Afleveringen
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n this episode, you'll discover:
The 3rd party in every deal: the banker The importance of securing financing in any deal Lots of opportunities in practice acquisition De Novo (opening new business) vs Acquisition (buying an existing business) the step by step guide to securing financingEpisode Highlights
00:50 - Introduction to the topic of acquisition, emphasizing the benefits of buying a practice instead of starting a de novo.
02:51 - The importance of not making assumptions, especially for first-time buyers.
04:10 - Three major dynamics affecting practice transitions: post-COVID hangover, baby boomers aging out, and economic uncertainty.
06:06 - The need for proper planning and clean financials to make the practice more attractive to buyers.
10:37 - The value of seller financing as it is viewed positively by banks, as it keeps the seller engaged and vested in the business's performance.
16:49 - The role of documentation and due diligence in the process of selling and building trust with the banks.
27:27 - The pros and cons of buying a practice vs. starting a practice.
33:20 - The concept of arbitrage, where buyers can improve the business by increasing charges, adding services, or growing patient numbers.
38:57 - The differences between asset and stock purchases, noting that asset purchases are more common and forgive past sins.
44:48 - The benefits of expanding with SBA loans, including the potential for zero down and expedited vetting processes.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â
The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Lessons learned from private equity groups scrutinizing the business; and how that can be applied to your business today to make millionsNavigating the rough seas of change in a business What we need to know about the chiropractic business landscape nowWhat we need to know about whatâs coming next in chiropracticEpisode Highlights
00:56 - An introduction to Dr. Brian Capra and the conversation, focusing on the "last, now, and next" framework
03:49 - The need to re-engage and re-motivate, leading to a deeper understanding of private equity, valuations, and multiples.
06:29 - The complexity of merging companies and the importance of advisors in the process.
09:41 - The value of having a platform with multiple products to increase valuations as well as value to customers.
15:15 - The importance of building trust and credibility with customers through various services and products.
20:19 - The significant challenge of a cyber attack on Change Healthcare, which affected insurance billing and caused a backlog of 200,000 claims.
22:25 - The need to build an infrastructure to support rapid growth.
27:42 - The potential of AI to scale the business and the importance of embracing new technologies.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Fully-Loaded Books is the requirement of a Remarkable Business How should you ACCOUNT for your Compensation on your books?How to arrive at a TRUE Profit and Profit Margin Understand the difference between Direct and Indirect costs in your business Differentiate between COGS and COSDCalculate ownerâs discretionary earnings (ODE) or Seller's discretionary earning (SDE)Episode Highlights
00:49 - The importance of discussing self-compensation which is often overlooked.
02:34 - The necessity of setting up a compensation model that energizes the owner.
04:01 - A look at the "Remarkable Money Metrics" as part of the vital signs and standards for business compensation.
05:09 - The three ways that a business owner gets paid.
08:01 - The importance of understanding business compensation regardless of your current level of knowledge.
12:15 - Scenario 1 - A look at the framework for compensation in a million dollar practice.
24:14 - Scenario 2 - A look at compensation in a $500,000 practice.
28:09 - Scenario 3 - Compensation framework in a $750,000 practice
29:59 - The importance of paying oneself right and using the provided framework to scale business compensation.
Resources Mentioned
Download your copy of the REM Money Metrics here: www.theremarkablepractice.com/podcast-ep278-moneymetrics
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â
The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Healthy conflict clarifies, and clarity is the greatest accelerantDetermine if this is a person or a process issue first, then make it a projectDeploy the MBD Frame to change the conflict resolution gameLeverage the remarkable troubleshooting framework to breakthrough current challenges and into the next level of growthEpisode Highlights
02:33 - the importance of gratitude and handling challenges as part of growth.
06:19 - The role of conflict in clarity and growth.
10:18 - Handling conflict in a way that leads to doing the right thing and maintaining unity within the team.
12:22 - Developing the skills of restraint and response to handle conflict effectively.
14:53 - The different types of conflicts that can arise in various professional and personal relationships.
