Behind the Business

BDC Small Business Week: The Story Behind Atum Financial Services

• Greater Kitchener Waterloo Chamber of Commerce • Season 3 • Episode 6

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As we celebrate BDC Small Business Week, from October 19-25. Each day, we’re spotlighting a different small business owner from our community — the people who power our local economy, create jobs, and bring innovation to life. We’re also excited to have this year’s theme focus on the economic revolution and getting your business ready. 

Today, we’re sitting down with Paul Brosnan of Atum Financial Services. After over two decades working in corporate finance across industries like manufacturing, healthcare, and automotive, Paul followed his passion for helping businesses and individuals thrive financially. Through Atum, he provides guidance, clarity, and confidence for clients navigating complex financial decisions, helping them plan for growth and long-term success.

We’ll dive into the insights Paul’s gained over his career — and how he’s using that expertise to guide others toward financial success.

Get a look Behind the Business in Waterloo Region with Ian McLean, President & CEO of the Greater Kitchener Waterloo Chamber of Commerce.

SPEAKER_01:

Welcome to another episode of Behind the Business, presented by Gore Mutual. Today's episode is also sponsored by BDC as we celebrate BDC Small Business Week. I'm your host, Ian McLean, President and CEO of the Greater Kitchener Waterdoo Chamber of Commerce. This podcast is recorded on the traditional territory of the neutral Anishinabe and Hodenishone peoples. Each episode, I sit down for candid conversations where we go beyond the boardroom and behind the business to uncover the real stories within Waterdoo Region's business community. Today's episode is sponsored by BDC, the Bank for Canadian Entrepreneurs, as we celebrate BDC Small Business Week from October 19th to 25th. Each day we're spotlighting a different small business owner from our community, the people who power our local economy, create jobs, and bring innovation to life. We're also excited to have this year's theme, Focus on the Economic Revolution and Getting Your Business Ready. Today we're sitting down with Paul Brosnan of ADAM Financial Services. After nearly two decades working in corporate finance across industries like manufacturing, healthcare, and automotive, Paul followed his passion for helping businesses and individuals thrive financially. Through ADAM, he provides guidance, clarity, and confidence for clients navigating complex financial decisions, helping them plan for growth and long-term success. We'll dive into the insights Paul's gained over his career and how he's using that expertise to guide others towards financial success. Join me as we go behind the business with Paul Brosnan. Well, we're excited to have you here today. I know uh as with most business owners, time is probably your most valuable commodity. So thank you for sharing some of uh your time with us and and uh joining us on the board. Oh, thanks for having us. It's great. So let's start at the beginning. Um, you know, this this podcast is uh is a lot about the entrepreneurial story and about the the business story, but it's also about leadership. So we kind of blend the two together as we took as we as we go through uh our our chat this morning. But let's start at the beginning. Tell us a little bit about yourself and the business and and how it came to be.

SPEAKER_03:

Yeah, you know, uh I spent about 10 years in healthcare before the firm got started, and it was just we had a lot of um network friends, family who would come to come to me for advice. And I thought, you know, the small, medium-sized business owner, which makes up 98% of the economy, that's where I need to spend my time. I don't need to be in a in this big company, didn't have a lot of more room to grow, so I thought I'm gonna take my own little venture and become an entrepreneur and help other business owners uh based on um what I do, my schooling, my education, my experience. Uh so my partner and I, Annie, you know, we decided to start the firm up in 2010, 2011. So we're celebrating our 15 year. We're an RPA accounting firm, registered professional accounting firm, similar to CPA. Um, and our goal was just at first just to get some business in, help small business owners, medium-sized business owners with their accounting needs. Um, but that's now evolved now to 15 staff, three offices, you know, clients across Canada. But uh again, our focus hasn't changed, right? You know, how do we help the small, medium-sized business owner um succeed? You know, our accounting industry has been very what I call in that compliance mode. Give me your year end, give me your books, what's deal with HST, it's personal tax time. We still do all those types of activities we need to based on what the CRA tells us to do, but our real focus has been more looking at the windshield of the car or the business and being sort of a that strategic partner in that passenger side to really help guide them on structure, you know, strategy.

