by Mark Goren | Sep 2, 2020 | Local Business Owner Spotlight, Retail
Owner Stories: Joel Goldenberg, Business Owner, Premier Ostomy Centre, Montreal, Quebec
We’ve known Joel Goldenberg and his father Nat for about 20 years, getting to know them through our community sports programs and then as clients of 10|20 Marketing. In business since the 90s, Premier Ostomy Centre has become to the go-to for ostomy supplies in Quebec.
Our interview with Joel is below. Let us know your thoughts in the comments. Also, make sure to read our Local Business Owner Spotlight series. Also, remember to support local businesses in any way you can while these physical distancing restrictions are in place.
10|20 Marketing: Hi, Joel! Thank you for agreeing to participate in our spotlight series. Let’s get started by having you describe your business, Premier Ostomy Centre.
Joel Goldenberg: Premier Ostomy Centre is a family-run medical supply store. As most of our customers have health issues, customer service is our number one priority. We make sure our clients’ needs are met in every way. We sell all medical products, including, but not limited to, ostomy bags and supplies, catheters and accessories, mobility aids, bathroom equipment, compression stockings and more. In addition to our brick and mortar store on Côte des Neiges, we also have a transactional website to help our clients.
10|20 Marketing: How long have you been in business? Can you discuss how your store started and evolved over the years?
Joel Goldenberg: My father started the business in the late 1990s. My Dad had a small pharmacy and started to have a significant demand for ostomy supplies. He decided to open a second business in the pharmacy as a medical supply store. I joined him about ten years after he opened with the idea of expanding the business. We started carrying other medical products, with catheters and supplies being our most important addition. I started visiting remote areas of the province to bring product expertise to underserved cities. We have since moved into our current location, which doubled our space and finishing an expansion. We have also diversified and are now distributors and importers for specialized products. However, our original goals and principals remain the same. We provide excellent customer service, have a very knowledgeable staff and provide fair and competitive pricing.
10|20 Marketing: What are some of the approaches you’ve taken to grow your customer base? Do you actively run marketing programs?
Joel Goldenberg: Our business relies a lot on referrals. Our best marketing is offering the best service we can. That’s how we get so many referrals from health professionals and current clients. We do other marketing as well. We advertise in local support group journals and nurse publications. We have an active presence on Facebook and are trying to be more active on other social media platforms. But I will always believe that offering good service and treating people with kindness and respect is the best marketing you can do.
10|20 Marketing: We agree, Joel! How has the business been since the pandemic hit? How have you been coping?
Joel Goldenberg: It has been interesting, to say the least, since the pandemic started. First, we had significant panic buying from our clients, so we were insanely busy. We also had so many calls for masks and other PPE that we couldn’t access. Then things quieted down as may of our clients had stocked up. Staffing has been an issue as our customer service team had to stop working. Most have young kids and needed to stay home with them. I finally have some staff back working from home, which poses many other challenges. We had to slightly reduce our opening hours, so I didn’t burn out the rest of the staff. For the most part, the supply chain has held up, and we have been getting our products as usual. I have even managed to find stock on most PPE items at fair and reasonable pricing.
10|20 Marketing: Final question, Joel. As a seasoned business owner of a retail location, what advice do you have for others in your shoes as they deal with this new normal?
Joel Goldenberg: That’s a good question. First off, I would say, don’t panic. Take your time before making any decisions and think them through. Another crucial thing is to take care of your staff. You need happy and productive employees, so you need to consider them when making any decisions. It is also essential to plan ahead. You need to try and figure out what’s going to be required over the next few months and try to be ready for anything. We have gone through many scenarios, and I continue to do so each day. There is nothing worse than being unprepared.
10|20 Marketing: Great advice, Joel! I appreciate your time and participation in our series!
Joel Goldenberg: My pleasure! Thanks for having me!
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This interview is part of our Local Business Owner Spotlight series. If you’re interested in having your business highlighted, please reach out to mark@10-twenty.com. And if you’re interested in a free online small business marketing consultation, we’re happy to set up a time to discuss your situation as well.
by Mark Goren | Jun 10, 2020 | Local Business Owner Spotlight, Professional Services
Owner Stories: Jamie Goren, Commercial Asset Leasing Consultant, Affiliated Financial Services, Montreal, Quebec
Nepotism comes to the Local Business Owner Spotlight series and we won’t apologize for it! Jamie Goren is not only my brother, he’s also an experienced businessman who has worked for others and owned several business. He now guides other business owners through the process of leasing equipment earmarked to help grow their revenues. In this discussion, we touch on what he does, who he helps and the importance of distinguishing between good debt and bad debt.
Our interview with Jamie is below. Let us know your thoughts in the comments. Also, make sure to read our Local Business Owner Spotlight series. Also remember to support local businesses in any way you can while these physical distancing restrictions are in place.
Interview with Jamie Goren, Commercial Asset Leasing Consultant
10|20 Marketing: Thanks for agreeing to do this, Mr. Goren. Your participation is greatly appreciated. How would you describe what you do if you were asked by mom?