15:11 - Introduction of the âtroubleshooting formâ as a tool for resolving conflicts in a systematic way.
22:03 - The need for clear communication and alignment within the team.
23:59 - The MBD (More, Better, Different) framework for resolving process issues.
25:22 - Focusing on doing the right thing rather than being right in conflict situations.
29:53 - Dr. Kale sits down with Dr. Patrick McMahon and Dr. Aaron Morris, Success Partners at Syntropy Chiropractic Training, to discuss the company's origins, growth, and mission. Syntropy focuses on improving chiropractic adjusting skills through a program designed for practitioners at any stage of their career. The discussion emphasizes the importance of mastering fundamentals to enhance patient care and reduce practitioner burnout. Dr. McMahon and Dr. Morris discuss how their training can lead to better patient retention and consistent care.
Resources Mentioned
Download your copy of the Troubleshooting Form here: www.theremarkablepractice.com/podcast-ep277-troubleshooting
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Syntropy please visit: www.syntropychirotraining.com
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Hereâs what is at stake in the upcoming Presidential ElectionWhat Chiropractors need to knowHow to take a stand in your practice and communityLetâs Make America Healthy AgainEpisode Highlights
00:50 - Introduction of Del Bigtree, host of The High Wire and ICANN president.
04:10 - The responsibility of discussing impactful, politicized topics is crucial amid current societal stakes, overcoming fears of neutrality to address issues like censorship and the collusion of major entities.
08:05 - A look at the media system and how it is unfairly manipulated by both political parties, lacking equal time for all.
13:35 - How Del became highly rated due to addressing public health concerns leading to involvement in CDC whistleblower story and making the film "VAXXED" with Andrew Wakefield.
14:51 - Finding destiny in editing medical film, feeling uniquely qualified for a project, supported by chiropractors.
19:36 - The government and media corruption, internet censorship, and a growing societal disconnect.
22:45 - What happened with Bobby reached out to Trump after assisination attempt.
24:31 - The rigging in Democratic primaries, with criticism of Kamala Harris being selected without election and changes putting candidates in disadvantage in New Hampshire.
34:19 - A lack of viable leadership choices, mentions Donald Trump involving Robert Kennedy Jr. and Tulsi Gabbard in efforts to reform government, and expresses concern about potential conflict initiated by Democrats.
36:26 - Criticism of Biden-Harris on censorship and vaccine mandates; praise for Trump on free speech.
40:39 - Freedom of speech requires open discourse and access to information for informed decision-making.
45:05 - Pharma spends five times more than oil and gas on government influence, potentially sidelining alternative health perspectives like chiropractors, who were notably active during COVID-19 when conventional care was less accessible.
48:48 - Global governance vs. national sovereignty.
50:39 - Focus on policies, not politics; prioritize children's future and encourage open dialogue.
53:26 - Listeners are encouraged to find courage, self-reflect, and contribute locally.
Resources Mentioned
Watch Robert F. Kennedy Jrâs Step Down Speech at https://www.instagram.com/reel/DAwjmy8v-95/?igsh=MTB2bmFxODc3d3UwMA==
For more information on what Dell is working on, visit https://mahaalliance.com/To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
How do Remarkable CEOâs steward their financesWho is on YOUR financial teamCreating your own Family Office-like financial systemWhat you focus on amplifies Wealth is not generated - itâs capturedEpisode Highlights
00:53 - Introduction of Paul Ludacka and Reem Rawashdeh from the Ludacka Wealth Partners.
03:28 - The importance of long-term financial planning that extends beyond the individual to include family and future generations.
05:26 - The importance of financial literacy and the impact of early financial education.
06:49 - Teaching financial habits and the power of compounding to the younger generations.
09:41 - The significance of having a proper perspective on money and using it as a tool for good.
13:56 - Common blind spots in financial planning for chiropractic business owners.
15:37 - The importance of focusing on what you do best and building relationships with amazing people.
20:11 - Building the dream team of experts and the benefits of communication and accountability within your financial planning.
24:25 - Expanding the term of team to beyond your internal team but as part of your network outreach.