SPEAKER_01:

Um beyond the numbers, beyond the numbers, the the other parts of being successful businesses. You got it. Yeah. Listen, when you think back to the early days when you get started, because I mean some of this is is uh is as we as we go through uh BDC Small Business Week and it's small business month and celebrating entrepreneurs is um getting started is always one of the hardest parts of growing business. I've started a business. I think everyone would say if they knew now what they or then what they knew now, they probably wouldn't have gone down the road because it can be a challenge. But what was the biggest learning curve or surprise about about running your own business as you got started? You can't do it all yourself.

SPEAKER_03:

You know, how many hats am I gonna actually wear? You know, we're focused on trying to save money, save costs. It's a brand new company, I don't have a lot of cash. So I'm gonna be the sales guy, I'm gonna be the accountant, I'm gonna be the bookkeeper, I'm gonna be the you know drywaller, whatever it's gonna be. Um and I think we take on too much at times when we start off our business trying to get things off the ground rather than building out the key people on your team that you need to have to help grow that business.

SPEAKER_01:

Yeah, you gotta pick pick what what is the the part that makes you most valuable to the business. Small business owners wear lots of hats. You just reference that. Which are the ones you're gonna pick off? Like you want the HR hat or the business development hat or the finance hat. What have you learned about yourself as a leader or an entrepreneur through the process? Like, so sometimes it's people saying, I know what I like to do, um, and so that's what they choose. Sometimes it's that I'm the expert because I'm the rocket scientist and we're a rocket company, so therefore I need to do that. What is the part that you've learned most about uh uh the many hats that you wear?

SPEAKER_03:

Yeah, I think for me, the client-customer interaction, that advisory strategy is where I is where I I fit, right? Yes, we have to do corporate tax returns and personal tax returns. I don't like doing them. Yeah, right? But we have to for our firm. Yeah. But I've got staff now and I've got the people in place to do the stuff that we need to do to still support the client base, and I get to play in the in in the lane that I that I'm good at.

SPEAKER_01:

Yeah. And that's and that's why that's why it's because you uh get others that can do the things you don't like to do and you're not good at doing. You've developed a relationship with BDC. And I mean, they're great partners of ours um at the chamber and and for lots of different reasons. So you know they're they're their advisory uh capacity, but they're they're they're they're complementary lending for businesses. Um talk about your relationship with BDC, um, because it's it's unique to every business, right? And that's the one thing I think it's important for for anyone listening is it doesn't matter what your business is, BDC has whether it's to buy bricks and mortar because you're a manufacturing facility, whether it's you know, um, you know, uh financing for to help you grow into a new market. They have they have a lot of those um um and their risk profile is a little different than traditional banks. Talk about your relationship with BDC and and how it started and how they've been able to support you in growing your business.

SPEAKER_03:

Absolutely. Um great partner for our firm. You know, we I learned in the first year of starting the firm that I had clients with growth strategies, they wanted or wanted to acquire commercial property, they had growth aspirations. Um I'm not a banker though. And I felt when I went to the bigger banks at first, you know, the rules and the you know, the approval process was very tough. Um so I reached out to BDC. I heard about what they can do. So I reached out about in my first year of operations in the firm, we reached out to them and said, you know, I've got a couple clients looking for some projects we need some help with. Um, what can we do? Had them over for a coffee, introduce the client, and I realized I'm gonna encounter this more and more often, right? As I continue to grow the firm and engage with my client's needs and that strategy, that vision I talked about. Um I need a I need I need a financing partner um to be able to support my firm when these come up where I can pick up the phone and say, hey, I got a client with a project.

SPEAKER_02:

Yep.

SPEAKER_03:

Can you come over and have a conversation with them and let's see where this can go? That's what we've now built after over the last 14 years with BDC. Um, you know, uh love Josh to death. You know, him and I went out for lunch a few weeks, uh a few months ago just to sort of catch up and uh talk about what's going on with the firm, what's going on at BDC. But BDC is really my first call. Yeah. It has been for 14 years when it comes to partnering and getting a solution for our clients on financing.