Jamie Goren: Very basically, we help companies and sole proprietors alike to purchase commercial use assets without tying up working capital or depleting their cash. We can help companies to purchase everything from used or new trucks and construction equipment, to machinery, racking, telephone systems, alarm systems and even websites. We can even help professional offices to purchase furniture. We do this using lease-to-own contracts that typically go to a $10 buyback at the end. This the most tax efficient way to finance these purchases.
10|20 Marketing: So why would someone come to you for financial help rather than go to a bank or another lending company?
Jamie Goren: There are a few reasons, depending on the type of business you are running. For some proprietors (electricians, plumbers, contractors) it’s often a way to get commercial credit established while not tying up the amount of credit their bank will allow them to run their businesses.
For larger companies, the approval process is much quicker than traditional financing, the financing is off balance sheet (in many cases), and it does not tie up their working capital.
Lastly, for companies of all sizes, we will look at assets that traditionally a bank would not finance. We will also look at credit profiles that banks don’t usually touch.
10|20 Marketing: What advice would you give to business owners as they try to manage cash flow during what is now a very uncertain period of time with a lot of unknowns?
Jamie Goren: Managing your working capital is critical to buffering the uncertainty and the unknown. Even if you have the money in the bank it doesn’t mean it is the right time to reduce that balance and spend it.
There is such a thing as good debt just like there is such a thing as bad debt.
If you have the opportunity or the need to acquire an asset that will help you to grow revenues and it will generate positive cash flow when weighed against the payments, you should really consider leasing that asset and using the increased revenues/profits to make the payments.
I know it sounds self serving in this case, but adding debt to manage cash flow and punt the problems down the road is bad debt. Adding debt to purchase an asset that allows you to bill more or make more profits is good debt.
10|20 Marketing: You raise a great point. How do you help clients to see the good debt-bad debt point by coming across as help and not self-serving?
Jamie Goren: Having been in manufacturing businesses for 30 years prior to this career change, I feel like I know the experience from both sides of the coin. I truly believe that I am now selling a service that is really needed and in demand.
I will never put a gun to anyone’s head to sell them something that is not the right fit for them if they are not comfortable with it. I can help with the cashflow calculation, I can help with the weighing of pros and cons. I am in this for the long haul and want to be viewed as a client’s ally. I tell clients all of the time that I work for them, not for the lenders. In the end, my objective is to find a solution that fits their situation and that fits their business. If I cannot provide it, I will refer them to someone who can.
I recently did a financing for a company that I had that exact conversation with back in January. They opted to use cash for their purchase because an older member of the management team believed that there is no such thing as good debt. We had the conversation about good debt/bad debt, I let him know that I greatly respect his life experiences and his decision but I am always here if they need me. Not only did I recently do a deal with them, I have also been referred to another prospect by the same person.
10|20 Marketing: Do you see business getting back to normal now? What was your take of the market during the last three months of lockdown and pandemic panic?
Jamie Goren: Let me address the second part first. The business climate was really difficult in the months of April and May especially. Deals that were signed and ready to be funded were cancelled, especially in the event production space, and they won’t be coming back until next year at the earliest.
I hope that governments learned enough during the last three months to figure out a way to do target shutdowns on a much more micro level as best they could. But like any black swan event there were business opportunities to be had. And money to be made. We were busy with transport companies, Amazon delivery couriers, and some packaging equipment manufacturers.
I am thankful that we aren’t very focused on the restaurant trade, because that is going to be a really difficult industry (credit-wise) for an extended period of time.
As for the first part of the question, truthfully I am not sure what normal is. I have long felt that companies and consumers have very short memories and habits will return to the norm. I am not sure about that as a blanket statement in this case.
New credit approval will definitely be more challenging to get for a while. I certainly wouldn’t bet on an immediate return in travel and tourism.
On the other hand, home renovation companies, pools and drive-in entertainment venues are areas where we are seeing lots of demand.
I believe in the ability of entrepreneurs to innovate and adapt, but don’t think that the worst fallout has really hit yet. Lots of businesses are being propped up with payment relief and government subsidies.
It’s going to be a long summer and fall for the local economy and for the labor force, especially in retail and service based jobs.
10|20 Marketing: Thanks for this discussion, Jamie. Any final thoughts on credit, funding and moving forward?
Jamie Goren: I guess if I can leave your readers with a thought it is this: now is the time to make smart decisions. To conserve working capital but to not be fearful of capitalizing on opportunities. Some of the biggest success stories today are companies that took chances coming out of the recession back in 2009/2010 because they saw opportunities and pursued them.
There is money available for good businesses. While credit is tougher to get, it is far from impossible. There really is such a thing as good debt, especially for small and medium sized businesses.
I am available to discuss this with anyone who would like to.
I work for the clients. Not the lenders. Not a bank. Not anyone else. My job is to help businesses purchase the assets that they need for success. I can help you too.
Thanks so much for doing this, Mark. I have truly enjoyed reading every one of the stories and am grateful for you doing this one (even if I did have to wait my turn!)
10|20 Marketing: My pleasure. And the list is long! Thanks for playing along. See you later!
Jamie Goren: Of course!
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This interview is part of our Local Business Owner Spotlight series. If you’re interested in having your business highlighted, please reach out to mark@10-twenty.com. And if you’re interested in a free online small business marketing consultation, we’re happy to set up a time to discuss your situation as well.
