For the past 17 years Dean Moran has spent his career working in the financial services industry, the bulk of which was spent serving under the EVP of Mortgage Lending at JP Morgan Chase. During his tenure, Moran broke into the business as a salesman and worked his way up through the various levels of middle management, eventually being promoted to the rank of Divisional Vice President. At one time, he was responsible for the sales and operations of half the country.
Later on, as the company aggressively scaled their approach, Moran was asked to spearhead the company initiatives within the baking footprint of the northeaster territory, including New York, New Jersey, Pennsylvania, Delaware and New England. He managed a 700MM P&L and was directly responsible for the strategic, planning, implementation and execution of their business plans. Moran was an honored 10 consecutive year attendee at the Chase Leader Club celebration – for the top managers and sales people in the country. He and his colleagues built a world class sales force that was “…in my estimation second to none” says Moran. His management team and their people worked with passion, honesty and integrity. Unfortunately for all involved, the industry began to crumble under their feet and many lost their jobs through no fault of their own.
It was then that Moran decided to pursue his passion of being self-employed. Having four kids made the decision difficult, but he knew that he had a very small window of time. Moran secured the services of a franchise broker to explore the many opportunities that existed. The pair spent countless hours profiling Moran’s strengths and weaknesses, likes and dislikes, monetary needs and personal goals. They came up with homecare.
Homecare is a rapidly growing industry with a positive future outlook. Synergy HomeCare is a recognized leader in the industry and after visiting with them, they felt that it was a match they wanted to move forward with.
Words of Advice…
“I haven’t been disappointed with my decision at all. First and foremost, having my spouse as a business partner has been great. Furthermore, with each day comes the excitement of knowing that my efforts will be proportionate to my results and that certainly is a strong motivation. We have met our initial start up forecasting metric’s and hope to exceed them moving forward.
What I never expected though, is the sense of self-fulfillment I experience whenever I visit a client and see how happy they are with the caregiver we have matched them with. The happiness and renewed sense of independence on their faces is priceless. Their gratitude is heartfelt and at times can become overwhelming. How can you factor this as a line items into your PL, I don’t know? But is certainly is a form of repayment for me. And then of course, there are the stories my clients tell.
I would tell anyone on Wall Street who has been going through the daily grind year after year – if you’re thinking about self employment, it certainly has its advantages – as well as its risks, but you’re all used to that anyway. The key element is to know what you want. Until you do, don’t leave.
Speak with a franchise broker or business broker – these are free services. Have them profile you. Very often you will be shocked with the results. If have a financial mind, now I am in health care. You must be passionate about your new business or it just won’t take off. Trust that everything you have learned during your years will serve you well – employ some hard work and integrity and you will be successful. Success is a choice!”
About Synergy HomeCare
Synergy HomeCare is a franchise business opportunity that provides in-home, non-medical care to individuals requiring daily living assistance. Hourly, daily, weekly and 24/7 service is available 365 days per year to clients that include seniors, individuals afflicted with Multiple Sclerosis, Alzheimer’s, Parkinson’s and other mobility-affecting diseases; individuals convalescing from strokes, injuries and surgeries, children and adults; and individuals undergoing chemotherapy or battling other disease that sap their strength. Synergy HomeCare serves both private and clients from county and state governments including Medicaid. Potential caregivers must pass an extensive background check that includes thorough checks for felonies, incarcerations, driving violations. Caregivers must be state-certified in first aid and cardio-pulmonary resuscitation (CPR) and undergo and extensive health screening that includes testing for Tuberculosis.
In 2008, the company is expected to sell 45 new franchises, bringing the total number of locations across the country to 75. Synergy HomeCare expects to sell up to 350 U.S. franchises with in the next five years. The company has several targeted areas for growth as it expands to 350 franchises nationally. International growth through master franchisees is being pursued in Canada and Australia and is also being considered throughout Europe, the Middle East and Japan.