Latest / Earn Your Leisure / EYL #102 Money & Medicine

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EYL #102 Money & Medicine · Earn Your Leisure

• 0:00
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  Speaker 3: All right, guys, welcome back EYL. A few weeks ago,
• 0:35
  Speaker 3: probably like a couple of months ago. Actually, we started
• 0:37
  Speaker 3: because people always ask to all the time, like how
• 0:39
  Speaker 3: do I get on the podcast? How can I get
• 0:41
  Speaker 3: on the podcast? So we have a variety of different
• 0:44
  Speaker 3: ways to bring people on the podcast. Like some people
• 0:47
  Speaker 3: we know personally, some people get referred to, some people
• 0:50
  Speaker 3: we reach out to. So what we wanted to do
• 0:53
  Speaker 3: also is to have like kind of like like open
• 0:57
  Speaker 3: audition for lack of a better word. Whereas we do
• 1:00
  Speaker 3: Instagram Live and then people just come on and then
• 1:02
  Speaker 3: they just talk, and then it's like they got a
• 1:05
  Speaker 3: compelling story and something that we haven't covered. It's like,
• 1:07
  Speaker 3: let's bring people like our supporters, like you know what
• 1:10
  Speaker 3: I mean, because that's a way to actually engage the
• 1:11
  Speaker 3: community as well. It's like, we have a bunch of supporters,
• 1:14
  Speaker 3: so let's bring some of our supporters on and people
• 1:18
  Speaker 3: that we may not have known about.
• 1:19
  Speaker 4: So it keeps the community alive. That way, you'll always
• 1:21
  Speaker 4: have people because either people are coming up with ideas
• 1:24
  Speaker 4: or they're hearing ideas and they're actually saying, listen, next year,
• 1:27
  Speaker 4: I'm gonna be on your show. And the response is
• 1:29
  Speaker 4: always the same, I can't wait, Let's do it. Yeah yeah,
• 1:32
  Speaker 4: so for sure.
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  Speaker 3: So Carl Pierre, he came on an Instagram Live about
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  Speaker 3: a month ago, maybe a month and a half ago,
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  Speaker 3: and when he came on, he was spending a lot
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  Speaker 3: of information about the healthcare industry and a bunch of stuff,
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  Speaker 3: and everybody that was on the live watching it.
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  Speaker 4: They agreed like you should get at them.
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  Speaker 3: So we set up a time and actually it was
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  Speaker 3: crazy because obviously I was before this whole COVID nineteen outbreak,
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  Speaker 3: so we couldn't do it in person.
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  Speaker 4: We had to reschedule it it.
• 2:00
  Speaker 3: And now we're setting it up on a zoom, so
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  Speaker 3: I'm gonna do the introduction. So Carl, he's interesting because
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  Speaker 3: we haven't covered the healthcare industry and it's ironic that
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  Speaker 3: we're covering it now.
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  Speaker 4: It's like perfect time.
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  Speaker 3: But the healthcare industry makes up eighteen percent of the
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  Speaker 3: US GDC. It's a three point six trillion dollar industry,
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  Speaker 3: and it's so vast, like there's so many different fields
• 2:24
  Speaker 3: within the healthcare industry.
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  Speaker 4: Right so we can only imagine that number is going up.
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  Speaker 3: Of course, So only thing that we hear on the
• 2:29
  Speaker 3: news right now is healthcare because of obviously what's going
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  Speaker 3: on with COVID nineteen crisis. Yeah, exact epidemic, pandemic, pandemic.
• 2:39
  Speaker 3: So but Carl's interesting because even before this, he's been
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  Speaker 3: an entrepreneur in the healthcare space. So he has a
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  Speaker 3: home nurse staffing company with over three hundred employees where
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  Speaker 3: they help people like elderly people thinks like long term
• 2:55
  Speaker 3: care situation where they you know, they desploy nurses to
• 2:59
  Speaker 3: people's Home. And then he also is called Avalanche Care.
• 3:02
  Speaker 3: And then he also has a software company that he's
• 3:05
  Speaker 3: built for medical payroll. That's pretty interesting. Call all time, yes.
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  Speaker 3: And then he has a new new venture called eight Book.
• 3:12
  Speaker 3: So we at all that stuff. It's a lot going on,
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  Speaker 3: but first and foremost called thank you appreciate.
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  Speaker 5: It with something man, thank you, thank you for having me.
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  Speaker 5: Definitely watch the show.
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  Speaker 6: I've been paying attention, and uh, it's good to be
• 3:25
  Speaker 6: to be able to split some game to the people
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  Speaker 6: and really show them that there's a pathway.
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  Speaker 5: To whatever level of success that you that you bought.
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  Speaker 6: And I'm going to try to at least show them
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  Speaker 6: the pathway through through health healthcare at least. And I
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  Speaker 6: also do so on my channel, which I'm not sure
• 3:42
  Speaker 6: if you guys ever checked out, but I showed exactly
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  Speaker 6: how to invest in real estate, and I'm now showing
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  Speaker 6: my process of how to start a home care agency
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  Speaker 6: and scale it up, so anybody who's interested can continue
• 3:54
  Speaker 6: to follow that story and really learn how to go
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  Speaker 6: about that.
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  Speaker 4: That's the e NTP life. Come on, man, we've been
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  Speaker 4: watching you, all right, So let's let's talk about the backstory.
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  Speaker 3: So you you know, West Indian descent shout out to
• 4:10
  Speaker 3: the Haitian massive, So yeah, you know choice you're making.
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  Speaker 3: So you said that your your family, you come from
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  Speaker 3: a line of healthcare workers, right, which is not which
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  Speaker 3: is not uncommon for Indian furse, doctor, practitioner, things of
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  Speaker 3: that nature. So all right, but you said that you
• 4:36
  Speaker 3: know your family with healthcare workers and you're you're a
• 4:40
  Speaker 3: healthcare entrepreneur. So can you talk about that as far
• 4:43
  Speaker 3: as your backstory into coming into the health field and
• 4:46
  Speaker 3: what made you transition your family's trajectory from being a
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  Speaker 3: healthcare worker to being a healthcare entrepreneur?
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  Speaker 5: Gotcha? So well, I guess the story starts man.
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  Speaker 6: Mom was in nursing school while she was pregnant with me, right,
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  Speaker 6: so I always saw her work, and she was working
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  Speaker 6: in the hospitals in New York City during the AIDS epidemic,
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  Speaker 6: So it was a constant bit of conversation in the house,
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  Speaker 6: what's going on in healthcare? How to take care of yourself?
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  Speaker 6: What are the trends? And I saw her progress from
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  Speaker 6: being a staff nurse to floor supervisor to an assistant
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  Speaker 6: director of a nursing home. So she was always progressive
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  Speaker 6: in her career, and my father was a respiratory therapist,
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  Speaker 6: still working and he's dealing with a lot with COVID nineteen. Yeah,
• 5:33
  Speaker 6: and he's a respiratory therapist. So every patient that's coming
• 5:35
  Speaker 6: in to see him all coming to see him. So
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  Speaker 6: for them, their vision for all their children were was
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  Speaker 6: to work in healthcare and of course be a doctor.
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  Speaker 5: Right.
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  Speaker 6: So one of my brothers is a physician, and yeah,
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  Speaker 6: so essentially the idea was always that we would go
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  Speaker 6: the doctor route, right. So I did start thinking of about,
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  Speaker 6: I guess business until I was like about thirteen fourteen
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  Speaker 6: years old, because my mom started a nurse staff infirm.
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  Speaker 6: She was working at a nursing home and they were
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  Speaker 6: using what they call agency nurses, and she was like, well,
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  Speaker 6: why don't I just start when I don't, just start
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  Speaker 6: an agency and get my friends from other hospitals to
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  Speaker 6: work for me and be one of your providers.
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  Speaker 5: And that's where that company started. But my mom has
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  Speaker 5: like zero.
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  Speaker 6: Computer skills, so when it was time to create the documents,
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  Speaker 6: it was me making the documents.
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  Speaker 5: When it was time to create.
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  Speaker 6: Spreadsheets, to do the invoicing, to manage quick books, anything
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  Speaker 6: that was on a computer was me right, because I
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  Speaker 6: was the kind of computer geek of my household. So
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  Speaker 6: it's like, Oh, Carl, I need this, can you know
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  Speaker 6: how to make this it? Could you get get it
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  Speaker 6: out of the computer. So it was always me and
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  Speaker 6: my mom working on that side of the business. So
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  Speaker 6: when I went to college, I ended up expanding the
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  Speaker 6: business into Lowland, and every lesson that I took that
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  Speaker 6: I could kind of like learn from to bring that
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  Speaker 6: knowledge back to the business, I did, and I ended
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  Speaker 6: up studying health technology and management with a concentration in
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  Speaker 6: radiology radiological studies, and that was to become an X
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  Speaker 6: ray tech and a CATSCAN technologist and an MRI technologist.
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  Speaker 6: And I chose that path because I wanted to have
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  Speaker 6: flexibility in when I worked, right, because there's certain positions
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  Speaker 6: in healthcare that are twenty four seven and there's some
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  Speaker 6: of them that are only like nine to five, And
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  Speaker 6: I didn't want to choose a career path within healthcare
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  Speaker 6: that would narrow me down.
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  Speaker 5: To work in nine to five because I knew I needed.
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  Speaker 6: To have the nine to five the business hours free
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  Speaker 6: to expand on my business. So that was kind of
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  Speaker 6: the reason why I chose x ray because it's you know,
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  Speaker 6: their X ray techs are working all shifts, they're doing
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  Speaker 6: catscan at night, or they could flex into MRI. So
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  Speaker 6: I thought that that was going to be the best
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  Speaker 6: fit for me. And plus I knew that I would
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  Speaker 6: have work as well. And I never you know, and
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  Speaker 6: this is a message anybody who's thinking about going the entrepreneuribile.
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  Speaker 5: I never like to not have a guaranteed income from somewhere.
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  Speaker 6: And I felt like, I'm if I can work nights
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  Speaker 6: and I could work weekends and use all of my
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  Speaker 6: free time during the day to focus in the business,
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  Speaker 6: then I'm going to do that. But I'm never going
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  Speaker 6: to sacrifice the potential to earn. And that's one of
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  Speaker 6: the things that is pretty special about about healthcare is
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  Speaker 6: because you know, a nurse could work, you know, three
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  Speaker 6: three days a week, three thirteen hour shifts or three
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  Speaker 6: twelve hour shifts, be full time, and then have four
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  Speaker 6: days a week, you know, on a nurse's sally at
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  Speaker 6: that four days a week to focus on whatever else.
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  Speaker 4: It is that it's like a firefighter. It's like a firefighter.
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  Speaker 3: Like a lot of firefighters, they work like two twenty
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  Speaker 3: four hour shifts and then they got the rest of
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  Speaker 3: the week where they can do, you know, a variety
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  Speaker 3: whatever else they want to do in life. So it's
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  Speaker 3: like you can be a real estate entrepreneur, you can
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  Speaker 3: work another job if you want.
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  Speaker 7: It's like, you know, it's it's pretty flexible out So let.
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  Speaker 4: Me ask you this.
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  Speaker 3: As far as the healthcare industry is something that pretty
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  Speaker 3: much is recession proof, there's a shortage just like the
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  Speaker 3: only especially nurses, there's the only professional I think that
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  Speaker 3: is extremely on demand right now where everybody else is
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  Speaker 3: firing people and it's like they can't find enough nurses,
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  Speaker 3: especially where we're at in New York. So as far
• 9:27
  Speaker 3: as that is concerned, right for an entrepreneur, because we
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  Speaker 3: don't get in the business model of it, how did
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  Speaker 3: you like, what was the steps for you to start
• 9:36
  Speaker 3: your Your home is it? I don't have a misquote.
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  Speaker 3: It's a home nursing service home long term nursing service.
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  Speaker 4: Care agency, homecare.
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  Speaker 6: Agency, care service agency. And in New York they call
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  Speaker 6: them lixas and jos. It's two types actually, But it
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  Speaker 6: started first as a staffing firm, which is very simple
• 9:55
  Speaker 6: to start a staffing firm.
• 9:56
  Speaker 5: Just need to incorporate yourself. You need to have a contract.
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  Speaker 6: That's is that you're going to be providing, you know,
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  Speaker 6: contracted services, a rate sheet that says how much you're charging,
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  Speaker 6: and you're in business literally for less.
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  Speaker 5: Than a thousand dollars.
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  Speaker 6: You could start out a nursing agency, right because and
• 10:14
  Speaker 6: it's it's actually mislabeled as a nursing agency because you're
• 10:18
  Speaker 6: not taking a percentage of the wages of that employee.
• 10:23
  Speaker 6: So like in New York City, we could get a
• 10:25
  Speaker 6: license to be an agency through consumer Affairs, so and.
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  Speaker 5: That's a very easy process.
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  Speaker 6: But that's because you're charging a fee to the person
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  Speaker 6: that you that you're getting the job for.
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  Speaker 5: Right.
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  Speaker 6: A staffing firm is different because those people work for
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  Speaker 6: your company and you're assigning them to work in a hospital,
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  Speaker 6: in a nursing home or something like that, and you're
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  Speaker 6: charging the hospital of fee, taking your.
• 10:49
  Speaker 5: Cut, and then paying your employee.
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  Speaker 6: So it's not by definition an agency, but they just
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  Speaker 6: refer to them as agency nurses.
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  Speaker 4: That's what technology is. Where did the idea for the
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  Speaker 4: staffing agency come? Right, So you're doing X rays? You
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  Speaker 4: deviated from the plan of being a doctor. Was it
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  Speaker 4: from the influx of people coming into the hospital and
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  Speaker 4: seeing that there was a shortage. Where did the influence
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  Speaker 4: come from.
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  Speaker 5: Well, the influence came from my mom.
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  Speaker 6: She just saw an opportunity for a money grab and
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  Speaker 6: she was like, well, if I know several nurses myself
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  Speaker 6: and I'm a nurse, so if I could start this,
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  Speaker 6: then I could just pull my friends together and we
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  Speaker 6: could provide services to these you know, understaffed hospitals and
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  Speaker 6: nursing homes.
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  Speaker 5: So that's where the idea came from. I got to
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  Speaker 5: give her that.
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  Speaker 6: But being exposed to that at fourteen years old made
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  Speaker 6: and seeing what the numbers were made it like, okay,
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  Speaker 6: this is a no brainer for me to kind of
• 11:42
  Speaker 6: expand on that. But while we were in the staff
• 11:46
  Speaker 6: in firm business, she also was like, well, since we're
• 11:49
  Speaker 6: doing well here, there's another side to this business, which
• 11:52
  Speaker 6: is home healthcare.