SPEAKER_01:

So so they uh actually for for you almost are a business partner for your clients as opposed to as well as possibly financing some of your own actual operations. But but they they they play both roles for you. Absolutely, yeah, without a doubt. Uh and that's that's important. And I think you know, Josh and his team and the and the BDC team here are that's what they do is develop and they're very engaged in the community, and I think that's great because not enough people know that BDC can be a real true partner to them as a especially small and medium-sized business as they're thinking in the in growth. Um, that it's important to have a partner who sees the risk profile maybe a little higher, but the upside is is there as well. And that's that's what BDC is there to do is to help you help you with that with that that next step. Absolutely. Yeah. Listen, um, entrepreneurs and and this sort of ties together as a follow-on to that question. Entrepreneurs don't don't succeed alone. Um most successful ones lean into collaboration and uh with other with other businesses, local partners, uh, and organizations like BDC. Um, how have those relationships mentor and mentors that that have helped you or the financial resources that you've needed along the way helped get you where your company is today?

SPEAKER_03:

Yeah, you know, I think we're lucky in our industry where you know our client uh interaction is with clients in many different industries. And so what we've also done is we've sort of made our clients almost a referral network. You're almost part of a family. So if I need uh an insurance person, I know what to call. If I need a roofer, I know who to call. If I need somebody to I I've been lucky, you know, with the uh client base we've got, uh, so that I can use that. If a client comes to me and says, I need some help on HR, I'm not an HR person, but I know who to call. I need some business insurance. I don't do business insurance, but I know who to call. I need some financing, I know who to call. Yeah. Right? So we, you know, over the last 15 years, we've built our network and our relationships and our family model so that um we can support the firm, support the client base, whether it's a personal client, corporate client, um, with our network. I can introduce you to people rather than trying to Google uh a website developer. I got one that I, you know, that I know that could maybe help you. So it's not just about doing the accounting and being an accountant, but utilizing that network and that family that we've grown over the 15 years to help support each other in different business communities.

SPEAKER_01:

So uh for yourself though, in growing your own business, did you have mentors like when you decided, so you you know, you were in the thing, you said, I want to start my own business. Did you have someone that because I it's always important to have someone that will tell you the truth, yeah. Uh and and say, Well, you know, that's really not that great an idea. Or you may want to think about that. Did you have mentors that helped you as you as you started and and and it's because it's it's it's daunting for anyone when you start a business. Yeah. Uh it doesn't matter how much skill you have, it you it it always is. So did you have mentors that helped you through that initial stage?

SPEAKER_03:

You know, I would say that I had family. So my father was a huge um mentor for me when I uh wanted to start this. You know, I had some family members said, You're crazy, you got a great job, you got a you got uh a salary and a bonus and a car allowance and you got a director title. What's wrong with you? Why are you doing this? I just I I felt that I needed to move on. I felt I was stuck, I felt I could do more. Uh I had goals. I was a bit uh I got no patience. I I I'm stubborn, so off I wanted to go. Um and you know, throughout my life, my dad's always been a good mentor and you know, uh sounding board for me. Um and I had other, you know, uh business friends that had their own businesses that I've spoken to, um, other ventures that would maybe want to dabble with with a few other individuals. And uh I just had the itch and uh got some advice. And, you know, be careful, Paul, what you wish for at times, right? And uh that's true. Be careful what you wish for.

SPEAKER_00:

Global trade is shifting, provincial barriers are full of thousands of businesses are about to be able to new investments are taking. It's a real economic revolution. Innovate, make productivity a priority, and get ready for what's necessary actually now. This month's business week, we celebrate the entrepreneurs writing the next chapter. You're not following change, you're leading it. Get inspired, network, and go for it. The economic revolution is here. Is your business ready?

