This episode of All Things Business for Physicians features special guest Jared Whipkey, owner of Comfort N Mobility, a durable medical equipment (DME) company based in Florida. He’s a former CFO of small hospitals and thus has firsthand experience of the challenges of transitioning from being an employee to a becoming small business owner.
In this podcast episode, you’ll learn about:
- What inspired him to become a business owner and how he ended up in the DME market
- What surprised him the most about owning a small business
- How he broke free of the employee mindset
- What he learned from his worst moments in business ownership
- Why delegation, competition, and faith are gifts to a business owner
- How he defines calculated risk taking
For a summary of Jared’s main talking points, we encourage you to read through the information below.
- Jared opened his small business with his wife and sells DME, though they’ve taken steps to capitalize on their niche market of power wheelchairs. He credits his experience as a CFO for helping him bring effective cost-cutting strategies to his company, which is essential for any small business. Even still, he acknowledges how important it is to have an accountant on hand to help you with the important financial aspects of running a business.
- “However much you put into [your business] is what you’re going to get out of it.” Jared finds a great amount of freedom in owning his own business that makes the risk-benefit ratio far worthwhile.
- Are you buying a business from a previous owner? It’s important to understand the financial aspects involved. But if finances aren’t your forte, it’s important to connect with a professional you can trust and who can help negotiate the deal.
- What’s it like letting go of the employee mindset? “It’s a process every day,” he says. Being aware of a healthy work-life balance while at the same time doing everything he can do to help the company is an important struggle he hasn’t mastered yet, but his self-awareness is heightened thanks to it.
- The stresses of financial constraints and connecting with new clients are some of the biggest challenges he faces within his business. But “failure can be good and bad,” he notes, and he’s learned to use his struggles to help him redirect his efforts into new, untapped areas instead of staying stuck in a particular area, business style, or some other element.
- Jared credits delegation as a major reason he’s been able to manage his time better, though it’s still a challenge for him. But as a business owner, he recognizes the importance of seeing his company as a team, one in which every individual player should be able to contribute value based on their own strengths.
What’s his best advice? “Service above self.”
You can reach him via his website, comfortnmobility.com.
Resources from the podcast:
- The Bible (He acknowledges his faith has played a major role in helping his business grow and negotiate the challenges small business ownership entails.)