Meet Eric Hoyt, President of First Access Medical

Eric Hoyt is President of First Access Medical, LLC (FAM). He is a United States Military veteran who has worked in the healthcare field for thirty years. He founded First Access Medical, which is a medical device distributor that brings unique protection products to solve everyday common challenges and problems in hospitals, medical offices, and home health settings.

1. How did First Access Medical first get started as a company?

First Access Medical LLC actually started as Access Medical LLC. We realized we had to form a company to promote and advance a product that we had developed: the Cathguard. Back in the 90s, I started working in a dialysis unit, and it wasn't long before I realized there wasn't an effective way to deal with the exterior lumen of a central line venous catheter. I had patients young and old dealing with the rigid plastic and sharp clamps of their catheters excoriating their skin. At that time the only remedy was to wrap the lumen with gauze and tape. It was a very difficult process as well as ineffective and dangerous for the catheter at the insertion site.

I began making a protective cover from sterile material we had on hand. I was hand making the covers/pockets for the patients in my dialysis unit. It wasn't long before every patient with the catheter wanted a catheter protector.

2. What inspired you and Cidnee Hoyt to create a product to assist patients who require catheters?

I could no longer keep up with the demand as the covers were disposable and required a new one at every treatment. We found a local medical device manufacturing company in our town. We formed a company, Access Medical LLC, to manage the financial responsibility of a company. We formed joint venture with a medical supply company to help us sell the catheter protectors. At that time, I was the chief dialysis technician, and my wife, Cidnee Hoyt, was in nursing school, working full time, and raising four children. The name Access Medical is derived from the first letter of everyone in the family at that time to include for children, Cidnee, and myself.

We knew the device had a future when the patients started demanding the Cath-PRO. I had one gentleman tell me it was the best night's sleep he had gotten since having the catheter placed.

I remember a 16-year-old female patient came to our unit and was crying uncontrollably; she could not be consoled. We asked her, what was the matter? She said, "This thing is so ugly!" I provided her with a catheter protector that managed the catheter as well as gave her discretion for the device. It completely changed her attitude, and from then on, every time I saw her, she had a smile on her face. She told us, "Thank you so much!"

3. What makes the Cath-PRO a unique product, and how does it help patients as well as medical professionals?

The Cath-PRO help support the exterior lumen of the central line venous catheter. It prevents suspended weight from pulling at the insertion site during times between treatments. Due to its design and water repellent material, it adds an added layer of protection from infectious ambient elements. It conceals the catheter under clothing, making it almost invisible. The Cath-PRO speeds up treatment times by avoiding the cumbersome issues involved in using taping to wrap line clamps and caps. The dialysis center business is a high pressure and very fast paced environment, and the Cath-PRO allows a seamless transition from treatment to exit as well as quick treatment initiation time. When the Cath-PRO goes on, patient and care giver know that the treatment is done and the patient is ready to go!

4. Does First Access Medical sell products mostly to hospitals or visiting nurse services or individuals or...?

Due to the reorganizing of First Access Medical, we offer the Cath-PRO to hospitals, dialysis providers and patients.

The re-engineered design of the Cath-PRO we offer to oncology floors cancer treatment centers as well as home treatment care that involves central line venous catheters. The larger version can accommodate multi lumen catheters as well as varying lengths. Cath-PRO can be embossed with company names to promote healthcare organizations, such as treatment centers, radiology centers, and catheter OEMs.

5. If someone has an idea for a medical device, is it possible for them to collaborate with your company?

Due to our experience, taking our idea from kitchen table to global sales has given us the experience and understanding how to navigate the complex medical device market. We understand and appreciate the perspective of the front line caregiver and patient as well as the federal regulatory mandates of government entities that regulate the medical industry. We also understand the professional world as it relates to medical sales and manufacturing.

Thanks, Eric!

First Access Medical provides top-quality catheter protectors required in the therapies of dialysis. All the products are subjected to FDA rules for manufacturing. 50% discount for first-time orders. If you have any questions, please call: 432-213-3709

Meet Ross Lang, Owner of Cobb Pawn & Gold in Marietta GA

Ross Lang is the owner of Cobb Pawn & Gold in Marietta, Georgia, a family owned shop that has been in business for over 30 years.

