Latest / Earn Your Leisure / How Dr. Trisha Bailey Built a Billion Dollar Business Empire

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How Dr. Trisha Bailey Built a Billion Dollar Business Empire · Earn Your Leisure

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  Speaker 3: So how'd you get into the pharmacies hire?
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  Speaker 4: So the pharmacy side, when I was so Initially, when
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  Speaker 4: I started out, I was in the smaller space six
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  Speaker 4: hundred square feet.
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  Speaker 5: Then I moved.
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  Speaker 4: I had to move because we're growing and we're getting bigger.
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  Speaker 4: I move into pretty much a rat trap. It was
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  Speaker 4: like rats and roaches everywhere. But it was large and
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  Speaker 4: it was space enough that I needed. I had three
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  Speaker 4: children at this time.
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  Speaker 3: This is forty equipment.
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  Speaker 4: Still, this is wild equipment. Yeah, for the equipment. So
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  Speaker 4: I had three children at the time. I'm at CBS
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  Speaker 4: and my son who who It seemed to predict my future.
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  Speaker 4: The one I was talking about my freshman in high
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  Speaker 4: school right now.
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  Speaker 5: He said, Mom, why don't you why don't you get
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  Speaker 5: one of these?
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  Speaker 4: And I looked at him, I say, you thought aways
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  Speaker 4: thinks so highly of your par ole mama. And a
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  Speaker 4: year later he told me I should do it, and
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  Speaker 4: I did it. A year later, I was opening a
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  Speaker 4: new my first pharmacy.
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  Speaker 3: What was the thing that he said you should get
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  Speaker 3: one of these.
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  Speaker 5: A pharmacy, pharmacy, I should get one of these.
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  Speaker 3: So what was the process of opening your pharmacy.
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  Speaker 4: So the process was, first I had to hire a pharmacist,
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  Speaker 4: which is you know, pharmacists make a lot of money
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  Speaker 4: and that so I found the first black pharmacist that's
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  Speaker 4: in the area. He was not working at the time,
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  Speaker 4: he's older, and so I had to negotiate his salary
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  Speaker 4: all the way down because I didn't want to spend
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  Speaker 4: a whole bunch of money while I'm trying to get
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  Speaker 4: to a space that I need to be in. And
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  Speaker 4: so you got the buildings, build out, everything, all the
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  Speaker 4: structure in place. Then you applied for a state license
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  Speaker 4: and then after state approves you, then you apply for
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  Speaker 4: DEA and then you go through an interview process and
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  Speaker 4: then at this point then you can order the drugs.
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  Speaker 5: That you need.
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  Speaker 3: And that was in Florida. That's in Florida, And the
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  Speaker 3: first pharmacy was in the equipment.
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  Speaker 5: Yes, same location, same location.
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  Speaker 6: So you just thought that you could just it would
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  Speaker 6: just makes sense to open up pharmacy because you're already
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  Speaker 6: doing medical equipment.
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  Speaker 4: Yes, So my thought process with that medical equipment. My
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  Speaker 4: patients are home bound, most of them, most of which
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  Speaker 4: are of medication. So pharmacy the way that I do
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  Speaker 4: all business, it has to one has to feed the other.
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  Speaker 4: I don't do anything independently as stay in my lane.
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  Speaker 4: So medical equipment feeds pharmacy. Pharmacy feeds medical equipment. I
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  Speaker 4: later added scrubs because the providers are the ones who
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  Speaker 4: refer the business over to me. And then so when
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  Speaker 4: they come in to look for the scrub, scrub really
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  Speaker 4: don't make much money, but then they can see that
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  Speaker 4: we have pharmacy, we group provide great service, we have
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  Speaker 4: medical equipment, and those are the people who brings in.
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  Speaker 4: So now I have three business that is in one
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  Speaker 4: location with one overhead, not three separate overheads.
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  Speaker 1: So you just like a one stop shop.
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  Speaker 2: Yes, there's fifteen businesses though yes, I'm thinking if there's
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  Speaker 2: three and one. Well, that got a couple of questions.
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  Speaker 2: The first thing are the medical equipment is it? Are
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  Speaker 2: they renting that equipment or are they owning that?
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  Speaker 4: Most are rentals so to go through insurance. Most are rentals.
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  Speaker 4: You build as rentals after thirteen months, then they own
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  Speaker 4: it outright.
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  Speaker 2: After thirteen months. Yes, okay. And the second part is
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  Speaker 2: fifteen businesses? How are you managing time?
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  Speaker 1: Right?
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  Speaker 2: Because you got your mother, you got these businesses, they're lucrative.
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  Speaker 1: How are you managing time throughout this process?
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  Speaker 3: Like? You know what I mean?
