there are your best resources. Building advocates that you know will be your foundation is very imperative.
Seeing your business as a tree, a referral tree and seeing the branches grow and grow. People are always running around looking for business elsewhere, and most of the best business is right under their nose, and they're out there spending their time and money, and there is not a focus on what is right in front of them.
So, one of my biggest tips to a new entrepreneur is not to confuse activity with productivity. So when I’m here 40 – 45 hours a week, I’m really engaged. I’m not running around for coffee or lunch meetings and so on, it’s working with my clients. Retaining clients is the first thing.
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How does your business “give back” to the community or to society?
We support a lot of charities. A lot of them are corporately, or for corporate reasons. We are going to be supporting those in our new neighborhood, when we move locations. We want to be building more new initiatives that relate to our program. The way it’s happening right now, it’s kind of sporadic. We support a lot of different things. For example, we previously put a cruise on for a World Hunger Fund. So moving forward, we want to be a little more organized in our efforts, more focused.
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On your website, it mentions your involvement with Clinton Global Initiative. With this part of your Ultimate Legacy comes Social Capital. Is this something you want to explore more? Is this something you can see investing in not only with corporate dollars but with personal dollars as well?
Yes, Clinton Global Initiatives is another organization we support and we are getting more active with that. In regards to investing our personal dollars, I think I would do something more national, something based in Canada. We have been exploring them. The challenge is to find something that is not as well funded. For example, something like Sick Kids is very well funded. We would maybe start something new or invest with something smaller, less funded. We love children, so something down the line of children. We are also into the environment and arts and culture. We’re always poking around with new ideas.
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Why have you chosen to work and invest with The Haunn Group?
We talk about productivity and activity and focusing our activity so sometimes the most important things, like building our net worth is neglected. If they are not in sync with the level you’re at both financially and career wise and what have you. I had not looked at my financial situation in ten years, so at that point it was suggested that we take care of some basic things to maximize my tax dollars, and maximizing all the opportunity available. So that’s why I think that engaging with Tim was important because I was long overdue to go to the next level and I hope that there are a few more levels to come because if there is, that means that we’re doing the right thing.
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