Hello to all my Million Dollar Peeps! As always, I hope this message finds you all doing well, and business is booming!
I had a great conversation with a new provider yesterday. He's sitting on a nice little wad of cash, so in addition to NEMT, we discussed some other business interests and opportunities he was considering.
He emailed me with a great follow-up question (see below) regarding how he could pursue another businesses unrelated to NEMT at the same time. His question is so applicable to what we're working on with some motivated buyers where we can't find motivated sellers in particular areas, I made it the "Question of the Day":
"What would be your best suggestion in moving forward knowing that [Name of Competitor] is a major player in the area?"
My answer is surprisingly simple, yet exceptionally effective. Are you ready? ...... wait for it ...... wait for it ....
Go to the best provider/company and hire their "number two" - SERIOUSLY!!
I know, I know, some of you reading this message are saying "Joel, that's such an underhanded dick move!"
No it's not. If you're that naive, you're probably one of those providers who complains "Hey, you stole my customer!" when you lose customers to a competing service - like customers are some form of property and not fair game for being "poached."
Seriously, you have no idea how effective this strategy is, and there are going to be some providers in key areas who are going to find a new competitor in town, and it's not going to be a desperate single operator signing up with brokers.
The fastest way to scale is to purchase an existing business(es) with effective operational capacity and mechanism.
However, when an acquisition isn't available and you're forced to start anew, hire a strong "number 2" from a competing service and make the incentive so good they operate like an attack dog!
See you at the Top!
Joel E. Davis | 
