Joe says that's a question he still asks himself. He had zero plans of buying it until probably two days before the administrators were trying to make a decision — but as a healthcare professional, tackling substance abuse and addiction was, to him, one of the coolest things you can do in healthcare, and the opportunity was too hard to turn down.
More from this episode
Joe was sitting on the sidelines like everybody else, "reading the news" and enjoying the big scandal, and didn't even put in an offer when the administrator asked everyone to. "I had zero plans of buying it until probably two days before they're trying to make a decision." Talking to a couple of previous investors who knew Patterson Street Finance — the firm that owned the secured debt and called in the receivers — the plan formed. On a personal level, as a healthcare professional, "the two of the coolest things you can do in healthcare is one is cure cancer, second is tackling substance abuse and addiction." Illicit drugs and opioids cause many deaths worldwide — "a global economic problem as well as a public health problem" — so doing something in addiction was hugely rewarding, and the opportunity was too hard to turn down.