Bank manager's new career as a retailer

When Matti Salo, 48, decided to become an entrepreneur after a twenty-year career in banking, his analytical mind made a careful plan for what he wanted from the new beginning.

“I calculated that I had reached the mid-point of my professional career, and I had been thinking for a long time that it would be nice to learn a new trade.”

Entrepreneurship had fascinated Salo for a long time, but it would not have been easy in the financial sector. The work would have been either asset management or consultancy – almost the same as before, but for his own company. However, he would not have had a work community, it would have been only him and his skills. Asset management, on the other hand, would require a lot of capital. Furthermore, Salo did not feel like he wanted to challenge the big players on the market.

“I also want to interact with people. Being a retailer combines the things I wanted: a completely new industry, learning new things, working with ­people and entrepreneurship,” Salo says.

SWOT reveals pros and cons

Before making the decision, Salo did a SWOT analysis on becoming a retailer. What were the pros and cons?

Salo’s K-retailer friends and former­ retailers helped him and shared the advantages and disadvantages of working in the industry.

One of the good things is the freedom entrepreneurs enjoy. A retailer has control over their life, which can be very difficult to achieve in the restricted and regulated financial sector.

“I had not been able to tap into my innovative side, and I am full of ideas. As a retailer, I get to experiment and implement my ideas together with others. If we want, we can showcase sausages in the premium sales spot during the Christmas season if we want to try new things!”

“It also appeals to me that retailers are visible members of the community. A retailer needs to have a good network in the area. This can be hard for someone who doesn't like it, but it works for me.”

The disadvantages include risks. Like any other entre­preneur, a retailer puts their own money and debt money into the shop, even if they are part of the chain. The working days are long. The work can easily take a lot of time, because the more you do yourself, the more you earn.

Benefits from past experiences

Matti Salo says working in the ­finance and banking sector had been his dream from a young age. When he was a child, his parents were amused by Matti's Uncle Scrooge -like play money piles and his constant attempts to sell something with a good profit. So it was no wonder that Salo left his hometown of Oulu to study business in Vaasa, found work at a bank and eventually become a bank manager at Danske Bank.  

He had almost ended up in the commerce sector in the final years of his studies, when he was selected as a store manager trainee at Citymarket. 

However, his twenty-year career in the financial world was not wasted. Salo was pleased to see that everything he had learned earlier in his career, such as managing the customer experience or employee experience, is also useful as a retailer. 

Work with a good attitude

The work of a retailer is more than just sales, it is also the management of personnel matters. Salo has worked as a retailer trainee in K-Market Kauk­lahti, Espoo, which has around 10 ­employees, and at K-Supermarket Lasihytti, with 30–40 employees. 

A lot of people are needed, because many employees work part-time or are students who work occasionally. The retailer’s work involves a lot of recruitment, orientation and training.  

“In the commerce sector, teams change often, which differs from expert work, for example. There are many young people who are just dropping by, and the level of motivation can also vary. However, I have been positively surprised at the excellent attitude most people have. I try to make people feel comfortable and involved.” 

Support from the family is important

Salo was planning his career change for a long time, up to three years. He went through the decision-making process carefully and did not want to cause any problems for the bank or his colleagues when he left.

The support from his family is important to Salo, as a retailer’s career has a big impact on the family’s everyday life. In his previous work, he was able to work remotely, for example, and to drive his children to their hobbies – which is not possible with shift work. 

However, his wife supported his decision to start something new. The family’s two children, one of whom is already adult, are also committed to their father’s decision. 

Kesko’s retailer training lasted a little under a year. During the training, Salo worked in different roles in the shop.

At the moment of writing the story, he is waiting for an offer of his own shop. He is not intending to leave his home in Laaksolahti, Espoo, because of his first own shop, but the location may also be further away, for example, an hour from his home.

Financial benefits from successes

The financial investment has been significant, Salo admits. He currently makes considerably less than before, his salary is typical of the commerce sector. He has not accumulated so much wealth that he could just lay back.

In the long term, his goal is to also benefit financially from the change. Now everything is in his own hands. 

“Aren't all employees thinking that it would be nice to benefit more financially when they succeed?”

NOTE:  At the time of writing the story at the end of 2024, Matti Salo was waiting for an offer for his own shop.

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