1. How long have you been in business?

Cobb Pawn and Gold is a family owned and operated business established in 1982 as an alternative to a typical pawn shop in Marietta, GA with more the look and feel of a fine jewelry store, including the personal service you would expect. We specialize in low interest loans on diamonds, jewelry, watches, and other valuable assets. We also offer loans on boats, PWC's, heavy equipment, and more, all stored on our secured lot.

2. Why should you get a loan at Cobb Pawn & Gold vs a typical pawn shop?

We are a family owned and operated business. With over 30 years experience in the jewelry business, we have the expertise to assess and offer you the true value of your fine jewelry at interest rates a fraction of that of a typical pawn shop. Unlike most of our competition, our mission is not to acquire your treasured possessions and flip them for a one time quick profit; our goal is to have a long-term personal relationship with you. Many of our first time loan customers become some of our best retail customers, returning every holiday or birthday year after year for that special item and the same quality of service and respect they received the first time they walked in our door.

3. What is the most unusual item brought into your store?

It's hard to come up with just one item out of the thousands of loans over the last 30 plus years, but the first thing that comes to mind is a 1966 Pontiac GTO Tri-power with factory original paint. We've had the car a couple of times. The customer owns a small seasonal business of his own and has used it as collateral to purchase additional inventory when needed.

4. Is there really such a thing as win-win with pawn shops?

Yes. We recently had a customer that had a pawn loan with a local competitor on a civil war-era rifle that had been in his family for generations. He's retired on a fixed income and was caught in a dead end loan that he could never afford to pay out; he only pay the monthly fees and the pawn shop he was at would not accept any principal payments. We paid out the loan and wrote him a new loan at half the interest rate he was paying. The discount in the rate left him enough cash to pay on the principal every month, and he was able to get his rifle back in a few months.

5. You have fantastic reviews online. Why do your customers keep coming back?

Being a family ran business, we offer superior customer service at the best rates in the industry; it's that simple! Our loan process is fast, easy, and private. All your transactions with Cobb Pawn and Gold will be kept confidential by us. In addition, all your jewelry collateral, while in our possession, will be fully insured, secure and kept off premise in a bank vault. That's why Cobb Pawn and Gold's growing customer base and our reputation of discretion and professionalism have attracted some well-known local athletes, executives, entertainers, small business owners, and prosperous locals who need quick cash. We are well-known in the industry and purchase fine jewelry and Swiss watches all over the southeast from pawn shops and jewelry dealers.

Thanks, Ross!

Meet Robbie Clinger, Business Appraiser and Valuation Analyst with Highland Global

Highland Global is a leading business valuation, strategic advisory, and financial analysis firm for family owned and privately held businesses. They provide a variety of services relating to merger or acquisition transactions to business valuations for middle market clients in a wide range of industries. Their team is comprised of experts in their respective fields.

Robbie Clinger is the managing director of Highland Global. He is a Certified Business Appraiser and Accredited Valuation Analyst and has strong experience in the fields of business valuation, financial analysis, and strategic advisory services.

1. When should a small business owner consider getting a valuation for his or her business?

There are a number of situations that may necessitate a business valuation for a small business owner. Most commonly we perform business valuations for small business owners when they are contemplating a sale of the business or seeking bank financing with an SBA guarantee. Banks are looking to ensure that the value of the business will support the loan. In a potential sale of the business, the owner needs to have a set of expectations for the value of the business based on a third party, independent assessment of value. My valuation is a function of expected returns to a buyer when considering a variety of company-specific factors to develop the risk-adjusted rate of return. There are other situations that may require a business valuation for a small business owner such as succession planning, an employee stock option plan, estate tax or gifting purposes, or rollover of funds from an IRA.

