A Health Services Innovator Leverages the Power of Leasing to Grow

Um, did I take my meds today?

Managing prescription medications is something most of us do well only half the time; the World Health Organization (WHO) estimates that 50% of us don’t take meds as prescribed, and even with one or two prescriptions, it can be hard to remember what you’ve taken—and whether or not you even have—five minutes later. 

So, imagine what happens when we have numerous doses to manage at various times of the day. Add a little standard forgetfulness (to say nothing of dementia or cognitive impairment) and there can be serious consequences. 

The reality is, 75% of adults say they’ve missed at least one dose in the past 12 months. And over 150 million people are affected by a chronic condition that requires medication, with errors accounting for 10 to 20% of all hospital admissions.

It’s worrisome stuff for caregivers and healthcare practitioners, as well as the people receiving medication and their loved ones. I’ve been there, and there’s a good chance you have too. If not, it’s more a matter of when—than if.

After Michael Halligan, an existing client through other healthcare financing engagements, introduced me to Catalyst Healthcare in 2018, Minerva became the leasing agent for the company’s system hardware solutions in Canada. I was very excited to see what else the company was working on.

A Game-Changer

They told me about an at-home medication dispenser called spencer, and asked if Minerva was interested in the leasing aspect. I arranged a meeting at the company’s Kelowna office, where the Minerva team and I met CEO Shane Bishop, VP of Marketing Kasumi Oda and several other key team members. 

When they demonstrated what spencer could do, I fell in love. I invited Michael Halligan to speak at our Shareholders’ meeting, where he demonstrated the advantages of the device, and the shareholders (mostly medical professionals) were hugely impressed. We started working together immediately to get the device into the community.

Shane Bishop is a pharmacist and entrepreneur specializing in innovative patient-care models and the use of technology to improve adherence, patient health outcomes and quality measures. He set up the first central-fill pharmacy in Western Canada and also founded  Pack4U, which acquired Catalyst early this year. 

Full Prescription Integration

Pack4U fully integrates technology and services that help people adhere to their medications, and link people to pharmacies and practitioners with smart hardware, home delivery, Telehealth, and mobile apps through its always-on data platform. The business is literally improving quality and efficiency throughout the medication delivery ecosystem. 

I am gratified that I was able to come in early in the game with spencer, which became all the more valuable for patients as COVID-19 progressed, remote care became essential and home care staffing became an issue. Used for screening and remote monitoring, spencer was a valuable tool for early detection of COVID in at-risk people, leading to hundreds of pharmacist interventions in the first few months alone.

Successful Progression

Minerva was brought on board because of our reputation and partnerships in healthcare leasing, and the company was interested in what leasing could do for its already substantial growth. It has been a thrill to experience the successful progression—and even better is to hear the feeling is mutual.

“We have been so fortunate for the relationship with Minerva,” says Kasumi Oda. “They have supported our rapid growth in the homecare market so we can better care for people at home.”

From the Minerva end, it has been an amazing journey to help Pack4U make the most of tax smart, pay-as-you-use leasing in accessing capital for growth, without impacting existing credit lines and cash reserves. 

It’s been an honour to work with the team on several leases, and I’m eagerly looking forward to what’s next. 

If you’re involved in healthcare for patients with chronic diseases or have a loved one who is challenged with managing prescriptions, be sure to visit Pack4U. 

Working with Pack4U has been the feel-good project of my career. 

How a Gen Z Used Leasing to Build a Growth Business

Sometimes my idea of what a business will look like is totally wrong.

When John Chrzanowski approached me to finance his mobile power-washing business, I envisioned he’d be spraying down houses and storefronts.

He didn’t make fun of me, despite really having a much bigger vision. I read John’s business plan and was impressed—and stroked his first Minerva lease for a 2012 Kenworth steamer truck. The lease was also our first one to a Zoomer, also know as Gen Z: John, now 23, was barely 20 years old at the time.

How did that go? I’ll let you decide. John has since leased a potable water hauling truck, followed by another steamer truck. The water truck enables him to use water for various purposes like dust control and filling cisterns, but mostly helps keep the steamers run without downtime in remote locations. Smart guy.

