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