Speaker Event

The Story of CoverMyMeds with Ted Frank: from $10M Revenues to a Sale of $1.4B

January 17, 2020 1:30 AM

  - 

2:50 am

The Story of CoverMyMeds with Ted Frank: from $10M Revenues to a Sale of $1.4B

Event Recap:

The January 17 CFE program had the most registrations and the largest attendance of any of our CFE programs to date. We were delighted to see many new faces in the crowd, which speaks to the CFE’s relevance and ever growing membership.

Ben Calkins of CFE sponsor The Calkins Law Firm, Ltd. was host of the program, and started by thanking all of the other CFE sponsors, Ken Greaney and Greg Keegan of JP Morgan, David Brown of Red Hawk Associates, Windom Ratchford of Gold Key Media, and new sponsor Bradley Calkins of Spaceman Solutions. We couldn’t do this without our sponsors and ask you to support them with your business!

Jerry Frantz of JumpStart served as Moderator of the program, which featured Ted Frank, former CFE of Ohio’s first unicorn, Cover My Meds. Ted told his story, starting with a lawn mowing business during his teen aged years, to his studies at Miami of Ohio, to his work as a banker with Ameritrust and his studies at Weatherhead, to his early entrepreneurial ventures, to his joining JumpStart and subsequently Cover My Meds. The crowd was spellbound as Jerry recounted what it was like to work at Cover My Meds, what Cover My Meds did and what distinguished the company (among other things the people and the culture), and ultimately how it came to be that Cover My Meds was acquired by McKesson on favorable terms.

Stay tuned for the video recap of the event on this page. If you haven’t joined the newsletter, do so below to get an alert when the video goes up.

CFE is dedicated to bringing people and ideas and capital together to reinvent and rejuvenate the region’s economy, by, among things, hosting and sharing programs like this one!

Ben

Original Event Details:

Ted Frank, former CFO of CoverMyMeds, will talk about helping to lead the growth and eventual sale of that business to McKesson. He will also give our audience leadership and deal insights from his stellar career.

By means of introduction, Ted has over twenty-nine years of building, leading and advising organizations through aggressive growth, Ted has a stellar track record of helping SaaS and technology enabled healthcare organizations scale and become more profitable. Driving to what’s possible versus what’s perceived achievable, Ted focuses on creating data-driven strategies, building extraordinary teams and developing a deep understanding of his client’s market in order to better leverage opportunities for organic growth. After its purchase of CoverMyMeds, Ted spent the last few years in an expanded role as CFO at McKesson Prescription Technology Solutions and helped the organization markedly accelerate its organic growth. As CFO of CoverMyMeds (a healthcare software and digital industry network company) from the time it was recording $10M in sales, he helped the team capture a multi-billion dollar market opportunity that resulted in $1.4B sale and $1.5B returned to shareholders. Ted currently resides in Cleveland, Ohio with his wife, Stacy.

Panelists will include:

Mike Trabert of Marcum (formerly Skoda Minotti)

Michael Trabert

Michael Trabert is a partner and a leader in the Value Acceleration/Exit Planning Services group and is also a leader in the Firm’s Transaction Advisory Services group. Mr. Trabert understands the diverse goals and objectives of privately held businesses owners and helps them build, develop, and eventually exit their businesses, and was recognized with the Exit Planner of the Year award from the Exit Planning Institute (2017). Mr. Trabert has worked extensively with clients ranging from startups to multinational organizations with over $1.5 billion in annual sales.

A few of Mike’s accolades include:

-2017 Exit Planner of the Year by the Exit Planning Institute
-National Register’s Who’s Who in Executives and Professionals
-Nominated for Leader of the Year by the Exit Planning Institute

As a Certified Valuation Analyst (CVA), he understands the intrinsic value of the elements of a business and assists clients in maximizing their value. Mike regularly hosts Owners’ Roundtable workshops – a full-day, interactive workshop designed for business owners who want to maximize the value of their businesses and exit on their terms.

Mike received his Bachelor of Business Administration from our very own Kent State University.


Wayne Foley of Kyntronics (formerly President & CEO of Midwest Precision Holdings Inc)

Wayne Foley

Wayne Foley currently serves as President & CEO of Kyntronics Inc., a manufacturer of precision servo-controlled actuators used in automated production equipment. 

He has held leadership roles for over 25 years in middle market companies that provide engineered products to the industrial and aerospace markets. Wayne has extensive experience in General Management including building value through organic growth, acquisitions, integration, due diligence and exits.

Prior to Kyntronics, Wayne was CEO of Midwest Precision Holdings, a northeast Ohio-based precision machined components manufacturing company serving Aerospace, Defense, Energy, and Fluid Power markets.  Wayne has also served as Global President/CEO at both privately held and public corporations including nine years as President of Cleveland Motion Controls / ITT Corporation, and four years as President of Stanley Air Tools, a Division of Stanley/Black and Decker.

Wayne has been the “operational point-person” having done several acquisitions and divestitures with both public and privately-owned businesses and both strategic and Private Equity parties.


Brian Jeckering, former President and CEO at Polychem Corp.

Brian Jeckering

From 1998 Brian has been one of the  driving forces behind Polychem’s success.  From Management Training to Plant Management to VP of Operations, EVP, President and now CEO, Brian is uniquely positioned to contribute to this panel.

Some of Brian’s experience at Polychem that will contribute to the perspective he offers our the CFE audience include:

  • Defined and executed the strategy to reengineer Polychem’s value proposition from consumables-only to a full-service securement systems provider. 
  • Initiated and negotiated 9 separate, strategic transactions from preliminary agreement to close involving foreign investments, start-ups, various acquistions structures, and an acquisition from bankruptcy. 
  • Lead team through a strategic process which resulted in sale of Polychem Corporation in March, 2019 to The Sterling Group, a private equity firm in Houston, TX. 
  • Served on the board and acted as a strategic advisor to two companies in which Polychem invested in Italy. 
  • Start-Up Management: Oversaw the growth and development of strategy and practices which resulted in growing a series of start-up businesses by more than 500% since its inception.

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