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  Speaker 5: And I see those companies and she worked.
• 11:56
  Speaker 6: She would work, and that's my mom is I guess
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  Speaker 6: pretty genius. Would have work for them to kind of
• 12:01
  Speaker 6: learn how they maneuver and get exposed to like where
• 12:05
  Speaker 6: they get their contracts from, how what's the money flown.
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  Speaker 6: And then she was like, all right, let's look into
• 12:10
  Speaker 6: getting a license. So while we were in high school.
• 12:12
  Speaker 5: We were working with a license.
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  Speaker 6: A license didn't hit until two thousand and one. But
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  Speaker 6: the staffing firm business was going well. I had expanded
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  Speaker 6: to Long Island. We didn't do anything with the nursing agency,
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  Speaker 6: I mean with the home healthcare agency.
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  Speaker 5: It was just sitting there dormant. But something cool happened,
• 12:27
  Speaker 5: which is New.
• 12:28
  Speaker 6: York State stopped issuing the licenses, right, they capped out
• 12:31
  Speaker 6: the licenses. So we saw a getting phone calls to
• 12:34
  Speaker 6: buy a license, and the phone call first it was
• 12:36
  Speaker 6: fifty thousand dollars. That it was one hundred thousand dollars,
• 12:38
  Speaker 6: then it was two hundred and fifty thousand, there was
• 12:40
  Speaker 6: four hundred thousand, and.
• 12:41
  Speaker 5: We thought about selling it just to fuel the staffing firm.
• 12:45
  Speaker 6: But it was like, wait, if we're getting offered four
• 12:48
  Speaker 6: hundred k for this license to operate, there's money here, right,
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  Speaker 6: And that's when we pivoted into home healthcare.
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  Speaker 4: So what was what was the reason that New York
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  Speaker 4: State decided to stop issuing the license?
• 13:00
  Speaker 6: Oh, the same reason why they're trying to scale back
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  Speaker 6: the agencies now. It's just too much oversight, right, So
• 13:06
  Speaker 6: there's more than two thousand agencies in New York, right,
• 13:10
  Speaker 6: every three years we get surveyed by the state and
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  Speaker 6: they have to send three nurses to your agency to
• 13:15
  Speaker 6: review your medical records.
• 13:17
  Speaker 5: So to do that to two thousand agencies, you need
• 13:19
  Speaker 5: a lot of personnel.
• 13:22
  Speaker 6: So it gets out of control every now and then
• 13:24
  Speaker 6: where it's just too many people to monitor. So they're
• 13:27
  Speaker 6: actually trying to force a consolidation within the industry, shrinking
• 13:31
  Speaker 6: the number of licenses that are out there so it's
• 13:33
  Speaker 6: easier for them to maintain oversight.
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  Speaker 3: So all right, so in a sense you have the
• 13:42
  Speaker 3: company where it's like a middleman. In a sense, staffing
• 13:44
  Speaker 3: is actually really big. We haven't even to talk about
• 13:46
  Speaker 3: staffing on this podcast before. But so you recruit, you
• 13:49
  Speaker 3: recruit people for jobs pretty much, and staffing you could
• 13:53
  Speaker 3: do any you could do staffing in any type of it, staffing,
• 13:56
  Speaker 3: NA staff and stuff like that. And then you you
• 13:59
  Speaker 3: charge the high hospital and they pay you and then
• 14:02
  Speaker 3: you paid a difference. How lucrative can that?
• 14:03
  Speaker 5: Like?
• 14:04
  Speaker 4: Is there what's the profit margins on those?
• 14:06
  Speaker 5: So it could be.
• 14:08
  Speaker 6: As much as fifty percent because it depends on what
• 14:12
  Speaker 6: the hospital is willing to pay. In home care, the
• 14:15
  Speaker 6: profit margins about eleven to thirteen percent because it's getting
• 14:19
  Speaker 6: Medicaid dollars and the margins are small there, just like
• 14:22
  Speaker 6: the margin for a hospital is only eight percent, right,
• 14:26
  Speaker 6: hospitals are a functioning on eight percent margin. But with
• 14:28
  Speaker 6: staffing itself, it can be as high as fifty because
• 14:30
  Speaker 6: it's it's how desperate are they for staff and what
• 14:32
  Speaker 6: are they willing to pay? So usually you're charging like
• 14:35
  Speaker 6: a thirty percent markup over what you're paying.
• 14:38
  Speaker 3: Your staff, So fifty percent the best case scenario, if
• 14:42
  Speaker 3: they give you two hundred, you give the employee one hundred.
• 14:45
  Speaker 4: And you take and you're taking one hundred.
• 14:47
  Speaker 8: Yeah, clean, clean if if if that's what they negotiated, right,
• 14:53
  Speaker 8: So with the nursing comp it's usually about thirty percent
• 14:55
  Speaker 8: over because the hospital and the nursing facility is thinking,
• 14:59
  Speaker 8: well do we pay our nurses?
• 15:02
  Speaker 5: What about matching their payroll taxes? Right?
• 15:04
  Speaker 6: That's another expense their workers comp and their healthcare expenses
• 15:08
  Speaker 6: plus PTO. So when you're trying to you want to
• 15:11
  Speaker 6: come in as close to their price or their overtime
• 15:14
  Speaker 6: price as possible because they're either going to mandate their
• 15:17
  Speaker 6: staff to work overtime or they're going to use an agency,
• 15:21
  Speaker 6: and if you come in for like a dollar or
• 15:23
  Speaker 6: two less than what that figure is, it's now a
• 15:25
  Speaker 6: saving to that facility and they'll be interesting. So you
• 15:29
  Speaker 6: can charge like thirty to fifty percent above because if
• 15:32
  Speaker 6: it's at fifty percent, you know you're hitting the time
• 15:34
  Speaker 6: and a half member right, and they're still going to
• 15:37
  Speaker 6: they still may be short, so they still may go
• 15:39
  Speaker 6: with you even though it's equal to their time in
• 15:41
  Speaker 6: the half number. And that doesn't include the workers compon
• 15:44
  Speaker 6: taxes that they're going to have to pay as the employer.
• 15:47
  Speaker 4: So can we go back to that four hundred thousand
• 15:50
  Speaker 4: offer for the license? Did you guys decide to sell?
• 15:52
  Speaker 4: You decide, you know what, we got something great here,
• 15:54
  Speaker 4: let's hold on to it.
• 15:55
  Speaker 6: No, we got that's what we decided. We got something
• 15:57
  Speaker 6: great care that's hold on to it. And at the
• 15:59
  Speaker 6: same time, I'm the market crashed. So in the staffing business, right,
• 16:05
  Speaker 6: you have a contract that says, all right, you're gonna
• 16:07
  Speaker 6: pay me forty five dollars an hour for an LPN nurse,
• 16:12
  Speaker 6: and I'm going to pay them and we're going to
• 16:14
  Speaker 6: provide the service. But what ends up happening is that
• 16:19
  Speaker 6: you have the terms that maybe every thirty days, every sixty,
• 16:22
  Speaker 6: every ninety, so you're front running the payroll until you
• 16:27
  Speaker 6: get reimbursed on your invoice.
• 16:29
  Speaker 5: Right, you're not getting paid weekly from the nursing facility.
• 16:32
  Speaker 5: They don't pay out weekly.
• 16:34
  Speaker 6: So right before the market crashed, we were growing pretty
• 16:37
  Speaker 6: aggressively and we had line of credits to float that money.
• 16:41
  Speaker 5: So just like what's happening right.
• 16:42
  Speaker 6: Now in this crash, the banks pulled back on those
• 16:46
  Speaker 6: line of credits, so we couldn't even provide.
• 16:48
  Speaker 5: As much service as anyway.
• 16:50
  Speaker 6: So it's like, well, what are we going to do
• 16:51
  Speaker 6: because now we can only provide like thirty percent of
• 16:54
  Speaker 6: our services. And that's why we're even flirting with the
• 16:56
  Speaker 6: idea of selling, because it's like if we've sold this
• 16:58
  Speaker 6: for four hundred K, that helps us, you know, have
• 17:00
  Speaker 6: worked bff for money. But then we thought like, well,
• 17:04
  Speaker 6: the home healthy, it's get paid less than nurses, So
• 17:08
  Speaker 6: let's just start spooling up that side of the business,
• 17:11
  Speaker 6: making you know, smaller spread, but we can grow this
• 17:15
  Speaker 6: beyond and people are thinking about paying you know, almost
• 17:18
  Speaker 6: half a million dollars for the license.
• 17:20
  Speaker 5: There's got to be some money here and that's where
• 17:21
  Speaker 5: that pivot took us.
• 17:22
  Speaker 4: Is that true just for New York State? Was that
• 17:24
  Speaker 4: something that was happening throughout the country where licenses were
• 17:27
  Speaker 4: being ceased?
• 17:29
  Speaker 5: Oh no, no, no, that's that's New York State.
• 17:31
  Speaker 6: Like right now in Florida where I am and expanding
• 17:34
  Speaker 6: on my new venture, there isn't a monitory of the licenses.
• 17:37
  Speaker 5: I'm applying for a license right now. Some states, I
• 17:39
  Speaker 5: think Michigan doesn't even have a license to operate.
• 17:42
  Speaker 6: You could just start a home care agency without any oversight,
• 17:45
  Speaker 6: which is kind of nuts to me because New York
• 17:48
  Speaker 6: is heavily regulated. California, of course heavily regulated. So you know,
• 17:53
  Speaker 6: short answer is that it depends on your state.
• 17:56
  Speaker 3: Yeah, because I was actually so a friend mine in Ohio.
• 18:01
  Speaker 3: He has a health clinic and he was kind of
• 18:05
  Speaker 3: explaining it to me, and it was it was crazy
• 18:07
  Speaker 3: because he was saying, like with the healthcare industry, the
• 18:09
  Speaker 3: common mistake that people make is that they think that
• 18:11
  Speaker 3: they actually have to be in the field to actually be,
• 18:16
  Speaker 3: you know, an entrepreneur and like open a type of business.
• 18:20
  Speaker 3: But you don't have to be a doctor. You don't
• 18:22
  Speaker 3: have to be a licensed doctor to have these type
• 18:25
  Speaker 3: of business right, like that you have like you're not
• 18:27
  Speaker 3: a licensed doctor right now, I'm not a.
• 18:29
  Speaker 6: Licensed doctor, but in most states you have to have
• 18:32
  Speaker 6: a licensed person like either a nurse or a physician
• 18:36
  Speaker 6: on your founding.
• 18:37
  Speaker 5: Team if you're gonna if you're gonna.
• 18:39
  Speaker 6: Do a license film caurgency, but as a staffing firm,
• 18:42
  Speaker 6: you could turn around and start once tomorrow.
• 18:44
  Speaker 4: So your mom would your mom filled that role, right
• 18:46
  Speaker 4: she was the nurse.
• 18:48
  Speaker 5: Yeah, she was a nurse. So that's that's how it works.
• 18:51
  Speaker 6: So you know, if you're thinking about getting into this business,
• 18:54
  Speaker 6: like I get increased all the time on my channel
• 18:57
  Speaker 6: where it's like how do I start?
• 18:58
  Speaker 5: How do I start?
• 18:59
  Speaker 6: So I started showing them step by step this is
• 19:01
  Speaker 6: how you do it. So step one, if you're going
• 19:03
  Speaker 6: to go and become a home care agency, you've got
• 19:06
  Speaker 6: to just research your Department of Health website and find
• 19:10
  Speaker 6: out are the issuing licenses, what is the application process,
• 19:14
  Speaker 6: and what are the rules and regulations? Right because those
• 19:17
  Speaker 6: regulations are going to dictate what your policies are and
• 19:20
  Speaker 6: how your policies need to be drafted, and you're going
• 19:22
  Speaker 6: to need to develop your policies when you're applying.
• 19:25
  Speaker 5: It's actually pretty a pretty.
• 19:28
  Speaker 6: Grueling process because you're doing like man like four hundred
• 19:32
  Speaker 6: pages of policies, your forms that you're going to be
• 19:34
  Speaker 6: using to do your assessments. It's pretty intense. But you
• 19:38
  Speaker 6: could also hire a consultant to help you with that.
• 19:39
  Speaker 6: Like right now in Florida, since I'm in a much
• 19:43
  Speaker 6: better financial position than when we started the whole agency before,
• 19:48
  Speaker 6: I'm just paying a consultant to handle the entire application
• 19:51
  Speaker 6: process and working on building my team while while.
• 19:55
  Speaker 5: They're doing that piece, rather than physically typing.
• 19:57
  Speaker 6: But from the staffing firm perspective, you just need a
• 20:00
  Speaker 6: You can get like a boiler plate generic staffing firm contract.
• 20:05
  Speaker 6: Pull that up on Google, determine what area you're going
• 20:09
  Speaker 6: to focus on, if it's going to be healthcare or nursing,
• 20:11
  Speaker 6: and then disciples your rates are going to be. Make
• 20:13
  Speaker 6: sure you're cushioning in at least thirty percent spread because
• 20:17
  Speaker 6: your payroll taxes are going to cost you close to
• 20:22
  Speaker 6: like ten percent, and then your worker's comp is going
• 20:25
  Speaker 6: to be around six to seven percent, so then you're
• 20:28
  Speaker 6: only going to be left of like twenty so at
• 20:29
  Speaker 6: least charge your thirty percent markup if you're going to
• 20:32
  Speaker 6: do that. But the process, you know, once you get licensed,
• 20:36
  Speaker 6: is all about what relationships you build and executing on
• 20:41
  Speaker 6: your marketing strategy so that you're finding those patients. But
• 20:44
  Speaker 6: on the staffing firm side, the process is call the
• 20:48
  Speaker 6: nursing home, call the hospital, speak with either the administrator
• 20:52
  Speaker 6: or the director of nursing and say, I am a
• 20:55
  Speaker 6: staffing firm.
• 20:55
  Speaker 5: I'm looking to bride services. Do you need coverage? Best time? Summertime? Why?
• 21:02
  Speaker 6: Because people are going on vacation, They're going to be short, right,
• 21:06
  Speaker 6: so that's when people are going to be desperate. They'll say, hey,
• 21:08
  Speaker 6: you know what, sure, you know, send us over your
• 21:11
  Speaker 6: send us over the contract.
• 21:12
  Speaker 5: We'll have a review.
• 21:14
  Speaker 6: The first contract that I got when I expanded in
• 21:16
  Speaker 6: Long Island took me about maybe two weeks of phone calls.
• 21:21
  Speaker 6: I just literally downloaded National County Nursing Homes and I
• 21:24
  Speaker 6: just picked up the phone.
• 21:26
  Speaker 7: Cold call, cold calling, cold calling.
• 21:30
  Speaker 4: You created the contrast yourself, or you sat down with
• 21:32
  Speaker 4: a lawyer. How did that process work?
• 21:34
  Speaker 5: Oh?
• 21:35
  Speaker 6: She took my mom took a copy of the contract
• 21:39
  Speaker 6: that her nursing home is using, and I just retyped it.
• 21:43
  Speaker 4: The mom's a hustler, shout out the mom.
• 21:45
  Speaker 5: Yeah she's she's she's got hustle to her. She definitely does.
• 21:50
  Speaker 3: All right, Well, in the next segment, we want to
• 21:52
  Speaker 3: talk more about the business and also about the acquisition
• 21:54
  Speaker 3: that you guys. I know you were saying off camera
• 21:57
  Speaker 3: that somebody had offered you some money and you looked
• 21:59
  Speaker 3: at that then, because we'd like to talk about stories
• 22:01
  Speaker 3: like that on EYOL, because these are things that the
• 22:03
  Speaker 3: general public does not know and isn't privy to. So yeah,
• 22:07
  Speaker 3: we're gonna talk some more in depth about the healthcare
• 22:09
  Speaker 3: fail in the next segment. All right, So in this
• 22:12
  Speaker 3: in this segment, we're gonna we're gonna talk some more
• 22:14
  Speaker 3: about some actionable items. This is what everybody loves EYO for.
• 22:18
  Speaker 3: So you have two different businesses with the staffing firm
• 22:20
  Speaker 3: and the nursing But first I want to talk about
• 22:22
  Speaker 3: staffing so for people, because you said that's that's probably
• 22:25
  Speaker 3: like the more practical thing that really anybody can can
• 22:29
  Speaker 3: do as a staffing firm. And like I said, staffing
• 22:32
  Speaker 3: firms are big on a variety of different levels, not
• 22:35
  Speaker 3: just the medical all over. Staffing firms extremely big and
• 22:38
  Speaker 3: pretty much is just bridging a gap where somebody needs
• 22:41
  Speaker 3: work and their employees that are skilled to work but
• 22:45
  Speaker 3: they don't. They got to come together. So the staffings
• 22:49
  Speaker 3: firm's job is to find the qualified employees and match
• 22:52
  Speaker 3: them with good employers. So what are some steps if
• 22:55
  Speaker 3: somebody wants to start their own staffing firm?
• 22:59
  Speaker 6: So I want to try to break it down as
• 23:01
  Speaker 6: simple as possible. If you're going to be starting a
• 23:03
  Speaker 6: staff infirm, the first thing that you're going to need
• 23:05
  Speaker 6: to do is get your hands on just a basic
• 23:08
  Speaker 6: staffing contract. Okay, get a contract, review that contract, and
• 23:14
  Speaker 6: part of that contract is going to have a fee schedule, right,
• 23:17
  Speaker 6: This is what you're charging for the positions. Right, So
• 23:20
  Speaker 6: if you're starting with nursing, start with a fee schedule
• 23:24
  Speaker 6: for urns, a fee schedule for LPNs.
• 23:26
  Speaker 5: Which are licensed practical nurses, and.
• 23:28
  Speaker 6: Then for nurse aids, because that those are the most
• 23:31
  Speaker 6: utilized workers in a nursing home or in a hospital.
• 23:34
  Speaker 5: Right.
• 23:35
  Speaker 6: So that's that's one thing that you want to have.
• 23:38
  Speaker 6: But you're going to do your market research next to
• 23:40
  Speaker 6: know what is a nurse commanding as far as salary?
• 23:44
  Speaker 6: What is an LPN commanding as far as salary and
• 23:47
  Speaker 6: the nurse aid, right, so that you know what you're.
• 23:49
  Speaker 4: Supposed to be paying out specific to each state that
• 23:52
  Speaker 4: you're in, specific to specific to the state that you're in.
• 23:55
  Speaker 5: Specific to your region, even in New York region. Right now,
• 23:58
  Speaker 5: New York City is going to charge higher rates than
• 24:00
  Speaker 5: Buffalo exactly.
• 24:01
  Speaker 6: Right, So you have to just research your local market
• 24:04
  Speaker 6: just to know what does it. You know how much
• 24:07
  Speaker 6: are you going to be paying, because that's going to
• 24:08
  Speaker 6: dictate how much are you going to charge because you.
• 24:11
  Speaker 5: Also need to cover that. You're going to need.
• 24:13
  Speaker 6: To cover payroll, you need to cover the workers count,
• 24:16
  Speaker 6: and then you're going to need your profit margin.
• 24:18
  Speaker 5: Right, So I advise.
• 24:20
  Speaker 6: That whatever the local rates are, charge a minimum of
• 24:23
  Speaker 6: thirty percent more or you know, as much as double,
• 24:27
  Speaker 6: because it depends on what's again the need of that position.
• 24:31
  Speaker 5: So once you have.
• 24:32
  Speaker 6: Your contract set, the next thing that you should do
• 24:35
  Speaker 6: is obviously incorporate yourself, right, either go to the LLC
• 24:38
  Speaker 6: route or the corporation route, just so that you have
• 24:42
  Speaker 6: an entity and some sort of barrier between you and liability, right,
• 24:47
  Speaker 6: that's the purpose and also.
• 24:49
  Speaker 5: The tax benefit.
• 24:49
  Speaker 6: So make sure you go out there and incorporate yourself.
• 24:51
  Speaker 6: You could do that on legal Zoom. I use a
• 24:54
  Speaker 6: service called Blumberg excels here. I'll send you guys a link.
• 24:57
  Speaker 5: You know.
• 24:57
  Speaker 6: I like working with them. They're quick and set up
• 25:00
  Speaker 6: your corporation within a day or two. They'll even apply
• 25:03
  Speaker 6: for your text ID number, all the things that you
• 25:05
  Speaker 6: need to be recognized as a business right, And that
• 25:08
  Speaker 6: cost in New York is going to be anywhere from
• 25:11
  Speaker 6: like three hundred if you're doing a corporation to like
• 25:15
  Speaker 6: almost two thousand if you're doing an LLC because of
• 25:17
  Speaker 6: the publication fee that's associated with that, because LLCs have
• 25:21
  Speaker 6: to publish that they're coming into existence. So once you
• 25:25
  Speaker 6: have your contract and you have your entity set up,
• 25:28
  Speaker 6: and you have open up a bank account to do
• 25:30
  Speaker 6: entity's name, the next thing that you should do is
• 25:34
  Speaker 6: probably hire a few people right, get your application.
• 25:38
  Speaker 5: You can pull up.
• 25:39
  Speaker 6: Any generic application online, but you're going to need to
• 25:41
  Speaker 6: get an applications so you can actually onboard and have
• 25:44
  Speaker 6: a pool of providers, nurses, Mercedes, LPNs, whatever you're going
• 25:48
  Speaker 6: to be hiring. And you know, once you do get
• 25:52
  Speaker 6: a hit, you're going to be able to staff you
• 25:54
  Speaker 6: don't want you don't want to get into.
• 25:56
  Speaker 5: Contract to provide staff, and you got.
• 25:58
  Speaker 4: To staff, right, So I.
• 26:01
  Speaker 6: Think if you're a healthcare professional, it might make the
• 26:03
  Speaker 6: most sense of staff for yourself being one of the
• 26:05
  Speaker 6: people that gets dispatched. So at least you know that
• 26:08
  Speaker 6: you could fill in certain gaps if you get that
• 26:10
  Speaker 6: immediate call, that you can work that shift yourself.
• 26:13
  Speaker 4: How many people? How many people are you putting on
• 26:15
  Speaker 4: the team to start? We're doing like two or three
• 26:16
  Speaker 4: including yourself. So you got a four person team.
• 26:20
  Speaker 5: And if you're starting a staffing.
• 26:22
  Speaker 4: Firm, yeah, I would at least.
• 26:24
  Speaker 6: Three in each position that you're that you're marketing, so
• 26:27
  Speaker 6: at least you have, you know, some depth to your
• 26:29
  Speaker 6: to your staff.
• 26:30
  Speaker 4: All right, So we had r N, LPN and then healthcare,
• 26:33
  Speaker 4: so that would be nine people. Yeah, gotcha.
• 26:37
  Speaker 3: So how do how do you Because like there's a
• 26:40
  Speaker 3: shortage of nurses right now in New York and there's
• 26:44
  Speaker 3: like they're like begging nurses to come from all over
• 26:47
  Speaker 3: the country. Right, So this is like a perfect if
• 26:49
  Speaker 3: somebody had a staffing agency for nurses right now, it'd
• 26:52
  Speaker 3: be perfect, But like how.
• 26:53
  Speaker 7: Do you find the candidates? Like I'm sure the tract.
• 26:58
  Speaker 6: Out Okay, So you got to just public. You're going
• 27:01
  Speaker 6: to post on whatever you can, indeed LinkedIn Facebook jobs
• 27:06
  Speaker 6: wherever the threads list, just post that you're hiring. And
• 27:10
  Speaker 6: the thing is, people are nurses. I know.
• 27:13
  Speaker 5: Most nurses I know are working two jobs.
• 27:15
  Speaker 6: Right. They're usually the top earner in their household, especially
• 27:19
  Speaker 6: in our community.
• 27:20
  Speaker 5: They're working two jobs, sometimes three jobs.
• 27:22
  Speaker 6: So they're always looking for jobs, right, because one that
• 27:24
  Speaker 6: their jobs exist and they're always looking. But if you
• 27:27
  Speaker 6: dangle a carrot, like higher rates than what they're normally
• 27:31
  Speaker 6: getting paid, then that also attracts them. So let's just
• 27:34
  Speaker 6: say the averages thirty but you're paying thirty three. Then
• 27:39
  Speaker 6: nurses who are working for some other agency or they'll
• 27:43
  Speaker 6: give up their part time job and work with you
• 27:45
  Speaker 6: for a little more money. So you make it a
• 27:47
  Speaker 6: smaller spread, but you're attracting the talent that way.
• 27:50
  Speaker 4: What is what makes a candidate qualify? What are the
• 27:54
  Speaker 4: things they need? I'm assuming experience or maybe not in
• 27:57
  Speaker 4: this type of crisis.
• 27:58
  Speaker 5: Yeah, sometimes not even experience.
• 28:00
  Speaker 6: License they need to have most most people in healthcare
• 28:04
  Speaker 6: need to be licensed, right, so our into license. LPNs
• 28:08
  Speaker 6: are licensed, nurse aids have a certificate home health aids
• 28:10
  Speaker 6: have a certificate, so they obviously need to be meet
• 28:13
  Speaker 6: whatever the guidelines are for the state.
• 28:15
  Speaker 5: They also need to.
• 28:16
  Speaker 6: Have an up to date physical which shows that they're
• 28:19
  Speaker 6: immune to beesels, bumps, rubella, rubiola, checking poks for oursella,
• 28:25
  Speaker 6: that they also are TV negative so they can't have
• 28:28
  Speaker 6: active tuberculosis, and that they're what's called, you know, safe
• 28:33
  Speaker 6: and fit to work okay, So that physical needs it's
• 28:36
  Speaker 6: done annually. All healthcare workers working in direct contact with
• 28:40
  Speaker 6: patients have to have an annual physical, so they physical
• 28:42
  Speaker 6: needs to.
• 28:42
  Speaker 5: Be on to date. But every nurse and everybody in
• 28:44
  Speaker 5: the field knows that.
• 28:46
  Speaker 6: So either they're getting the physical is done as the
• 28:49
  Speaker 6: job and they could get their physicals from their job,
• 28:51
  Speaker 6: or they just get their physical from their doctor.
• 28:54
  Speaker 5: But once they have that, they.
• 28:55
  Speaker 6: Have the application, they filled out their W two forms
• 28:59
  Speaker 6: or the ten ninety nine informs if they're or W
• 29:01
  Speaker 6: nine's if they're going to be ten ninety nine, and
• 29:04
  Speaker 6: they have their medical clearance and you have a copy
• 29:07
  Speaker 6: of their license, that's what you would consider a profile
• 29:10
  Speaker 6: for that for that nurse. Of course, their resume helps,
• 29:14
  Speaker 6: but most of the time they're not even asking for
• 29:16
  Speaker 6: the resumes.
• 29:18
  Speaker 5: Because they're so behind.
• 29:19
  Speaker 6: It's just like, does this person have at least one
• 29:20
  Speaker 6: year's experience typically is what they're looking.
• 29:23
  Speaker 5: For, so you would also look for that.
• 29:25
  Speaker 6: But sometimes you might have a new nurse who has
• 29:29
  Speaker 6: maybe eight years experience as a nurse aid that understands
• 29:33
  Speaker 6: how things move in a nursing facility that they'll be
• 29:36
  Speaker 6: willing to take as well. Sometimes they orient them at
• 29:39
  Speaker 6: the facility and really it's really a case by case,
• 29:42
  Speaker 6: but at minimum physical licensing certificate and identification and you
• 29:50
  Speaker 6: know eligibility.
• 29:51
  Speaker 4: Work in the United States, are there terms after you
• 29:54
  Speaker 4: find a candidate that they have to stay with the
• 29:57
  Speaker 4: company for six to twelve months or does that exist
• 30:00
  Speaker 4: in this in the staffing agency?
• 30:02
  Speaker 5: It can if you if.
• 30:04
  Speaker 6: You have that agreement with the worker, and usually within
• 30:07
  Speaker 6: the contract you have like a provision that they can
• 30:11
  Speaker 6: hire that person after one year if they pay you
• 30:14
  Speaker 6: x percentage of that person's salary.
• 30:16
  Speaker 5: If not, they can't hire that person.
• 30:18
  Speaker 6: So it's also a way for them to kind of
• 30:21
  Speaker 6: vent and recruit talent to a certain extent.
• 30:23
  Speaker 4: Yeah, so that in that sense, right, Let's say that
• 30:27
  Speaker 4: they made one hundred thousand, if they want to hire
• 30:29
  Speaker 4: them after the year, you take a percentage of that,
• 30:31
  Speaker 4: so you like, maybe I'll get five percent fifteen, So
• 30:34
  Speaker 4: that's fifteen fifteen thousand if we make it one hundred yep, okay, gotcha? Okay,
• 30:39
  Speaker 4: So the staffing how lucrative is staffing?
