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CVS to buy Omnicare in $12.7 billion deal

Posted by www.psmbrokerage.com Admin on Thu, May 28, 2015 @ 10:00 AM

blog pic (Bloomberg) — CVS Health Corp. (NYSE:CVS), the biggest U.S. retailer of prescription drugs, agreed to acquire nursing-home pharmacy Omnicare Inc. for a total enterprise value of $12.7 billion.

CVS will pay $98 per share in cash, the companies said in a statement on Thursday. Omnicare, with a market value of about $9.2 billion, hired advisers to explore a sale earlier this year. The deal includes about $2.3 billion in debt.

Omnicare delivers drugs and helps senior-living facilities manage residents’ medications. CVS is the nation’s second-largest pharmacy benefits manager, handling drug plans for health insurers and employers. In its most recent quarter, growth in sales from that business far outpaced the company’s retail division.

“CVS Health will significantly expand its ability to dispense prescriptions in assisted living and long term care facilities, serving the senior patient population” with the transaction, it said.

Both companies are big in Medicare Part D, a federal program that subsidizes medicine for retirees, Charles Rhyee, a New York-based analyst for Cowen Group Inc., said in an interview last month. Omnicare also drew interest from industry leader Express Scripts Holding Co., people with knowledge of the matter said last month.

Board approvals

The boards of both CVS and Omnicare approved the transaction, which holders of Omnicare’s common stock must also clear, according to the statement. It’s expected to close, pending regulatory approval, at the end of the year and boost CVS’s adjusted earnings per share by 20 cents next year, CVS said.

Demand for pharmacy services is rising as patients, insurers and companies look for ways to manage costs with drug prices increasing. Pharmacy-services providers are combining to gain a bigger piece of the growing market.

UnitedHealth Group Inc. (NYSE:UNH) said in March that it would buy Catamaran Corp. in a $12.8 billion deal to create a third-place competitor. That deal came on the heels of Rite Aid Corp.’s agreement to buy pharmacy benefits manager EnvisionRx for about $2 billion.

Express Scripts became the biggest pharmacy-benefits management company after purchasing Medco Health Solutions Inc. three years ago for $34 billion including net debt.

Barclays P.L.C. and Evercore Partners Inc. acted as financial advisers and investment bankers to CVS. Sullivan & Cromwell L.L.P. advised the company on legal matters and Dechert L.L.P. on antitrust questions.

Bank of America Merrill Lynch and Centerview Partners were financial advisors to Omnicare, and White & Case L.L.P. its legal counsel.


http://www.lifehealthpro.com/2015/05/21/cvs-to-buy-omnicare-in-127-billion-pharmacy...

Source: lifehealthpro.com

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Tags: cvs buyout,, cvs buys omnicare,, cvs pharmaceutical buyout,, cvs 12 billion dollar deal,

Memorial Day hours and a Big Thanks!

Posted by www.psmbrokerage.com Admin on Thu, May 21, 2015 @ 01:40 PM

blog pic In observance of the Memorial Day Holiday, our office will be closed on Monday May 25th, 2015. We wish you and your family a safe and happy Memorial Day.

We thank the men and women who serve our country today, those that served before and those that made the ultimate sacrifice for our freedoms.


“Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.” – Harry Truman

 

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Tags: memorial day blog, memorial day, memorial day quote,

How one agent overcame a fear of cold calling

Posted by www.psmbrokerage.com Admin on Thu, May 14, 2015 @ 10:33 AM

blog pic William J. Howery is a former Air Force Intelligence Officer. He retired in 2012 as a Lieutenant Colonel and began his career as an insurance agent with Physicians Mutual that same year. He has a bachelor’s degree in communication from the University of Nebraska at Omaha and a Master of Business Administration from Norwich University. He is currently enrolled in the Certified Financial Planner ® course at Syracuse University. Will speaks near-fluent German, is married to a native German and has a 2½-year-old daughter at home.

LHP: As a relatively new agent, what are some of the biggest challenges and struggles you face?
WJH: When I first started, I had no real experience in insurance, sales or cold calling, and call reluctance sidelined me more often than I care to mention. I just didn’t know how to handle the objections, and I was taking the rejection personally. I’ve since learned how to overcome call reluctance. The objections no longer bother me the way they did. I’m still working to be better at keeping my pipeline full. I know that I need to have a good mix of prospecting approaches. I just need to get a strategy and be more intentional in my prospecting.

LHP: Why do you think the “survival rate” is so low for new agents, especially in the first few years? What tips, advice or encouragement would you offer to other new agents who might be struggling?