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  Speaker 2: Because I'm thinking to myself, Yeah, one business my son says, hey,
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  Speaker 2: I should get a CVS. I'm wondering if I walk
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  Speaker 2: into CVS the next time. My son will say that,
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  Speaker 2: I don't know, right, and he's just like, I can
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  Speaker 2: imagine you're seeing things and you're saying, all right, I
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  Speaker 2: think I can do that.
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  Speaker 1: How are you acquiring businesses? How you managing time?
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  Speaker 4: You know?
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  Speaker 5: I don't know how managing time?
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  Speaker 1: Really?
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  Speaker 4: Just God, because that's the only thing I can think of.
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  Speaker 4: I came home from Greece.
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  Speaker 5: Where was it Sunday? Sunday night?
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  Speaker 4: And I managed I'm trying to manage spending time with
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  Speaker 4: the kids. They got to have their tea time and
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  Speaker 4: their story time every night and at seven o'clock and
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  Speaker 4: I'm on the phone with such and such and I'm
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  Speaker 4: doing this. It's I don't know how I do it,
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  Speaker 4: to be honest, but I man I only select things
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  Speaker 4: that are important that can move my needle. If it
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  Speaker 4: doesn't move the needle, there's no reason for me to
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  Speaker 4: be there. I don't do a lot of networking now
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  Speaker 4: because there's not really a lot of need for me
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  Speaker 4: to do a lot of networking events. And if I'm
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  Speaker 4: not doing it a speaking engagement, I'm really not showing
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  Speaker 4: up at an event because the time that I have
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  Speaker 4: is for the children and I want. I love the
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  Speaker 4: time that I have with them. So that was in
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  Speaker 4: my personal time and that's how I manage it. And
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  Speaker 4: I have an amazing staff.
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  Speaker 6: So all right, So this pharmacy situation, what's the business
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  Speaker 6: model behind this? So you bought drugs right from? Where
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  Speaker 6: do you buy drugs from?
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  Speaker 5: Our wholesale? Different wholesaler.
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  Speaker 4: So you have Cardinal, you have McKesson, my specific wholesalers, mckisson.
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  Speaker 3: But these are just is that just make drugs.
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  Speaker 4: They are wholesalers that buy it from the pharmaceutical company
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  Speaker 4: and then if they sell it to the distributors like
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  Speaker 4: like us, like Bailey's Pharmacy.
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  Speaker 6: Pharmaceutical company makes drugs. Mark companies make they make drugs.
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  Speaker 6: They make drugs. The distribution company buys it from Mercan Pfizer. Yes,
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  Speaker 6: you on the retail side buy it from the distribution company. Yes, clients,
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  Speaker 6: personal clients and doctors buy it from you.
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  Speaker 5: Correct, correct, Correct, that's the that's the.
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  Speaker 3: Chain of events.
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  Speaker 6: Yes, And everybody's making money in between this whole situation.
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  Speaker 3: Yes, Okay, so.
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  Speaker 6: You get license, you have to get all certification, I'm assuming,
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  Speaker 6: and now you're buying these drugs right now. Who's the
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  Speaker 6: main source of revenue or is it walk up clients
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  Speaker 6: or are you selling to doctors and hospitals.
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  Speaker 5: I sell to both.
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  Speaker 4: So I have a government division that sells to and
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  Speaker 4: the government division covers the hospitals, skill nurse and facilities practices.
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  Speaker 4: And then I have the pure retail customers. So the
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  Speaker 4: clients that come over from doctor's office, that doctor sends over,
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  Speaker 4: that patient needs prozac, then we process the order we
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  Speaker 4: delivered to the patient. So that's pretty much the methodology
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  Speaker 4: in which we use.
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  Speaker 2: So thirty I stopped at the age, right because I
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  Speaker 2: know at thirty five is a big number. Thirty five
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  Speaker 2: is a big number, and there's a big word that
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  Speaker 2: is attached to that. I don't want to use the
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  Speaker 2: word put on our phone call. You did say the
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  Speaker 2: word billionaire, You did you did say that I did,
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  Speaker 2: and I thought it was important that you said it
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  Speaker 2: because I want people to feel inspired. That is something
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  Speaker 2: that's attainable and kind of the reason when we spoke,
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  Speaker 2: I said, your story needs to be told. Young ladies
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  Speaker 2: need to hear it, young men need to hear it,
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  Speaker 2: especially young women from the Islands need to hear that
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  Speaker 2: there's somebody that is super successful at what they're doing
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  Speaker 2: and it has nothing to do with athletics. Like growing up,
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  Speaker 2: you hear Michael Leachin and you think that's it, and
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  Speaker 2: I'm like, no, this this somebody else.
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  Speaker 1: So as you're approaching this number, I mean, what is
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  Speaker 1: that like?
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  Speaker 2: Right, You're seeing the revenue come in, You're super disciplined
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  Speaker 2: when it comes to finance, and you're approaching a milestone
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  Speaker 2: that very few reached, especially that looked like us.