2. What are some of the factors that you consider when making a valuation?

In the most basic form, the value of any asset is the sum of the present value of the future cash flows that are expected to be generated by that asset discounted at a risk-adjusted rate of return. This is a basic principle in financial theory. Some finance professionals conduct analyses to determine the value of publicly-traded companies. So, they look at the expected dividends of Exxon, for example, in the future and discount those discounts at a rate of return that considers risk factors to which all businesses are exposed and risk factors specific to Exxon. When I'm valuing a private business, a regional manufacturing firm for example, I take a similar approach. I look at the expected future cash flows from the business after they've reinvested in capital equipment, serviced any debt, etc. Then I consider a variety of factors in developing the discount rate applicable to a company's expected future cash flows. When it comes to risk factors specific to a private business, I consider the company's financial risk, customer concentration, diversification, stability of earnings, supplier risk, distribution risk, and earnings margins, to name a few. Two of the biggest factors, in my mind, are the financial characteristics of the business. That's to say, can the business make money and how much money can it make? If the business doesn't make money or can't generate cash flow to an investor, there may be little value there. Second, is current ownership or management competent and capable of running the business at a profit and to its potential? If the owners or managers aren't experienced or don't have a track record of successfully running a business, there's a good chance the business won't be successful or as successful as it can be. This, of course, negatively impacts the value of the business.

3. Do you find that there are specific concerns or questions that tend to come up with family businesses?

What's my business worth? What do you mean it's only worth that much? How do I increase the value of my business? I think those are the most common valuation questions that I encounter when dealing with a family business.

A lot of family businesses are concerned with how they can successfully transition the business from one generation to the next or from them to a new owner. They want to know what their options are, what the best options are, how they can maximize value in a transaction, and how they can market and sell their business.

There are a lot of family businesses where the owner is getting ready to retire and they're not sure what to do. They've worked all their lives to build the business, and there's a lot of emotion as they consider the future. The business is like one of their kids. They've nurtured it and been there through good and bad times, and they're not sure if they're ready to let it go. By the same token, they often have a much larger expectation about the value of the business. They think it's worth a lot more than what it is. From a valuation perspective, the business has a certain value to a financial buyer and a higher value to a strategic buyer. Ultimately, the business is worth what someone is willing to pay for it. I can't predict what a specific buyer is going to pay for the business. So, I have to explain to the business owner what the range of values are to specific buyers and help them understand the valuation process that produced the valuation. This, of course, requires that I explain to them the methodologies used and factors that influenced the valuation.

4. For someone who is just starting a family-run business, what are some suggestions you might offer, based on your experience working with other family businesses?

Make sure the business is well capitalized when you start it. Most start-up businesses fail because they run out of cash. They don't have enough cash to sustain operations while the business gets established and starts generating cash flow. You need to have a comprehensive business plan before you start the business. That business plan needs to set goals and explain how you're going to achieve those goals. The business plan needs to identify how you’re going to sell the product or service, what resources you're going to need, how much working capital you'll need, what your break-even point is, and what your budget is for the first three years. The budget or forecast is a crucial point to consider. You need to know what your fixed expenses are going to be for the first three years and any variable expenses. You need to know how much cash you're going to need to pay those fixed expenses until the business is generating free cash flow. If you go into business expecting the business to pay for everything right off the bat, you're probably going to fail. I have yet to see a start-up business generate free cash flow from day one. There's always a period at the beginning where the cash outflows for ongoing expenses exceed the cash generated from sales. That's just a business and finance 101 fact.

The business plan needs to be your roadmap. There are going to be deviations and changes along the way. You need to be prepared to adapt to changing circumstances. You need to have contingency plans in case something happens to disrupt business or change the business model. If you were a buggy-whip maker when the automobile came along and you didn't change with the times, you probably went out of business. You've got to be adaptive and resilient. Times change, and your business needs to be prepared to change with them.

And I think most importantly you need to have an end-game strategy in mind from the outset. You're going to invest a lot of money and time in a start-up business, but what's your anticipated return, and how are you going to monetize the investment in the business? How are you going to exit the business? Are you going to just liquidate? Shut down? Give it to your children? Sell it? If so, are you going to be able to sell it? Is someone going to want it? You need to be thinking about this as you build and grow the business. It will pay off for you when the time comes to convert your investment in the business into cash.

