Executive Update with Margaret Haynes | 9.19.23

Duration: 30m 54s

Description:

Right at Home’s Jen Chaney, VP of Franchise Development, talks with Margaret Haynes, CEO & President, to provide an Executive Update about the franchise system as a whole, its growth, and organizational structure through September 2023 and a look into the future.

Business Growth Update 

Margaret Haynes reports the number of hours/week of care continues to uptick, as well as revenue. Corporate continues to be very focused on the profitability of the franchise owners, as owners focus on the growth of their businesses and living out the mission. Caregiver hires and retention in the first 30/60/90 days and all of those metrics are moving in the right direction. The footprint for the brand is also right on track for the year. We have also seen expansions happening for many existing owners, becoming multi-site franchisees.

Increase in Hours 

The increase in hours has been attributed to caregiver hires going up. That also means the waiting list is not as long, and we are able to service clients. We are still coming out of post-COVID, but the great thing was our business model did well because people wanted to be in their homes. We know we have an aging population, and they are going to need care. We are on the brink of expansive growth to where there’s just going to be such a demand. We are doing some innovation as well, to prepare for this boom of so much demand. 

Owner Expansion

Right at Home does not want to put pressure on the current business model. Haynes notes they want to see growth – top-line and bottom-line profitability. So if an owner is considering expansion, they will have a business plan established for the next territory. Their business coach will also help the owner focus on the expansion. Right at Home wants to ensure the owner can treat and grow the second territory equally as well as the first territory they’re operating.

Economic Impact

As an economy, Right at Home does see an increase in the cost of goods. There has been an increase in pay rates for caregivers; however, that’s a good thing. Right at Home prides itself on being a brand that pays competitive wages. When we do that, we also see our bill rates increase. We also look at the cost of goods and the ability to have control as an owner, as well as the inherent cost of running a home care business. Right at Home is constantly looking at both above and below the line to adjust to what the market demands are.

Innovation

Right at Home Corporate has developed a team that thinks about how we can innovate around the business model, what different things we could do, and different approaches we can take with the core fundamentals of the business model. Technology is going to play a role, maybe by providing needed assistance so a full-time caregiver is not required or supplementing a caregiver. A subscription model may be created or bundled into services. We also are looking at leveraging technology to drive efficiency and savings for the owner, improving profitability in the business model. 

Business Performance Coach 

When you start working with your business coach, Right at Home wants them to know what are your goals and objectives for this business. If your aspirations are to have a multi-location site, that’s good to let them know at the onset. Along the way, the business coach will help in preparation for when you take that next leap, looking at the numbers and assessing when the time is right to grow your business.

Expansion

If the time is right for you to expand, Right at Home has a wonderful process in place to help you fully understand as a franchise owner if the time is right. There are things that the franchise owner will submit to us and then a full review is done to ensure you are in a proper position to expand.

Ownership

Right at Home is an owner-operator business model. If you want to be an absentee owner, we would tell you this is not the right fit for you. We are in the business of helping people in a very vulnerable situation, engaging with families at a point of stress. It is very much a relationship-based business. 

Before the Business Opens 

The minute you sign the franchise agreement, the game is on. We’ll walk you through a very detailed project plan to get your business ready. In some states, the timeframe may be longer due to licensure, etc. There is an actual chart in the FDD that shows average hours per week as you onboard, and it’s sectioned out in different milestones. For example, hr/week prior to Residence Week and hrs/week post Residence Week. It also provides a range of hours once you are dedicated to getting your business up and running.

Changing Employment

You will be armed with a RightStart project manager that’s going to help you figure out what needs to get done. We will be very forthright and honest based on the project plan and the timeline on what’s going to make the most sense to set you up for success.

NEXT SCHEDULED TALK: 

October 31, 2023 at 2 pm CDT

Register here:
Caregiver Recruitment and Retention

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