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Insights from an Entrepreneur: Journey from $0-$150 Million Revenue

Join the University of Maryland School of Nursing Alumni Reunion on April 13, 2019, in Baltimore, Maryland, with Fran Lessans, CEO of Passport Health, sharing her entrepreneurial ride and valuable lessons on seizing opportunities and adapting to challenges.

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Insights from an Entrepreneur: Journey from $0-$150 Million Revenue

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  1. University of MarylandSchool of NursingAlumni Reunion 2019 Becoming an Entrepreneur Fran Lessans, Founder, President & CEO Passport Health April 13, 2019 Baltimore, Maryland

  2. Born or Learned? 25 Year Ride • $0-$150 million in Gross Revenue • 300 locations in N. America including US, Canada, Mexico • Starting a business begins with learning from every experience and keeping eyes open for ways to incorporate learned skills • Entrepreneurs see opportunity where others see problems • Entrepreneurs facilitate change rather then automatically endorsing the status quo • Figured out what I liked and did not like early on and fortunate to have a husband put food on the table • How I got jobs • Making money when there is none fosters initiative • Repeating and incorporating learned best practices University of Maryland School of Nursing Alumni Reunion April 13, 2019

  3. Starting Passport Health Saw a need--altruistic: Law Student issues Developed user friendly tear pad Traded brochure for meds People sought me out Was cottage industry Educated myself Used resources Always keep the customer in mind Not about happy staff This was the proof of concept University of Maryland School of Nursing Alumni Reunion April 13, 2019

  4. Recognize Opportunities Saw travel changing in the early 90’s Developed a program Added on Flu clinics Satellite locations Credentialing Immigration Physicals Passport and Visa Services University of Maryland School of Nursing Alumni Reunion April 13, 2019

  5. What a Great Idea • Great Ideas are a dime a dozen • Execution is the KEY • Try New ideas • Know how much to wager • Cut your losses; you are not the government! University of Maryland School of Nursing Alumni Reunion April 13, 2019

  6. Riding Coat Tails Once you make it everyone wants a piece Pay for ideas Pay before you know what it is Pay for their help even if they are not in the know Pay employees for stuff University of Maryland School of Nursing Alumni Reunion April 13, 2019

  7. Always Have a Back up Plan When you run a business you will eventually encounter encumbrances • 9/11 • Terrorism attacks • War • Ebola • Zika • Vaccine Shortages Look for the silver lining University of Maryland School of Nursing Alumni Reunion April 13, 2019

  8. Franchising • Great way to start without large amount of capital • New business that must be learned • Believed that if I could do it, anyone could do it if I cut it up • Not so true! University of Maryland School of Nursing Alumni Reunion April 13, 2019 Health Annual

  9. Human Resources Careful to hire Most expensive Most difficult to terminate Evaluate Realistic expectations My 3 P’s: Passion, Perseverance, Problem solving University of Maryland School of Nursing Alumni Reunion April 13, 2019

  10. Thank You University of Maryland School of Nursing Alumni Reunion April 13, 2019

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