• 30:43
  Speaker 5: Okay?
• 30:43
  Speaker 6: So before we pivoted to home care, we're doing about
• 30:48
  Speaker 6: a million a year in revenue, and like the net
• 30:51
  Speaker 6: margin is about twenty percent, so you're seeing two hundred grandfit,
• 30:56
  Speaker 6: so it's enough to earn on it wasn't it wasn't
• 31:00
  Speaker 6: it what it was for for like how it is.
• 31:02
  Speaker 5: For home care.
• 31:04
  Speaker 6: But we never got to the point like as far
• 31:07
  Speaker 6: as size that we did with the homecare agency.
• 31:10
  Speaker 3: So pivoting to pivoting towards home care, so home care
• 31:14
  Speaker 3: is more is way more lucrative in your opinion?
• 31:17
  Speaker 5: Uh, No, they're there. I think I think they're equally lucrative.
• 31:21
  Speaker 6: It's just that the the funnel is different and there's
• 31:26
  Speaker 6: a larger barrier to entry. So you know, there's with that,
• 31:30
  Speaker 6: of course, there's money, right, there's fewer of you, there's
• 31:33
  Speaker 6: fewer providers, and there's.
• 31:35
  Speaker 5: Still a need.
• 31:36
  Speaker 6: So we were able to scale that aggressively because you know,
• 31:40
  Speaker 6: a home health aid only needs to train for eighty
• 31:42
  Speaker 6: hours right to get a certificate, and that means.
• 31:46
  Speaker 5: That there's there's a lot of them out there.
• 31:48
  Speaker 6: So we're able to scale up the number of people
• 31:51
  Speaker 6: that we have faster than a bunch of a bunch
• 31:54
  Speaker 6: of nurses. To get three hundred, four hundred nurses, it's
• 31:57
  Speaker 6: a lot harder to do than to get three hundred
• 32:01
  Speaker 6: or four hundred home healths.
• 32:03
  Speaker 3: So to be a home health aid, to be a
• 32:04
  Speaker 3: home health aid, what do you have to do to become?
• 32:08
  Speaker 6: It's an eighty hour course, So it's you know, body mechanics,
• 32:12
  Speaker 6: how do you care for a patient? You know, making
• 32:16
  Speaker 6: sure that the water isn't too hot so you're burning
• 32:18
  Speaker 6: a patient.
• 32:18
  Speaker 5: And given the bath safe.
• 32:20
  Speaker 4: Technique, any anybody can do.
• 32:22
  Speaker 5: That as long as they legal to work in the
• 32:24
  Speaker 5: United States. Yep.
• 32:26
  Speaker 3: So that's that's actually when you're talking about the business side.
• 32:28
  Speaker 3: But that's actually a job opportunity, I guess as well
• 32:31
  Speaker 3: for people that might of course need work, right yep.
• 32:35
  Speaker 6: And in New York they're they're making anywhere between fifteen
• 32:39
  Speaker 6: and twenty dollars an hour.
• 32:42
  Speaker 4: Yeah, and the qualifications are like training program that's it.
• 32:47
  Speaker 6: Two training program and then also physically background check background
• 32:52
  Speaker 6: check yep.
• 32:54
  Speaker 3: So all right, so you guys scaled that up pretty
• 32:56
  Speaker 3: pretty aggressively, and then you were saying that you got
• 32:58
  Speaker 3: to offer it to all the company.
• 33:01
  Speaker 6: Yeah, so all right, so right now we're doing like
• 33:06
  Speaker 6: for twenty nineteen, you did about just under twelve million
• 33:10
  Speaker 6: dollars in annual rev And I got a mailer right
• 33:15
  Speaker 6: from somebody who was like, are you looking to sell?
• 33:17
  Speaker 6: So I was like, well, let me, let me, let
• 33:19
  Speaker 6: me entertain this and see what numbers are throwing around.
• 33:21
  Speaker 5: Right.
• 33:22
  Speaker 6: So it was actually an agent who a burgers and
• 33:28
  Speaker 6: acquisitions agent who broke his businesses. So he sat with
• 33:31
  Speaker 6: me and he was like, we could get you fifty
• 33:34
  Speaker 6: percent of your annual revenue.
• 33:36
  Speaker 5: And I was like, all right, so talking about you know, between.
• 33:40
  Speaker 6: Five and six million dollars sale based on where we're
• 33:42
  Speaker 6: at that year, I was like, all right, cool.
• 33:44
  Speaker 5: So they brought in a I'm not sure.
• 33:48
  Speaker 6: If I got to see the terms and conditions of
• 33:50
  Speaker 6: the contract, so I'm not going to say their name,
• 33:51
  Speaker 6: but they brought in a publicly traded home care agency
• 33:56
  Speaker 6: that was acquiring agencies like mine, right, and they reviewed
• 34:00
  Speaker 6: our case mix and how much mony were we making
• 34:03
  Speaker 6: and they made an offer that was consistent with that.
• 34:06
  Speaker 5: So it's like, okay, I was my trader background.
• 34:11
  Speaker 6: I started looking up the finance of that company and
• 34:14
  Speaker 6: looking at how they were organized, and I saw that
• 34:16
  Speaker 6: they were trading at at sixty times earnings, right, they
• 34:22
  Speaker 6: had they had a sixty pe And I then looked
• 34:26
  Speaker 6: at how many cases they have, and they have like
• 34:28
  Speaker 6: thirty thousand lives in the management in the country, and
• 34:31
  Speaker 6: I was like, all right, well, we have three hundred patients,
• 34:36
  Speaker 6: so we would just need to get you know, one
• 34:39
  Speaker 6: hundred times larger, right, And what would that take and
• 34:42
  Speaker 6: how could we do that? And I was like, well,
• 34:44
  Speaker 6: they're trying to buy us at like five times earnings,
• 34:48
  Speaker 6: but they're trading at sixty. This is a this is
• 34:51
  Speaker 6: a dope brainer. They brought in another company as well,
• 34:54
  Speaker 6: not not not the public trade company, another another suitor,
• 34:58
  Speaker 6: and they're like yeah.
• 34:59
  Speaker 5: I was like, what is your strategy here, what's what's
• 35:01
  Speaker 5: the what's the game plan?
• 35:02
  Speaker 6: The guy was like, we've already taken another We've already
• 35:05
  Speaker 6: taken another company public.
• 35:07
  Speaker 5: All we do is aggregate companies and go public.
• 35:11
  Speaker 6: That's that's our model, right, It's like, we've done it
• 35:14
  Speaker 6: in fashion and now we're doing it in healthcare. So
• 35:18
  Speaker 6: they were trying to offer me four times earnings, and
• 35:20
  Speaker 6: I know that the publicly traded company is trading at sixty.
• 35:25
  Speaker 6: So it's just a matter of getting financing and going
• 35:29
  Speaker 6: out there and gobbling up smaller and mid sized agencies
• 35:33
  Speaker 6: so that you get the numbers to go public and
• 35:36
  Speaker 6: then you're gonna you're gonna make twelve x return on
• 35:39
  Speaker 6: what you just bought, because all you're doing is buying
• 35:42
  Speaker 6: functional agencies, putting them under one umbrella, stripping back duplicated jobs,
• 35:46
  Speaker 6: like you don't need a bunch of CFOs, you have
• 35:49
  Speaker 6: one CFO in your company.
• 35:51
  Speaker 5: Right, So they just aggregate and go public.
• 35:54
  Speaker 6: And I was like, you know what, maybe we shouldn't sell, right,
• 36:00
  Speaker 6: Maybe this is not the direction we'll go in. Maybe
• 36:02
  Speaker 6: the direction will go in is emulate that model and
• 36:06
  Speaker 6: start thinking about, you know, expanding the business into different
• 36:10
  Speaker 6: markets and expanding the business in a way that you know,
• 36:15
  Speaker 6: we're on a trajectory to go in public and that's
• 36:16
  Speaker 6: what I'm doing.
• 36:17
  Speaker 5: Now with aid book.
• 36:18
  Speaker 4: So you turned down six million and to scale your
• 36:22
  Speaker 4: own business.
• 36:23
  Speaker 3: Yeah, So so so so all right, so AID book,
• 36:28
  Speaker 3: what is what does that include?
• 36:29
  Speaker 4: As far as you're new, so you said that.
• 36:32
  Speaker 6: You know, our mission at eight book is really to
• 36:36
  Speaker 6: just streamline the discharge planning process because hospitals. Hospitals are
• 36:43
  Speaker 6: under pressure to discharge patients quickly and make sure those
• 36:48
  Speaker 6: patients are re admitted. But what happens when somebody has pneumonia,
• 36:52
  Speaker 6: goes home, doesn't pick up their medication, they don't know
• 36:55
  Speaker 6: how to take their medication, they're not following a good diet,
• 36:58
  Speaker 6: they regress, they labs, stand up back in nursing facility.
• 37:02
  Speaker 6: When that happens, the hospital gets penalized. So our mission
• 37:08
  Speaker 6: is to streamline that process so that hospitals are discharging
• 37:12
  Speaker 6: using our software solutions right discharging to home care so
• 37:17
  Speaker 6: that immediately we're picking up that patient, servicing them, making
• 37:20
  Speaker 6: sure that someone is there, pick up the medication, take
• 37:23
  Speaker 6: care of them, making sure they're not falling at home,
• 37:25
  Speaker 6: making sure they're not regressing so they don't trigger back
• 37:28
  Speaker 6: into the hospital and trigger that penalty. By doing that,
• 37:31
  Speaker 6: refunneling ourselves with a lot.
• 37:33
  Speaker 4: Of new referras, you said the hospital, So solving that
• 37:36
  Speaker 4: hospital's problem, the hospital gets penalized as like a fee
• 37:38
  Speaker 4: or a fine that the hospital gets.
• 37:40
  Speaker 5: Yeah, well it's not a fee or fine.
• 37:43
  Speaker 6: They will subtract up to three percent of their top
• 37:48
  Speaker 6: line revenue for penalties on the following year. So let's
• 37:52
  Speaker 6: just say the hospital is making a hundred million, right,
• 37:54
  Speaker 6: the hospital margin eight percent, right, so they only make
• 37:57
  Speaker 6: an eight million dollars profit.
• 38:00
  Speaker 5: Medicare will penalize them three percent on.
• 38:03
  Speaker 6: Revenue and reimbursement, right, But their operation costs are still
• 38:07
  Speaker 6: going to cost them that ninety two million. So from
• 38:12
  Speaker 6: going from one hundred million to ninety seven and having
• 38:16
  Speaker 6: an underlying ninety two million dollars you know, cost to
• 38:19
  Speaker 6: provide services, they're only making five million. That's that's almost
• 38:24
  Speaker 6: forty percent loss in their bottom line if they get penalized.
• 38:29
  Speaker 4: How many patients would it would it take for like
• 38:31
  Speaker 4: a hospital to get penalized for something like that to
• 38:34
  Speaker 4: kick in.
• 38:35
  Speaker 6: Actually, it's it's like ratios, and so it depends on
• 38:39
  Speaker 6: how many bits they have, how many what disease processes,
• 38:42
  Speaker 6: because they're targeting six disease processes, pneumonia, heart failure, cabbage
• 38:48
  Speaker 6: which is bypass surgery, complete joint replacement surgeries. So those
• 38:53
  Speaker 6: are the ones that are like the high risk because
• 38:56
  Speaker 6: they're expensive to take care of, and it's you know
• 38:59
  Speaker 6: you the mentality of the government is we're paying you.
• 39:03
  Speaker 5: To fix them, fix them, you.
• 39:06
  Speaker 6: Know what I'm saying, like, fix them, make sure that
• 39:08
  Speaker 6: they're healthy. But at the same time, we're only paying
• 39:10
  Speaker 6: you for four days for this hospital state because that's
• 39:13
  Speaker 6: the national average. So what is the hospital doing They
• 39:16
  Speaker 6: need to get them out or is they losing body
• 39:18
  Speaker 6: and they need to ensure that they don't come back.
• 39:20
  Speaker 5: So our company is.
• 39:21
  Speaker 6: Focusing on that transitional care and converting into long.
• 39:25
  Speaker 4: Term care for Yeah, you're helping making sure that they
• 39:28
  Speaker 4: don't come back.
• 39:29
  Speaker 5: We help them to make sure they don't come back
• 39:31
  Speaker 5: and saving their revenue.
• 39:33
  Speaker 4: Gotcha?
• 39:34
  Speaker 3: And so what's the business modecle? You said, like, eventually
• 39:38
  Speaker 3: you want to take this public?
• 39:39
  Speaker 4: Right, So how is this? Earners? What's up? You ever
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• 42:31
  Speaker 3: It's different from Avalanche and like do what do you see?
• 42:35
  Speaker 3: How did you replicate what you saw the larger company
• 42:37
  Speaker 3: do to you? And how are you going to implement
• 42:40
  Speaker 3: that in like really scaling aid Book? Is it to
• 42:43
  Speaker 3: acquire other small sized companies and bring them under the
• 42:46
  Speaker 3: umbrella of aid Brook or yeah, so.
• 42:49
  Speaker 5: Okay, So for me, what I cause?
• 42:52
  Speaker 6: I've been trying to push my partners in the home
• 42:55
  Speaker 6: care company and Avalanche to think about things on a
• 43:00
  Speaker 6: larger level. Always That's always been the case, right. I
• 43:03
  Speaker 6: always wanted to push the business further. And what I
• 43:07
  Speaker 6: realized is that they were going into business for the
• 43:10
  Speaker 6: freedom that you know, owning your own business allows, right, you.
• 43:14
  Speaker 5: Could take vacation when you want, do what you want.
• 43:17
  Speaker 6: And they were comfortable with what we're making there, right,
• 43:20
  Speaker 6: So they weren't looking to push They do want growth,
• 43:23
  Speaker 6: they do want to make more money, but they're not
• 43:25
  Speaker 6: willing to adjust their habits and mindset to.
• 43:29
  Speaker 5: Run multiple locations to expand into different states. They're not
• 43:34
  Speaker 5: They're not there.
• 43:35
  Speaker 6: So the first thing that I'm doing with aid Book
• 43:36
  Speaker 6: is assembling a team that has industry knowledge and working
• 43:42
  Speaker 6: in public companies and highlight.
• 43:48
  Speaker 4: I know where I'm at.
• 43:54
  Speaker 5: Gotcha, Sorry about that, man.
• 43:56
  Speaker 6: So what I'm doing at aid Book is folks on
• 44:00
  Speaker 6: talent that has worked in publicly traded companies and just
• 44:05
  Speaker 6: building our infrastructure with that mindset. So not only are
• 44:08
  Speaker 6: we going to be used in technology as and solving
• 44:10
  Speaker 6: that problem for the hospital to be a driver of
• 44:13
  Speaker 6: growth in our business, but we will entertain you know,
• 44:16
  Speaker 6: acquisitions as well, because as we get close.
• 44:19
  Speaker 5: It makes more sense to so let me let me
• 44:22
  Speaker 5: put it this way.
• 44:24
  Speaker 6: I believe that our software and aligning ourselves with the
• 44:27
  Speaker 6: hospitals will allow us to grow by you know.
• 44:30
  Speaker 5: One hundred patients per month. Right.
• 44:33
  Speaker 6: If I'm growing by by one hundred patients per month
• 44:36
  Speaker 6: in one city, then I need to set up in
• 44:39
  Speaker 6: another city and grow an agency by one hundred patients
• 44:42
  Speaker 6: a month by employing the same software, the same marketing
• 44:44
  Speaker 6: team to do that.
• 44:45
  Speaker 5: Right.
• 44:46
  Speaker 6: So, if I'm going into a new state, rather than
• 44:49
  Speaker 6: go through this lengthy you know, licensing process, which for
• 44:53
  Speaker 6: Florida is going to take me four months to have
• 44:56
  Speaker 6: the license and then another six.
• 44:58
  Speaker 5: Months to get Medicare approval, what I could do when
• 45:01
  Speaker 5: I'm going.
• 45:01
  Speaker 6: Into a new state and better capitalized I could just
• 45:05
  Speaker 6: start buying smaller mid sized companies at five times earnings
• 45:10
  Speaker 6: and just point our marketing engine to them and scale
• 45:13
  Speaker 6: them up to two thousand, three thousand patients per per
• 45:17
  Speaker 6: an agency, per state.
• 45:18
  Speaker 5: Once I get to like twelve fifteen.
• 45:21
  Speaker 6: Thousand lives in the management, I have something that I
• 45:24
  Speaker 6: can take to the public market, or once again step
• 45:26
  Speaker 6: to a larger, you know, conglomerate and say, look, we're
• 45:31
  Speaker 6: growing at one thousand patients per month. We don't see
• 45:34
  Speaker 6: an end in our funnel. You're growing by acquiring companies
• 45:40
  Speaker 6: right at five times earnings. If you just buy our
• 45:44
  Speaker 6: system that's already functional and fully aligned with the hospitals,
• 45:50
  Speaker 6: then you're going to grow at this rate in perpetuity, right,
• 45:56
  Speaker 6: So why wouldn't you want to buy this? But at
• 45:59
  Speaker 6: the same time, I'll still be on the track to
• 46:01
  Speaker 6: take the company public. So for me, the most important
• 46:04
  Speaker 6: thing is an initial team that has that experience. So
• 46:09
  Speaker 6: I've already poached some talent from TopWare, and now I
• 46:13
  Speaker 6: poached one person from from Emory the hospital system in Atlanta,
• 46:18
  Speaker 6: And these are people who are interested in being involved
• 46:20
  Speaker 6: in a startup with this With this trajectory in mind,
• 46:24
  Speaker 6: that within five to seven years, we're going to exit
• 46:27
  Speaker 6: and we're going to exit big, and we need to
• 46:30
  Speaker 6: function this way and just replicating systems with that that you.
• 46:35
  Speaker 5: Would come to find in a public trading company.
• 46:37
  Speaker 6: So you'll see that most publicly traded companies are you know,
• 46:43
  Speaker 6: will have one of the major accounting firms doing their
• 46:45
  Speaker 6: accounting or at least doing their audits, like PwC for instance.
• 46:49
  Speaker 6: So from from day one, our accounting structure has to
• 46:53
  Speaker 6: be on point right because that happens if you if
• 46:56
  Speaker 6: you notice, like when you're looking at like startups that
• 46:58
  Speaker 6: are trying to go public, they some of them get
• 47:00
  Speaker 6: jammed up because.
• 47:01
  Speaker 5: Of accounting, you know issues.
• 47:04
  Speaker 6: Is because they didn't have their structure right and now
• 47:06
  Speaker 6: they got to get they got to spend two or
• 47:08
  Speaker 6: three years getting their financial straight to then take the
• 47:11
  Speaker 6: company public. So by building from from the very beginning
• 47:14
  Speaker 6: with the mindset of this is this is how accounting.
• 47:18
  Speaker 5: Is done in publicly traded companies.
• 47:20
  Speaker 6: This is how much money is allocated to marketing spend
• 47:24
  Speaker 6: versus revenue. Having all those details and people who are
• 47:27
  Speaker 6: familiar with those details being on your team from the
• 47:30
  Speaker 6: beginning is what you need. And also you're going to
• 47:33
  Speaker 6: need money to support that. A lot of one of
• 47:35
  Speaker 6: the mistakes that we make, as you know, as a
• 47:37
  Speaker 6: community is we'll start our business with too little money
• 47:41
  Speaker 6: with our friends, with our family, and they're not skilled
• 47:44
  Speaker 6: to take it to a certain point, and then we
• 47:47
  Speaker 6: don't even have the discussion of what is the vision.
• 47:48
  Speaker 5: For the company?
• 47:50
  Speaker 6: Where are we trying to go, what are we trying
• 47:52
  Speaker 6: to do, how are we trying to get there? Are
• 47:54
  Speaker 6: our visions aligned? Are values aligned? And those things you
• 47:59
  Speaker 6: need to set, you need to set them from the beginning.
• 48:02
  Speaker 6: If you don't, you're gonna be building a company on
• 48:04
  Speaker 6: a shaky foundation.
• 48:06
  Speaker 5: So you're gonna build a.
• 48:06
  Speaker 6: Company that you know at a certain point it can't
• 48:10
  Speaker 6: grow anymore because your foundation isn't set.
• 48:13
  Speaker 3: Yeah, that's big. Obviously, I've heard of assets under management.
• 48:17
  Speaker 3: I never heard of lives under management before, but makes
• 48:21
  Speaker 3: sense if you're in the medical field.
• 48:24
  Speaker 7: So yeah, I mean that.
• 48:25
  Speaker 3: Like you said, I mean you just outlined your vision,
• 48:27
  Speaker 3: and I think that that's important for entrepreneurs, whether it's big, small,
• 48:30
  Speaker 3: middle whatever. You have to have a vision. And it's
• 48:34
  Speaker 3: like you already kind of have an idea in your mind.
• 48:36
  Speaker 3: Nothing ever goes according to plan, but at least you
• 48:38
  Speaker 3: have a roadmap of where you want your company to go.
• 48:40
  Speaker 3: And that's more than half the battle right there. I
• 48:43
  Speaker 3: think a lot of entrepreneurs are just winging it, winking
• 48:45
  Speaker 3: up and just trying to figure it out day to day,
• 48:48
  Speaker 3: like they're literally living day to day, and times like
• 48:51
  Speaker 3: this it just really exposes that. And now you're in
• 48:55
  Speaker 3: a financial crisis because you never really had a business plan.
• 48:59
  Speaker 3: You just had you know, figure it out mentality as
• 49:02
  Speaker 3: you go, and that can only take you so far.
• 49:05
  Speaker 5: Correct, It's it's a and the thing.
• 49:07
  Speaker 6: I'm lucky, really, I'm lucky, like just like like like
• 49:12
  Speaker 6: like the VC dude that was just from Black Star, Yeah,
• 49:19
  Speaker 6: kwami he When I was watching that, I was like,
• 49:22
  Speaker 6: this is like my story, right because his father's a physician,
• 49:27
  Speaker 6: he's helping out at the office, he's learning and he's
• 49:29
  Speaker 6: watching and like having that that information coming into your
• 49:33
  Speaker 6: mind from that young you start to just like you say,
• 49:36
  Speaker 6: I think you say something. If you start looking at
• 49:38
  Speaker 6: a yellow car, you start to notice more yellow cars.
• 49:40
  Speaker 5: Right, So if I am ready I'm looking.
• 49:42
  Speaker 6: At okay, my mom's staffing business, and I'm now I'm
• 49:46
  Speaker 6: in the staffing business myself.
• 49:47
  Speaker 5: You start and I'm working in hospital.
• 49:49
  Speaker 6: Still you start having your eyes open to where's the
• 49:52
  Speaker 6: money moving, how's it moving? So certain things that will
• 49:55
  Speaker 6: go over your head don't go over your head anymore.
• 49:58
  Speaker 5: Certain keywords immediately R So it's it's the same thing.
• 50:01
  Speaker 6: But what I see with a lot of people is
• 50:04
  Speaker 6: that they either they don't have much, you know, entrepreneurial experience,
• 50:08
  Speaker 6: they get it later in life and they start.
• 50:11
  Speaker 5: Just winging it.
• 50:12
  Speaker 6: The best thing that you could do is, you know,
• 50:15
  Speaker 6: hit what one do like a business a business template
• 50:19
  Speaker 6: or a business model. It just look this Google business
• 50:22
  Speaker 6: model and YouTube a business model video. It walks you
• 50:27
  Speaker 6: through how you should be thinking about your business. The
• 50:29
  Speaker 6: very first thing is what is your value proposition?
• 50:32
  Speaker 5: What do you often?
• 50:33
  Speaker 6: What problem are you fixing or what need are you addressing?
• 50:38
  Speaker 6: What is what is that in your company? Right so
• 50:42
  Speaker 6: at eight book, what is our value proposition? We're dealing
• 50:46
  Speaker 6: with this problem that hospitals have of patients being readmitted,
• 50:52
  Speaker 6: and that's the problem that we're trying to solve, and
• 50:53
  Speaker 6: we're going to monetize that by solving that problem and
• 50:56
  Speaker 6: by being the service provider.
• 50:58
  Speaker 5: To those patients.
• 50:59
  Speaker 4: Many how many the states are you operating in right now,
• 51:01
  Speaker 4: right now?
• 51:02
  Speaker 5: Well, New York and then with eight book, it's going
• 51:04
  Speaker 5: to be.
• 51:05
  Speaker 4: Florida, Florida. And when I'm thinking Florida, and I'm thinking,
• 51:08
  Speaker 4: like when you said you want to grow your clients
• 51:11
  Speaker 4: by one hundred per or thousand per year, you're in
• 51:14
  Speaker 4: a state with the largest population, well the oldest population
• 51:19
  Speaker 4: in the country. Was that done intentionally?
• 51:23
  Speaker 6: Actually not really, because Florida, like in New York, we're
• 51:29
  Speaker 6: dealing mostly with Medicaid, managed law, term care right as
• 51:32
  Speaker 6: the payer. Florida has a cap on how many waivers
• 51:36
  Speaker 6: they put out.
• 51:37
  Speaker 5: Right, it's a red state mostly, so.
• 51:41
  Speaker 6: They put out you know, they do less spending, so
• 51:43
  Speaker 6: a lot of the people here are self paid. But
• 51:46
  Speaker 6: I liked Florida because, you know, I'm going to be
• 51:49
  Speaker 6: living part time in Colombia.
• 51:51
  Speaker 5: So it's a good midpoint between Columbia and New York. So,
• 51:55
  Speaker 5: and it has the international airports, the weather it's good,
• 51:58
  Speaker 5: So that's why I chose. I chose Florida.
• 52:01
  Speaker 6: But I'm going to be expanding into every state that
• 52:03
  Speaker 6: has you know, a thriving home care community, like home
• 52:07
  Speaker 6: care infrastructure. So Florida North Carolina, Texas, Atlanta, or Georgia, Pennsylvania, California.
• 52:18
  Speaker 6: So those are states that I would be willing to
• 52:22
  Speaker 6: enter because I know that the home care infrastructure is good.
• 52:25
  Speaker 3: There you have it, ladies and gentlemen. So on the
• 52:27
  Speaker 3: last segment, we're going to talk about your software system.
• 52:30
  Speaker 3: That's actually something you're a lot going on. We go
• 52:32
  Speaker 3: time on time the software system, and then we're going
• 52:34
  Speaker 3: to bring home with everything yet you got going on now,
• 52:37
  Speaker 3: So yeah, so we're going to talk about your software system.
• 52:40
  Speaker 3: But before, one quick question about your company. So how
• 52:44
  Speaker 3: do you raise money? Because I am you know, it's
• 52:47
  Speaker 3: probably a lot as far as the expenses to run
• 52:50
  Speaker 3: these type of organizations. You say, you even have to
• 52:52
  Speaker 3: pay upfront then you get reimbursed on the back end.
• 52:54
  Speaker 3: So finance finances is always the biggest hurdle for any
• 52:58
  Speaker 3: business for the most part. So how do you raise money?
• 53:02
  Speaker 3: How do you have money coming in on a consistent
• 53:04
  Speaker 3: basis to float your operations?
• 53:08
  Speaker 5: Okay, so in.
• 53:11
  Speaker 6: Looking at the staff and business that started with five
• 53:15
  Speaker 6: thousand dollars five K and obviously that's undercapitalized.
• 53:20
  Speaker 5: Right, that's what ended up happening. Is that all right?
• 53:24
  Speaker 6: We're limited to how much services we can provide. Some
• 53:27
  Speaker 6: people waiting a month to get paid because we were
• 53:30
  Speaker 6: getting paid on a monthly basis. So first was like
• 53:35
  Speaker 6: the most traditional people, You go to a bank, you
• 53:37
  Speaker 6: apply for a line of credit, right, but that's only
• 53:40
  Speaker 6: going to be if you have business history, right, and
• 53:43
  Speaker 6: then they feel that you're credit worthy. But with time,
• 53:45
  Speaker 6: those lines of credit, it was tapping. For one case,
• 53:49
  Speaker 6: it was tapping friends and family. And that's usually where
• 53:52
  Speaker 6: most people start with either basic credit cards or getting
• 53:57
  Speaker 6: money from the bank, right, But they're not let much
• 54:00
  Speaker 6: and it's not enough to really turbo charge your company.
• 54:03
  Speaker 6: It wasn't until I was trading stocks and building, you know,
• 54:08
  Speaker 6: a tech company that I started to understand that starting
• 54:13
  Speaker 6: with friends and family money is pools fight.