30:16 - The importance of stewardship and being faithful with small amounts of money.
32:52 - Having reporting systems and meeting rhythms for financial accountability.
34:42 - Preparing for the next generation and ensuring they are financially literate.
37:33 - Having boundaries and working within constraints to achieve better financial outcomes.
41:09 - Understanding the difference between a busy practice and a successful one.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
Learn more about the Ludacka Wealth Partners at https://www.ludackawealthpartners.com
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Knowing your numbers enables you to make decisions boldly and with peace of mindUnderstand the economics, because accounting is the language of businessThe Return-On-Investment vs Return-Of-Investment, know the differencePut on your Investor hat whenever youâre hiring an associate and get your comp plans rightEpisode Highlights
01:26 - The importance of the associate doctor relationship focusing on the compensation model to avoid common failures.
04:22 - The need for maturity and sophisticated growth for successful chiropractic practice scaling.
06:14 - Taking the long-term perspective when hiring, encompassing a three-year business view with ROI considerations.
07:07 - Viewing business decisions with an investor mindset for future returns.
10:07 - Importance of casting a vision for associates and ensuring they see growth potential.
14:43 - Challenges in scaling chiropractic practices and the need for a structured system
17:59 - The Seven-figure business framework based on revenue per employee (RPE) and patient visit metrics
22:55 - Utilizing Revenue Per Employee (RPE) as a wellness metric for practice evaluation
25:02 - The importance of assessing RPE regularly as a critical economic health indicator
28:10 - The significance of data-driven decision-making in business leadership to avoid emotion-based choices
34:56 - Join REM Coach, Dr, Chris and he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financialâs unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your businessâs financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.
Resources Mentioned
Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep274-rem-asc-webinar
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Big Life Financial please visit: https://www.biglifefinancial.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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You cannot scale without making multiple ascensionsâŠ
How fast and how far you go in business is up to you. You have the opportunity to ascend from Operator to Manager to Leader to Governor to Investor. Where are you right now? Who are you to your business? Who does your business need you to be NOW? Where does your business need you to go NEXT?
Check-out this compelling business conversation between a couple of CEOâs and great business minds. Dr. Nick has replaced himself 3 times so farâŠeach time more successfully than the last. Listen-in and learn from a Founder who has just replaced himself as CEOâŠand hear what his new CEO, Jason Barnes, has to say about the experience.
The secret to success? Donât repeat mistakes. Yours or others. Listen-in and learn.
Episode Highlights
00:53 - Introduction of Dr. Nick Silveri and Jason Barnes and how they met through the TRP immersions.
02:36 - The challenges of letting go of control as an entrepreneur and the transition from clinician to CEO.
06:24 - The importance of hiring people who are better suited to specific roles to scale the business.
10:00 - Misconceptions about becoming a CEO, noting that it doesnât mean you must give up the parts of the business you love.
13:32 - The value of delegating responsibility and allowing specialists to focus on what they do best.
16:36 - How a leaderâs strength can become a weakness for the organization if not managed correctly.
20:37 - The importance of leveraging other people's expertise for growth.
23:03 - The "law of ones and threes," explaining that different stages of growth require different teams and strategies.
28:56 - The value of business coaching such as the TRPâs CEO program, to help refine your leadership skills.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep273-rem-asc-webinar
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Making the critical transition from being the machine to building the machine Trust the ascension process: The intentional addition and subtraction of hats Get clear on your 3 Roles: Operator, Leader (CEO) and Investor What hat should you be wearing right now?Episode Highlights
03:20 - Recap of the well-attended webinar on the 7 figure Associate Doctor Compensation Plan Model and its relevance to the scaling and exiting business stages.
03:54 - The concept of ascensions for business owners, moving from owner operator to CEO to investor and their different roles & responsibilities.
05:01 - A breakdown of the three ascension rolesâowner operator, CEO, and investorâhighlighting the different perspectives, responsibilities, and goals of each.
