Executive Update with Margaret Haynes | 5.30.23
Duration: 29m 42s
Description:
Right at Home’s Jen Chaney, VP of Franchise Development, talks with Margaret Haynes, CEO & President, and provides an Executive Update about the franchise system as a whole, its growth, and organizational structure. Margaret provides her insights into the Boards of IMC and Risemark and the functions of the Strategic Leadership Council.
Mid-year Right at Home Update
Margaret Haynes provides the status of the Right at Home network as of the end of May, reporting a great start to 2023. Also commenting that the entire network, including company-owned locations, are recording higher performance than the prior year, growing in a very positive way. There is still a need for more caregiver candidates, which is a subject addressed on a regular basis. There is also a boom of individuals that will be needing our services in the future.
Right at Home’s Growth
Haynes discusses the increase in hours is attributable to the pandemic, as the pandemic highlighted the value home care can provide and the value of aging gracefully in their home. More people coming back into the workforce as entitlement initiatives are going away. It’s pushing workers back into the workplace. Also, more people want to own their own business, but not be in business by themselves. A franchise network allows those people to build a business with the best practices and procedures already in place.
Risemark & IMC Relationship
Risemark is the holding company for the various Right at Home entities, which include Right at Home LLC, Right at Home International, Right at Home Company-Owned. Risemark was purchased by Investors Management Corporation (IMC) in 2016. While IMC is a private company, they follow the business philosophy of Warren Buffett, believing in building a legacy and purchasing good companies with good management and letting them run it.
Strategy Process
The three-year strategic plan communicated to IMC was initiated last summer, then fed into the budgeting process. It was presented to IMC indicating what was needed in order to support the planned growth. During the development phase, input was continually received from the franchise network regarding regulations, and what’s going on in the market. Corporate also works with the Strategic Leadership Council, a subset of the franchise network, on a monthly basis in order to keep good lines of communication open. Quarterly Board Meetings are held and updates are provided on performance to the objectives. IMC and its board of directors then provide insights and advice.
IMC and the Board
IMC is the parent company that owns Risemark. As part of the parent company, there is a governing Board made up of individuals asked to sit on the board and be advisors. There are members from IMC, but we also have a chairman of our board that’s not a member of IMC. The board also includes other experts from different walks of life that engage with Right at Home on a quarterly basis just to help guide us.
What is the SLC and what do they do?
The SLC stands for Strategic Leadership Council and is our franchise advisory council. The council is voted upon and made of up franchisees that help with strategy, but also help with our brand funds, which are used for national advertising. Eight members of the council represent each of the eight regions. There are also four additional members appointed by corporate. Corporate tries to make it a good representation of the entire network.
Benefits of being on the SLC
Haynes believes that members of the SLC would tell you that it really helped them give back to a network that has given them so much. They can help influence strategy, be more engaged, and help the network grow.
Can the organization adjust to strategy changes?
Right at Home is able to be nimble and adjust to changing elements. The company-owned stores can be used as test kitchens to try out new lines of businesses. The SLC also has influence over many of the franchisees in the network as they represent each of them.
Do company-owned stores function like franchise locations?
Company-owned stores pay royalties and contribute to the brand fund just like franchisees, constantly testing and sharing best practices. They follow the same policies, procedures, and licensure as the other franchises.
Latest Technology Rollout from a Company-owned Store
Just to make it clear, testing also can happen within some of the franchise network. Some are very entrepreneurially minded and innovative, so at times, are approached and they will collaborate with us on testing. A great example of technology tested together is the applicant tracking system. It has now been rolled out to the entire network.
NEXT SCHEDULED TALK:
June 16, 2023 at 2 pm CDT
Register here:
Supporting Franchise Success
If you are interested in becoming a member of the Right at Home family, submit the form below.
#Franchising #Leadership #SuccessWithSignificance