John’s business, JC Mobile Services, has succeeded for the reasons most smart enterprises do. He plans carefully, works his tail off, and never leaves a job until it’s done exceptionally well. That sometimes means a 12-to-14-hour day pressure washing a 64,000 kg Caterpillar rock truck or de-icing rail cars in -40C, which takes 20 to 24 hours. (I might also have been wrong to guess John’s business would slow down for winter: because of the defrosting component and cleaning opportunities due to equipment downtime, cold snaps are even busier than summer days.)

One huge commercial building took John’s team a full week to wash, and another assignment required washing 600 wooden rig mats. JC Mobile Services washed nearly 100 pipe hauling trucks for the Trans Mountain pipeline expansion, plus decontamination of heavy equipment like excavators, loaders, side booms and all the equipment that handles large-diameter pipe.

So lots of really big, ultra-dirty stuff. Not only is it gruelling work, but it requires thought and understanding of the physics of cleaning greasy equipment, John says. “You need to wash properly, with the right detergents and degreasers or you’ll just throw grease back and forth. It’s about being diligent and doing really good work, every time.”

One of John’s favourite stories (he’s got way too many for his age) is of pressure washing passenger railcars for Warren Buffet to ride in on his Canadian tour.

And it seems John has business acumen as well as work ethic in common with that train’s celebrity passenger. He says leasing is perfect for growing his business because it enables him to preserve capital and pay for equipment as he uses it, the same way he’d pay an employee. Being able to fully expense the payments is huge, and he loves that he can own the equipment at the end of each lease. It might have taken him years to save in advance for the same equipment, but cash flow and progressively proving his business model made growth less risky.

“I didn’t know much about leasing, and Suzan explained it all to me,” John says. “She made it easy and completely painless.”

And I can assure you the learning has been mutual. One of the greatest joys of my job is watching an entrepreneur take a great idea and run with it. But something even greater is the hope I see for John’s generation, with confidence that others share his drive and ambition.

How a Hot Dog Trailblazer Used Leasing to Introduce Gourmet Sea Can Cuisine

Back in 1995, When Lorne Merrick set out to peddle gourmet hot dogs on Edmonton streets, he had a problem.

It wasn’t legal.

The city’s bylaws of the day did not have a provision to license Lorne’s business to operate carts and sell food alongside local roadways. That didn’t stop him.

Lorne was a maverick and an entrepreneur. He had created Dial and Dine and 4 Dining (successful pre-Internet versions of Skip the Dishes) and had a penchant for innovating. He was prepared to do whatever it took—which would include helping the city rewrite outdated street vending legislation to render his business licensable—in order to realize his vision. Then he hit the road with three hot dog carts and built a hot dog enterprise.

When Lorne sold the business 24 years later, Fat Franks included 25 vending carts and three restaurants.

But with his spirit of innovation and deep love for interacting with people, you might not imagine Lorne Merrick could happily stay retired.

Introducing Edmonton’s First Sea Can Restaurant

Lorne came up with a new vision, again involving street food. This time he wanted to elevate the quality and taste experience to a higher level, while still harnessing the power and freedom of minimalist, low-overhead operations.

He loved a space called “The Lot” on Edmonton’s bustling 124th Street (which is just that: a paved lot for vendors, music and mini-events) and saw it as the perfect venue to pilot his idea of Edmonton’s first sea-can restaurant.

Lorne had a hilariously memorable name for the shop that would sell politically-themed baked potatoes and gourmet sandwiches out of a refurbished shipping container: Dick’s Tater Ship.

While he hoped to finance it without gambling his own livelihood, he knew hospitality businesses have about the worst track record of any industry for failure, and anticipated his untested idea would be a tough sell to conventional financiers.

Lorne’s business partner Frank Phillet (a Chartered Accountant, entrepreneur founding partner of Pixel Blue College) had worked with Minerva Leasing in financing other businesses and suggested we talk.

Now I’ve got to be clear here: I am generally not much more enthusiastic than the bank about financing restaurants—especially strange new models with zero reference cases for local success.

But I am interested in entrepreneurship, and when it comes to street food in Edmonton, Lorne Merrick is the gold standard. Between Lorne’s track record, Frank Phillet’s business acumen and the strength of their lean-and-mean plan, I was soon ready to write the lease.

