No Sale
Been turned down? You can still come to a profitable arrangement with your prospects.
By David Worrell •
Opinions expressed by Entrepreneur contributors are their own.
Olivia Cheng, CEO of Aurora Imaging Technologies, is passionateabout fighting breast cancer. But she can't help save lives ifnobody buys her product, a breast-specific MRI machine. So when ahospital or clinic says "no, thank you" to the $1.5million price tag, Cheng, 50, comes back with an offer theycan't refuse: Aurora will provide the machine at no cost andeven pay rent for the space to use it. Then, Aurora pockets theinsurance payment for each use of the machine--about $1,000 perpatient--for the following five to seven years.
Although selling one machine means a one-time profit of over$700,000, the same machine placed in a hospital or clinic cangenerate $15,000 a day--enough to pay for the machine and itsmanagement, plus put $2 million a year toward Aurora's bottomline. "This is the best-kept secret in medicine today,"says Cheng. She expects Aurora to double 2005 sales, growing toover $20 million in 2006.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve
