Self-employment
Bank West is filling the rural gap that big banks left behindBranching outWestern Financial Group chief executive officer Scott Tannas is not only a determined entrepreneur, but is adamant on where others of his ilk should be looking for opportunities. |
|
 [ 2007-09-08 ] |
To find out, take this test by eCareerFit, the career assessment experts.
"There aren't niches to be filled in rural Canada," he says, "there are canyons waiting to be filled."
And Tannas, just 45 years of age, and a towering and rugged-looking 6-foot, 4-inches tall, has surely found his canyon. In 10 years he's taken his company from one location, 10 employees and 3,000 customers, to 100 locations, 1,000 employees, and 500,000 customers.
He's done it all from his head office in High River, Alta., a town of just 11,000 residents, about a 45-minute drive from Calgary, with the largest city his group is located in being Kelowna, B.C, with a population of 125,000.
"The big six banks and big financial and insurance companies do a pretty good job of looking after people in metropolitan areas," he says, "but they have left a wide opening for people like me who concentrate on small-town Canada."
Western Financial group started off selling property and casualty insurance products, but five years ago obtained the first federal banking charter under new rules established by then-finance minister John Manley and set up Bank West.
Bank West now offers mortgages, commercial loans, consumer loans and fixed-term deposits such as GICs, but doesn't yet offer day-to-day deposit or chequing services.
"Those services, including credit cards, may well come. But when they do we want to make sure we offer a top-notch service. We don't go in for half-measures."
Western Financial and Bank West offers services through some 85 of its own offices and another 100 dealers and brokers.
"We are strictly a store-front company," explains Tannas. "If people buy insurance in a big city they are likely dealing with someone they really don't know personally, and a company on the second floor of a building. All our offices are ground floor, walk-in places.
He says Western Financial has grown by acquisitions -- buying up smaller companies -- and by "organic" growth -- aggressively building up its customer base.
Tannas has an answer for people who look at demographics and insist rural Canada is dying as people seemingly flee to big cities.
"I'd rather say small-town Canada is consolidating. Some small towns are dying, but others are growing and thriving. The ones that are dying allow other small communities to renew themselves and become even healthier."
His advice for would-be entrepreneurs? "Fix problems as they crop up. Some people naturally get very excited at their initial success, but forget to do a check list each week of every aspect of their operation."
How many hours a week do you work?