How Dr. Trisha Bailey Built a Billion Dollar Business Empire

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So how'd you get into the pharmacies hire?

So the pharmacy side, when I was so Initially, when I started out, I was in the smaller space six hundred square feet.

Then I moved.

I had to move because we're growing and we're getting bigger. I move into pretty much a rat trap. It was like rats and roaches everywhere. But it was large and it was space enough that I needed. I had three children at this time.

This is forty equipment.

Still, this is wild equipment. Yeah, for the equipment. So I had three children at the time. I'm at CBS and my son who who It seemed to predict my future. The one I was talking about my freshman in high school right now.

He said, Mom, why don't you why don't you get one of these?

And I looked at him, I say, you thought aways thinks so highly of your par ole mama. And a year later he told me I should do it, and I did it. A year later, I was opening a new my first pharmacy.

What was the thing that he said you should get one of these.

A pharmacy, pharmacy, I should get one of these.

So what was the process of opening your pharmacy.

So the process was, first I had to hire a pharmacist, which is you know, pharmacists make a lot of money and that so I found the first black pharmacist that's in the area. He was not working at the time, he's older, and so I had to negotiate his salary all the way down because I didn't want to spend a whole bunch of money while I'm trying to get to a space that I need to be in. And so you got the buildings, build out, everything, all the

That you need.

And that was in Florida. That's in Florida, And the first pharmacy was in the equipment.

Yes, same location, same location.

So you just thought that you could just it would just makes sense to open up pharmacy because you're already doing medical equipment.

Yes, So my thought process with that medical equipment. My patients are home bound, most of them, most of which are of medication. So pharmacy the way that I do all business, it has to one has to feed the other. I don't do anything independently as stay in my lane. So medical equipment feeds pharmacy. Pharmacy feeds medical equipment. I later added scrubs because the providers are the ones who

So you just like a one stop shop.

Yes, there's fifteen businesses though yes, I'm thinking if there's three and one. Well, that got a couple of questions. The first thing are the medical equipment is it? Are they renting that equipment or are they owning that?

Most are rentals so to go through insurance. Most are rentals. You build as rentals after thirteen months, then they own it outright.

After thirteen months. Yes, okay. And the second part is fifteen businesses? How are you managing time?

Right?

Because you got your mother, you got these businesses, they're lucrative.

How are you managing time throughout this process?

Like? You know what I mean?

Because I'm thinking to myself, Yeah, one business my son says, hey, I should get a CVS. I'm wondering if I walk into CVS the next time. My son will say that, I don't know, right, and he's just like, I can imagine you're seeing things and you're saying, all right, I think I can do that.

How are you acquiring businesses? How you managing time?

You know?

I don't know how managing time?

Really?

Just God, because that's the only thing I can think of. I came home from Greece.

Where was it Sunday? Sunday night?

And I managed I'm trying to manage spending time with the kids. They got to have their tea time and their story time every night and at seven o'clock and I'm on the phone with such and such and I'm doing this. It's I don't know how I do it, to be honest, but I man I only select things that are important that can move my needle. If it doesn't move the needle, there's no reason for me to be there. I don't do a lot of networking now because there's not really a lot of need for me

So all right, So this pharmacy situation, what's the business model behind this? So you bought drugs right from? Where do you buy drugs from?

Our wholesale? Different wholesaler.

So you have Cardinal, you have McKesson, my specific wholesalers, mckisson.

But these are just is that just make drugs.

They are wholesalers that buy it from the pharmaceutical company and then if they sell it to the distributors like like us, like Bailey's Pharmacy.

Pharmaceutical company makes drugs. Mark companies make they make drugs. They make drugs. The distribution company buys it from Mercan Pfizer. Yes, you on the retail side buy it from the distribution company. Yes, clients, personal clients and doctors buy it from you.

Correct, correct, Correct, that's the that's the.

Chain of events.

Yes, And everybody's making money in between this whole situation.

Yes, Okay, so.

You get license, you have to get all certification, I'm assuming, and now you're buying these drugs right now. Who's the main source of revenue or is it walk up clients or are you selling to doctors and hospitals.

I sell to both.

So I have a government division that sells to and the government division covers the hospitals, skill nurse and facilities practices. And then I have the pure retail customers. So the clients that come over from doctor's office, that doctor sends over, that patient needs prozac, then we process the order we delivered to the patient. So that's pretty much the methodology in which we use.

So thirty I stopped at the age, right because I know at thirty five is a big number. Thirty five is a big number, and there's a big word that is attached to that. I don't want to use the word put on our phone call. You did say the word billionaire, You did you did say that I did, and I thought it was important that you said it because I want people to feel inspired. That is something that's attainable and kind of the reason when we spoke,

So as you're approaching this number, I mean, what is that like?

Right, You're seeing the revenue come in, You're super disciplined when it comes to finance, and you're approaching a milestone that very few reached, especially that looked like us.

What's the mindset that as that's approaching.

So money has never been my focus, believe it or not, even though I'm super disciplined with it. It's always been about the next thing. What is the next thing that I could be great at. What is the next thing that I can do to to help someone or to build my portfolio. So when I became when I learned that I became a billionaire don't even know.

I did not know. I did not know. I knew I was getting closed, but I didn't know that I was there.

And so I was standing in my closet and my trust attorney called and I said, you know, I need to get you to do da da da da. And he says, Honey, I'm no longer able to service to you. And I said why. He says, well, your net worth is over a billion dollars now and you need someone else that deals with extreme high net worth individuals. And I was like, oh oh, and that was my response. I didn't move me because for me, there's greater cause.

There is greater cause.

My job and my role and the reason why God has shows me to be in this place is to help other people.

And it kind of comes right back to teaching.

So I'm in the role of teaching now, even though my mom said I could not teach, but I teach it a different capacity now. And my scholarship kids are near and dear to my soul because they're all young girls, young women, and I have some males as well that look like me, who are striving for greatness. And I believe my role in their lives, and in most women lives is to help them to elevate to the next level.

That's amazing.

I wanted to talk about this quest that you're on the planthropy side, but I want to go back to the business. If we can for a minute, pharmacies. How many pharmacies do you have.

At the moment? I have seven and I'm in the process of opening six.

More So, what's more lucrative the pharmacies or the equipment?

The equipment.

The equipment, Yes, that's the bread and butter. Yes, pharmacies are like side dish.

Yes, side dish advertiser like big side dish.

It's big side this.

Okay.

Scrubs is like asparagus.

We might touch that, okay.

Got So when you the plans of scaling, is it the primary focus is scaling equipment business?

There's no, not necessarily so I always whenever I am scaling up, I always started with medical equipment first. And initially what I did was I always made sure medical equipment was making money that can afford pharmacy because some have to pay the bill and it wasn't going to come from Florida store. When New York is operating so I started medical equipment, it's making money.

Now I open pharmacy and add to it.

Now it just app open both because the company is making so much money now, So it's always medical equipment first, add pharmacy and scrubs at the same time. So that's pretty much what the methodology in which I use.

Now it's is there another I guess something in its supply train. You got the pharmacies, you got the medical equipment, got scrubs. Is there another piece that you're looking at like, oh, we can add that to the portfolio and really just blowisting out the water.

Yes, so there's another huge piece.

Actually, the first big piece is I actually own my pharmaceutical company which makes the generics, so the generics are instead of buying these generics from another wholesaler, I make them myself, so our profit margin are significantly more. The other part that he is my real estate side. So I buy the building. Usually it's multi tenant, so the tenant would tenants would pay the mortgage if there's one, and I rent the space from my company to my

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