ER & Entrepreneurship: John Shufeldt's MeMD Walmart Deal

The Exit - Presented By Flippa

Technology

5 • 2K Ratings

🗓️ 15 April 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week on The Exit: John Shufeldt was an ER doctor before embarking on a decades-long career as a serial healthcare entrepreneur with three companies and a health-tech VC firm under his belt. He details the sale of his virtual medicine business, MeMD to Walmart in 2021. He recognizes that, while he happened to sell at a peak valuation, it wasn’t due to timing the market, but rather his success came in selling the company while there was still a “blue ocean” of growth opportunity ahead, and a compelling story of year-over-year historic growth. When selling to large buyers like those of Walmart, he emphasizes how important it is to have your numbers in order, and how much easier it is to build this into your business operations early, rather than retroactively trying to clean up finances when an offer is at your doorstep. For more details and insights from his entrepreneurial journey, listen to the latest episode of The Exit. John Shufeldt has more than three decades of healthcare entrepreneurship. In 1993, John founded NextCare, Inc., which expanded under his leadership from one to 60 clinics across six states, generating nearly $100 million in revenue. In 2010, after his tenure as NextCare’s CEO, John launched MeMD, LLC, connecting over 500 medical professionals to patients virtually. Walmart acquired MeMD in 2021. John created Tribal Health in 2015, addressing healthcare needs in Indigenous territories. The organization now employs over 450 providers across 35 Native American healthcare facilities. In 2021, he founded Xcellerant Ventures, a VC firm focused on investing in health-tech startups. LinkedIn: https://www.linkedin.com/in/john-shufeldt/ Website: https://www.johnshufeldtmd.com/ Website: https://www.linkedin.com/company/xcellerantventures/ For a Free Flippa Business Valuation: https://flippa.com/exit -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You’ll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

Transcript

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0:00.0	Hello and welcome to the exit presented by Flip Up the number one platform to buy and sell online businesses
0:05.9	Flipa manages over a billion in deal value annually and combines expert buy and sell side advisory with its market
0:13.0	leading valuation tool, deal room, off market offering,
0:16.3	market insights, an AI-based deal by deal matching engine.
0:20.7	Now for the exit.
0:22.0	The exit is a 30 minute podcast featuring awesome
0:24.4	entrepreneurs who have been there and they have done it. The exit talks to
0:27.6	operators who have bought and sold businesses of all different sizes. You learn
0:31.5	how they did it, why they did it, and get exposure to the world
0:34.8	of exits. It's a world occupied by a small few, but accessible to many.
0:39.7	On this episode of the exit, I sit down with John Schufeld. He is a fantastic entrepreneur
0:44.6	and MD that walks through the story of creating NextCare and then me MD. This is a
0:51.9	fantastic story of exiting to Walmart that I have never really heard anything like this before.
0:59.0	I mean, it is a really great example of how someone starts as a doctor in the emergency care space and decides to start an urgent care
1:08.9	because a lot of people were going into the ER that didn't really need to be there. They were for kind of quasi urgent issues. So they start this urgent care, him and two friends, and it's just a fantastic story about grinding as a doctor to start their own business
1:26.9	and scales it up all the way to the point where he exits that and then steps aside and then jumps on to start Me M. D two weeks after that exit had occurred.
1:39.4	So this is just a really great story for anyone out there that is a serial entrepreneur.
1:45.2	You are going to want to listen through this whole episode.
1:47.9	John talks about something at the end of this episode that resonates with myself and pretty much everyone that's listening to this I'm going to assume
1:55.7	about how he really lives his life from venture to venture and how he times all these ventures.
2:02.2	This is a great lesson in timing. how he times all these ventures.
2:02.8	This is a great lesson in timing and life in general
	...

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