• 54:16
  Speaker 5: It's you know, it could get you started.
• 54:18
  Speaker 6: Starting with little credit cards and bank money is enough
• 54:20
  Speaker 6: to get you started. But if you're really gonna try
• 54:23
  Speaker 6: to expand your business, you're going to have to raise
• 54:25
  Speaker 6: money from from institutional investors, right from VC firms, from
• 54:31
  Speaker 6: angel investors. And their entire business model is to identify
• 54:37
  Speaker 6: solid companies, pump money in with the intention solely.
• 54:43
  Speaker 5: To scale them. Right.
• 54:44
  Speaker 6: That's a little different than starting from scratch, right, because
• 54:49
  Speaker 6: it's sometimes all right, so.
• 54:50
  Speaker 5: In the world, in the in the startup world.
• 54:52
  Speaker 6: Right, and it's not just tech startups because any obviously
• 54:56
  Speaker 6: any industry could be a startup.
• 54:57
  Speaker 5: But in the.
• 54:57
  Speaker 6: Startup world, you your first objective is to develop an MVP, right,
• 55:04
  Speaker 6: your minimally viable product, and that's the.
• 55:08
  Speaker 5: First thing that you need to finance.
• 55:09
  Speaker 6: Right. Prove that you have a product or service that
• 55:12
  Speaker 6: the market is in demand for.
• 55:14
  Speaker 5: Prove that you can monetize it. That's the first thing
• 55:17
  Speaker 5: that you should raise money for.
• 55:17
  Speaker 6: And if you're going to do it with your credit
• 55:19
  Speaker 6: cards and with friends and family money, that's the time
• 55:22
  Speaker 6: because you don't necessarily have to go out there and
• 55:24
  Speaker 6: form a business. You just have to prove that you
• 55:27
  Speaker 6: have a product or service that people.
• 55:29
  Speaker 5: Are willing to pay for.
• 55:31
  Speaker 6: Once you can prove that with this product or service,
• 55:34
  Speaker 6: it costs, you know, ten thousand dollars a month to operate,
• 55:37
  Speaker 6: but it generates fifty thousand dollars of money like annual profits.
• 55:45
  Speaker 6: Once you can prove that relationship that money in. Doing
• 55:48
  Speaker 6: this thing produces money out at a multiple larger than
• 55:52
  Speaker 6: money in.
• 55:54
  Speaker 5: You can take that.
• 55:56
  Speaker 6: Little company to market and start raising money from angel
• 55:59
  Speaker 6: and vests and venture capitalist and then.
• 56:02
  Speaker 5: There's gonna be different.
• 56:03
  Speaker 6: There's gonna be different levels of them, right, there's gonna
• 56:05
  Speaker 6: be there's gonna be like Brooklyn what is it, Brooklyn
• 56:08
  Speaker 6: Bread Ventures, Right, Charlie Charlie o'donnald is the guy who
• 56:12
  Speaker 6: hits that fund. He likes to deal with companies that
• 56:16
  Speaker 6: are at that seed level, that first investment usually five
• 56:20
  Speaker 6: hundred thousand million in capital.
• 56:23
  Speaker 5: Then there's like the.
• 56:24
  Speaker 6: Series A, Series B and so on and some So
• 56:27
  Speaker 6: there's some VC firms that only get in at that
• 56:31
  Speaker 6: pre like like two hundred million dollar minimum. Like we
• 56:36
  Speaker 6: don't look at any company that doesn't require two hundred
• 56:38
  Speaker 6: million dollars or more. Right, So it's all about what
• 56:42
  Speaker 6: we're trying to go. But the first, the first that
• 56:44
  Speaker 6: seed funding of that that anywhere from half a million
• 56:47
  Speaker 6: dollars to like one to one point five. There's there's
• 56:50
  Speaker 6: VC firms that specialize in just that that. There's VC
• 56:54
  Speaker 6: firms that specialize in and then different sectors. Some are
• 56:57
  Speaker 6: healthcare focused, some are technology focused, some are in the agnostic.
• 57:01
  Speaker 6: It really depends, but you need to have some sort
• 57:05
  Speaker 6: of traction some sort of proof that your business is growing.
• 57:08
  Speaker 6: And I learned that by doing my tech startup because
• 57:11
  Speaker 6: I was like, all right, I know I'm.
• 57:11
  Speaker 5: Gonna need money to fuel this thing.
• 57:14
  Speaker 6: And in going to like tech startup meetups, listening to
• 57:18
  Speaker 6: the conversations, going to pitching events where you're actually you know,
• 57:22
  Speaker 6: competing to raise money, or you are even just practicing
• 57:25
  Speaker 6: you're you're pitching, you hear what the what the VC
• 57:29
  Speaker 6: firms are interested in.
• 57:31
  Speaker 5: What's the cost to acquire a user? What is that
• 57:35
  Speaker 5: user worth? How much?
• 57:36
  Speaker 6: How much does it cost to acquire a user? And
• 57:38
  Speaker 6: what's the lifetime of a user? What's the value proposition here?
• 57:43
  Speaker 6: That you're going to ask you those questions and sometimes
• 57:45
  Speaker 6: you need to be asked that question, so you.
• 57:47
  Speaker 4: Can go back to your computer right right, right, right right,
• 57:52
  Speaker 4: and then you you end.
• 57:52
  Speaker 6: Up start You end up creating what they're asking for.
• 57:57
  Speaker 6: We need you to look like this. They you know,
• 57:58
  Speaker 6: in the startuporld, a wey talk abo.
• 58:00
  Speaker 5: The hockey stick. They want your growth to be the
• 58:03
  Speaker 5: hockey stick.
• 58:03
  Speaker 6: Right, gradual growth or if you just look at the
• 58:07
  Speaker 6: that's viral right, look at COVID nineteen right.
• 58:10
  Speaker 5: That's truly the definition of going viral.
• 58:13
  Speaker 4: You look at the curve literally with.
• 58:15
  Speaker 5: The numbers and then it's exponential.
• 58:18
  Speaker 6: Yeah, that they're they're looking to see that you're on
• 58:21
  Speaker 6: that trajectory, that there's going to be that level of absorption.
• 58:25
  Speaker 6: So once you start looking at vcs to answer that questions,
• 58:28
  Speaker 6: how do you raise money? How do you get the money?
• 58:30
  Speaker 6: Once you start looking at them, it forces you to become,
• 58:34
  Speaker 6: you know, a builder of a business because they want
• 58:37
  Speaker 6: they want your business to succeed, but they can identify
• 58:41
  Speaker 6: that you're on shaky grounds. So they want your foundation
• 58:44
  Speaker 6: to be tight, they want your team to be tight,
• 58:45
  Speaker 6: they want there to be traction, they want the market
• 58:47
  Speaker 6: size to be large enough.
• 58:49
  Speaker 5: And those are the things that they're interested in.
• 58:52
  Speaker 3: So as far as your your software system on time
• 58:56
  Speaker 3: i TS, can you talk about that?
• 58:59
  Speaker 5: Yeah? Sure?
• 58:59
  Speaker 6: So a long time ITS was born out of me
• 59:03
  Speaker 6: doing my fashion tech company. Right, my ex wife was
• 59:07
  Speaker 6: interested in fashion. She had this idea and I was like,
• 59:09
  Speaker 6: you know what, let's do it. So I found some
• 59:11
  Speaker 6: web developers in India started building that fashion tech, built
• 59:15
  Speaker 6: a fashion application. And I'm going around now as this
• 59:18
  Speaker 6: is a break from healthcare, because I got kind of
• 59:20
  Speaker 6: tired of it's been my whole life. So I'm going
• 59:23
  Speaker 6: around function as the CEO of this tech fashion tech startup.
• 59:28
  Speaker 6: And I went to an accelerator, And an accelerator is
• 59:33
  Speaker 6: kind of like a VC firm, but they take you
• 59:35
  Speaker 6: from concept to the point where you.
• 59:38
  Speaker 5: Start to raise your first round.
• 59:39
  Speaker 6: So they forced, they mentor you, they coach you, they
• 59:42
  Speaker 6: give you your initial money, they take like eight percent, right,
• 59:45
  Speaker 6: they fund you maybe one hundred thousand, take eight percent
• 59:49
  Speaker 6: of the company from jump and then they start telling
• 59:52
  Speaker 6: they start modeling you so you can get that initial
• 59:56
  Speaker 6: traction and then they take you to market the final
• 59:58
  Speaker 6: do you graduate from an celebrator on pitch me. So
• 1:00:01
  Speaker 6: there's tech stars, there's e R which is the one
• 1:00:04
  Speaker 6: that I'm talking about.
• 1:00:05
  Speaker 5: There's there's a uh this.
• 1:00:08
  Speaker 6: There's tons of them, right and there some somewhere in
• 1:00:10
  Speaker 6: New York, A lot of them are in San Francisco.
• 1:00:13
  Speaker 6: So I was starting to go through that circuit, right,
• 1:00:16
  Speaker 6: learning about the start of culture, learning how to raise money.
• 1:00:19
  Speaker 6: So I go to I'm pitching at uh T E
• 1:00:23
  Speaker 6: R A and the the principle there is his name
• 1:00:26
  Speaker 6: is Mira Mirror.
• 1:00:27
  Speaker 5: It's like.
• 1:00:29
  Speaker 6: I'm looking at your resume I'm looking at your history
• 1:00:31
  Speaker 6: and you're you're honestly proven as an entrepreneur. What the
• 1:00:35
  Speaker 6: hell are you doing in fashion? Why don't you solve
• 1:00:38
  Speaker 6: a problem in healthcare? And that's something I could get
• 1:00:42
  Speaker 6: behind because that's that tells a better story. I could
• 1:00:46
  Speaker 6: see that story. I don't see your connection. I don't
• 1:00:48
  Speaker 6: see your understanding the fashion. This is this, this is
• 1:00:51
  Speaker 6: a good idea, but do you have relevant experience in
• 1:00:55
  Speaker 6: that field two to really see it through?
• 1:00:59
  Speaker 5: And he was like, so something in healthcare. So then
• 1:01:01
  Speaker 5: I'm thinking back to my.
• 1:01:02
  Speaker 6: Homecare agency and I'm like, you know what's really annoying?
• 1:01:06
  Speaker 6: Time sheets. We're functioning on paper time sheets where the
• 1:01:11
  Speaker 6: home health aid went to the patient's house, worked for
• 1:01:13
  Speaker 6: the week, patient signs off because that's something that the
• 1:01:15
  Speaker 6: state requires.
• 1:01:16
  Speaker 5: They need proof that the service was provided, notes, that
• 1:01:18
  Speaker 5: sort of thing.
• 1:01:20
  Speaker 6: So I was like, that timesheet, they have to bring
• 1:01:23
  Speaker 6: it in by the deadline on a certain date so
• 1:01:25
  Speaker 6: that they g get processed on time for payroll, and
• 1:01:28
  Speaker 6: if they bring it in.
• 1:01:28
  Speaker 5: Late, they're still upset that they didn't get paid. So
• 1:01:31
  Speaker 5: I was like, this is a nightmare.
• 1:01:33
  Speaker 6: So it's like, you know what, let me create a
• 1:01:36
  Speaker 6: mobile application that allows my home health aids to capture
• 1:01:41
  Speaker 6: their time sheet on their cell phone, right, and that's where.
• 1:01:44
  Speaker 5: On time was born.
• 1:01:45
  Speaker 6: So all times a home healthcare practice management solution that
• 1:01:50
  Speaker 6: allows you to handle time and attendance, payroll, scheduling, billing.
• 1:01:57
  Speaker 6: And we're now building the medical records portion, right so
• 1:02:01
  Speaker 6: that nursing nurses, notes, etetera, because that's still on paper
• 1:02:04
  Speaker 6: our company. And that's a solution that I'm going to
• 1:02:09
  Speaker 6: provide to social built daycare, which is another part of
• 1:02:12
  Speaker 6: the home care hustle, to home care agencies, and a
• 1:02:16
  Speaker 6: version that's like industry agnostic as well. Were time and
• 1:02:20
  Speaker 6: attendance for any mobile worker. So if it's the cable guy,
• 1:02:24
  Speaker 6: then he could punch in that I'm at this work site,
• 1:02:26
  Speaker 6: I got here and get paid that way.
• 1:02:29
  Speaker 5: So that's what on time is.
• 1:02:31
  Speaker 4: Well, how long did it take to build out that platform, Well,
• 1:02:35
  Speaker 4: I've been building that.
• 1:02:36
  Speaker 6: Since I've been building that since twenty fifteen, so the
• 1:02:42
  Speaker 6: time and attendance, the first iteration of on time probably
• 1:02:47
  Speaker 6: took about six months. And then that was built on
• 1:02:51
  Speaker 6: a shaky foundation and we figured that out later. Then
• 1:02:54
  Speaker 6: we rebuilt it. So this is like version two of
• 1:02:58
  Speaker 6: the system. The first version was time and attendance and
• 1:03:02
  Speaker 6: that's it. Then we built time and Attendance and schedule
• 1:03:05
  Speaker 6: and then we started. Then we added billing because billing
• 1:03:07
  Speaker 6: is done, you know, on these forms, it's a very
• 1:03:12
  Speaker 6: repetitive process. Manually put in the wrong billing code, you
• 1:03:16
  Speaker 6: get rejected. You you won't know it until thirty days
• 1:03:19
  Speaker 6: from there. So it was like, you know what, this
• 1:03:21
  Speaker 6: is another problem within the company that we need to
• 1:03:23
  Speaker 6: fix is we need to automate the billing process so
• 1:03:25
  Speaker 6: that it's accurate and it's end to end. So the
• 1:03:28
  Speaker 6: home healthy punches in a regislation. In your system, you
• 1:03:33
  Speaker 6: run payroll by just selecting the date range. Payrolls processed
• 1:03:35
  Speaker 6: and ran, and then you do the same thing you
• 1:03:39
  Speaker 6: select the date range the insurance company process. Billing is done,
• 1:03:44
  Speaker 6: so I'm able to function with far less staff, right,
• 1:03:47
  Speaker 6: I got less administrative staff.
• 1:03:49
  Speaker 5: I also outsourced part of my staff to Venezuela and Columbia,
• 1:03:53
  Speaker 5: so I have some of my support there as well.
• 1:03:56
  Speaker 5: So you know, and that was made possible by software.
• 1:04:00
  Speaker 5: A simple question.
• 1:04:02
  Speaker 6: You could probably create a software solution in three to
• 1:04:06
  Speaker 6: six months and then expand on it.
