How Shayna made the leap from employee to business owner

A few years in, and just two months after I went on maternity leave, Trina and Tyler, the owners of OC Beauty at the time, reached out and asked if I’d be interested in buying the business. After the pandemic, they realized that although they still loved the business, their hearts were pulling them toward spending more time with family. That’s when they approached me with an incredible opportunity, the chance to carry the business forward and make it my own.

On the day I signed the paperwork, I felt a roller coaster of emotions, but it was also one of the best days of my life.

That first year was intense, juggling a new baby and a new business. I relied on my husband, my amazing team, and the support of our local community; without them, I truly don’t think I could have made it through.

But there was one other partner who made it possible — the Business Banking team at CIBC.

As soon as Trina and Tyler decided to sell the company and the retail property to me, I knew I needed some help to make it happen. I wouldn’t have been able to purchase OC Beauty without banking support and the guidance of Shelby, Senior Manager & Team Leader, at CIBC Business Banking.   

“The challenge was they wanted to sell both the business and the downtown property it operated from,” Shelby explains. “There were some existing charges against the property, so we had to figure out how to make the transition work.”

My husband and I were first-time buyers, so we didn’t have all the qualifications banks usually look for in someone who wants to buy a business. Thankfully, Shelby and her team recognized our potential and worked out an arrangement that allowed Trina and Tyler to remain guarantors with a small shareholding.  

“Shayna and Matt didn’t really have much of the qualifying criteria,” says Shelby. “So, we had a very frank conversation, and I advised that, if Trina and Tyler were willing to stay on and provide their guarantee with a very small minority shareholder, we could use that leverage combined with Shayna’s company experience, to allow for financing.”

Together with CIBC Business Banking, we structured the deal as a two-phase buyout and we’re just moving into phase two now. Matt and I are the clear majority owners now, while Trina and Tyler each retain about a one-per-cent stake and provide their guarantees. They are still involved in the business in different capacities, but I run the business day to day as the CEO.

What impressed me most was that CIBC Business Banking didn’t just help with our financing and purchase, but they’ve been there with us through every stage of the business's growth.

Early on, we needed to figure out international trade since we sometimes deal with cross-border product orders. Shelby helped us set up currency accounts, walked us through wire transfers and even had conversations with us about securing letters of credit for larger orders.

They also helped connect us to CIBC SmartBanking^™ for Business. It was a lifesaver for me as a new mom juggling a business. Being able to quickly manage cash flow online, transfer funds and keep things organized made my life so much easier.

Shelby and her team also made me aware of grants I didn’t know existed, like funded training for our lab manager. Whenever I had questions, Shelby was honest and patient, always willing to jump on a call and explain things. As a new business owner, that meant so much to me. I wouldn’t be here without CIBC’s support and advice.

I’m very proud of being a small business owner in Canada. OC Beauty manufactures our goods right here in Canada and the "Buy Canadian" movement has been absolutely mind-blowing for us. Online sales have more than doubled and retailers across the country have been reaching out to carry our products. For a small business, getting your name out there is the hardest part and this movement has helped push us forward.

What I’ve learned most through this experience is the importance of having people in your corner, my husband, my team, my community and my bank. CIBC didn’t just help me buy OC Beauty, they’ve been through the entire journey, providing valuable advice and cheering us on.