Executive Update with our CFO

Jeff Vavricek, Chief Financial Officer with Right at Home, and Jen Chaney, VP of Franchise Development discuss some of the things potential franchisees should look at when researching a franchise. Learn about some of the tools  @Right at Home offers franchisees to help manage their territory and how Right at Home performed financially through COVID-19.  

Vavricek has been with Right at Home since 2010 and CFO since 2015. Prior to coming to Right at Home, Jeff worked in the banking industry.  The following is a summary of questions asked and a short response:  

  • What are some of the financial items a prospect needs to research on a franchise? Jeff provides a detailed discussion on what financials should be reviewed prior to purchasing any franchise. Right at Home has three years’ worth of audited financial available for review in their FDD. Vavricek also provides insight into what to look for on an income statement to see if the business is growing and what questions to ask.
  • Is the financial software Right at Home operates user-friendly? Vavricek talks about the RightFocus software system and its key metrics dashboard. A business performance coach will walk the franchise owner through the system, help them understand the metrics, what areas to look at and focus on in order to grow the business. Right at Home also has QuickBooks support people available for questions and training, i.e., setting up your first payroll.
  • Can you discuss the growth of systems at Right at Home since you started? Vavricek notes Right at Home has always looked at data and analytics, but the department has grown from 1 full time person to 10 people. The team looks at building out analytic tools to help owners know what their financial trends may be, for example if they were to purchase a second territory, or just to be better operators.
  • You hired your first analyst seven years ago, what do you think the department will look like in seven years from now? Vavricek discusses how he sees Right at Home’s data driven organization growing. The analytics helps us really focus on how to make this easier for our franchise system so our owners can do a better, more efficient job running the organization. He envisions the analysts team doubling in seven years.
  • What has been Right at Home’s progression through COVID and how has it impacted business? As a healthcare organization, we needed to provide the tools to the franchisees to allow them to do they need to do. A massive task force focused on providing tools, answering questions, making sure all the key things happened. Financially, our business declined at the beginning, but jumped back within the first three to four months to the point where business got better.
  • From a business perspective, how has the pandemic changed the business? Jeff provides a detailed response on the evolution of the business during the pandemic and his thoughts on why the franchisees succeeded during COVID.
  • How does your franchise concept compare to other concepts in the senior space? Jen Chaney comments that the support Right at Home provides is above and beyond that other franchisors give their franchisees. With our franchise owners caring for their caregivers themselves, and caring for the clients they’re providing services to is incredibly important to Right at Home. Vavricek adds from the financial perspective, “Make sure when comparing financials to a competitor, you’re comparing apples to apples. Everybody has their own formula for reaching average net billings for an office. Ask the question what does this figure include or not include.”
  • What are some of the other strategic focuses for Right at Home? Vavricek discusses some additional initiatives for Right at Home, such as growth with new locations. He added growth within the senior space, allowing Right at Home to have a broader suite of products which franchise owners could implement into their businesses. Right at Home also wants to provide an outstanding caregiver experience, discussing how to retain, empower and hire more of them.
  • If you want to be the best franchisee in the system, how can you compare yourself to the others in the network? Jeff discusses many of the benefits of joining a Business Performance Group. Jen talks about peer to peer discussions where coaches will schedule state calls and regional calls for franchisees to collaborate with others in their own state or region.

 

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