You may not have heard of Eric Bailey or know that St. Louis spawned a businessman who built and has run a multi-million-dollar corporation for nearly 20 years – all with no help from venture capitalists, learning business the hard way.
On February 2, BioSTL, a regional organization that champions St. Louis bioscience, kicked off its monthly “An Evening with…” series hosted by Cheryl Watkins-Moore, BioSTL’s director of Bioscience and Entrepreneurship Inclusion. First up was Bailey, the CEO of EMED Medical Company, a pharmaceutical wholesale distribution business headquartered in Maryland Heights. EMED works with healthcare facilities to provide them with medicine and medical products. The company, established in 1999, has now grown to an estimated annual revenue of $4 million, according to Owler.com.
Bailey took some time to answer questions from the audience after giving a brief overview of his company. He had some words of wisdom to share that aspiring business leaders should take note of.
Always have a side hustle. Growing up, Bailey said that he always had another job that he did while building his business. In his early days, he did paperwork for people, right on the spot, who needed help with filing their taxes.
Surround yourself with people who’ve got your back. His sister is credited with getting him out of contract work and into what she said was a “real job,” being a pharmacist. He did generic pharmacy work for two and a half years while starting his business. His wife often gave him an extra push to keep him going. “She gave me the mission to go forward,” Bailey said.
Listen to your mentors. Bailey says he believes in mentors, as they are closer to the situation within the industry, and he takes bits of advice from them. He never had a definitive mentor, but was always a self-studier – getting a feel for the industry from the “school of Google.”
Focus on being proactive. Being a minority CEO in the pharmaceutical industry presents a lot of challenges. Bailey said that he often strategizes on how he can circumvent the disadvantages. One method he uses is to try to focus on being proactive rather than reactive to circumstances.
Entrepreneurship = Affinity, Aptitude, and Attitude. Bailey started his business on a shoestring budget and worked to design and engage himself in opportunities within his scope: pharmaceuticals. He developed relationships with offices within his supply chain to help grow business. And then he used these opportunities to build a connection in the supply chain between makers of pharmaceuticals and the people who needed them.
Bailey desires to leave a legacy of hard work and show what a person can do without having everything upfront. He wants to dispel myths about entrepreneurs and prove that “myths don’t matter.” He’s overcome regulatory hurdles, as well, and said that if he knew then what he knows now, he would have never started his business. But from these challenges, he shared some lessons to future entrepreneurs: Understand what you’re signing up for, identify what you do not know (to build up your knowledge in it), and remember that your business plan is an ever-evolving document.
To minority entrepreneurs, he advised, “You will be overwhelmed and discouraged, but do what motivates and is passionate to you.”
To find out more information on EMED Medical Company, visit www.emedmedical.com .
BioSTL’s next “An Evening with…” will feature Rachel Simon-Lee of Heartwork Video and Dr. Jennifer Silva with SentiAR at 4:30 p.m. Thursday, March 8 during Venture Café in CIC’s 4240 Duncan Ave. location within the Cortex District. For more information, visit www.biostl.org.