SPEAKER_01:

The theme of of BDC Small Business Week this year, and I think it's very apropos for in a number of different ways, is the economic revolution is here. Get your business ready. And that's so that's the theme this year. And I can tell you, uh after having spent three or four weeks in Australia and New Zealand, uh and then just back from the Canadian Chamber annual meeting and policy convention, is the disruption around the world, it's around the world. And the topic de jour is even if people don't say the words Donald Trump and tariffs, it's the only thing that people like it's the thing that's driving the conversation. Um and and Canada's landscape is changing fast as a result of that. But also in this region, and you know, in in southwestern Ontario and in particular region of Waterloo, we're growing fast. We're gonna be a million people in in 20 years. Um so that the landscape of the community is changing, the landscape of business is changing fast. What's one change you've already made or that you're planning to make um to adapt to these structural shifts? Is there something you have to do to shift to serve your clients as a matter of of uh uh what's what's happening around the globe?

SPEAKER_03:

I think for us in our industry, you know, we're we're we're the tariff situation has been a bit of a distraction for us, just like COVID was a distraction when you're trying to focus on business strategy, business growth. Um so we're trying to stay up to speed on the the now, tariff on, tariff off, what's this, what's that? You know, we've had spent some time advising clients or working with clients on different strategies where maybe it's time to open up a US Corp to avoid that. So now I got two entities. It's the only way this business model is gonna work. Um and then for us, um I guess just sort of staying on top and listening to what's happening in social media and and going to webinars and staying in on top of what the the now is, uh because you gotta change quick.

SPEAKER_01:

Yeah, yeah. And there's no there's no question. And and I I always ask this question now, because uh the number one thing that that I actually hear our members and small business in particular is that they're most kind of aware is out there and are trying to figure out um how they fit into it is is artificial intelligence. So yes, and so like it's an it's a new technology, it's proliferate, everyone understands it's already, you know, chat GPT, so there's the obvious ones, but new technologies um uh really are driving process improvements and changing business models. And you know, I I guess the question that I really drive in is you're in the service business of serving other clients. So you don't you're not in manufacturing or in in insurance specific. Are you like you're not in your you're you're uh an advisory um service to business? Are things is things like AI and technology changing the way you do work? Absolutely.

SPEAKER_03:

Yeah, yeah, we we've moved miles ahead in um our profession from where we used to be, right? Um I used to talk to old buddies who were accounts, I had the green sheets of paper, and they used to have QuickBooks, but it was on a computer that you had to go to. Now we've got software and online technology solutions um um that we can use. You know, we talk in our firm about our tool belt, right? Just like you know, a plumber has his tool belt, we have our tool belt. But our tool belt is software now. And what AI and software tools can we use to make our jobs easier? So we spend more of our time on analyzing numbers, providing advisory versus how do I get this stuff into the software before I can even look at it? Um so we have we're very much into these technologies. You know, we have uh our industry has a conference coming up in November called AccountEx. There's a lot of vendors there about AI and software technologies. And every year we've been going to understand, and we've, you know, we're a um we've got our own account manager for some of the bigger, you know, in twit firms and other software firms that we're staying on top of and being a partner with so that we could understand this evolution of AI, Chat GPT, um, how do all these things talk to each other to make our lives easier so that we can provide a better solution to our customer.

SPEAKER_01:

Uh for those that you serve, so back to your clients, those changes in technology, and you're providing them with some advice of saying like how to finance new new technology, how to which ones they may want to consider as processing. Are you giving all of those types of so you almost have to be an expert on what the latest is and then translate that to what your clients, how your clients might uh use that? Is that is that one of the things you're doing?

SPEAKER_03:

Yeah, you know, I think we look at uh we have to talk about ROI, return on investment, right? So we may not know all the software tools, but as we get into that strategic conversation, it becomes that the what's the ROI, right? What does that allow you to do as a business owner that you don't have to do anymore that provides additional value or additional revenue or a solution tool uh to your business and your end state customer? Um so it's more of an ROI discussion. Um we'll spend some time understanding what the software AI technology can do. How do you what's the result of integrating that into your business? And then what's the outcome?

SPEAKER_01:

Okay, so uh many small businesses are watch and listen to the podcast. What advice would you give to other entrepreneurs as they're looking to either start? Uh, because many will be listening to this and saying, I I want to follow my passion, I don't want to be stuck in the corporate world. So they're gonna start a business like you, like you did, or scale their business. I mean, so there's the that that's the other part is, and I get back to BDC is saying you get to a point, say, what how do I uh how do I invest in my business to grow the business? Um what what advice would you give to those entrepreneurs that are that are doing business in our community and looking to to grow and scale?

