Executive Update with Right at Home – Jeff Vavricek, CFO
Duration: 30m 02s
Description:
Jeff Vavricek, Chief Financial Officer with Right at Home, and Jen Chaney, VP of Franchise Development discuss the general State of the Union, as well as ways that Right at Home helps franchisees stay focused financially. Jeff Vavricek has been with Right at Home for over 14 years and has been Chief Financial Officer for the past 10 years. Before moving into the CFO role, Jeff had been VP of Programs and Services, so he would work with vendors and build out new programs and initiatives to help drive revenue and efficiencies for the franchisees.
State of the Union
Right at Home has been franchising since 2000. Every year the company continues to grow, and add new franchisees. With that, Jeff notes that the revenue and hours are growing, and Right at Home is serving more clients. He projects that to happen in the future, as well.
Advice for a Franchisee to Stay Financially Focused
Jeff noted it was very important to work on getting new clients. You need to be marketing yourself, doing sales calls, and networking in the community. Right at Home also provides some partnerships that provide leads to our franchisees. You also need to watch your margins or make sure you’re charging the right amount vs. what you’re paying caregivers. Your RightStart onboarding coach will walk you through that in training. Your business coach will also review your P&L with you and make suggestions to ensure your expenses are in line. Right at Home also provides a dashboard that provides you with metrics to guide your revenue and personal goals.
Timeline for a Franchisee to Get on Their Feet
It varies from person to person, but Jeff continues to explain that minimums are established as a way of measuring. Jen Chaney adds that Right at Home is here to help and support you. There isn’t a specific time frame. It depends on the franchisee, as they have to get their boots on the ground and spread the word in their territory to acquire clients. Right at Home is there to help provide the tools, support, and guidance, but at the end of the day, it’s on you as the franchise owner to introduce yourself in the community and make things happen.
How Do I Know What to Charge for Services?
Once you join the Right at Home system, you will have help and guidance from your business performance coach on any questions you have. We will provide you with guidance on where to start and things to consider.
Performance Groups
When you are looking at your profitability, we have several differentiators where we really do focus on the franchisee and their financial health. We start with the RightStart Coach, then the business performance coach. We also have Performance Groups, which is a group of 10-12 franchisees that meet regularly. The franchisees drive the content of these meetings, really showing their numbers to peers and working out problems. They focus on the bottom line and may discuss how to save on expenses or different ways of staffing. However, franchisees are not required to join them, but they are very popular. The collaboration between all the franchise owners on how they can improve their business and how they hold each other accountable is awesome. They are all there for the same reason, to share ideas, share best practices, and grow their business.
Will Right at Home assist me in Learning about the Financials?
The answer is “Yes”! Right at Home has many franchisees with very diverse backgrounds. First of all, if you have health care experience, that’s helpful. Most don’t have financial experience unless they come from the finance industry. Right at Home will teach you how to do those things. We will walk you through how to use QuickBooks and help you set up a chart of accounts. We will walk you through how to perform payroll and billing your clients. You will have challenges, but you can call and ask us how to do it again.
What Kind of Impact will AI have on In-Home Care?
Right at Home has established an Innovation Team to focus on technology and innovation. How can technology help provide better care. Can AI examine a care plan and based on a condition change update the plan? We are also looking at how can one caregiver care for more than one client at the same time. Getting caregivers is a challenge in our industry. Before we implement anything, it will go through much testing and trying.
Advice to Prospective Franchisees
Jeff encourages you to talk to new franchisees. Ask them tough questions – is this business easy or hard? But they will also tell you it is rewarding.
NEXT SCHEDULED TALK:
October 22, 2024 at 2 pm CST
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