Acquiring the business with a supportive network
The acquisition happened via natural networking — Deanna’s first business partner knew Garden Health’s previous business owner. Although Deanna and Nikki were experienced in the wellness space, understanding the health of the business was a new learning experience.
Acquiring a business presents unique challenges: understanding the intricacies of the established business while simultaneously envisioning and strategizing for its future can be complex. Deanna explained, “When first acquiring your business there are many aspects to think about: the value of the business, revenue, profit, longevity.”
Deanna encourages business owners on a similar path to stick with it. “It was unnerving at first because everything was new to me,” she noted. “Learning to negotiate on business terms can be uncomfortable. It can be hard to know what you want. As time went on and we learned more, the easier it was to understand everything related to business.”
The decision has proven extremely rewarding and the challenges have become easier with a supportive network, including lawyers, business advisors, and the local community. “Owning your own business is tough but it adds purpose and continued value to your life and the community. We had a lot of guidance and help transferring the business over,” Deanna shared, advising others to, “Make solid deals that you follow through on. Make a plan for how you are going to pay off your loans and know your terms, interest, and how long your loans are for. Create your own network of support and reach out to other seasoned business owners.”
Using strategic change and support to navigate the pandemic
The pandemic hasn’t been easy — forcing the team to pivot quickly, be flexible, and lean on their network to stay open. Garden Health adapted impressively, offering email, phone, delivery and curbside orders, building a new online shop, and rearranging the store to accommodate social distancing. They have also been listening to customers’ needs, stocking new products and offering guidance to help people stay healthy and safe though the pandemic.
This growing interest in health shows no signs of slowing down. “We foresee the health and wellness industry as a continuous growing business,” Nikki explained, “As beings, we are all always on a continuous journey to be the best versions of ourselves.”
Support from their CIBC Business Advisor, Manuel (Manny) Cordovilla also helped the team navigate rapid changes to cash flow, operational costs, and government programs Opens in a new window.. “We’ve successfully maneuvered Garden Health through the COVID-19 pandemic with the help of people like Manny at CIBC,” Deanna shared. “As our advisor, Manny was always quick to reply, offering us helpful support, sharing opportunities to increase our visibility, and encouraging us as small business owners.”
Creating and growing a value-driven business
The Garden Health team has paid the support forward, helping other local businesses navigate the closures and uncertainty. “When our community was shutting down and neighbouring businesses were sick, we donated what we could to them,” Deanna noted, explaining how reciprocity is part of their Indigenous roots and company values.
“Giving is a huge part of Indigenous cultures. We do our best to give what we can to our community. We also focus on supporting other Indigenous businesses and showcasing their products in our store.”
Deanna is proud to be from the Skeetchestn band and Nicole from Wet’suwet’en First Nation. Both women are two-spirit — an umbrella term for the centuries-old Indigenous understanding and reverence of a third gender identity — and are proud to be local business owners. These intersecting identities are reflected in the store, making room for others to show up as their whole selves in the space. “Our community has graciously supported and valued every part of our identities and mission at Garden Health,” Deanna shared.
“We are creating a safe space for LGBT2Q+ to shop and have a happy, healthy life. Just being open about who we are creates its own space and role in the community.”
The vision for Garden Health has always been about more than retail — the space is embedded within local community networks and is part of the health of the broader ecosystem. Nikki explains, “We want our business to respect all people, all cultures, the land, the water and all living things, and to always value the earth. All of this is possible in Garden Health’s values, passions and intentions.”
For other business starters looking to break into the health and wellness industry, Deanna and Nikki recommend learning as much as possible about available products and from other people leading the way. “Get to know the industry, have a passion and compassion for everyone in the health and wellness industry,” they advise. “There are going to be roadblocks and hard days, just keep moving forward.”
To create a tailored plan for your business needs and help you achieve your goals, meet with us Opens in a new window.. We’re here to help. Talk to a CIBC Business Advisor today by calling 1-866-992-7223 Opens your phone app..