SPEAKER_03:

Yeah, I think there'd be sort of two points. One would be create your team and know and know your role. Um and sometimes when we do business startups for some of our our growth and our clients that we have been getting who want to incorporate or start their business, it I sort of relate to almost like a sport, like a football game, right? When you put your players out in the team, you know who the quarterback is, you know who the linebacker is. Create your team. And if you're the quarterback as the business owner, get on the field and be the quarterback. Don't try to be the quarterback and the linebacker and the defense and everything else. Know your role and create your team that creates that foundation for you to be strong and move forward. The second advice is people always say to me, Paul, we're looking for a business write-off, we're looking for more expenses. Maybe we could write off in our business. What can we do? Invest in you.

SPEAKER_02:

Yeah.

SPEAKER_03:

Go to webinars, take courses, you know, invest in your team, right? Professional development is a great investment with a return on it. It could mean another revenue vertical in your business. It could mean a different way to approach customer satisfaction. It could be opening or doing something different. Um, but if you're not learning and growing, what are you doing? Right? And so I think, you know, you know, there there's sometimes it comes talking to me about some big expense I can write off and get a tax write down. Yeah. Invest in you. Yeah. Spend some time investing with you and and your staff.

SPEAKER_01:

I think that's really important. I mean, we just talked about AI and it changing so fast. We come from a community that has Conestoga College and the University of Waterdo and Wilford Laurier and all kinds of uh organizations that that allow us to be lifelong work uh learners, you have to be, because things are changing so fast in every business. And I think that's good advice is invest in yourself and invest in in your people, whether that's the formal training programs or or the the the learning and TED talks or whatever it happens to be. Absolutely. Listen, um looking ahead, what's next? Because there's always a next chapter in business, right? So it's you know, is it I'm growing, is it I'm you know, I've got hiring to do, is it I'm going to New Market? What's what's next for your business and what so what's on the horizon?

SPEAKER_03:

Yeah, I think for us, you know, we've uh we just opened up our third office in uh November of last year, so we're almost one year into our third office. Uh for us, you know, we've grown organically. We haven't had to put a lot of advertising into our growth, thank God, knock on what it's been a lot of great uh, you know, clients who've referred other clients to us. The best advertising you can get. You got it. So I think, you know, we're on that same path. We're looking to continue to grow. Um, we're always going to evolve and look at AI and technology to change and swap out tools in our tool belt. Um, but our end state goal, our our vision hasn't changed. To be a strategic solution partner to our to the small, medium-sized business owner. That hasn't changed. And we'll continue to focus on that as we go forward. We'll grow our team, like we've said, and uh as we grow, we'll grow our team and we'll have fun.

SPEAKER_01:

That's great. Listen, uh, and the this this podcast is always a little bit about the story, as they say, but it's also about leadership. So I asked the same set of questions, and there's no right or wrong answer, but it's our it it it's it helps to give an insight of of how people kind of are are viewing uh themselves or business. So uh in a rapid fire question segment, say if you could go back, click your heels, and go back in time, what would you tell your younger self? I should have done this sooner. Really?

SPEAKER_03:

Yeah, I would have. You know, um and learn your I should have done it sooner and learn your role.

SPEAKER_01:

Play your role. Okay, um and and the this is always interesting. Um different things are the are the motivator or the inspiration for folks. What what are what or who uh has inspired you most along your way?

SPEAKER_03:

My family. You know, if I I wake up in the morning out of bed, and I know I got I got an eight, nine o'clock meeting, but it's my family, my you know, Annie and my wife, uh the kids, you know, and to some degree the clients, right? They're no different than me. They're a small business owner, you gotta put food on the table. You know, when we talk to some of our staff, we try to show share with them the impact they make. When you're working on with a client, you're not just dealing with the client, you're dealing with the client, the client's staff, the client's um lifestyle, the personal side. It's just not numbers in a spreadsheet or a balance sheet or income statement. You're making a longer-term impact on that business potential, right? And the amount of hands of people that are impacted by how you advise or how you support that business structure, you don't understand sometimes.

