My Failed Acquisition Pushed Me To Do More Due Diligence – Kevin Smith
Release Date: 11/11/2025
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My Failed Acquisition Pushed Me To Do More Due Diligence – Kevin Smith
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On Death and Dying in Home Care Part 1 – Gabrielle Pumpian and Nicole Soares
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Gabrielle Pumpian returns, joined by death doula and end-of-life consultant Nicole Soares, for a profound conversation about the one thing every home care agency deals with but few are prepared for: death. They explore a common operational mistake: failing to align a caregiver's duties with a client's core values, leading to disengagement and a reduced schedule. Nicole shares her powerful personal journey that led her to become a "one-stop death shop," while Gabby reflects on the costly mindset of viewing a client's passing primarily as a revenue loss. The discussion offers actionable advice...
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John "Moz" Mozdzien, a Navy veteran and co-founder of Veterans First, joins host David Knack to share a costly hiring mistake—but not of a person. He "hired" a flawed understanding of VA benefits, leading to a $10,000 loss on his company's very first case. He opens up about the specific rule regarding surviving spouses that they misunderstood and how this "hard fail" became the foundation for a 99.9% approval rate today. Moz reflects on how the crisis forged an unbreakable bond with his business partner, built on pre-existing trust. The conversation also covers the underrated power of...
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In this episode of Home Care Hindsight, host David Knack is joined by Clayton Foutch, a home care veteran and founder with over 18 years in the industry. Clay opens up about the costly mistake of stubbornly pursuing a major partnership that was a poor strategic fit for his company's "Four Seasons" vision. He shares how his refusal to listen to his team and cut losses earlier resulted in a significant financial and reputational hit. Clay also dives into the importance of revenue diversification for stability, the collaborative nature of the home care industry, and how to thoughtfully...
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What I Wish Every Home Care Owner Knew – Steven Gonzales
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In this episode of Home Care Hindsight, host David Knack is joined by Steven Gonzales, CEO of HealthView Home Health & Hospice, to demystify the world of home health. Steven breaks down the core function of home health, its role in the care continuum post-hospital discharge, and the critical financial challenges driven by payer mix and Medicare Advantage. He shares invaluable insights on how home care agencies can become essential partners by understanding clinical needs, tracking client payer data, and focusing on true care coordination. Steven also looks to the future, discussing...
info_outlineKevin Smith, CEO of Best of Care, joins host David Knack to pull back the curtain on a splashy but failed acquisition that taught him a brutal lesson about due diligence. Kevin opens up about buying an adult day health program's home care arm, a deal that made perfect sense on paper but fell apart at the seams, resulting in a massive revenue shortfall.
He reflects on the costly mistake of relying too heavily on his relationship-driven "gut" for a process that required forensic analysis, and how the timing—closing the deal the day before his first child was born—added immense personal pressure.
Kevin shares how this "abject failure" became the foundation for his subsequent successful acquisitions and offers hard-won wisdom on hiring, the trap of seeking the "perfect" candidate, and why the industry's obsession with the "10,000 hours per week" milestone is overrated. The discussion offers actionable advice on building a resilient, multi-service company that prioritizes its people.
Lesson Takeaways:
1. Due Diligence Over Gut Feeling: A strategic acquisition requires meticulous, data-driven verification. Relying solely on a good relationship or a "vibe" can lead to catastrophic financial and operational failure.
2. Hire for Potential, Not Perfection: Letting the "perfect" candidate be the enemy of the "good" one leads to hiring paralysis. Often, the candidate with 80% of the skills but great potential outperforms the theoretical perfect fit.
3. Celebrate Milestones, But Keep Momentum: Industry benchmarks like "10,000 hours per week" are arbitrary. While it's good to celebrate wins, a true leader is always focused on the next strategic goal to maintain growth and morale.
4. Build a Culture That Supports Real Life: Fostering a company culture that actively supports employees' lives outside of work is a powerful driver of loyalty and retention.
5. Don't Over-Invest in Low-Impact Marketing: A functional website and basic presence are essential, but over-engineering brochures and web copy is a poor use of energy. Home care is a trust and relationship business; focus your efforts there.
Timestamps:
00:00 - Introduction to Kevin Smith and Best of Care's 44-year history
02:45 - The synergy between Medicaid expertise and a private pay senior living model
08:12 - David's "big mistake" question: What went wrong?
08:37 - The story of the failed adult day health home care acquisition
10:15 - The perfect storm: Closing the deal the day before becoming a parent
11:01 - The aftermath: Retaining only 30% of the expected revenue
12:13 - The key lesson: Applying extreme due diligence to future, successful acquisitions
13:47 - Kevin's "gut feel" approach and when it fails
14:27 - Hiring mistakes: Why the 80% candidate often beats the 100% candidate
16:40 - The most overrated thing in home care: The "10,000 hours per week" milestone
19:32 - The next big goal: One million service hours
21:29 - The leadership challenge of always moving to "what's next"
22:41 - The reward of building a coaching tree and developing leaders from within
23:45 - How a millennial leadership team fosters a culture of work-life balance
25:13 - The little mistake: Overthinking your website and marketing materials
27:50 - A recent win: The successful integration of diversified service lines
29:04 - A deep dive into the move management business and its synergy with home care
32:08 - What to plug: Best of Care's holistic suite of services for senior living communities
Quotes:
Kevin Smith: "When you fail in life, that's how you learn. You don't learn when you win, you learn when you fail, and when you fail, fail hard. And we failed really hard on that."
Kevin Smith: "The common denominator... is the lack of treating caregivers as family members of your company. They are the lifeline of your organization to grow."
David Knack: "I have a hypothesis... you strike me as somebody who, gut is a really strong asset for you, that a lot of times you make decisions based on feel and it goes well."
David Knack: "The purpose of a website is, does this business exist or not?... This is a relationship business. This is a trust business. This is a referral business."
Resources:
1. Connect with Kevin Smith on LinkedIn: https://www.linkedin.com/in/kevin-smith-04755422/
2. Learn more about Best of Care on their website: https://www.bestofcareinc.com/
3. Connect with David Knack on LinkedIn: https://www.linkedin.com/in/david-knack/
4. Powered by Zingage: https://zingage.com
5. Watch Episode on Zingage's YouTube: https://www.youtube.com/@Zingage