Becker Private Equity & Business Podcast: Evaluating Your Business Journey with Jennifer June of VMG Health (5-7-25)

Release Date: May 7, 2025

Introduction to the Episode

In this insightful episode of the Becker Private Equity & Business Podcast, host Scott Becker engages in a deep conversation with Jennifer June, a seasoned senior consultant with VMG Health. The discussion centers around the evolving landscape of private equity in the aesthetics sector, strategies for business growth, and the critical elements for evaluating and scaling businesses in today's competitive market.

Guest Introduction: Jennifer June

Scott Becker begins by introducing Jennifer June, highlighting her extensive experience in the esthetics field. Jennifer shares her impressive background, noting her over 20 years of experience in retail, health, wellness, startups, and turnaround situations. She mentions her successful venture in launching and expanding a med spa chain to 12 regional locations in the Northeast, culminating in its acquisition by a private equity group in January 2024.

Jennifer June [01:30]: "I specialize in esthetics, plastic surgery, dermatology, and ophthalmology. My background lies in over 20 years of retail, health and wellness in startups and turnaround situations... I was able to sell them to a private equity group in January of 2024."

Current Challenges in Private Equity and Business Growth

Scott sets the stage by discussing the current challenges faced by private equity firms, particularly the difficulty in pursuing acquisition growth amidst a focus on organic growth and operational improvements.

Scott Becker [00:27]: "Private equity is in multiple different challenges with their sponsored companies... acquisition growth has got harder and harder."

Jennifer responds by outlining her approach to assessing businesses, emphasizing the importance of strategic analysis to navigate these challenges.

The Importance of SWOT Analysis in Med Spa Businesses

Jennifer introduces the concept of SWOT Analysis as a foundational tool for evaluating businesses in the med spa industry. She breaks down the components:

• Strengths: Internal attributes that are advantageous.
• Weaknesses: Internal limitations or areas needing improvement.
• Opportunities: External factors the business can capitalize on.
• Threats: External challenges that could hinder growth.

Jennifer June [02:50]: "The first thing to look at is really looking at a SWOT Analysis... understanding your strengths, your weaknesses, your opportunities, and your threats."

Scott interjects to elaborate on SWOT Analysis for listeners less familiar with the term, appreciating Jennifer's emphasis on returning to fundamental business assessment tools.

Scott Becker [03:21]: "... explain to the audience for those that don't use that term as often as I used to... Tell us about a SWOT analysis."

Jennifer agrees on the importance of this analysis, especially in a crowded market where understanding competitive positioning is crucial.

Resilience of the Med Spa Industry in Economic Downturns

The conversation shifts to the recession resistance of the med spa sector. Scott inquires about the industry's ability to withstand economic challenges, given its reliance on direct consumer spending.

Scott Becker [04:51]: "What's the recession resistancy of the Med Spa space? What do you see there?"

Jennifer offers a positive outlook, explaining that during tough economic times, individuals seek ways to feel better about themselves, thereby maintaining demand for aesthetic services. She emphasizes the importance of operational efficiency and strategic spending to capitalize on these opportunities.

Jennifer June [05:13]: "When times are tough, people are looking for somewhere to go to look and feel better about themselves... It's a great opportunity for Med spas."

Assessing and Building Effective Teams

Scott asks how Jennifer evaluates the teams within med spa businesses, underscoring the role of human resources in business success.

Scott Becker [05:52]: "How do you assess their team and how that business looks or how do you help them think about that?"

Jennifer highlights the necessity of a robust recruitment strategy and consistent training programs that align with the company's values and culture. She points out that consistency across all locations is vital for scalable success.

Jennifer June [06:10]: "There's always a strategy for recruiting great people and top talent... Consistency is really the key."

Scaling Businesses: Processes and Systems

As the discussion progresses, Scott delves into the intricacies of scaling a business from a single location to multiple outlets. He stresses the importance of processes, documentation, and systems.

Scott Becker [06:40]: "What are the important processes and documentation and systems to running a business versus just great people and probably the need for both."