Maintain Your Capital. Stay Resilient

“Leasing was a smart way to go for us,” Lorne says. “You get to maintain your capital which makes you more resilient, and Minerva is open-minded. ”

That resilience turned out to be invaluable, launching in the midst of the COVID-19 pandemic with no certainty the business would be able to operate uninterrupted, despite being designed to serve customers through a window. Low overhead, not being out-of-pocket for lump-sum capital costs and the flexibility of leasing helped minimize the new venture’s risk.

So we might take a tiny bit of credit for making Dick’s Tater Ship a reality. But the main reason for the business’s success is its people, the fun concept, and the amazing food. Dick’s 15 offerings are phenomenal—and are all made from scratch. They craft their own corned beef and mix in local accompaniments such as Lakeside Farmstead cheddar from Sturgeon County.

While Dick’s is a seasonal business and closes for winter, Lorne is working on making some of his sandwiches available through other restaurants on 124th Street. From spring to fall, Dick’s Tater Ship is open from 11:00 am to 9:00 pm. I highly recommend the Cubano or the Reuben. Signature taters and tots include “The Rachel Notley” (sautéed mushrooms, aged sharp cheddar and truffle oil), “The Jagmeet Singh” (ginger sauce, red onion, crispy jalapeños and garam masala) or “The Erin O’Toole”: plain with salt and pepper.

Think leasing might be a smart way to grow your business? Drop us a line, and we’ll be happy to discuss the options.

Why Genuine Personal Service Can Never Be Replaced

You’ve probably noticed a push lately from giant companies trying to offer you more personal treatment.

From McDonalds’ kiosks that enable customers to design their own burgers to Coca Cola’s $5 personalized bottles, the focus is clearly on making the customer feel special.

It’s progress perhaps, made steadily easier through technology advancements including experiential interfaces, Customer Relationship Management (CRM) databases and artificial intelligence.

But it’s still a pale copy of the real thing.

Call me old fashioned, but I believe in truly personal customer service. The kind that can’t be replicated or mimicked through technological smoke and mirrors.

I still write and mail old-fashioned letters. People read them, and I get the sense they are appreciated. It takes time, thought and some effort. Letters are special because nobody sends them anymore: there is marketing automation software for that.

But people know it’s authentic and sincere.

I have a client in Red Deer who has been leasing with Minerva for 11 years. Her leases have all been on the smaller side, but valued nonetheless. Not long ago, she contacted me in the evening from a shop where a piece of equipment she wanted was on sale. It was the last day to get the discount, and she asked me to pay for the purchase so she could lease it.

But the vendor would not accept my credit card by phone.  I got in my car and drove to one of the store’s Edmonton locations to make the payment. She got the equipment she wanted, at the bargain price.

I love to take the time to get to know people, and I knew this same client had horses. When I came upon some horse stall mats that had become available at a barn-burner price, I immediately thought of her. She was delighted to get a great deal, and I was pleased to write the lease.

Another example. One Friday morning I got a call from a client in Whitecourt who had found a bargain on some large equipment in Spruce Grove. If we could get the deal done that day, he could take delivery on the Monday.

I ran the credit check and wrote the lease, and Dylan hiked the check to the equipment dealer. The same client required a certified cheque delivered to his facility, so Dylan trekked the five hours to Whitecourt and back. We got it all done, and had a very satisfied client.

Would a big leasing company go so far? You tell me.

Because a fancy CRM can only pretend to know you, or to care about your needs.

It can hold endless data about your birthday, your kids’ names and your favourite scotch. But it isn’t capable of caring if you live or die.

Likewise, McDonald’s cannot ever make a burger like your mom would, with real hand-cut cheese and a ketchup smiley face. And that Coke with your name on it is produced in a billion-litre vat along with everyone else’s.

There is still a place for authentic, truly personal service.

It’s the foundation of genuine human relationships, the kind that make our days and our transactions meaningful. I for one will continue to favour businesses that are actually capable of knowing me, for as long as they still exist.

If you’ve been looking for a leasing company company that can turn on a dime and where you’ll be treated like a sentient creature with unique needs, perhaps we should talk. I’m always happy to share some knowledge and come away with a new friend.

5 Medical Equipment Leasing Myths (And the Truths Behind Them)

Done right, leasing medical and healthcare clinic equipment (or most other business equipment) is not super complicated. Yet for a number of reasons, many clinic owners and managers get confused or uptight when discussing the subject.

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