Chris Dobbin, named one of Atlantic Canada’s emerging business leaders, is the founding president and CEO of Nova Leap Health Corp., a TSX Venture Exchange-listed company with home care operations in Canada and the United States.
Nova Leap, recognized as one of the fastest-growing companies in Canada, operates in Nova Scotia and 10 U.S. states. Dobbin, who also serves as an advisor to high-tech entrepreneurs, private equity firms and other business leaders, is also co-owner and director of Earth Angels Home Care, which provides affordable care to veterans, the elderly and those with special needs in Nova Scotia.
Before starting Nova Leap in 2016, Dobbin specialized in helping business owners across Atlantic Canada sell their companies at Precipice Capital, which he founded in 2009. Before that he spent five years at BMO Harris in two senior positions.
The inspiration for Nova Leap came while he watched his father-in-law struggle with Parkinson’s disease. He realized the impact that the lack of home care has on many families.
Dobbin is also a former EY Entrepreneur of the Year Atlantic award winner. Nova Leap has also ranked on the Report on Business list of Canada’s Top Growing Companies.
Where did you grow up and what did your family teach you about money?
“I was born and raised on the outskirts of Saint John, New Brunswick. My mom stayed home with four kids, and my dad was a chartered accountant. Dad was also a kid’s coach for many years and coached each of us across multiple sports. My mom’s main message to us was, ‘If you are going to do something, whether it be an airplane mechanic or whatever, be the best at it,’ and my dad always said, ‘Have fun with whatever you’re doing!’
We didn’t receive any overt lessons about money, but I understood at an early age what it took to make money thanks to my first entrepreneurial job delivering newspapers. This job taught me the importance of showing up on time, offering great customer service, and holding people to account: I was in elementary school at the time and had to ask adults for money, but I learned pretty quickly how accounts receivable has such an impact on cash flow.
What was your area of study and early career focus?
“Most kids want to be a fireman, but I always thought I’d be a CA like my dad. I was good with numbers and high school accounting was super easy for me, so I did a B. Comm and spent seven years at Grant Thornton. Then I joined BMO Harris and held two senior positions simultaneously, being responsible for both the Wealth Services and the Sales Divisions for Atlantic Canada. After five years there I had reached a point in my career where I couldn’t go any further unless I made a move to either Toronto or Chicago.
My wife Jill and I looked seriously at a significant offer for a job in Toronto, but I was torn because of our great lifestyle on the East Coast. After carefully considering our options I remember saying to Jill that the only reason we are even thinking about these opportunities is money. As soon as we recognized that I knew we weren’t going.
In September of 2009 I quit my job (which was a fantastic job by the way), not having a clue what I was going to do. That got quite a reaction from the folks at the bank. They didn’t believe that I didn’t have a plan. Was it a marriage problem, a health issue, or was I going to a competitor? I tried to explain that I actually didn’t know what I was going to do. Maybe I would buy a small business of some sort and try to grow it.”
What made you decide to become an entrepreneur?
“Throughout my 13 years working in the corporate world I had always noticed that there was one key difference between entrepreneurs and employees. Entrepreneurs were not any smarter, they had just done something that the average person had not done!
This was the beginning of my entrepreneurial journey: I started Precipice Capital, a private capital markets investment bank, and I became known for advising on some of the largest private company transactions in Atlantic Canada.”
What led you to the home care business?
“Around the same time that I was getting started with Precipice, my father-in-law was diagnosed with Parkinson’s disease, and he began having issues that required non-medical care. My mother-in-law had to get in-home help, and this was my first experience observing how much home care was needed as my father-in-law’s health gradually declined. My wife Jill has a Master of Science degree and worked in the research ethics department of Capital Health.
Shortly after her dad died she spotted an opportunity to buy a health care business, but I didn’t think it was a good idea at first. My initial thought was that there would be too many people issues and how would you scale given the one-on-one nature of the service? My mind changed quickly when we did our due diligence and saw the impact that home care had on so many families. There was a gap in the market around dementia training, and home care was so needed. We bought the business and brought training to the caregivers providing care to 140 families.
What is your business model?
“Our business model revolves around bringing training to the companies we acquire. This training had clearly been lacking with the service that my father-in-law received. Our clients pay us on an hourly basis and then we pay the caregivers, who are our employees. About 70 per cent of our clients live with some form of dementia, and the rest are a mix of mostly non-medical situations such as hip or knee surgery, palliative care, or simple companionship. In 2016 we had US$40,000 in revenue and in 2023 we had US$26.2 million.”
Is there a secret to your success?
“There is no magic to our success. This is very much a people business, and we find good businesses to acquire. Our biggest challenge is attracting as many good caregivers as possible to meet the growing demand due to shifting preferences because of the pandemic and aging demographics. We are a fast growing company and home care is a global issue.
We’ve been asked by different government agencies to consider making acquisitions in various geographies, including Europe, but our map for the future is to continue on the same path and become a much larger company in more jurisdictions within the U.S. and Canada.”
What’s in your personal investment portfolio?
Do you have advice to pass along to other aspiring entrepreneurs?
“This has been an exciting ride. In my experience, being an entrepreneur can be extremely rewarding if you balance things right. My wife and I are pretty active with sports. Between the two of us, we coach kids six days a week. I’m a big believer in daily exercise and feel strongly that it builds self-confidence and high energy levels – important ingredients for entrepreneurs. I would tell any aspiring entrepreneurs not to hold back and to follow the Nike slogan – Just Do It!”
Responses have been lightly edited for clarity and length.
Writer Barbara Stewart is a Chartered Financial Analyst (CFA) with 30 years of investment industry experience. She spent five years as a foreign currency trader, more than two decades as a portfolio manager for high-net-worth entrepreneurs, and for the past six years she has been performing interview-driven research for financial institutions around the world. Barbara is a keynote speaker for CFA Societies, banks, stock exchanges and industry conferences globally, and she is a columnist for CFA Institute and Canadian Money Saver magazine. She is on the advisory board of Kensington Capital Partners and also is the Ambassador for the Kensington Women’s Forum. In addition, 13 years ago Barbara saw a need to challenge outdated financial industry stereotypes and share positive messages about women and money. Today, Barbara is recognized worldwide as one of the leading researchers in women and finance. Her Rich Thinking® global research papers quote smart women and men of all ages, professions and countries and are released annually on International Women’s Day, March 8. To find out more about Barbara’s research, visit www.barbarastewart.ca.
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