• 1:04:09
  Speaker 5: However, you need to.
• 1:04:10
  Speaker 4: I was reading on the platform that there's a GPS component.
• 1:04:14
  Speaker 4: How does that work?
• 1:04:16
  Speaker 6: Okay, so the patient lives somewhere, right, So the patient
• 1:04:21
  Speaker 6: gets entered in into the system and they get a
• 1:04:23
  Speaker 6: GPS point for their home. The aid can only punch
• 1:04:29
  Speaker 6: in when they're within like six meters of that point,
• 1:04:33
  Speaker 6: so that verifies first of all that they were there.
• 1:04:36
  Speaker 5: Right. They can't pull the patient's name, they.
• 1:04:39
  Speaker 6: Can't do anything without being on site. So that's a
• 1:04:41
  Speaker 6: GPS component. So it's like geo fencing. It's it's by
• 1:04:46
  Speaker 6: using their GPS coordinate. This person is able to take
• 1:04:49
  Speaker 6: an action only when they're at that same point. So
• 1:04:52
  Speaker 6: they just have to turn on their GPS on their phone,
• 1:04:54
  Speaker 6: rent to their location, punch in. It confirms the location,
• 1:04:58
  Speaker 6: then allows them to mark off what they've done. They
• 1:05:00
  Speaker 6: get a pace of bath reminders. You can also tell
• 1:05:03
  Speaker 6: them what they need to do.
• 1:05:04
  Speaker 5: For the day.
• 1:05:05
  Speaker 4: Yeah. I would assume that also helps in attendance. Right
• 1:05:07
  Speaker 4: if somebody says that at the location, you can one
• 1:05:10
  Speaker 4: thousand percent prove that they were and how long they were,
• 1:05:13
  Speaker 4: the duration of time so exactly that that helps out
• 1:05:15
  Speaker 4: in the billing process too. Nobody's gonna getting overpaid or
• 1:05:18
  Speaker 4: underpaid for what they did correct.
• 1:05:21
  Speaker 3: And also also the thing I really like about the
• 1:05:24
  Speaker 3: whole story is that it's like you found This is
• 1:05:28
  Speaker 3: a common theme with guests from our podcast, is that
• 1:05:31
  Speaker 3: you found the need in the industry that you was
• 1:05:33
  Speaker 3: already at. And it's like when people say like multiple
• 1:05:35
  Speaker 3: streams of income, and it's like the same thing with
• 1:05:37
  Speaker 3: like multiple businesses and different ideas. It's like, you don't
• 1:05:39
  Speaker 3: have to do something completely different from what you're already doing.
• 1:05:41
  Speaker 7: You're already in the industry. You see a need for it,
• 1:05:44
  Speaker 7: and it's like.
• 1:05:45
  Speaker 3: Okay, well, why not just create a software that can
• 1:05:48
  Speaker 3: help out. But it's like now you've created not only
• 1:05:51
  Speaker 3: multiple revenue streams, but also you stayed within your pocket,
• 1:05:56
  Speaker 3: like you're not doing something completely foreign from what you're
• 1:05:58
  Speaker 3: already doing because you have actually saw it. You're you're
• 1:06:01
  Speaker 3: in the industry. You see that there's an issue with
• 1:06:03
  Speaker 3: processing payments and all that stuff. So it's like, okay, now,
• 1:06:08
  Speaker 3: not only will it help the industry and make things
• 1:06:10
  Speaker 3: more efficient, but it's also another source of revenue as well.
• 1:06:13
  Speaker 3: And not even on a micro level. Regularly every day
• 1:06:17
  Speaker 3: people can just you know, think about that it's like,
• 1:06:19
  Speaker 3: you know, you have a job, and it's like, okay, well,
• 1:06:21
  Speaker 3: how can I if I want to start a business,
• 1:06:23
  Speaker 3: I don't have to do something completely different from my job.
• 1:06:26
  Speaker 3: I already know what I'm doing for a living. So
• 1:06:28
  Speaker 3: maybe you know my side hustle is going to be
• 1:06:31
  Speaker 3: a branch off of my job, like you said, like you,
• 1:06:34
  Speaker 3: like Troy says all the time. If you're a teacher,
• 1:06:37
  Speaker 3: you know, why not be why not start a tutoring company?
• 1:06:40
  Speaker 4: Right?
• 1:06:41
  Speaker 3: Like, you already teach science, so you know that there's
• 1:06:44
  Speaker 3: a problem with kids in STEM and there's not enough
• 1:06:48
  Speaker 3: science teachers and kids don't understand science properly, So why not,
• 1:06:51
  Speaker 3: you know, have a tutoring program. Why not have an
• 1:06:53
  Speaker 3: after school program? And I have a summer? Why not
• 1:06:56
  Speaker 3: write a book?
• 1:06:57
  Speaker 4: Right?
• 1:06:57
  Speaker 7: This isn't far from what you're doing.
• 1:07:00
  Speaker 6: Create a protocol that's that proves that by studying this way, check.
• 1:07:06
  Speaker 5: This out for you.
• 1:07:08
  Speaker 6: Create a protocol that says, if students do X, Y,
• 1:07:13
  Speaker 6: and Z, they see a twenty percent increase doing this
• 1:07:17
  Speaker 6: thing that I've created, they see a twenty percent increase
• 1:07:21
  Speaker 6: in their stamp scoops. Right, prove that in your school
• 1:07:24
  Speaker 6: and then now you got something right there that you
• 1:07:26
  Speaker 6: could sit there and say, hey, twenty percent increase. I'm
• 1:07:30
  Speaker 6: going to sell this to every school, right, I'm gonna.
• 1:07:33
  Speaker 6: I'm gonna This protocol is proven to do this in
• 1:07:36
  Speaker 6: schools are interested in having their scores increased. And you
• 1:07:40
  Speaker 6: got something right there that's that's fundable, and it could
• 1:07:42
  Speaker 6: be something as simple as a game.
• 1:07:43
  Speaker 5: You just have to prove it.
• 1:07:44
  Speaker 4: That's fat and your software is proprietory, correct, ye, So
• 1:07:48
  Speaker 4: are we going to i mean scale this where we're
• 1:07:51
  Speaker 4: actually selling it the software to hospitals and healthcare agencies
• 1:07:55
  Speaker 4: as well. Yes, that's nice, Okay.
• 1:07:59
  Speaker 6: So to get you the full I'm gonna give you
• 1:08:00
  Speaker 6: the full play. And I don't care because you know
• 1:08:03
  Speaker 6: if anybody who's listening, I'll compete to me.
• 1:08:07
  Speaker 5: Right with my own idea.
• 1:08:09
  Speaker 6: That's my problem, right and that and that means that
• 1:08:12
  Speaker 6: they're extraordinary as well, and that's probably somebody I wanted me.
• 1:08:16
  Speaker 5: I'll give you. I'll give you the full story. So
• 1:08:19
  Speaker 5: the software.
• 1:08:20
  Speaker 6: Allowed on time allows me to run my operation very
• 1:08:23
  Speaker 6: lead right. So I'm trying to bring everything onto the platform,
• 1:08:26
  Speaker 6: so I eliminate paper, eliminate a lot of overhead and
• 1:08:29
  Speaker 6: I could continue to outsource more and more of my
• 1:08:32
  Speaker 6: talent too, you know countries where the wages are cheaper. Right,
• 1:08:37
  Speaker 6: So that's that's that's what's happening with all the time.
• 1:08:41
  Speaker 6: I could license that out to you know, my competitors
• 1:08:45
  Speaker 6: so that they could become more efficient and I and
• 1:08:47
  Speaker 6: I'm gonna charge and I charge per patient, right, So
• 1:08:50
  Speaker 6: when you wrote, my bottom line grows, right. But I
• 1:08:54
  Speaker 6: also have an idea to franchise my business as well,
• 1:08:59
  Speaker 6: because I get I get so many inquiries of how
• 1:09:01
  Speaker 6: do I start?
• 1:09:02
  Speaker 5: Can you consult me? You know? And and I hit
• 1:09:05
  Speaker 5: I tell them straight out.
• 1:09:06
  Speaker 6: I was like, based on how much I make now, right,
• 1:09:09
  Speaker 6: I need to charge you one thousand dollars an hour
• 1:09:12
  Speaker 6: for my time.
• 1:09:13
  Speaker 5: Right.
• 1:09:14
  Speaker 6: And I know that's a lot of money, but that's
• 1:09:16
  Speaker 6: what I need to charge you because that's how much
• 1:09:18
  Speaker 6: I'm earning.
• 1:09:20
  Speaker 5: Right.
• 1:09:20
  Speaker 6: So if I'm going to move my attention from what
• 1:09:22
  Speaker 6: I'm doing, this is what it has to be.
• 1:09:25
  Speaker 5: You get what I'm saying. So I get a lot
• 1:09:27
  Speaker 5: of those inquiries and they're like, you know what, how
• 1:09:28
  Speaker 5: can I monetize this right in a larger way?
• 1:09:31
  Speaker 6: And it's like, maybe I need to to franchise a book,
• 1:09:35
  Speaker 6: so that if they're either going to start a staffing
• 1:09:37
  Speaker 6: company or they're going to start a home care agency. Hey,
• 1:09:40
  Speaker 6: they're going to expand my brand, I'm going to earn
• 1:09:42
  Speaker 6: three percent on their on their revenue or whatever the
• 1:09:44
  Speaker 6: case may be. They're going to use my software, that's
• 1:09:47
  Speaker 6: another fee, and I can turn when I'm taught, when
• 1:09:51
  Speaker 6: it's time for me to acquire or expand, I can
• 1:09:54
  Speaker 6: either acquire what I've created because they're work functioning on
• 1:09:56
  Speaker 6: the same infrastructure as me, and I can buy them
• 1:10:00
  Speaker 6: out at five times earnings, and when I'm ready to go,
• 1:10:02
  Speaker 6: just start buying back what I've already seeded, you know
• 1:10:06
  Speaker 6: what I mean. That's that's one of the plays that
• 1:10:08
  Speaker 6: I have in mind. So you know, on the other side,
• 1:10:11
  Speaker 6: like I said, our core focus, our core vision, and
• 1:10:15
  Speaker 6: the problem that we're solving with aid book is.
• 1:10:19
  Speaker 5: To solve that discharge planning process.
• 1:10:21
  Speaker 6: Right, So that's that's a I'm just using the Google
• 1:10:25
  Speaker 6: play here's the software for free.
• 1:10:28
  Speaker 5: It's proven to reduce your readmission rates.
• 1:10:31
  Speaker 6: But all that does it serves their bottom line, right,
• 1:10:35
  Speaker 6: But all that does is allows me to collect all
• 1:10:37
  Speaker 6: the referrals. So as I'm proving that this software reduces
• 1:10:41
  Speaker 6: your readmission rates, right, and all of your referrals are
• 1:10:45
  Speaker 6: all these all these six diseases are guaranteed to be discharged.
• 1:10:49
  Speaker 5: Through my solution. I control all the referrals.
• 1:10:52
  Speaker 6: I don't want to even charge them for that I can,
• 1:10:56
  Speaker 6: but I control all the referrals, so I can wrap
• 1:10:58
  Speaker 6: them to my FRANCHISESE.
• 1:10:59
  Speaker 5: I can route them to myself and grow massively because
• 1:11:03
  Speaker 5: I control your referrals.
• 1:11:04
  Speaker 6: And it's free, and it's and it's and it's service
• 1:11:06
  Speaker 6: is serving a basic need for your hospital.
• 1:11:10
  Speaker 5: So that's that's a full plane.
• 1:11:12
  Speaker 6: So that's why for me, it's it's it's as simple
• 1:11:14
  Speaker 6: as you know, what, if I only succeed in Miami
• 1:11:18
  Speaker 6: and I don't expand, and I don't whatever, I definitely
• 1:11:21
  Speaker 6: could create what I what I have in New York, Right,
• 1:11:23
  Speaker 6: I could bump that off for a few million dollars.
• 1:11:25
  Speaker 6: I could probably get to to maybe four times of
• 1:11:29
  Speaker 6: size and just my market and then made myself at
• 1:11:31
  Speaker 6: twenty five million. But I'm pretty damn sure that I'm
• 1:11:34
  Speaker 6: going to get to the point that I'm saying that
• 1:11:36
  Speaker 6: I'm going to get to, and then I'm going to
• 1:11:37
  Speaker 6: have you know, maybe at one point two billion dollar exit.
• 1:11:41
  Speaker 5: And that's and that's the thinking, and that's and that's
• 1:11:43
  Speaker 5: what I have in my mind.
• 1:11:44
  Speaker 6: It's like, how do I reach Like when you think
• 1:11:46
  Speaker 6: about this thing about the virus, right, you got to
• 1:11:51
  Speaker 6: spread that thing, right so that it comes in contact
• 1:11:54
  Speaker 6: with more people.
• 1:11:56
  Speaker 5: And that costs to spread more and more and more.
• 1:11:58
  Speaker 5: So you have.
• 1:11:59
  Speaker 6: To kind of set up these little cells or kind
• 1:12:02
  Speaker 6: of transmit all over the country to see real growth.
• 1:12:07
  Speaker 5: You can't just saturate your one market. So that's the idea.
• 1:12:11
  Speaker 5: For me.
• 1:12:12
  Speaker 6: It's like, all right, prove this concept, get it into hospitals,
• 1:12:16
  Speaker 6: go to the next hospital, say hospital one is using
• 1:12:19
  Speaker 6: this and every emission.
• 1:12:20
  Speaker 5: Rates are down and it's free. Just use our system.
• 1:12:24
  Speaker 6: Then going to the next city again, Like for me,
• 1:12:27
  Speaker 6: the plan is Fort Laurdale, Miami, Tampa, Orlando, Jacksonville, if
• 1:12:33
  Speaker 6: I prove if I prove it.
• 1:12:35
  Speaker 5: There, and I'm going to prove it there.
• 1:12:37
  Speaker 6: But when I prove it there, then it's back to
• 1:12:39
  Speaker 6: the venture capital firms and saying, hey, look we're now
• 1:12:43
  Speaker 6: growing up five hundred patients a month in Florida or
• 1:12:46
  Speaker 6: whatever the number is. We're planning on doing the same
• 1:12:49
  Speaker 6: thing in these ten states. But what we're gonna do,
• 1:12:53
  Speaker 6: We're gonna acquire x amount of home core agencies. Right.
• 1:12:56
  Speaker 5: We're going to do it through through a role up strategy.
