016: Bootstrapping a 1,500 person concierge home care service company

Scott Thompson is an award-winning entrepreneur and Founder of Lifematters—a home care service for seniors that has made the Inc. 5000 Fastest Growing Company list 9 times. He bootstrapped a 1,500 person concierge home care service company.

Prior to creating Lifematters, Scott founded a professional employer organization, HR Tech, with $5,000. Six years later, he sold that company when it reached $132 million in revenue.

He’s also invested in many start-up and early stage companies across various industries throughout his career.

I caught up with Scott during our adventure to Antarctica to learn more about how he thinks about building businesses.

You’ll hear how he disrupted an antiquated industry and scaled Lifematters to 1,500 employees before selling. This was a company Scott bootstrapped with $40k of his own money and developed over the course of 15 years.

Key Takeaways with Scott Thompson

• Bootstrapping and scaling a 1,500 person concierge home care service and scaling it to $25 million in revenue.
• When building something extraordinary comes at the cost of making less money.
• Finding a creative outlet inside the walls of entrepreneurship.
• How hiring W-2 employees (versus contractors) gave Scott a competitive advantage when building his business.
• How Scott financed his company by billing his clients in advance.
• Tactics Scott uses to increase employee retention.
• Developing a set of core values that your company will actually live by.

 

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