08:34 - An introduction to the metaphor of "hats" to describe different roles, sharing personal stories about wearing multiple hats in family and business contexts.
12:21 - Real-life example of transitioning between different roles (assistant coach, head coach, investor), relating it to the varying responsibilities in business.
16:12 - The fluidity of the CEOs switch between roles on any given day or week, emphasizing the importance of knowing which hat to wear.
16:52 - The importance of consciously switching roles to serve the business best.
18:42 - The additive nature of roles means that ascension doesn't mean discarding previous roles; rather, it involves adding new roles and consciously switching between them as needed.
20:18 - The final ascension to the investor role, where the focus shifts to selling the business and maximizing its value.
Resources Mentioned
Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep272-rem-asc-webinar
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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Whether you are 3 years or 33 years away from selling your chiropractic practice / business, this is truly an Oak Tree ConversationâŠWhen is the best time to plant an oak tree? 50 years ago. When is the next best time? Today!
Listen in as Exit Experts Dr. Stephen Franson and Exit DNA author Mac Lackey walk you through the 5 Steps of the Remarkable Exit Process, highlighting the best practices to execute - and the common pitfalls to avoid along the way.
âBusinesses are not bought - they are SOLD.â Listen in on this conversation and set yourself up for a business that will not only give you a great return âone dayâ - but will start to pay you handsomely MONDAY! You will never regret owning a chiropractic business that you built to sell!
Episode Highlights
00:46 - Introduction of Mac Lackey and his expertise, highlighting his journey and mistakes towards optimizing the business exit process
03:19 - The importance of creating strategic value in a business, not just relying on traditional financial multiples, and how this approach can help achieve high-value exits.
04:25 - The concept of building a business that is ready to sell, with practical and tactical tips on optimizing operations, systems, and processes to increase value.
12:06 - The necessity of a proactive approach to selling a business, highlighting that businesses are sold, not just bought, and outlining steps owners can take to attract the right buyers.
17:13 - How both the owner and the business need to be prepared for the sale, focusing on emotional readiness, operational systems, and financial organization.
23:32 - Implementing specific actions over time to drive up business value, likening the process to enhancing a home's value before putting it on the market.
29:17 - Different sale routes, including internal sales to existing team members and external sales to new buyers or corporate entities, and how to attract the best deals.
34:48 - Reducing risks during the due diligence phase, such as ensuring accurate financial records and legal agreements, to build trust and secure the deal.
42:01 - Managing the personal and professional transition post-sale, with tips on planning for the next stage of life or career to ensure a smooth shift.
45:07 - continuously enhancing the appeal of the business by reducing dependency on the founder and integrating exit-thinking into everyday operations.
49:45 - Dr. Adrian welcomes Success Partner Susanne Temperley from Investorus to discuss practical financial strategies for individuals and businesses. Susanne shares insights from her extensive background in finance, emphasizing the importance of personalized financial planning that aligns with individual goals and values. Discover how her and her team provide comprehensive services, from budgeting and investment advice to mortgage broking and financial planning, all aimed at empowering clients to achieve financial freedom and success.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Investorus please visit: https://investorus.com.au/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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Listen in on a hardcore business conversation w Dr. Stephen Franson and business savant and author, Mark Murphy:
The business of running a business Adding value as your Modus Operandi When to hold and when to sell your business And countless other business truths and insights!Episode Highlights
00:58 - Introduction of Mark Murphy, author of "The Ultimate Investment," and how they met through the Ultimate Achievers Club (UAC).
02:46 - The importance of measuring business growth by the impact on patients rather than just revenue or patient numbers.
03:40 - The concept of separating the practice from the business, noting that chiropractors often use these terms interchangeably.
05:37 - The three ways to create wealth: investing in a business or operating company, investing in real estate, and financing deals.
09:50 - The importance of having cash confidence and the ability to make long-term plays during tough times.
12:38 - Investing in oneself and one's business to achieve a robust return on investment.
14:53 - Having a team of experts to support the business, including accountants, lawyers, and financial advisors.
16:12 - Leveraging the strengths of a team to free up time and energy for the business owner.
