Podcast Summary: The Unshakeables – "Insuring a Family's Future: Elan Flowers"
Release Date: May 27, 2025
Hosts: Ben Walter (CEO of Chase for Business), Dan Mendelsohn (CEO of Morgan Health), Stacey Edgar (CEO & Co-founder of Ventur), Dr. Lori Santos (Psychology Professor & Host of the Happiness Lab)
Guest: Patrick Hall, Owner of Elan Flowers, New York
Introduction
In this episode of The Unshakeables, Ben Walter delves into the challenging journey of Patrick Hall and his wife as they navigate personal and professional crises by acquiring and managing Elan Flowers, a luxury flower shop in downtown Manhattan. The discussion centers around the complexities of running a small business, particularly focusing on healthcare and insurance challenges.
Patrick Hall’s Journey: From Crisis to Business Ownership
[00:08] Ben Walter introduces Patrick Hall’s unique path to business ownership, highlighting his decision to purchase Elan Flowers out of necessity.
Patrick Hall shares, “It was out of desperation. We were basically facing medical bankruptcy. I started looking at florists for sale because it was the only thing that I thought I could do.” (00:15)
Patrick and his wife acquired Elan Flowers in 2015, a business with a 30-year legacy. Patrick attributes his decision to his father’s advice: “Buy an existing business that has a cash flow, and it'll pay for itself.” (00:39)
Having a passion for flowers, Patrick found comfort in the creative aspect of the business, though he struggled with the administrative burdens such as leases and regulations.
Navigating Business Challenges and Growth
Patrick recounts the initial challenges of running Elan Flowers, including securing a suitable lease and managing financial pressures.
[09:06] Patrick discusses securing an SBA loan and overcoming unexpected lease terms that required a 10-year commitment. He had to leverage personal savings and borrow from his mother's home equity line of credit to finalize the purchase, highlighting his all-in commitment: “I just had to put everything on the line.” (09:43)
Despite working full-time elsewhere, Patrick managed to grow the business steadily, necessitating a move to a larger space within two years. However, unforeseen legal challenges arose in 2018 concerning ADA compliance, which led to a distracting lawsuit settled for $17,000.
Impact of the COVID-19 Pandemic
The pandemic struck just as Patrick was establishing administrative systems like a 401(k) and health insurance for employees. Forced closures led to significant revenue drops and operational shifts:
Patrick Hall explains, “We were down 40% over the year before of my revenue from 2019 and 2020. It was just a fight to survive.” (18:31)
He emphasizes the resilience required to adapt by offering remote services and maintaining employee benefits despite financial strain.
Expert Insights on Risk and Resilience
Dr. Lori Santos provides psychological perspectives on Patrick’s risk-taking behavior, explaining how crisis situations can alter risk tolerance:
“We humans are built to be uncertainty averse... Interestingly, our brains get a little bit more risk-seeking when we're in a really desperate situation.” (12:14)
She highlights the importance of balancing security and innovation, and introduces coping mechanisms like distress tolerance to manage the inherent risks of running a business.
Healthcare Challenges for Small Businesses
Dan Mendelsohn addresses the difficulties small businesses face in providing affordable health insurance:
“Small businesses are passionate about their businesses and they don’t wake up in the morning thinking about healthcare... But it presents a really significant challenge.” (24:04)
Key challenges include higher costs for small businesses compared to larger ones and the variability in insurance offerings. Mendelsohn notes that premiums are expected to rise significantly, exacerbated by reduced federal support for programs like Medicare and Medicaid.
Innovations in Health Insurance: Ventur and ICHRAs
Stacey Edgar introduces Ventur’s approach to leveraging Individual Coverage Health Reimbursement Accounts (ICHRA) to provide customizable health insurance solutions for small businesses:
“Ventur is building personalized health insurance... Each employee gets to choose what’s best for themselves.” (27:31)
ICHRA allows businesses to offer fixed cash amounts for employees to purchase individual plans, enhancing flexibility and potentially reducing costs by up to 30%.
Patrick Hall adds, emphasizing the value of employee choice and aligning incentives: “Consumers like it because you get to decide what’s best for you.” (28:46)
Integrating Mental Health and Business Success
Both Dan Mendelsohn and Dr. Lori Santos discuss the critical role of mental health in business operations. Good healthcare supports not only physical well-being but also mental resilience, which is essential for business innovation and employee performance.
Dr. Lori Santos states, “These healthcare systems aren't just an insurance policy... It’s about ensuring your workers feel supported in both their physical and mental health.” (32:08)
Conclusion and Key Takeaways
Patrick Hall emphasizes the importance of pursuing passions and integrating personal fulfillment into business endeavors:
“If you can do anything else other than acting and make a living and be happy, do that. The only other thing that made me happy was flowers.” (33:59)
Ben Walter summarizes the episode’s takeaway: “Find something in your life that you love and make sure that you do that thing. We're all better off doing something we love and adding some joy to our lives.”
Final Thoughts
This episode of The Unshakeables illustrates the intertwined nature of personal resilience, business acumen, and the critical role of healthcare in sustaining a small business. Patrick Hall’s story serves as an inspiring example of overcoming adversity through strategic risk-taking and a commitment to employee well-being.
For more inspiring stories and expert insights, tune in to upcoming episodes of The Unshakeables.