New owner sees opportunities, not challenges
By Elizabeth Deprey
Updated Mon November 21, 2011
TROUTMAN, N.C. - Expect to see big things from Lake Norman Medical in the future, including acquisitions and even branded products, said new owner Michael Boyd.
Boyd bought the company early this fall, when Allen Brawley left in frustration over government policies.
"Between the cuts on reimbursement and paperwork requirements, I'd just had enough of the red tape," said Brawley.
Since the purchase, Boyd has learned on the job, striving to understand the company's processes and billing system so he can streamline the ordering process and get products out to patients faster.
"I wanted to step out of corporate America and get into a smaller business, one that I owned," Boyd said. His background is in disposable medical supply manufacturing.
Lake Norman carries a range of products, including bath safety, beds, commodes, wheelchairs and scooters. Boyd plans to make Lake Norman the "go-to" place for mobility in his market, he said, but his plans don't end there.
"The first step is to get our arms around the business and from there, look at other revenue streams," he said.
Among those revenue streams: acquisitions of companies that complement his, allowing him to add lines like respiratory to Lake Norman's offerings. Later plans could include launching Lake Norman's own brand of products.
"We're looking to grow," he said. "I didn't buy this just to buy one business. I bought this as a launching pad."
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