As we start the New Year, many of
us think about making resolutions to better ourselves or our lives in the coming
year. Resolutions are like goals. If you don't write them down and have an
action plan, they will probably fall by the wayside. Take your resolutions
seriously and implement your action plan. If you do that, you can better your
life and there are no limits.
My resolution for this year
is to coach my clients to see beyond their limitations and never let my
limitations get in their way.
Our story this month is about an
individual that made a resolution to become a business owner. In fact, he has
ambitions of owning several businesses. He's implementing his action plan and
being rewarded for his efforts. He's in charge of his destiny.
Congratulations Mark and welcome
to the world of entrepreneurship!
| |
Mark
Damico
AFC/Doctors Express
As Mark and I met over breakfast,
it became apparent to me that Mark was a polished executive and at the youthful
age of 43. Mark graduated from Princeton with a degree in Economics. He spent
the past 15 years of his career working for Fiserv, a financial services
company, as a group President. Most recently he had been President and CEO of
Stone River, an insurance spin-off of Fiserv. As we continued our conversation I
learned that Mark was currently in a career transition exploring his options. He
had a strong desire to do something on his own and had been thinking about that
for the past year and a half. He had a couple of ideas for businesses that he
could start from scratch and also evaluated the purchase of a few existing
businesses. He had never really considered franchises, but he was willing to
keep an open mind and explore all this options.
Mark was not looking at business
ownership as a "job". He wanted to find a business or perhaps several businesses
that had a strong growth potential with a sustainable annuity type income stream
that he could develop over time. In other words, he wanted to work "on" or
manage the business verses working "in" the business as an employee or
technician.
Mark completed our various
assessments and we worked on the profile of his hypothetical business. Mark was
open to various ideas. He realized that the business would be a vehicle to the
life he was going to create for himself and his family. Mark also informed me
that in addition to working with me, he and a partner were exploring the
possible of opening several laundromats across the country and also a solar
opportunity. He had a vision of managing several companies and we were working
on one piece of the puzzle.
Mark expressed some basic
concerns that we needed to address during his discovery journey:
These were all great questions
and I assured Mark that we would work together to get him answers.
We decided to look at business
models that could be run as a semi-absentee owner. With this type of model, the
owner puts a manager in place from day one so he can concentrate on business
development. In our initial investigation we decided to validate franchises in
automotive repair, urgent care, health and sports supplements and a martial arts
studio.
There is a very important point I
want to make to my readers of which Mark was well aware. You don't have to be a
car mechanic to own an auto repair shop, a doctor to run an urgent care facility
or a karate black belt to run a martial arts studio. The owner of these
businesses will hire employees, technicians or managers to run the day-to-day of
the business. The owner will concentrate on business development, marketing and
promotions.
Mark liked the martial arts
studio concept. It built character and confidence of children and taught them
respect for others. Mark had been a coach for kids football and basketball and
saw the value in this franchise. In this investigation, he discovered there was
a chain of five karate studios in the area. Although any good concept has
competition, he decided he wanted something more unique that he could build over
time.
The supplement franchise didn't
show the financial potential he was seeking. The auto repair franchise was
looking for a regional developer to bring their franchise brand to the state.
This would require Mark to solicit and develop new franchisees rather than own
an individual or multiple stores. Mark decided that he would rather own a store
and develop and manage a team.
The franchise that really caught
Mark's interest was an urgent care franchise called Doctors Express. This was a
newer franchise that was starting to spread across the country. There were none
in Wisconsin yet. Mark liked the industry. Health care would always be in
demand. Costs were soaring and urgent care was a way to bring affordable health
care to a large segment of the population and help minimize emergency room
visits.
Mark validated the franchise and
this is what he had to say. "Growing up on the east coast, I was familiar
with numerous independent urgent care facilities that very effectively competed
against the large hospital system in their respective markets. I saw a need for
that in Wisconsin. A full service urgent care that existed only to make
patients feel better quickly and had no agenda to drive the patients to other
specialists or affiliated providers made a lot of sense to me. So, as
complicated as the franchise was, the business proposition was dead
simple--create a customer experience that exceeds the competitors. It all comes
down to three simple things--care, convenience and cost. If we can provide a
broad range of top quality healthcare services in a comfortable and convenient
setting, short wait times, no appointments needed, extended hours of operation,
and at a cost commensurate with seeing your family practitioner (in many cases
less expensive than even the drug store clinics) then we'd have a place among
the large competitors in the market."
