Client Stories
Client stories
Discovering the value of a close relationship with your bank
“It felt like CIBC truly cared about the success of our business and what it means to the community." — Dr. Ben Connolly, ND, Cornerstone Naturopathic
Jul. 31, 2024
6-minute read
I’ve always been drawn to the medical field.
As an undergrad, I worked in a hospital, wrote my medical exams and planned to apply to medical school before I realized I wouldn’t have the work-life balance I wanted. We glamourize doctors and hospitals on TV, but a medical career means you’re frequently on call and your time isn’t your own.
A friend suggested naturopathic medicine to me. I was intrigued, and the more I researched, the more I became interested in the practice. Pursuing naturopathic medicine also meant I’d be in control of my schedule and how I could spend time further helping my community and balancing a family. Everything lined up with the vision I had for my life.
After completing my 4-year undergraduate bachelor of science degree with a major in biology, I then went on to complete a 4-year naturopathic doctorate degree in Toronto.
How’s the business doing?
In 2011, I moved back home to Nova Scotia and started my practice, Cornerstone Naturopathic. My vision was to create a hub for top-quality healthcare in the province, focusing on naturopathic medicine and personalized care. From humble beginnings, we've now grown to a team of 19. My business partner, Ashley, joined us in 2016.
“I firmly believe that when people are healthy, they can change the world,” says Ashley. “That drives how we run our practices and continue to build Cornerstone. We want to make sure our patients have a very high quality of life.”
Currently, we serve more than 9,000 patients a year at our main Halifax clinic, while our clinic in Yarmouth serves the surrounding rural community.
We already owned the building in Yarmouth. However, in 2023, an opportunity arose to also purchase the Halifax property. Though we had an existing mortgage on our Yarmouth location with a different financial institution, the goal was to streamline the finances and move both mortgages to CIBC.
Focused on clients’ best interests
I’ve been a CIBC client for years, using a professional line of credit to cover the costs of my education that I paid off when I started working. So my relationship with the bank was already there when I reached out about buying the Halifax property.
When I first met with Claudine and we discussed my options, she told me switching everything over to CIBC meant paying a penalty. Claudine advised me against doing that. She suggested that I should stay with my current financial institution and reassured me that CIBC could revisit the situation in 2 years when the mortgage came due.
“It wasn't about getting Ben's business,” says Claudine. “It was about giving him the best advice. That's always the way I work. I'm not focused on selling a client anything. I'm trying to make their life easier.”
Even though Claudine had advised me to keep my mortgage where it was, we stayed in touch.
Claudine’s dedication had an impact on me, especially over the next 6 months as I became dissatisfied with the service I was getting from the other financial institution.
At that point, I realized prioritizing a good relationship with my bank is more important to me over the long term than penalties in the short term. So I decided to pay the penalty to break the mortgage and move my business to CIBC.
One team approach to success
Claudine knows that time is a priority for Ashley and me. She has made sure to help set us up with tools that will enable us to optimize our business. CIBC's Smart Advice platform gives us access to a range of payment solutions to improve our cash flow for the clinics and the way we do business. The team at CIBC also helped us streamline our client payment process and save money on merchant fees by connecting them with Global Payments, a trusted CIBC partner that helps businesses receive payments easily and securely.
Claudine also introduced me to a CIBC personal banking financial advisor to help consolidate my finances.
“When Ben reached out to move all of his business over to CIBC, we immediately set up a meeting,” says Claudine. “Now he’s fully banked with CIBC and plans to move his investments over to Wood Gundy as well.”
The ultimate factor for Ben
What has always stood out to me about Claudine and the team at CIBC is that our relationship has never felt transactional. It feels that they truly care about us, not just us as people, but also about the success of our business and what it means to the community.
CIBC’s advice to entrepreneurs
Think beyond just banking
As your business grows, exploring different resources and account services – from payment processing to account management to tax filing – will save you time and money and help your business flourish. For a convenient way to report and remit federal and provincial business taxes, look to CIBC’s Government Payment and Filing Service (GPFS). There are no set-up or monthly fees to use GPFS and it complements the services that come with a CIBC Business Operating Account.
Find ways to cut costs
Every dollar counts for a business. Streamlining your business’s payments and processing fees can prevent them from adding up and affecting your bottom line. Learn more by exploring CIBC’s Merchant Services.
Seek objective advice
Build a collaborative relationship with a CIBC advisor who understands your business challenges and provides customized solutions, working together to ensure your business thrives.
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Book a chat with one of our advisors. They can help set you up for success, today and into the future.
