John Tran is the proud partner of Signal Hill Dental in Calgary Alberta, and worked his way from associate to partner by caring for his office as if it were his own. In our inaugural feature of Our People at Play, John offers insight into what it really means to invest in yourself and your staff, finding balance with a strong financial base of insurance and savings that allow him to find security and ‘play’ with the rest.
Find out the factors that have allowed John to flourish in business and at home and get inspired by his propensity for hard work and his management style.
Tell us about your professional past and present?
“Professionally, in the past I was a new graduate looking for a good associateship. When I found my dental “home” (I was lucky it was my first choice), I worked as if I would be an owner at the practice one day. I cared about the office as if it were my own office, and I tried to grow the patient base as best as I could. This made me indispensable, and when the time came the owner offered me partnership. Adrian knows the rest!”
“Dentistry is not something that should be done under financial duress…”
What do you love most about what you do?
“I love that I can provide a specialized service for people. I appreciate that, in Canada for now, dentistry is something that is compensated well enough that I do not feel the need to rush or compromise my quality. Dentistry is not something that should be done under financial duress, since the outcome will not be good for the patients nor the practitioner. Lastly, the lifestyle and ability to be my own boss is a major plus.”
Let’s talk about the inevitable battle of managing your own business – what are the day-to-day struggles you face?
“90% of my struggles are with staffing and staff management in general. But, as I have learned, taking care of your team means they take care of you. Business owners and employees live together on a two-way street. Everyone is in it together, and we all play important roles. I’ve also learned that delegating works infinitely better than micro managing.”
How did you plan for owning your business and for your future?
“I planned for owning my business by maintaining a good credit history and good rapport with bankers. I also kept a good progress ledger of the revenue I was bringing in as part of the practice. As for planning for the future, this started when I met Adrian and he set me up for success by covering my risks in case of any unforeseen circumstances. This allowed me to invest freely in my business and in other investments, knowing the whole time my family would be OK. The ability to be aggressive in business and investing is a good thing.”
How has PlayCheques supported you with this plan?
“PlayCheques helped me feel safe and covered firstly with good insurance. They also helped me see what I needed to put toward ‘safe’ investments for the long term. This allowed me to use the ‘fun money’ left over for aggressive investments in my business and in equities. Lastly, I also spent happily on lifestyle indulgences, because I didn’t have to keep thinking, “can we afford this?”
In your opinion, what are some of the benefits of holistic planning, compared to other financial management, like personal investing?
“Being able to see your entire big picture allows you to feel both safe and stable. It allows you to know you are ‘doing right’ for yourself and your family. The greatest benefit is knowing the amount you can spend/invest freely, without fear of catastrophically destroying your family’s future.”
“To me, financial well-being is like a pyramid. You need a carefully calculated solid base of insurance and savings. As long as the safety of the base is prioritized, you can then build upon it with riskier investments and fun lifestyle expenditures.”
What are your thoughts on the financial services Industry?
“Fractured and full of salesmen. Mostly banker financial “advisors” who are not qualified nor do they look after a client’s best interests.”
What does ‘financial wellbeing’ look like to you?
“To me, financial well-being is like a pyramid. You need a carefully calculated solid base of insurance and savings. As long as the safety of the base is prioritized, you can then build upon it with riskier investments and fun lifestyle expenditures.”
What’s the best advice you’ve received in your career?
“Invest time and money in yourself, your education, and the people you care about.”
How do you Play?
“Vacations, family time, reading (non-fiction), investing, trading equities, eating good food and enjoying a good drink!”
To learn more about John Tran and to find out if his practice is right for you, visit: https://www.signalhilldental.com/