SPEAKER_01:

Yeah, and that's important. It's people's lives, people's jobs. If you weren't in the career you are, now it's funny because you were in a different career, you you've you've you've started your own business. But if you weren't in your doing what you're doing right now in your current career, what do you think you'd be doing instead?

SPEAKER_03:

It's uh it's hard to say, you know. Um yeah, you know, when I grew up, my father taught me that it wasn't all about education, right? Be smart, but he also taught me how to work on underneath the hood of a car, yeah. How to how to re-pipe a house, re-re-think. So I was taught to use my hands as well as use my brain and go to school. So for me, you know, um, I love in my spare time to be under the hood of a car. Wow. Uh car enthusiast. Um, so who knows? Maybe I'd be in the car business, automotive business. Who knows? That's good. But uh for me, it has to be dealing with people in some type of advisory type of function.

SPEAKER_01:

I love working with people. Well, you know what, it's it's interesting. The last place you'd find me is under a hood because I'd probably lose fingers and digits and not know what I was doing. But but it, you know, uh using your other side of the or the brain, right? Yeah. Hands-on. That's great. Uh are you reading a book or are you listening to a podcast on a regular basis? What do you what do you do to kind of to kind of keep the shape?

SPEAKER_03:

Yeah, I think for us, you know, I uh uh it's been on the AI, whole data, chat GPT stuff. Um so we've been focusing a lot on that. Um listening to some of these webinars on the terror. So we try to keep up the speed, whether it's um uh through LinkedIn, through other uh webinars, seminars, podcasts, et cetera, to stay on top of the ever-changing business uh paradigm and making sure that we're in the know so that we can stay on top of how do we how do we support and provide solutions to our clients?

SPEAKER_01:

Well, you can always listen to Business to Business on 570 News Radio at noon on Sundays, because we always give the latest update on the listen, uh, you know, you're you're you're local here. What's your favorite local business? A restaurant, or where what do you do? Where do you kind of what is one of your go-to places?

SPEAKER_03:

Uh so one of our go-to places for uh the wife and I and the kids is Adventure Rooms over on Duke Street. Yeah. Um we love the escape room um environment. I will say that Lisa's also a client, but that's not why I'm saying this. We love the experience. You know, it's funny when you get the family, the six of us, yeah, uh locked in there for uh for uh an hour and trying to get out, and the meaning of the minds on who's got the right strategy. Um it's good um family time. Yeah. It brings us together uh to strategize and try and get out. Uh we've even done group events with our staff. Um, and we've broken up into two teams, and then it becomes the battle of the wits of who's getting out first and who's the smarter one to get out first. So adventure rooms, you know, from uh an experience perspective and you know collaborating and bringing a family or uh uh staff or team together, love it.

SPEAKER_01:

Now I just I I need I'm interested because I have a had a family of uh or four three brothers. So there's six of us. What do you have? Boys, girls? Uh so Andy and I were a blooded family. Uh-huh. Uh two boys, two girls. Two boys, two girls. You got it. And so four boys getting together, uh, there was a less cooperation. Oh no, there's ballots on there. There was there was always uh that was that was uh interesting uh dynamics in those days. Um where's the best place for people if they want to get to know you, the business, get to know you and Annie and your team. What's the best way for them to connect with you or learn more about your work?

SPEAKER_03:

You know, call us um on our you know on our Kitchener number, and uh we have a website. What's the website? Uh www.atamfs humfs.com. Perfect.

SPEAKER_01:

Okay, and and you know what? Please thank thank you. Um we're pleased to have you with us today. We know how valuable, you know, entrepreneurs times probably the it is the most valuable thing they have because it's the most uh uh precious um and and thing that's short as far as a commodity. So thank you for spending some of your precious time with us today. Thanks for thank you for joining us for another episode of Behind the Business, proudly presented by Gore Mutual. Thanks again to BDC for this special Small Business Week episode. We're celebrating all week and dropping a new episode each day. You can also visit greater kw chamber.com to catch up on past episodes at any time. We'll see you next time as we continue to go behind the business.

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Ian McLean

Host
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Paul Brosnan

Guest