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  Speaker 1: What's the mindset that as that's approaching.
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  Speaker 4: So money has never been my focus, believe it or not,
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  Speaker 4: even though I'm super disciplined with it. It's always been about
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  Speaker 4: the next thing. What is the next thing that I
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  Speaker 4: could be great at. What is the next thing that
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  Speaker 4: I can do to to help someone or to build
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  Speaker 4: my portfolio. So when I became when I learned that
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  Speaker 4: I became a billionaire don't even know.
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  Speaker 5: I did not know. I did not know. I knew
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  Speaker 5: I was getting closed, but I didn't know that I
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  Speaker 5: was there.
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  Speaker 4: And so I was standing in my closet and my
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  Speaker 4: trust attorney called and I said, you know, I need
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  Speaker 4: to get you to do da da da da. And
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  Speaker 4: he says, Honey, I'm no longer able to service to you.
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  Speaker 4: And I said why. He says, well, your net worth
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  Speaker 4: is over a billion dollars now and you need someone
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  Speaker 4: else that deals with extreme high net worth individuals. And
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  Speaker 4: I was like, oh oh, and that was my response.
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  Speaker 4: I didn't move me because for me, there's greater cause.
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  Speaker 5: There is greater cause.
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  Speaker 4: My job and my role and the reason why God
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  Speaker 4: has shows me to be in this place is to
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  Speaker 4: help other people.
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  Speaker 5: And it kind of comes right back to teaching.
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  Speaker 4: So I'm in the role of teaching now, even though
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  Speaker 4: my mom said I could not teach, but I teach
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  Speaker 4: it a different capacity now. And my scholarship kids are
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  Speaker 4: near and dear to my soul because they're all young girls,
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  Speaker 4: young women, and I have some males as well that
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  Speaker 4: look like me, who are striving for greatness. And I
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  Speaker 4: believe my role in their lives, and in most women
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  Speaker 4: lives is to help them to elevate to the next level.
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  Speaker 3: That's amazing.
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  Speaker 6: I wanted to talk about this quest that you're on
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  Speaker 6: the planthropy side, but I want to go back to
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  Speaker 6: the business. If we can for a minute, pharmacies. How
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  Speaker 6: many pharmacies do you have.
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  Speaker 4: At the moment? I have seven and I'm in the
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  Speaker 4: process of opening six.
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  Speaker 3: More So, what's more lucrative the pharmacies or the equipment?
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  Speaker 5: The equipment.
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  Speaker 6: The equipment, Yes, that's the bread and butter. Yes, pharmacies
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  Speaker 6: are like side dish.
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  Speaker 1: Yes, side dish advertiser like big side dish.
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  Speaker 5: It's big side this.
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  Speaker 1: Okay.
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  Speaker 5: Scrubs is like asparagus.
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  Speaker 1: We might touch that, okay.
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  Speaker 6: Got So when you the plans of scaling, is it
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  Speaker 6: the primary focus is scaling equipment business?
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  Speaker 4: There's no, not necessarily so I always whenever I am
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  Speaker 4: scaling up, I always started with medical equipment first. And
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  Speaker 4: initially what I did was I always made sure medical
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  Speaker 4: equipment was making money that can afford pharmacy because some
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  Speaker 4: have to pay the bill and it wasn't going to
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  Speaker 4: come from Florida store. When New York is operating so
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  Speaker 4: I started medical equipment, it's making money.
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  Speaker 5: Now I open pharmacy and add to it.
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  Speaker 4: Now it just app open both because the company is
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  Speaker 4: making so much money now, So it's always medical equipment first,
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  Speaker 4: add pharmacy and scrubs at the same time. So that's
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  Speaker 4: pretty much what the methodology in which I use.
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  Speaker 2: Now it's is there another I guess something in its
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  Speaker 2: supply train. You got the pharmacies, you got the medical equipment,
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  Speaker 2: got scrubs. Is there another piece that you're looking at like, oh,
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  Speaker 2: we can add that to the portfolio and really just
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  Speaker 2: blowisting out the water.
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  Speaker 5: Yes, so there's another huge piece.
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  Speaker 4: Actually, the first big piece is I actually own my
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  Speaker 4: pharmaceutical company which makes the generics, so the generics are
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  Speaker 4: instead of buying these generics from another wholesaler, I make
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  Speaker 4: them myself, so our profit margin are significantly more. The
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  Speaker 4: other part that he is my real estate side. So
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  Speaker 4: I buy the building. Usually it's multi tenant, so the
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  Speaker 4: tenant would tenants would pay the mortgage if there's one,
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  Speaker 4: and I rent the space from my company to my
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  Speaker 4: other company. And so that's one of the that's the
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  Speaker 4: biggest part, and my real estate portfolio is the biggest
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  Speaker 4: part of my portfolio.
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