20:17 - The importance of having a high-trust relationship with team members and the ability to provide honest feedback.
27:37 - The need for emotional preparedness to sell a business and the importance of having something to do after retirement that is fulfilling.
36:07 - Recognizing failure as part of the journey to success and learning from mistakes.
40:04 - Seeing people at their highest potential and lifting them up to believe in themselves.
42:33 - The ability to turn problems into opportunities and the importance of being able to handle adversity with grace.
43:36 - The importance of being consistent and grounded as a leader, especially during challenging times.47:12 - Dr. Chris sits down with Success Partner, Dr. Jeff Langmaid of Spark, to dive into an often-missed goldmine: inactive patients who already know, like, and trust their chiropractor. Dr. Jeff introduces "Spark," a game-changing initiative that blends cutting-edge technology with smart, targeted messaging to seamlessly automate patient reactivations. Unlike traditional marketing, Sparkâs pay-per-performance model ensures chiropractors only invest when patients actually return, providing an ethical, results-driven approach to reigniting old connections and sparking new growth from within their existing patient base.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Spark please visit:https://sparkpatients.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
The 3 drivers that impact profit - and the one that stands above the rest Which has the biggest impact on profit: Increase Price by 1%?Decrease Cost / Expense by 1%?Increase Volume by 1%?The language of business is accounting, and you need to understand it. Are you on track? Time to get your money metrics in orderEpisode Highlights
02:20 - The significance of small actions, such as one encouraging word or going the extra mile, and how they can make a big difference.
04:58 - The concept of the "1% rule" and its relevance to making a bigger impact and income in their coaching business.
06:26 - The significance of profit margin and distributable cash in measuring the health of a business.
07:25 - The 1% Rule: Increasing Price, Decreasing Costs, and Increasing Volume
15:02 - A real-life example to illustrate how increasing price by 1% can significantly impact profit margin.
19:46 - The importance of having the right mindset and tools, such as the "Remarkable Money Metrics" PDF, to guide business decisions.
21:21 - Understanding business metrics and accounting to manage a business effectively.
22:28 - Testing market responses to price changes and recognizing the potential impact on other metrics like referrals and retention.
22:43 - The need for chiropractors to balance different metrics and recognize the competing numbers in their business.
27:45 - Join REM Coach, Dr, Chris as he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financialâs unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your businessâs financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.
Resources Mentioned
Download your copy of the REM Money Metrics here: https://theremarkablepractice.com/podcast-ep269-rem-money
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Big Life Financial please visit: https://www.biglifefinancial.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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Get some free legal insight (NOT advice*) from Dr. Stephenâs very own business attorney, John Colucci. Dr. Stephen and John walk through the 5 Stages of the Remarkable Exit Process with an eye on the legal elements of each. Building your Chiropractic Practice with an eye on an eventual sale is very smart⊠A business âbuilt to sellâ will be more productive, more profitable, more fulfilling - and more fun to operate.
Get Johnâs insights around the following stages:
Vision: Your Ideal Exit StrategyReadiness: What you need to do to get your practice / business ready for saleGo to Market: Start your legal check-list nowTransaction: the paperwork, documents, contracts and checksTransition: whatâs the next chapter for you?Episode Highlights
01:09 - An outline of the five phases of the remarkable exit process: vision, readiness, go-to-market strategy, transaction, and transition.
04:10 - Advice on the vision and readiness phases, emphasizing the importance of starting with the end in mind.
06:03 - The importance of documenting all processes and procedures from the beginning to make the practice more attractive to buyers.
09:32 - The go-to-market and readiness phases, focusing on making the business more attractive to buyers.
10:30 - The importance of accurate financial reporting and having a financial team in place.
17:45 - Legal Considerations for the transition phase.
20:27 - Having key team members in place and ensuring their contracts are secure.
21:45 - The typical process of a transaction, starting with a letter of intent or memorandum of understanding.
23:07 - The timeline for due diligence, document drafting, and negotiation, leading to the closing.