5. How did you first become interested in a career in business/finance, and what do you enjoy most about your work?

I've always been intrigued by the financial markets. When I was a kid, and this was long before we had internet, I'd look at the stock prices in the evening paper. I'd follow companies that I knew--you know, Pepsi, Disney, Exxon. They were all companies that we were probably all exposed to at a young age. I didn't understand much about it as a kid other than I was fascinated by it. I remember my interest really took off when I was given shares of stock for my birthday one time. This was back when you actually got a paper certificate of stock with your name on it and the number of shares it represented. It was fascinating to me. Here was this beautiful stock certificate with my name on it, and it meant that I was a shareholder in a company. I guess that was how I got interested in finance, so when I went to college I majored in finance and learned a whole lot more about it. After I graduated from Coastal Carolina University, I got a job at a small investment bank. I was the in-house financial analyst responsible for doing valuations of private companies for mergers and acquisitions. I really took an interest in valuing private companies and all the nuances that go with that. It's a lot more complicated than valuing a public company. When things went bad with the company I was working for, I went out and started my own business focusing on valuing private companies, and I've been doing that ever since.

What I enjoy about my job the most is that I get to use my analytical skills every day when I value another business. Each and every business is different. I get to see all kinds and see what works and what doesn't work at similar businesses. Each project is a new challenge, and I'm fortunate that I'm getting to do what I love and what my education is in. I also get to do a lot of research in my field. I get to write articles from time to time that combine both the business valuation and finance fields with some economics. So it's mentally stimulating as well.

Thanks, Robbie!

Introducing Ride Now Motors of Charlotte, North Carolina

Ride Now Motors is a dealer of used cars in Charlotte, NC who specializes in working with dealers who have damaged or poor credit. The vehicles they provide are of the highest quality, and they have up 350 vehicles in stock to ensure that they always have what their customers are looking for. The family-run business that is Ride Now Motors prides themselves on supplying the best buying and customer service experience in the area.

1. What inspired your family to start Ride Now Motors?

As a family, we have worked within the used car industry for some time and had a broad range of experience within all sectors of car sales. We were very aware that there was a sector of the market which wasn't being catered for properly within the sub prime sector. We wanted to start dealerships which would deliver vehicles of the highest quality to our customers and still be able to offer those vehicles with sub prime financing. Much of our inventory is considerably more expensive than our competitors' inventory; however, the margins which add to our vehicles are significantly lower, allowing us to supply a more expensive vehicle at the same monthly payment than the other dealers in our market.

2. Why did you choose to specialize in helping buyers who have experienced credit difficulties?

Since the economic downturn, more and more people have faced a wide range of financial challenges and been victims of situations which were out with their control. These shoppers are people who are used to having good credit and shopping for vehicles from dealerships who treated them with the utmost respect. It is all too common for dealerships who offer sub prime financing to treat customers with contempt and make them feel like second-class citizens, which is frankly ridiculous. Ride Now Motors adheres to the highest standards and provides a high class of vehicle which has been prepared to the highest standards. The number of vehicles which we sell as a result of our customers telling their friends is proof that we are doing something right!

3. What are some of the specific ways you are able to assist buyers with poor or damaged credit?

As part of setting up Ride Now Motors, we established our own finance company so we would be in control of every aspect of the selling experience, including providing a means offering our customers with a credit line. Setting up Credit Financial Group puts us in full control of every aspect of buying, selling, and financing the best quality vehicles for our customers.

4. As a used car dealer, could you tell us a little about your strategies for finding solid cars at affordable prices for your customers?

There are a few aspects which have impacted the traditional buying processes over the course of the last ten years, and we are incredibly dedicated to finding new avenues for finding the best quality vehicles for our dealerships. We have two full-time buyers that work for us along with an extensive network of contacts throughout five states who are constantly looking for vehicles which fit our remit. We do NOT offer vehicles with salvage titles, and every vehicle goes through a very extensive multi-point check before it reaches the showroom floor. Along with these checks, we also take care of many of the cosmetics issues which a used vehicle can develop; it is attention to detail like this really sets us apart from the competition.

5. What do you do to maintain a high level of customer service and a pleasant car-buying experience?

We mystery shop our own and our competitors' dealerships on a regular basis which we believe is rather unique to us. We also use a fantastic telephone system which allows us to record incoming and outgoing calls so we can review them on a weekly basis. We don't mystery shop our own salespeople to try to be sneaky, but to discover new training opportunities and alter our policies on an ongoing basis. The wonderful reviews which our customers leave us online are a great representation of the efforts we are putting in on a daily basis.