Linda Nash of WellcomeMD: Five Things You Need To Create A Highly Successful Startup

Celebrate the small wins, because in a startup something is always going wrong or always going off the rails. You have to take the time to say, “well we didn’t get that account, but look at this account we did get, or look at this positive review.”

Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb once started as scrappy startups with huge dreams and huge obstacles.

Yet we of course know that most startups don’t end up as success stories. What does a founder or a founding team need to know to create a highly successful startup?

In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experience about what it takes to create a highly successful startup.

I had the pleasure of interviewing Linda Nash.

Linda is the CEO of Linda Nash Ventures and WellcomeMD. Linda started WellcomeMD in 2017 in Richmond, Virginia and has since expanded to North Carolina and Florida. Linda is a pioneer in concierge medicine and has designed WellcomeMD as the next generation of concierge medicine: “Concierge 2.0.” Linda also consults with start-ups, family-run companies, serial entrepreneurs, and a variety of other companies on achieving next-level growth, reaching revenue goals, and exiting profitably.

Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?

I started out as a teacher. I really enjoyed it, but always wanted to work for myself because my dad was a successful entrepreneur in California. I identified a need for high quality childcare, so I hired a bunch of former teachers, and we began writing curriculums. I started with school-age and then went down to toddlers and then offered infant care especially for nurses. Hospitals were having huge nursing shortages, so I worked in conjunction with hospitals. I also opened childcare centers in office parks so moms and dads could be right near their kids while they worked.

I grew that first business to five locations in VA and then sold that company in the late 90s and started another childcare chain called Compass schools. This second round grew to six or seven locations the Midwest and Northern Virginia. We had an Italian curriculum and an accredited kindergarten.

After a successful run in childcare, I looked into a number of industries and was immediately drawn to healthcare. I personally experienced an event where I ended up in a hospital while on vacation in Montana. Trying to coordinate with my doctor was a nightmare. I saw the need for higher customer service within healthcare, so I got a group together and started PartnerMD, a concierge medical practice. We started with 40 patients and one physician and when I left there were 10,000 patients coast to coast and about 30 physicians. At that point, I decided that I wanted to try one more iteration of concierge, what I call “concierge 2.0”, which is WellcomeMD. The big difference is our much lower doctor-patient ratios, additional areas of expertise and education. The majority of our doctors have functional medicine or anti-aging double board certifications, and we take a much deeper dive into integrative medicine with health coaches, nutritionists, genetic information and extensive lab work. I felt it was time to go into that next level.

What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?

While on vacation in Bozeman, Montana, I was thrown from a horse and ended up in a hospital. We could not get in touch with my doctor. We tried everything and kept getting disconnected. The nurse couldn’t figure out who I was, and the hospital wouldn’t admit me until they connected with him. While I was waiting in the hallway, lying on the gurney, I thought “there has to be a better way.”

Was there somebody in your life who inspired or helped you to start your journey with your business? Can you share a story with us?

My dad, he was a very happy business owner. He would walk to work every day, walk home for lunch, and he did what he loved. He was a journalist; and he owned a track and field magazine. He loved track and field, so his whole entrepreneurial career was extremely fulfilling. He would go to Olympic games for the job. I think witnessing his job satisfaction as an entrepreneur really ingrained into me.

What do you think makes your company stand out? Can you share a story?

I think our company stands out because we truly dive deeper with people. I can share a personal story as a patient. A few years ago, I was diagnosed with Meniere’s disease, which causes a lot of dizziness and inner ear issues. It’s one of those diseases where there really isn’t a perfect cure and during that journey our WellcomeMD doctors were so amazing. They called all over the country, they spoke to specialists, and they researched alternative methods of beating this disease. I’ve been in remission now for over two years. It has truly been a miracle.

How have you used your success to bring goodness to the world?

The type of extensive, personalized care we offer to patients is so rare in our country. By offering this level of care, we are bringing goodness to the world every day. We focus on each of our member’s health goals and help them manage their health without relying on pharmaceuticals whenever possible. Our physicians don’t just look at fixing a problem, but getting to the root cause, so a person can have a more vital, longer life. Also, we were leaders during the worst of the COVID pandemic with getting rapid testing, PCR testing, and administering the vaccine to our patients.

You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

First, I would say resilience is really important. No matter how well you build your team, how much money you raise, or how much you think it out, there will always be constant changes, things you didn’t expect, and even threats to the business. Being able to bounce back and show a calm, confident demeanor to your team is important.

Second, I think it’s important to be able to ask for help and be open about it. When I get in a jam, I often bring in either informal or formal advisors. I’m honest with them and say “I’m in over my head here. What do you guys think?” It has helped tremendously. We are working through some changes at WellcomeMD right now, and I’ve brought in two advisors, and I can’t tell you how valuable their insight has been. One of the advisors I’m currently helping with a new startup business and the other is a dear friend who I help from time to time with her business. It doesn’t always have to be reciprocal, but if you have an attitude of helping others, others will help you.

The third would be not taking myself too seriously and admitting when I make a mistake. It’s important to have self-actualization, so that when you screw up you can professionally apologize, not take it too hard, and not be defensive or try to cover it up. A good leader lets people know when they’ve screwed up and is the first one to acknowledge other people when they do well.