WJH: I think work ethic and cash flow are perhaps the two biggest obstacles for new agents — the former having a dramatic impact on the latter. Being an insurance agent offers a great deal of freedom, and the income potential is simply amazing. What many new agents don’t understand is that with the newfound freedom comes a great deal of responsibility. When new agents aren’t making enough sales, it’s very hard to generate the income needed to stay afloat. Then they start thinking: “This insurance business is much too unpredictable. I can work at XYZ and earn more money each week.” I have had those same thoughts. However, what I’ve learned in the last two years is that discipline and consistency pay dividends. For those who treat their insurance business with the same commitment that they give their jobs, the sales will come. LHP: Talk a bit about the current state of the Med Supp market. How is it changing, and what are your predictions for the next few years? WJH: I see the Med Supp market as a great opportunity! I’m always amazed when I visit with a prospect just one or two months from their birthday and find out that they have never been contacted by another agent. That, to me, illustrates the vastness of the market. I don’t know if there are enough agents out there to meet the demand.

LHP: How do you adjust your sales approach for each prospect based on age, income, gender, etc.?
WJH: I have found that asking questions helps me to zero in on their needs as well as identify important clues on how to handle them. Some people just want the facts; others want to be more relational, and some just want to get it all over with. I’m sensitive to the cues that I’m given and adjust accordingly, while making sure they have the information they need to make informed decisions. I make it a point to make sure they feel like they’re in the driver’s seat and not just having a product pushed on them.

LHP: How do you expect the demographics within your client and prospecting base to shift in the coming years, and how will you adjust as more boomers retire?
WJH: More and more seniors are choosing to continue working beyond 65, so those who have decent group coverage are choosing to postpone their Medicare Part B enrollment and Medigap coverage. Many of the baby boomers are still energetic and active contributors in the workplace, and they’re not ready to hang up their hats. That shift will naturally require me to adjust my prospecting to include more people who are beyond 65 years old and perhaps eventually make them my primary focus.


http://www.lifehealthpro.com/2015/02/24/how-one-agent-overcame-a-fear-of-cold-calling...

Source: lifehealthpro.com

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Tags: Sales Tips, Success Tips, Cold Calling, tips on selling insurance to seniors, sales advice

What Does It Take to Be a Great Leader?

Posted by www.psmbrokerage.com Admin on Thu, May 07, 2015 @ 10:31 AM

blog pic As the leader of your agency you’re constantly facing challenges, the biggest of which is how to be a great leader, every day. Great leadership is the foundation of any organization, big or small, because without it, growth is impossible.

What Do You Stand For?

Leadership doesn’t exist without followers. It’s about enrolling people who believe in you and what you stand for. You need to know:
  • Where are you headed?
  • Why should people follow you (and not someone else)?
  • What’s in it for them?
There are many schools of thought and philosophies about leadership. Amazon has more than 26,000 titles on leadership, and a Google search on “leadership” produces 152,000,000 results! World-renowned experts such as Dale Carnegie, Stephen Covey, Jim Collins, John Maxwell, Ken Blanchard, Marshall Goldsmith, John Kotter, and newcomers Sheryl Sandberg, Ed Catmull, Simon Sinek, and Tim Williams (among thousands of others) represent diverse points of view -- all of which have validity.

But which one is best? Which one should you follow? Which one will benefit your agency?

We don’t have the answers. You do.

Only you will know which philosophy fits with your core values. What works for your colleague across town may not work for you. You’re going to have to dig deep inside yourself, do some research, and practice until you get the right combination.

Think of it this way: when you’re creating a fully integrated strategic marketing plan for a client, you’re constantly weighing which strategies and elements will yield the greatest return. It’s different for each client, each brand, each goal. You start out one way, but invariably you wind up tweaking creative, campaigns, messages, target audiences, media outlets and buys, direct mail, merchandising, social media, etc.

Leadership is no different. As you become immersed in the topic, you’ll see that there are different strategies, traits, and approaches that you’ll combine in whatever unique way suits your strengths and your goals.

10 Traits All Great Leaders Possess

Among all of the experts we noted above, there are 10 qualities we’ve discerned that they agree are essential qualities:

Communication

Great leaders are expert communicators. They spend most of their time listening. And when they speak, they’re not just clear -- they are sincere and consistent in what and how they communicate. (This trait, out of all of them, almost always is first on everyone’s list -- that’s how important it is.)

Integrity

The greatest leaders in the world are impeccable with their word. Integrity is a conscious choice. Their actions match their words and are congruent with their values. This inspires confidence in their followers.

