Wellness Center And Compounding Pharmacy Case Study

Executive Summary

This business is a Wellness Center and Compounding Pharmacy which the two owners have had for 30 years. They wanted to sell the business a few years ago, but the revenues decreased and they wanted to increase them to maximize its value. In May 2016, they estimated in about 2 years they would want to sell and thus needed to quickly increase the business’ revenues. They had anecdotal stories but no customer intelligence to identify why their customers kept returning. They had under-performing employees who had never had any formal training for them to excel at their work.

Challenges

  • To motivate each employee to do their best
  • To resolve some long-term conflicts between employees
  • To identify the customer experiences that drove customers to come back and bring their family and friends
  • To train the employees to have the skills, knowledge and confidence to excel at their work

Action Implemented

  • Interviewed management and employees to create a 1:1 Assessment and Growth Plan for each employee
  • Met weekly with each employee to keep them moving forward and creating a habit of making exciting goals
  • Met weekly with Management and the Managers who formed powerful and enduring working relationships
  • Interviewed top customers to identify the four components that created the customer experiences that drove top customers to be fiercely loyal
  • Identified the skills and knowledge necessary for each employee to excel and incorporated them into their Growth Plan
  • Departments had become siloed and the walls disappeared as the employees started to interact more with other employees

Outcomes – ROI

  • The business grew faster than anticipated with revenue up 30% within 9 months
  • The owners decided to sell the business when it was high performing
  • The employees became more accustomed to change and handled the change of ownership very well

Conclusion

We helped the owners to accelerate their sale of the business by achieving higher revenues and having their employees more highly skilled and knowledgeable to dramatically increase the attractiveness and value of the business.