BrightStar Care's Shelly Sun: From Frustrated Consumer to CEO
What do you think are the biggest challenges for women-owned businesses today?
Sun: For any business owner -- and women are no different -- capital access is a challenge today. I think the regulatory environment and the shifting sands of that is difficult for businesses today. The impending cost changes with health-care reform and tax changes make it very difficult for small-business owners to predict the viability and the growth of their business model in the near term. We've been in business for 10 years now, and I never remember a period of time where I had less confidence 12 to 24 months out. I have a lot of confidence 36 to 60 months out.
Why are women good business owners?
Sun: Small businesses succeed in the long term because they understand in the very beginning that cash is king and you have to make sure that it's not about the egos or seeing your name on the side of a bus or a billboard. Generally women tend to have lower egos and tend to be fiscally conservative of making sure that an ounce of this is going to last a week versus trying to use it up today. In terms of small-business owners, it's the long marathon, it's not the sprint. Women can be very well-positioned to run the long-distance marathons because of that fiscal conservatism. Rarely will I see a woman hire someone just because it would be nice to have. They do it when there is no other way around spending that money and creating that position. They tend to be more resilient and tend to have more financial reserves.What lessons did you learn from Undercover Boss? Sun: As a CEO, it definitely taught and encouraged humility. It's very emotional long days -- in my case having to wear scrubs that don't look good on any woman -- but also really causing an ability to embrace a continuous process of improvement. What I was pleased to see about the show is that I would have hired any of our caregivers to take care of my children or to take care of my own loved ones. But also seeing that there was still an opportunity to do what we do great even better. There were nuances in the processes that they followed or in some of the creative ideas that they had - creating a mechanism where we could hear those ideas from the front line so we could continue to make the experience for our consumers and for our employees every day even better. What are the future growth plans ? Sun: The last couple of years have been about large technology investments. We really see a changing environment in terms of reimbursements for care [and] improving the outcomes for the consumer. We're really focusing on being able to drive our high quality [services], but also to be able to measure the data and support that. We've made over a $3 million in investment in technology to allow us that capability... And [we're] adding systems so that we could also help our franchisees become more profitable over time. Besides BrightStar, you are active in the franchise community and even have a book out? What's next for you, Shelly? Sun: My twin boys are 7. They're at an age where Mommy traveling is really hard on them. I've been try to identify things I'm really good at, but also keep me closer to home. I began in 2012 and for all of 2013 [will be] hosting two-day strategic planning workshops for my franchisees. We're the only franchisor that offers that type of education and environment for our franchisees, but it also gives me that many more days to at least be home for story time and have dinner with my boys. It's always about finding that balance. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV