How brothers grew a thriving skilled trades business

At the beginning, I’ll admit that we didn’t completely know what we were doing. We understood the work, but running a business was something else entirely. We weren’t sure who to trust or where to find reliable information. CIBC was where we went for advice because it had been our bank since we were kids.

Our first CIBC advisor was an important mentor to us early on, answering our questions, walking us through the basics and connecting us with other professionals, like an accountant.

When everything still felt new, that support made a big difference. Looking back, it gave us the confidence to keep going. It also showed us that you’re not alone in your journey as a business owner. There are people you can go to for guidance instead of trying to figure everything out yourself.

One of our biggest lessons early on was managing cash flow. You can be busy and still run into trouble if the money isn’t coming in at the right time.

When we first started our business, we didn’t take deposits on jobs. Our first CIBC advisor taught us that we needed to take something upfront to cover materials. Now, we take a third of the project total to secure a reservation with our team. That adjustment gave us the working capital necessary to keep projects moving without constantly worrying about covering costs.

After that advisor retired, we started working with Adrian, who pushed us to do even better.

Growth was the toughest part for us. We were on track to get bigger jobs but needed financing for more equipment and staff to take that next step. We needed Adrian's guidance to make it happen.

He took the time to really get to know our company. Adrian has come out to job sites and seen firsthand how we operate. You don’t normally expect your advisor to show up at 6:30 in the morning to meet your crew, but that’s the kind of relationship we have.

For CIBC, it wasn’t just about the numbers. We had someone who knew our story and could help us think through decisions as we grew.

Today, Reynolds Brothers Exteriors has 30 employees. We still approach the business the same way as the beginning, when it was just us — do the job right, take care of people, and build something we’re proud to put the family name on.

I suggested annual reviews so that the Reynolds brothers could identify areas for improvement. I was able to flag key areas, like pricing and staffing, comparing them to industry benchmarks. These conversations guided them on how to strengthen their business.

There were some tough years. They faced challenges extending their line of credit. Even if I couldn’t always say yes, I tried to find them alternatives and move forward. What stands out is that, year after year, they didn’t give up on the process and neither did I.

The meetings with the owners encouraged them to look more closely at how they were running the business.

Find the right support

You aren’t alone when launching your business. A strong banking partnership helped the Reynolds brothers to understand their options and connect them with the right people as they got started.

“Business owners need a reliable person who will answer the phone and be invested in their success. It's important to build those relationships early,” explains Adrian.

Stay focused on cash flow

Strong sales don’t automatically mean there's enough money on hand to cover your bills. Consider how to improve cash flow management as well. For instance, using upfront deposits to cover expenses and set contract terms so you can get paid more quickly for completed jobs — a strategy that proved helpful to the Reynolds’ renovation business.

Plan ahead for equipment financing

Demand for skilled trades is rising across Canada. You need the right tools as you scale up to bigger projects. As the Reynolds brothers learned, preparing with your bank in advance for things like equipment financing ensures you understand what you need to qualify and avoid delays when opportunities come up.

It also helps to work with an advisor who is experienced in your industry, such as one who specializes in working with skilled trade professionals. That way, they can better evaluate your situation and business plan when deciding whether to approve a loan application.

Make time for long-term planning

It’s easy to get pulled into the day-to-day work and lose sight of the bigger picture. Taking time to review your overall financial picture and revise your business plan enables you to make better decisions about issues like pricing, staffing and growth. Once the Reynolds brothers focused on long-term strategies, it allowed them to reach a new level of success. 

CIBC is committed to supporting skilled trades clients at every stage of their journey, whether they are apprentices, seasoned professionals, or business owners. By providing personalized financial solutions and dedicated expertise, CIBC is proud to champion the growth and success of Canada’s skilled trades sector.

Real CIBC clients, compensated for their time