Urgent care centers are different
from emergency rooms in many ways. While they provide many of the same services,
they do not have the same pricing schedules or wait times. For non life
threatening illness, urgent care is an excellent choice because emergency rooms
are busier and more expensive. The average urgent care visit costs patients
$71-125 for basic care, with additional costs added for shots, x-rays, and
labs. The average emergency room visit costs $1,318.
Mark continued his investigation
of Doctors Express and in December of 2011 he decided to buy the rights to
open five clinics in Wisconsin. "There is a real
change in the health care industry over the last few years," he said. "The
convenience of the clinics and the number of people without a primary care
physican are in my favor. The increase in health plans with high deductibles has
made patients more aware of the costs and are more open to getting care in new
settings."
In April of 2013, Doctor's
Express was purchased by American Family Care. AFC is a 30- year-old company
that operated 37 clinics and primary care facilities in
Alabama, Georgia and
Tennessee. The Doctors Express acquisition made
AFC the second largest privately owned urgent care
operator in the country. After some reorganization, Doctors Express continued to
franchise under the new name, AFC/Doctors Express. The
combined company expects to have 160 sites in 26 states by the end of
2014.
It took Mark over two years
before he opened his first ATC/Doctors Express in Waukesha, Wisconsin. I asked
him why it took so long and this is what he had to say.
"I spent a significant amount
of time finding the right lead physician, since he would be the face of the
franchise. Without the right lead physician, the patient experience and work
environment would never add up to what it needed to be to excel in a market
currently dominated by healthcare systems. Oh, and did I mention how important
it is to find the right location? No matter how good the physician and staff
are, if people can't find us and we aren't visible in the community then it will
take entirely too long to become established in any meaningful way."
Marketing the business is
part of the support Mark gets from his franchisor. He had an open house in
November that attracted front page coverage in the business section of the local
newspaper. Doctors Express Waukesha partnered with LeRoy Butler of Green Bay
Packers fame to bring LeRoy's inspiring message of anti-bullying and leadership
to the students of Les Paul Middle School in Waukesha, Wisconsin. Mark has a
marketing person to call on businesses that eventually will need urgent care for
their employees, drug testing or flu shots.
Mark is excited about his
new business and this is what he told me."As the word has gotten out, we
have seen the patient volume increase on a weekly basis. The real tribute to
the success of the model is that we are getting return patients and many friend
and family referrals. I am excited to get up and come into work every single
day! I love the team of people who I work with and I sincerely believe that we
have built a business that will be adopted as the preferred place for quality
healthcare in the Waukesha community simply because every single staff member
strives to create an exceptional experience for every single
customer!"
AFC/Doctors
Express treats everything from cuts and bruises to fractures and colds and
everything in between. They have on-site lab tests, x-rays and prescriptions
with no appointments needed. They're a state-of-the-art urgent care center with
physicians on-site every day. The centers are open every day with extended
hours. No appointments are needed and they accept most insurance plans. For
those needing to pay cash, the cost is substantially less than visiting an
emergency room and you will still be seen by a doctor.
If you or a friend or
relative live in the Waukesha, Wisconsin area and need some medical help and
want to avoid the long wait and high prices at the emergency room, stop in at
AFC/Doctors Express located at 1700 Coral Drive. They
are open from 8 a.m. to 8 p.m. seven days a week. The clinic is staffed with two
full time physicians and one part time physician as well as supporting staff.
They can be reached at 262-232-6200. No appointments are needed.
Mark made a resolution to
himself to explore his self employment options. He kept his options open and
considered all kinds of possibilities. He understood that his management and
transferable skills could be used in any business or several businesses. The
business was going to be the vehicle to the life he was trying to create for
himself and his family. Mark and his partner did open a landromat and they plan
on opening several others. So Doctors Express is his second business. He's
working his strategic plan with more store openings and perhaps additional
businesses in the future.
So what is your New Year's
resolution? Have you been telling yourself for years that you are tired of being
unappreciated at work or tired of making money for someone else? Have you been
thinking about starting or buying a business and you just don't know where to
start? It's the start of a new year. Make a resolution to take the steps to
learn about your business ownership options and possiblities. Dreams and wishes
only come true if you take the steps to make them happen.
Success
doesn't happen overnight. It's a process taken one step at a time. Whether you
are a corporate executive, manager, office clerk, mechanic or working mom,
and if you have a vision or desire of being your own boss and being
self-sufficient, reply back or give me a call so we can discuss your life goals
and aspirations. Are you ready?
Wishing you and your family
a very Happy, Healthy and Prosperous New Year. Make 2015 the best it can
be!
Your comments and feedback
are always appreciated.
|