Jennifer responds by advising businesses to audit their existing documentation and ensure that systems are utilized as intended. She underscores the significance of standardized procedures, comprehensive training programs, and engaged employees to maintain quality and efficiency across all locations.

Jennifer June [07:08]: "Ensure that the systems are being utilized the way they were designed to be used... making sure that everything is standardized across locations."

Jennifer June’s Entrepreneurial Journey

The conversation takes a personal turn as Scott asks Jennifer to share the genesis of her own business.

Scott Becker [08:18]: "How did you start your own business? What was the genesis of that?"

Jennifer recounts the collaborative effort with a physician and an investor to create a local, community-focused med spa. She emphasizes the balance between medical expertise and financial acumen, which facilitated the successful expansion and eventual acquisition of the business.

Jennifer June [08:29]: "We won awards in several cities for best Botox and fillers... we did new builds and we also did some acquisitions as well."

Current Consulting Focus at VMG Health

Moving forward, Scott inquires about Jennifer's current role at VMG Health and her clientele.

Scott Becker [09:28]: "Who do you work with at VMG in these areas today? Private equity funds? Founders?"

Jennifer explains that VMG Health caters to a diverse range of clients, including private equity groups engaged in roll-ups within veterinary and ophthalmology sectors, as well as independent owners aiming to scale or excel in their local markets.

Jennifer June [09:45]: "We work with everybody... private equity groups... independent owners that want to scale their business."

Identifying Growing Demand for Services

Scott probes into the methods Jennifer employs to assess growing demand for services in potential expansion areas.

Scott Becker [10:14]: "How do you help somebody assess where there's a growing demand for service in their expansion area?"

Jennifer outlines a three-pronged approach:

1. Infrastructure and Team Assessment: Ensuring the business has the necessary personnel and operational framework.
2. Service Evaluation: Identifying profitable treatments and emerging trends, ensuring the team is trained to administer them.
3. Competitive Analysis and Regulatory Compliance: Understanding local competition and ensuring all treatments comply with legal standards.

Jennifer June [10:24]: "Do you have the infrastructure and the people?... who else is doing it in your area?... updated on the legal and regulatory issues."

Focus and Excitement for the Year

When asked about her focus and excitement for the year, Jennifer expresses enthusiasm for the dynamic nature of the aesthetics industry.

Jennifer June [11:16]: "It's really an exciting time in aesthetics where there's a lot of new treatments... people are looking towards anti-aging and wellness more than they were before."

She highlights the positive shift in societal attitudes towards aesthetic treatments and the burgeoning market for anti-aging and wellness-focused services.

Advice for Emerging Leaders and Founders

In her final segment, Jennifer offers valuable advice to aspiring leaders and founders in the industry.

Jennifer June [12:09]: "Take your time... engaging in your team... listening and focusing on what they're saying... involving them every step of the way in your business and in your growth."

She emphasizes the importance of patience, self-reflection, team engagement, and inclusive leadership as keys to successful business growth and leadership.

Conclusion

Scott Becker wraps up the episode by commending Jennifer June on her remarkable career and leadership in the aesthetics sector. He acknowledges the depth of her insights and the value she brings to businesses aiming to navigate the complexities of private equity and market growth.

Scott Becker [12:45]: "What a remarkable career and leadership you've shown and had and do. What a pleasure to visit with you. Thank you very, very much."

Jennifer expresses her gratitude for being part of the conversation, leaving listeners with a sense of inspiration and practical knowledge to apply to their own business journeys.

Key Takeaways

• SWOT Analysis remains a fundamental tool for business assessment, crucial for identifying strengths, weaknesses, opportunities, and threats.
• The med spa industry exhibits resilience during economic downturns due to sustained consumer demand for aesthetic and wellness services.
• Team building and consistent training are essential for scalable and sustainable business operations across multiple locations.
• Strategic documentation and standardized processes are vital for effective scaling and maintaining quality in growing businesses.
• Emerging leaders should focus on team engagement, inclusive leadership, and continuous growth to navigate the challenges of business expansion successfully.

This episode serves as a comprehensive guide for private equity professionals, business owners, and emerging leaders in the aesthetics sector, offering actionable strategies and insights from a seasoned industry expert.