Values

The best leaders are mindful of their core values. They share them unabashedly and will do whatever it takes to hold true to them. Their values set the tone and provide behavioral guidelines for their followers.

Vision

Great leaders know where they’re headed and why. They’ve always got one foot in the future and one in the present. They view their role as manifesting their vision of the future.

Passion

Passion fuels great leaders. It is a never-ending source of energy that separates the doers from the dreamers. It is what initially attracts followers and inspires them.

Confidence

Confidence is necessary for staying the course when things get tough. Great leaders have an abundance of confidence. (This can quickly turn into arrogance without the next quality to temper it.)

Curiosity

Along with listening, great leaders ask lots of questions. Their curiosity is insatiable. They constantly learn and hone their own skills. They are open about what they don’t know because their confidence lets them learn, absorb, and apply what they’ve learned. And they’re equal opportunity learners -- they’re willing to learn from janitors to CEOs, from plumbers to musicians. They are ego-less when it comes to learning.

Positive Attitude

Great leaders might get "down," but this is not their typical outlook. They are eternal optimists and always see the future as a reality. They find a way to solve a problem or overcome a new challenge. Attitude is often a choice. Great leaders choose to exude the type of attitude that will influence their team in a positive way.

Competence

They are the best at what they do, always accomplishing more than expected. They accept what they’re not good at and are so self-secure that they surround themselves with people whose strengths compliment their own. As a result, they attract followers who are continually inspired.

Empowerment

They set their people up for success. They don’t leave them to fend for themselves, nor do they throw them under a bus -- for any reason.

Develop Your Leadership Skills

Getting to Know You

To become a great leader means taking stock of who you are -- all your strengths and weaknesses. It means being brutally honest and humbly hearing how others view you. The most insightful information will come from other people because we rarely see ourselves as others do.

There are lots of assessments you can take, and some will also include options for others to evaluate you. Whenever you have to actually use a skill or ability in an assessment, you may find that information more useful than just your own self-examination.

Here are some tried-and-true, as well as unique and innovative, assessments to take a look at:
  • Personality assessments (MBTI, Fascination Advantage)
  • Talents and abilities (Highlands Abilities Battery)
  • Influence potential (Keller Influence Indicator)
  • Learning preferences (Learning Tactics Inventory)
  • Leadership style, traits, etc. (360º Assessments, Maxwell Leadership Assessment, Campbell Leadership Descriptor, 8 Dimensions of Leadership [DiSC], Blanchard Frontline Leadership)

Commit to Growth

After you’ve done some self-examination, and you’ve come to grips with what you’ve learned about you, it's time for a plan. But no plan is worth the paper (or pixels) it’s written on without a commitment to see it through. As Yoda said, “Do or not do. There is no try.”

Practice, Stand Accountable, Be Generous

You (and only you) are responsible for the results of your leadership. You don’t get to blame others when you mess up. And you will -- you’re human. Honing skills and instilling new behaviors takes time, practice, and perseverance.

Whether you succeed or stumble, always be generous to those around you for their help and encouragement. I'm not saying toss out bonuses left and right. This is about generosity of spirit. If you give credit to others for your successes and shoulder the blame for your mistakes, you will find an endless supply of followers.

When you’re transparent about your intentions and sincere and honest in your actions and interactions, there’s nothing to be embarrassed, defensive, or ashamed about. If anything, your vulnerability can set a powerful example for your followers.

Don’t Go It Alone

The old saying “it’s lonely at the top” is all too often true because we make it true. We may isolate ourselves thinking we can’t trust others to tell us the truth or that we need to always be seen as strong, perfect, and in control at all times.

You can go that route if you wish. Or, you enroll people you trust in your journey. For example:
  • Hire an executive coach who provides an objective perspective and works with you to develop your abilities.
  • You and your leadership team (or other CEOs) could share your visions and plans with one another. Combine that with an executive coach to support all of you.
  • Solicit your followers’ help in holding you accountable for when you deviate off course, violate other people’s boundaries, or don’t live up to your own standards.
  • Hire a leadership consulting firm such as the Center for Creative Leadership, Heidrick and Struggles, Navalent, or Franklin-Covey to work with you and your leadership team.

Make the Choice

The first step to becoming an effective leader is to know yourself -- all that is good and admirable and all the stuff that makes you cringe and want to hide under the bed. Because the good news is you can change and grow. It’s a choice you make. The stronger your commitment and the more often and courageously you act in the face of discomfort, the greater a leader you will become.


http://blog.hubspot.com/agency/great-leader

 

Source: blog.hubspot.com

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Tags: how to be a leader,, leader,

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