Jacque J. Sokolov, M.D. is chairman and chief executive officer of the SSB Companies, a group of diversified healthcare advisory, development, and investment organizations. SSB has four strategic businesses including SSB Solutions, SSB Investment Funds, SSB Financial Services, and SSB Government Contracting.
Some of his projects include redesigning large health plans such as the Humana Inc. turnaround in 2000, and the transition of Hospira from an I.V. solution company to the largest independent biosimilar manufacturer in the world that Pfizer acquired for $17 billion in 2015.
In addition, Dr. Sokolov remains an active investor in the development of physician practice management companies such as the Summit Medical Group/CityMD and its initial $1.65 B transaction by Warburg Pincus in 2019.
1) What was the major turning point, point of increased momentum, or strategic choke point, that once you acquired or completed, made everything you were doing surge forward?
The first major accelerator was becoming a corporate officer of a Fortune 100 company. That allowed me to recreate that company and sell it to a large publicly traded company which I became a major share holder and chairman of the board. From there I invested in multiple billion dollar companies that became $ 100 Billion companies. This happened in inflection point areas such as biosimilars, mRNA, DNA, AI, etc. Areas of extreme growth and profitability.
2) What is the most valuable strategy, worth far more than $1 million, that you wish someone provided you with early on that you can share here?
Your network is everything and what you have done previously in the single biggest predictor of success in the future. People invest in people who have done well because they are likely to do well again.
3) What is the #1 most costly mistake you have made, seen many investors make, or business owners make that could be avoided?
Not knowing when to take your chips off the table. It is extremely difficult to time exits. What I have learned is that you should sell 49% of your investment many times as it grows, so that 49% continues to gain value, and ultimately you will receive more than one sale you think is top market.