29:57 - The differences between an asset sale and a stock sale, including tax implications.
33:23 - The pros and cons of seller financing and the importance of securing the promissory note.
36:23 - The importance of having a post-sale plan to maintain personal identity.
41:23 - State tax planning strategies, such as gifting interests to an irrevocable trust to avoid estate taxes.
45:59 - Being open-minded about the value of their business and listening to prospective buyers and brokers.
48:39 - Final advice on the importance of being prepared and having a clear plan for the transition.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Be as intentional with sharing your struggles and challenges as you are with your winsFailure is a part of success, get good at sharing your Wins AND LearnsLeaders are courageous and transparent about âfailuresâ Get beyond your need to be âperfectâ as a leader Action Increases as transparency and trust go upEpisode Highlights
00:52 - The importance of hiring motivated people and inspiring them to achieve their best.
02:58 - The significance of assessment and being brutally honest are crucial for leaders.
05:04 - The impact of unrealistic expectations and the need for support in navigating challenges.
07:52 - Embracing the struggles as part of success.
11:26 - Sharing personal struggles for its impact on growth and development.
13:33 -The importance of humility in leadership.
16:12 - The impact of building trust in your relationships and what it takes to maintain that.
21:55 - Dr. Pete sits down with Mark Lewis, Director of Sales and Marketing for Platinum Systems. Mark shares his remarkable journey from being a PGA golf professional to becoming a pivotal figure in chiropractic software solutions, emphasizing the importance of effective systems and procedures in scaling chiropractic practices. Highlighting the evolution of Platinum Systems, Mark reveals exciting advancements with Platinum 2.0, aimed at providing holistic web-based solutions to enhance efficiency and patient care. If you are looking to increase your practice efficiency, while freeing up your staffâs time, then you will want to listen to what Platinum Systems has to offer.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Platinum Systems please visit: https://www.platinumsystem.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â
The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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Rick Sapio is a brilliant, battle-hardened business mind with a soft-side. Rickâs experience inside and outside of the Chiropractic Industry - specifically around EXITING and building businesses to sell them - lends him a sharp insight into how to best build your chiropractic practice with EXITING in mind. Listen in on the first of several conversations between Dr. Stephen Franson and Rick and discover:
How to turn your job into a businessThe importance of Core Values and Values-Based Decision MakingThe critical nature of separating the Founder from the Brand and the BusinessHow to create permanence in your offering and processCreating Uniformity and building a World Class TeamHow to build a business that is bigger than you!Creating the business that will attract your Ideal Buyers (eventually)Episode Highlights
00:41 - Optimizing business for sale with a focus on exit strategies.
01:51 - Rick shares his background in helping his business and chiropractic expertise optimize exits.
07:17 - The shift from a culture of resourcefulness to victimhood, with a focus on entrepreneurial parents training their children to be resourceful rather than victims.11:36 - The shift from a culture of resourcefulness to victimhood, with a focus on entrepreneurial parents training their children to be resourceful rather than victims.
14:24 - The concept of the Business Frame, starting with the purpose of the business and catalyzing statements to inspire employees and potential partners.16:57 - The importance of values-based decision making for business success.
24:08 - The value of commitment and permanence in achieving success.
29:58 - Creating a community and having a clear purpose and values to build referability.
32:39 - The importance of soft skills in business, such as purpose, values, and decision-making philosophy.
35:03 - The need for business owners to prepare themselves and their businesses for exit, avoiding language barriers and tactical mistakes.
39:52 - Join REM Coach, Dr, Chris as he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial's unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your businessâs financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.
Resources Mentioned
Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about Big Life Financial please visit: https://www.biglifefinancial.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Donât skip the most important step to accelerate mastery and scalabilityThe Demo: the one thing that will change everything Unlock the uniqueness and power of demonstration Alert! If youâre role playing - youâre not trainingEpisode Highlights
01:01 - The importance of continuing education for chiropractors.
02:59 - Requiring patients to engage in continuous education to achieve optimal health.
05:41 - Valuing education in all aspects of business, from marketing to team building and collections.
09:44 - The importance of demonstrating and role-playing in training doctors.
12:22 - Utilizing workshops for personal growth and professional passion.
15:01 - Challenging yourself to deliver the message with conviction and purpose.
16:58 - Demonstrating and role-modeling for team members as a leader.
19:43 - Leaders should show, not just tell, to accelerate mastery and scale their business or practice.
22:36 - Join Dr. Sebastian as he speaks with Joe Hagan, founder of Wealth Colony, a company focused on wealth accumulation through blockchain and cryptocurrency. Joe shares his journey from Wall Street to embracing blockchain technologies and the importance of understanding and utilizing Web 3.0. Learn how Wealth Colony educates small business professionals, including doctors and accountants, on cryptocurrency investments and Web 3.0 tools to enhance their businesses. Discover the significance of digital ownership, cybersecurity, and advanced tools like smart contracts to improve efficiency and engagement.
Resources Mentioned
Download your copy of the Dirty Dozen Poster here: https://theremarkablepractice.com/podcast-ep265-dirtydozen
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
For more information about Wealth Colony please visit: www.wealthcolony.com
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Defining your chiropractic USP for humanity (Unique Success Proposition) We have a SIMPLE and ELEGANT solution - donât confuse people You have a COMPELLING story - Are you telling it? Applying the principle of the âHard-Easyâ in practice Itâs never about price - itâs always about VALUEEpisode Highlights
00:57 - Gratitude for the in-person training and the power of the product they deliver.
06:33 - Combining conversion and retention for better results.
08:32 - The importance of understanding the core principles of chiropractic and their unique value proposition.
10:48 - Reinvigorating the chiropractic process through a renewed understanding of the product's power.
13:05 - The importance of an immersive environment for chiropractors to level up and improve their skills.
17:41 - The transformative concepts and takeaways from a recent event, including the importance of engaging people's hearts before their heads.
19:31 - Removing interference to the flow of nerve impulses, likening it to CPR and the Heimlich maneuver.
22:13 - The importance of addressing patients' belief systems for successful chiropractic care.
25:06 - Addressing patients' belief systems before introducing chiropractic care.
27:54 - Dr. Bobby chats with Dr. Andrew Powell from Success Partner, Better Balance Orthotics about a unique product that enhances patient outcomes through proprioception rather than traditional arch support. These orthotics stimulate foot muscles, improving posture, balance, and gait. Initially designed for scoliosis, they've been found to benefit people of all ages. Dr. Powell discusses how implementing these orthotics can boost patient results and significantly increase a practice's revenue. Discover the effectiveness of the product and its potential to boost profitability.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
For more information about Better Balance Orthotics please visit: https://betterbalanceorthotics.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
-
In this episode, you'll discover:
Is your practice Exit Ready?The 5 Stages of a Remarkable ExitThe Remarkable Exit RoadmapPractice Sales happen at the speed of TRUSTHow to get the most for your practice20 Value-Drivers Cheat SheetHow to make your practice IRRESISTIBLE to your Ideal BuyerEpisode Highlights
00:49 - Exiting a chiropractic business with a focus on practice sales and brokerage services.
04:33 - Finding the right buyer for your practice, ensuring a win-win situation for all parties involved.
06:23 - Understanding your personal goals and priorities for selling your practice.
09:01 - The challenges of balancing emotional considerations with transactional factors.
12:06 - Limitations in scaling and transferring value in chiropractic practices make selling difficult.
14:54 - The customary way to arrive at the value of a business, including sales multiple and owners' discretionary earnings.
15:52 - The different types of sales and the role of private equity in the industry.
17:54 - The lack of understanding of chiropractic on new investors.
19:22 - The common pitfalls, such as false expectations and blind spots, and the need for diligence and homework when selling a business.
21:26 - The importance of preparation and documentation for a successful practice sale.
24:09 - Common traits of sellable practices, such as readiness and curbside value.
26:39 - The importance of systems perspective when selling a chiropractic practice.
29:15 - Dr. Adrian and Success Partner, Dr. David Fletcher converse about the benefits of using CLA technology in chiropractic practices. They emphasize its role in patient care improvement, practice efficiency, and enhancing patient-practice interactions. They underscore its use in growing practices through effective patient communication, retention, and internal referrals. Additionally, they highlight the benefits of tracking patient care progression with systematic re-exams, and the substantial patient data collected by CLA, illustrating chiropractic's profound effects on the nervous system.
Resources Mentioned
For more information about selling your practice visit: https://www.progressivepracticesales.com
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
For more information about CLA please visit: https://insightcla.com/about/
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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In this episode, you'll discover:
Be CLEAR NOT CLEVER when it comes to your communication Audit the communication in all your forms of marketing Why it is critical that you protect your CONFIDENCE as an entrepreneur What METRICS really matter - and WHY you need to monitor them The most valuable asset in your business right nowEpisode Highlights
01:33 - Introduction to Dr. Jeff Langmaid, a multi-faceted chiropractor with a strong business mind.
04:24 - The importance of persistence, diligence, and confidence-building for business growth.
07:42 - Choosing between manifesting your vision or playing problem-solving "whack-a-mole."
09:48 - The difficulties chiropractors face in consuming and applying research-based information to build their certainty and confidence.
11:44 - Analyzing and improving communication methods to better guide patients and grow your business.
14:11 - Insights on how to build bridges and connect with key leaders in the community.
16:37 - Tracking data to monitor and improve business performance.
20:12 - The value of having the right team with diverse skill sets and tapping into resources beyond local communities.
22:58 - Monitoring metrics regularly to drive success and make informed decisions.
25:52 - The value of controllable marketing assets, such as podcasts, and the opportunity for doctors to leverage these assets for growth.
30:15 - Reaching inactive patients through consistent teaching and inviting.
32:37 - Building a successful practice with a team of virtual assistants.
37:32 - Dr. Kale sits down with Success Partner Dr. Erik Kowalke, co-founder of SKED, a software designed to improve efficiency in chiropractic practices. Dr. Kowalke shares his journey from running a busy clinic to developing SKED in 2016 to automate patient communication and scheduling, thereby saving time and enhancing patient experience. He highlights SKEDâs ability to increase show-up rates and streamline operations with intelligent automations. Dr. Kowalke underscores SKEDâs reliability and commitment to future innovations.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
For more information about SKED please visit: www.sked.life
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â
The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
-
In this episode, you'll discover:
Do the preparation so that when you speak you can focus your attention on your audienceThe secret sauce that will make the information lead to transformation.Understand what people want so you can give them what they needHow to anchor yourself into in CERTAINTY - the ultimate people magnetEpisode Highlights
02:40 - Marketing and educating clients through virtual and live events.
05:12 - The importance of execution in a five-part process.
08:53 - Being in the moment for presentations - letting go and having fun.
11:04 - Speaking to a room with the mindset of speaking to one person.
14:26 - Treating people based on their destiny, not history.
16:14 - The importance of understanding audience and message in chiropractic marketing.
20:04 - Shifting from focus on self to audience, reducing anxiety and increasing excitement.
22:01 - Delivering a message that resonates with the audience's wants and needs.
23:58 - Dr. Eric DiMartino welcomes Success Partner, Dr. Jason Green from Simplified Functional Medicine to discuss how their program helps chiropractors incorporate functional medicine into their practices without the need for additional extensive training. Offering comprehensive support in clinical systems, business management, and marketing to drive new patient acquisition, their approach streamlines the treatment of common chronic conditions with simplified protocols. They have also seen an attractive ROI, aiming for a 6 to 7 times return on investment for their clients. Tune in to learn how this system works and can benefit your practice.
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
For more information about Simplified Functional Medicine please visit: https://simplifiedfunctionalmedicine.com/
Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477
Schedule a Brainstorming call with Dr. Pete
Dr. Stephenâs LinkedIn
Dr. Peterâs LinkedIn
The Remarkable CEO Website
Dr. Stephenâs Book â The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business
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