When Dr. Kenneth Rubinstein became a TD Bank customer in 2003, it was because the president of his local bank was actually a patient.
When Ken visited the bank seeking a loan for one of his first practices, a special handshake deal was made. "He would give us the funds we needed as long as we promised that any dental emergency he had, we would take him in the same day," Ken joked. But the deal was based on more than just that promise. Ken possessed the training, business acumen, and planning to turn his dream into reality.
From that handshake, Ken has expanded SEDA Dental to multiple locations throughout South Florida. There are locations in Palm Beach, Broward and Dade counties. And as he expanded, TD Bank stood by Ken, assisting with loans, working capital, cash flow, and much more. "We had this vision, and TD aligned with it, understanding our trajectory," he added. "The vision and goal are to care for as many people in the community as possible."
Unexpectedly Human Growth for the Community
Ken said one of the things that has really impressed him with TD over the years is his ability to connect with his Relationship Manager Joshua Ruiz whenever he needs support.
"Ken is busy growing the business and wearing all these hats from patient care to growth strategy, so if he doesn't have to worry about things like his banking needs, I know that's a big weight off his shoulders," Josh said. "Even today we had a little issue. Instead of having a bunch of emails going back and forth, I just kind of take the lead and make sure it's handled for him."
Josh added that Ken's relationship with the bank has grown from a savings account to around 15 different accounts. Josh has helped Ken streamline payments, receivables, payables, and other crucial elements of the business's day-to-day operations.
"As a small business owner, your needs become more complex and it's important to have somebody at the bank that can understand those needs and provide proper solutions to help you to continue to grow the business where maybe you don't have to wear so many hats all the time," Josh said. "You don't need somebody at the office processing 500 checks a month when you can have your client send them directly to us and we can process them for you."
Ken says he always had this grandiose idea of growing his practice into a staple of the community.
"But the seed of an idea has to grow. TD's helping us nourish our seed to become that plant. And hopefully that plant can spread and reproduce into other plants where we can eventually become a garden. So right now, we're a very, very small garden," Ken added.
When Ken talks about his passion and values, it's almost as if he's pulling the words straight from the TD playbook. "I really love what I do. I think I do it extremely well. So, I ask myself, 'How can I take my team and train them to offer the same type of complexity, care, and passion towards patients, and just deliver this great service,'" he said. "Every aspect of the business, in my eyes, has to deliver that excellent care. So just like I treat my patients just like I treat my team, I treat Josh that way too. I respect Josh, he respects me, and that's how strong the relationship is."
As Ken grows with Josh's help, there's wisdom he'd like to pass on for new small business owners. "Be humble. You're going to make mistakes. That's okay. Learn from your mistakes, so you don't do it again. But if you have care and compassion, it's going to take you a long way," he said.
Ken truly believes a smile means a lot. "What's the first thing you do in an interview? You look at somebody in the eyes and you smile … the confidence you get from having a smile that you like is important," he said.
Advice for Aspiring Small Business Founders
Josh added some words of wisdom as well for those starting a business.
- The most important thing a small business owner can do is have a good professional team around them: their banking relationship, their CPAs, attorneys and more. It's a good to start building those relationships early on, and to have conversations often.
- Regular check-ins with those outside teams throughout the year are also key. Those people should understand what your goals are for your business one year down the line, two years down the line, five years down the line, where are you trying to go and how can we help you get there?
- This advice is particularly important when making a big purchase or major changes for the business. Have those conversations well ahead of time with your trusted advisors, so that you both can plan accordingly.
- Ask yourself: What do we need to do now to be prepared to make a major purchase six months from now? What dynamics are changing in your business, maybe your business model, that we can help create efficiencies or cut costs or even improve things like your payables, receivables, maybe financing solutions, right?
- And lastly, having a relationship, a point of contact with your bank, knowing who that person is, is critically important.
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