By Stephen Tweed
February 15, 2023 marks the 10th anniversary of the Home Care CEO Forum and the Home Care Mastermind Groups. On this date in 2013, eight home care leaders from five companies met at the Double Tree by Hilton at Sea World in Orlando FL for the very first meeting of “The Five Million Dollar Mastermind Group.” These leaders spent two days sharing ideas, solving problems, and encouraging one another. At the end of the meeting, we asked them if they would like to continue meeting as a mastermind group. They all said yes, and that began what we know today as The Top 5% Mastermind.
Flash forward ten years. Four of the five companies have been sold by their owners, and the fifth company … Martha’s Hands in St. Louis … is still part of the group.
Over this decade, 85 companies have been members of a Home Care Mastermind Group. Forty-eight of them are still members, thirteen have been acquired, and four companies have taken private equity capital and are buying other companies.
The Top 5% Mastermind
Formed in 2013 as the Five Million Dollar Mastermind, this group now has ten member companies with an average annual revenue of $12,352,446. A total of 17 companies have been a part of this group. Seven have left the group, with 3 being acquired and 3 moving on to acquire other companies.
The % in Top 5% comes from the revenue ranges published in the annual HCP Benchmarking Study from Home Care Pulse. These companies are at or above the 95th percentile for revenue of all the companies responding to the HCP Benchmarking Study.
The Top 7% Mastermind
Formed in 2018, this group consists of seven companies with an average annual revenue of $6,131,516. A total of 18 companies have been members of this group. One moved up to the Top 5% Group, and three were sold to large home care industry consolidators. Three companies have moved up to this group from smaller mastermind groups.
The Top 10% Mastermind
Formed in 2016, this group has 15 members with an average annual revenue of $3,325,084. The group is open to companies that provide between 3,000 and 6,000 hours of care per week. A total of 24 companies have been members of this group. Two have moved up to the Top 7% Group, and two were acquired by other companies. One member was acquired by a member of our Top 5% Group.
The Strategic Growth Mastermind Group
This group was formed in 2015 as a place for smaller, newer companies who want to grow into the Top 5%. The companies in this group have average revenue of $2,076,355. There are currently 16 companies, and this group is divided into two sub-groups. These companies provide between 1,500 and 3,000 hours per week of home care services. A total of 26 companies have been members of this group. Three have been acquired, and two have moved up to the Top 10% or the Top 7% Group.
Opportunities for Independent Home Care Companies Who Want to Grow their Business and Get Ready for the Future
If you are the owner or CEO of an independent home care company that provides more that 1,500 hours of care per week, you may want to explore being part of a group. Each group consists of similar sized companies, where no other member competes with you in your local market, and where you can share ideas, solve problems, and support one another.
Each of these mastermind groups meet twice a year in-person for two days, and once a month by video conference. This As we celebrate tis 10th anniversary, all five groups will be meeting over a two week period in Southwest Florida.
To explore the possibility of becoming a member, visit our Mastermind Group page and complete the inquiry form at the bottom of the page. We’ll schedule a discovery call with Jensen Jones or Stephen Tweed. If, after this conversation, you feel like being a member might be a good fit for you, we’ll invite you as a guest to an online video meeting to meet the other members and engage in their conversation. Then, if you still feel like it’s a good fit, you can join the group.