Often leaders are asked to share the best advice they received. But let’s reverse the question. Can you share a story about advice you’ve received that you now wish you never followed?

As a female CEO, in a very competitive field, some of the advice I received was to basically act more like a man. As I’ve gotten older, I realized that was terrible advice. I think female leaders are different, we’re unique in our own way, and trying to imitate someone else’s style never helps.

Can you tell us a story about the hard times that you faced when you first started your journey?

Yes, definitely. Back in the childcare days there was a recession, and a lot of people lost their jobs and no longer had a need for childcare. With it being my first business, we did not have much personal wealth or savings, so my husband and I were very stressed. There were a lot of sleepless nights, but I dug into the books, made some cuts, looked at things in a different way, got a loan from a bank that helped get me through the hard times. We made it through, and I knew my business way better than if I had just had smooth sailing the whole time.

Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges?

I really believe that when you’re super overwhelmed, you must compartmentalize. Take it one day at a time and call on that resilience.

The journey of an entrepreneur is never easy, and is filled with challenges, failures, setbacks, as well as joys, thrills and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”?

When you’re the founder of a company it really is your baby and when it gets bigger, it’s super exciting, but it’s also unsettling because you’re not as connected to it anymore. Every time I’ve sold it has been hard to watch a different owner come in and make different choices. As a founder, you must really resist founder’s syndrome, which is to think you are the business. If you are the business, the business is too small and not replicable. You must separate yourself and look to your team and your leaders and realize that if new management wants you to step away, that means there are all kinds of cool new things in your future.

Let’s imagine that a young founder comes to you and asks for your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?

I provide this type of advice as a consultant. I would first need to see the numbers and the business plan. My overarching advice is that not all investors are equal, and you should follow your gut. When I raised money for WellcomeMD, I had 25 individual investors and one investor made it clear that he wanted to be involved in every detail of the business. He asked many questions and essentially took over the first board meeting. I took him aside and I said “I don’t think this type of investment is for you. I’m happy to buy you out right now.” That is exactly what I did, and it was the biggest relief. My point is not all money is equal.

Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”? If you can, please share a story or an example for each.

Well, sometimes when a startup fails it’s just bad luck. You’re in the wrong place at the wrong time, someone came along with more money or there was something you didn’t foresee. I think the first thing for a successful startup, is having a really good numerical business plan. By that I mean good conservative projections that assume you won’t quite meet your financial goals. Things will cost more, you’ll have some bumps in the road, and you’ll need to raise enough money to cover that. You never want to be out of money before you the business launches.

The second thing is pick people who have the energy and the stomach to work at a startup. You don’t want to staff a startup with people who are constantly worried about their security. You want to build a team of people who enjoy the energy, pace, and shared goals of a startup environment.

Third is to take the time to intentionally create a culture. Everyone is busy wearing multiple hats and interactions can get tense if the culture is not communicated. Taking the time to create that culture is important.

Four is to stay close to your customers. Too often people launch startups that sound really good, but then the founder or the CEO is constantly raising money and isn’t getting that vital feedback from customers. “Do they really like this? How can we make it better?” When I started WellcomeMD, a few of my friends signed up right away and I made a real point of taking them out and saying “Give me the good, the bad and the ugly. What can we do to improve?” I got so much great advice from them. I learned about things I didn’t really know was going on and it was extremely helpful.

Five is celebrate the small wins, because in a startup something is always going wrong or always going off the rails. You have to take the time to say, “well we didn’t get that account, but look at this account we did get, or look at this positive review.”

What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?

In my consulting, one of the most common mistakes I see from entrepreneurs is trying to do it all. They’re worried about the cost of pulling people in, but even more they’re worried about letting go of the control. You’ll never build a business if you do everything or control everything. You have to let it go; you have to pick good people, let them make mistakes and take it from there. Another thing I see as CEO’s get more successful is losing track of the various pieces of the business. Being the face, but not really listening when the operations, or the finances are in trouble, then it can start to unravel even though the story still sounds good.

Startup founders often work extremely long hours and it’s easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company?

I think it is important to schedule time for yourself where you don’t look at emails or work. It is very difficult advice to implement (even for me), but it is so important to force yourself to take breaks and have something else you can get immersed in. For me it’s hiking, photography, travel, things where I can’t be working. That’s the biggest replenishment of energy for me.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

Right now, my movement would be to connect successful and affluent people in this country with people in other countries who have not been given the same opportunities. I am personally working very hard to sponsor several Afghan families who are in danger of death under the Taliban. I think if people would expand their personal bubbles and do what they can to help people experience safety, nurturing and community, the world would be a better place. Also, helping women in some of these third world countries start microbusinesses and have their own independence instead of being completely subjugated by their husbands.

We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.

Yes, there is. I absolutely idolize Tom Hanks. He gives so much of himself politically, to the community, and in his one-on-one gestures with people. I feel I could learn so much from him if I could sit down with him for a few minutes.

How can our readers further follow your work online?

https://www.wellcomemd.com/, http://lindanashventures.com/wp/ and linda.nash@wellcomeMD.com

This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!