• 1:12:58
  Speaker 6: So we're going to buy one in new or one
• 1:13:01
  Speaker 6: in Philly, one in Chicago, whatever markets I want to
• 1:13:04
  Speaker 6: get into, I'm gonna buy them at one hundred or
• 1:13:07
  Speaker 6: two hundred patient sizes or they're like, you know, two million.
• 1:13:10
  Speaker 5: Dollar acquisitions a piece.
• 1:13:11
  Speaker 6: So I need fifty million dollars to do that, and
• 1:13:14
  Speaker 6: I'm going to just use the same engine that that
• 1:13:18
  Speaker 6: I'm using in Florida with our discharge planning tool to
• 1:13:22
  Speaker 6: scale those operations up.
• 1:13:24
  Speaker 5: We're gonna do that for two years.
• 1:13:25
  Speaker 6: That's what the fifty million dollars is for whatever the
• 1:13:27
  Speaker 6: amount is, We're want to do that for two years.
• 1:13:29
  Speaker 5: We should grow to this point. Once we're at this point,
• 1:13:33
  Speaker 5: we're going public. Done it. It's a no brander because
• 1:13:36
  Speaker 5: the VC firm they're looking they're looking for a ten
• 1:13:38
  Speaker 5: x on their money.
• 1:13:40
  Speaker 6: Right, So I think if they if they invested a
• 1:13:43
  Speaker 6: million dollars, they're they're looking for a company.
• 1:13:46
  Speaker 5: Let's say invested a million dollars to buy twenty percent, right.
• 1:13:51
  Speaker 6: They're hoping that that twenty percent is going to one
• 1:13:54
  Speaker 6: day be worth ten million, right, So for that twenty
• 1:14:00
  Speaker 6: percent to be worth ten million, your company is going
• 1:14:03
  Speaker 6: to need to be to be what for a fifty
• 1:14:06
  Speaker 6: million dollar company?
• 1:14:07
  Speaker 5: Right? So the guy who's.
• 1:14:09
  Speaker 6: Investing when you're at a fifty when you're at a
• 1:14:11
  Speaker 6: fifty million dollar company, and they're investing, I don't know,
• 1:14:14
  Speaker 6: fifty million dollars, they're looking to get out for five
• 1:14:19
  Speaker 6: hundred million, right, So what kind of company are you
• 1:14:22
  Speaker 6: that you could raise fifty million dollars?
• 1:14:24
  Speaker 5: Is a five hundred million dollars exit possible for me? Right?
• 1:14:27
  Speaker 5: So twenty percent?
• 1:14:28
  Speaker 6: So this needs to be a two billion dollar company
• 1:14:31
  Speaker 6: for me to make the numbers.
• 1:14:32
  Speaker 5: That I'm looking for. But I'm showing.
• 1:14:34
  Speaker 6: Them this company is trading for its market cap is
• 1:14:38
  Speaker 6: two billion, and they have thirty three thousand lives.
• 1:14:41
  Speaker 5: So if I'm.
• 1:14:42
  Speaker 6: Growing at you know, one thousand lives a month or
• 1:14:45
  Speaker 6: one thousand lives a year, let's just say in in
• 1:14:47
  Speaker 6: ten markets, that's ten thousand a year.
• 1:14:50
  Speaker 5: I'm going to get to that point.
• 1:14:51
  Speaker 6: So yes, of course, your fifty million dollar infusion will
• 1:14:55
  Speaker 6: help me be worth two billion dollars per daion and
• 1:14:57
  Speaker 6: that's when we're going to get out. That's when you
• 1:14:59
  Speaker 6: get paid. And that's when the first guys get paid.
• 1:15:01
  Speaker 6: And everybody throws a party.
• 1:15:03
  Speaker 4: Everybody that's a big party. That's the that's the that's
• 1:15:06
  Speaker 4: the play.
• 1:15:06
  Speaker 3: That's the route shot, right, everybody, you gotta run a
• 1:15:10
  Speaker 3: route and you just you just outlined your route. The
• 1:15:14
  Speaker 3: worst case scenario use like ourself for a couple of
• 1:15:16
  Speaker 3: million at the worst best case two point one billion.
• 1:15:21
  Speaker 4: It's a good you know, it's a good sit You're
• 1:15:24
  Speaker 4: going to be number seven. We put up an article
• 1:15:25
  Speaker 4: it was like six black billionaires in the country. You're
• 1:15:28
  Speaker 4: gonna be number seven.
• 1:15:29
  Speaker 3: There it is, and we're gonna say, earn you a
• 1:15:30
  Speaker 3: Lisha A first call man, it's been a pleasure speaking
• 1:15:33
  Speaker 3: with you. Can you tell can you can you tell
• 1:15:36
  Speaker 3: the people, uh you know, if they want to contact
• 1:15:39
  Speaker 3: you or you know any uh you know, initiatives that
• 1:15:41
  Speaker 3: you have going on stuff like that social media.
• 1:15:43
  Speaker 6: Absolutely, So if I guess there's a few people that
• 1:15:46
  Speaker 6: would like to reach out, Okay, So if if you're
• 1:15:48
  Speaker 6: interested in and starting a healthcare especially a home care
• 1:15:53
  Speaker 6: agency or or staffing firm, I'm doing a video series
• 1:15:57
  Speaker 6: on my YouTube channel INTP Life. It's shot right here,
• 1:16:01
  Speaker 6: so I'm going through a step by step how do
• 1:16:04
  Speaker 6: you do that? So if you're interested in that, just
• 1:16:06
  Speaker 6: follow me on EMTP life that's Echo November Tango, Papa
• 1:16:11
  Speaker 6: Life e NTP Life.
• 1:16:14
  Speaker 5: You'll find it guessing you guys will share a link,
• 1:16:16
  Speaker 5: So that's for you guys.
• 1:16:21
  Speaker 6: Like I said, if you're looking for consultations, it's going
• 1:16:24
  Speaker 6: to cost you. So if you have any questions, the
• 1:16:27
  Speaker 6: best thing to do is leave them in the comment sections.
• 1:16:28
  Speaker 5: I can answer them for everybody. And that's why I'm
• 1:16:30
  Speaker 5: doing it.
• 1:16:31
  Speaker 6: It's like I get these questions and I can't keep
• 1:16:34
  Speaker 6: losing time. That's why he was doing it for real
• 1:16:35
  Speaker 6: estate too, It's like how do you flip a house?
• 1:16:37
  Speaker 5: Like?
• 1:16:37
  Speaker 6: Man, here's the video, Man, watch that and again it
• 1:16:42
  Speaker 6: so for anybody who's interested, just watch. Leave your questions
• 1:16:48
  Speaker 6: and comments. I answer them, and I'll answer them in
• 1:16:50
  Speaker 6: the video. Sometimes I'll do lives with people. If they're
• 1:16:53
  Speaker 6: acting a particular question, I say, if you can't pay
• 1:16:57
  Speaker 6: the consultation fee, then let's create the content together. Share
• 1:17:00
  Speaker 6: your questions and I will answer maybe other people's questions.
• 1:17:03
  Speaker 6: So that's for them for people who are interested in
• 1:17:09
  Speaker 6: I guess joining the team potentially, like, Hey, I'm interested
• 1:17:13
  Speaker 6: in the story, I have this lovel expertise, and they
• 1:17:17
  Speaker 6: kind of want to work with me in some way
• 1:17:19
  Speaker 6: or they need software or anything like that. Just I
• 1:17:22
  Speaker 6: guess go to aidbook dot com and use the contact form.
• 1:17:26
  Speaker 6: So that's and I spelled it aid book with two
• 1:17:29
  Speaker 6: a's in the front, just so it can sort higher
• 1:17:32
  Speaker 6: on the list, right, so I will be the first,
• 1:17:35
  Speaker 6: Like there's there's always directories of the providers in the state.
• 1:17:41
  Speaker 5: So I was like, how do I be the first
• 1:17:43
  Speaker 5: name on the list? I've got two a's in front
• 1:17:44
  Speaker 5: of my day and I'm guaranteed to.
• 1:17:46
  Speaker 6: Be on at least one of the first to get
• 1:17:49
  Speaker 6: called if somebody's just randomly looking it up.
• 1:17:52
  Speaker 5: So it's aid book with two a's, So a A
• 1:17:56
  Speaker 5: I d e book dot com. There's a there's a
• 1:18:00
  Speaker 5: contact forum. You could go there.
• 1:18:03
  Speaker 6: I think the site should have been posted up yesterday,
• 1:18:07
  Speaker 6: So depending on when you released this, we'll dictate you
• 1:18:09
  Speaker 6: know what's going on there.
• 1:18:10
  Speaker 5: But they could go there.
• 1:18:12
  Speaker 6: And if there's any investor listening or watching this and
• 1:18:17
  Speaker 6: you're curious to learn more.
• 1:18:21
  Speaker 5: Than please reach out to me, let you know who
• 1:18:24
  Speaker 5: you are.
• 1:18:24
  Speaker 6: What you're looking for, and we could have a conversation
• 1:18:26
  Speaker 6: about where ead book is going as a company and
• 1:18:29
  Speaker 6: why I think it's a winner, and why you probably
• 1:18:31
  Speaker 6: want to put some dolls behind this. At some point,
• 1:18:35
  Speaker 6: like I guess in the next maybe six months, I'll
• 1:18:40
  Speaker 6: probably be doing a fundraising round, so that would include
• 1:18:43
  Speaker 6: friends and family, right because I'm allowed to raise from
• 1:18:47
  Speaker 6: thirty five not accredited investors. So I'll do a friends
• 1:18:51
  Speaker 6: and family round for people who are interested in that,
• 1:18:55
  Speaker 6: and then probably raising anywhere from one to three million
• 1:18:59
  Speaker 6: for the for that first, for that first, not to
• 1:19:02
  Speaker 6: prove the concept in Florida. So if you guys are
• 1:19:05
  Speaker 6: interested in that and want to kind of know when
• 1:19:07
  Speaker 6: that is happening, then just reach out and we can
• 1:19:10
  Speaker 6: continue to to.
• 1:19:12
  Speaker 4: Talk about it, all right, Troy Man, shout out to everybody,
• 1:19:16
  Speaker 4: big shout out to everybody on patreon dot com. That
• 1:19:19
  Speaker 4: is our product paid program. As you know, we have
• 1:19:21
  Speaker 4: five different tiers. I want to give a big shout
• 1:19:23
  Speaker 4: out to my man Dave. We had a great conversation.
• 1:19:25
  Speaker 1: Man.
• 1:19:26
  Speaker 4: He's looking to help us out. He's a Tier five member,
• 1:19:28
  Speaker 4: so we called him and we had an amazing conversation.
• 1:19:31
  Speaker 4: Like I said, and Rosetta who just joined that TIF
• 1:19:34
  Speaker 4: looking forward to talking to her. And as you know,
• 1:19:36
  Speaker 4: Tier four and five members, you have access to e
• 1:19:40
  Speaker 4: y L University and ey L University has been on
• 1:19:42
  Speaker 4: fire man. We have been adding so much content. We've
• 1:19:45
  Speaker 4: been doing YouTube lives exclusive things. Man, So if you're
• 1:19:49
  Speaker 4: on there, thank you, and we appreciate your support. And
• 1:19:52
  Speaker 4: everybody that's been supporting on the merch, we appreciate that.
• 1:19:56
  Speaker 4: On Elisha dot com and everybody that has joined our
• 1:20:00
  Speaker 4: real estate our private real estate group. Man, that is
• 1:20:03
  Speaker 4: going crazy right now. Shout out to MG, the mortgage
• 1:20:05
  Speaker 4: god brother who's been running that for us. Man, it's
• 1:20:08
  Speaker 4: been going crazy. So everybody that's just supporting during these times,
• 1:20:11
  Speaker 4: we really appreciate y'all.
• 1:20:13
  Speaker 3: Yeah, the merch, the merch is out. We're gonna add
• 1:20:16
  Speaker 3: more hoodies. This is exclusive with me and Troy got
• 1:20:18
  Speaker 3: right now, but we're gonna add more hoodies to the
• 1:20:20
  Speaker 3: collection for the spring. And yeah, everybody, stay safe first
• 1:20:23
  Speaker 3: and foremost, and stay encouraged, stay positive. It's difficult times
• 1:20:26
  Speaker 3: right now for a lot of people, but you know,
• 1:20:28
  Speaker 3: this is a time to educate yourself and use use
• 1:20:31
  Speaker 3: your quarantine time wisely, because at some point, you know,
• 1:20:34
  Speaker 3: God willing, will be able to get back to businesses normal.
• 1:20:37
  Speaker 3: But you know, what you have learned and what you
• 1:20:40
  Speaker 3: applied from what you learned during this time will be
• 1:20:42
  Speaker 3: very important.
• 1:20:43
  Speaker 4: And Eyo University.
• 1:20:45
  Speaker 3: Is Yeah, it's something that we're excited about, and we
• 1:20:48
  Speaker 3: really ramped that up in the last couple of weeks.
• 1:20:50
  Speaker 3: We got a private Facebook group for real estate headed
• 1:20:53
  Speaker 3: by MG the Mortgage Guy, and yeah, just eyol University
• 1:20:57
  Speaker 3: dot com.
• 1:20:57
  Speaker 4: You can go there and all the information is there.
• 1:20:59
  Speaker 4: A big, big shout to everybody that's been tuning to
• 1:21:01
  Speaker 4: our catalog of episodes. I see a lot of people
• 1:21:03
  Speaker 4: posting since they have a lot of time now that
• 1:21:05
  Speaker 4: they're home, they've been listening to the back episodes they've
• 1:21:08
  Speaker 4: been watching on YouTube. Shout everybody that's on YouTube. We
• 1:21:12
  Speaker 4: appreciate it. Man. Like we said, use the tom wisely.
• 1:21:14
  Speaker 4: It's a great time to learn, it's a great time
• 1:21:16
  Speaker 4: to educate yourself.
• 1:21:17
  Speaker 3: Yeah, and YouTube, shout out to YouTube. We're doing two
• 1:21:20
  Speaker 3: webinars every week now on Monday and Thursday. And yeah,
• 1:21:25
  Speaker 3: that's been really exciting live live YouTube webinars. So the
• 1:21:30
  Speaker 3: book tip of this week is Crucial Conversations, recommended by
• 1:21:35
  Speaker 3: call so Yes once again, Gos, thanks for rocking with us.
• 1:21:39
  Speaker 3: Be safe out there. We'll see you next week. Peace Peace.
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