How Bhyravi Bala was able to achieve work-life balance

The Health Club Wellness Clinic was up for sale by the previous owners in 2020. After doing her due diligence and conducting thorough research on the clinic and the services it offered, Bhyravi and Murali, who co-own the business, decided to move forward with the purchase. Bhyravi says she “found that it was part of a thriving industry that is always in demand.” As well, her background in operations management made pursuing the Health Club Wellness Clinic more appealing. And so, the couple moved forward with purchasing the business and it has been operating under Bhyravi’s leadership since August 2020.

With the help of the previous owner in the early days of ownership, Bhyravi has successfully transitioned into operating the business. But this took time, as with any new role there is a learning curve.

She explains, “Even after the transition, numerous processes required my attention. For instance, I had to recruit a physiotherapist, which involved tasks like advertising the position, conducting interviews, drafting contracts, handling the hiring process, onboarding new staff and navigating the intricacies of insurances and direct billing. The first couple of years demanded significant effort, but now I have a more hands-off approach.”

In addition to learning the ropes, Bhyravi acknowledges that the business faced a sluggish start upon their takeover in 2020. Bianca Nastasi, Banking Centre Leader, who has been working with Bhyravi, highlights that “chiropractic and physiotherapy businesses were affected during the COVID-19 pandemic, as not a lot of people were going for treatment as frequently as they normally do, but Bhyravi was able to persevere and still grow the business.”

In fact, Bhyravi proudly shares, “We have been growing since we took over. For instance, if I compare the numbers from January to August of 2022 to January to August of 2023, we see a revenue growth of 15%, which is not too bad at all.”

Murali has been a Personal Banking client since 1993 and Bhyravi began banking with CIBC in 2008. When the couple initially set their sights on acquiring the Health Club Wellness Clinic, they explored various external avenues in search of a business loan. However, they received feedback indicating that they lacked the requisite background and experience for such a venture, with some deeming it high risk. As an alternative, they opted to secure a personal loan against their primary residence to finance the purchase of the business and the associated property.

After 2 years, they had the financials available to resume trying to secure a business loan. And so, in 2022 the couple reached out to their advisor at CIBC, who put them in touch with Bianca Nastasi. Once they were connected, Bianca jumped into action to assess the situation and put together a plan to help Bhyravi and Murali.

In this instance, by getting a deeper understanding of the business and the owners, Bianca was able to determine that “Bhyravi had multiple sources of income and things that we could add back to strengthen the loan application.”

Bhyravi also recounts how Bianca “personally visited the clinic, offered valuable advice, guided us on strategies to settle our personal loan, and directed us in collecting all the necessary documentation to bolster our business case, thus maximizing our borrowing potential for the business. She was always available to help us and she made the process of securing a business loan so smooth.”

While Bhyravi’s business continues to grow, she has high hopes and big plans for the future.

In fact, Bhyravi shares, “Once we have streamlined all our processes and perfected the blueprint for the business, our goal within the next 2 to 3 years is to establish a second location”.

If you’re looking to start a business or manage an expanding business, we can help.

Connect with a dedicated CIBC business advisor who will work with you to understand your needs, provide expert advice and customized financial solutions. Whether you need to explore your borrowing needs, to clarify your cash management options, learn how to set up a business account, or you just need a sounding board, we’ll make it easy for you to make your ambitions a reality.

• Considering your financing needs? Explore the Business Services Digital Advisor
• Need to open or upgrade a business account? Here are the accounts we offer to fit your business
• Have questions about managing your budget? Check out our cash management opportunities
• Interested in marketing your business? Learn how to build your brand presence through digital marketing (PDF, 5.4 MB) Opens in a new window.
• Have you invested in your retirement? Discover how you can start saving for retirement as a business owner