Blog, Chirosecure Live Event October 8, 2020

What is your 10 year exit strategy?

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Hello there. This is Dr. Janice Hughes host of ChiroSecure years growth without risk today. I’m really excited to bring to you a show. That’s kind of the whole emphasis of something I’m really interested in these days is the idea of planning out your exit strategy. And I know that probably sounds crazy when I’m saying that, you know, you’re safe even early in practice, whatever phase in practice and thinking about leaving. But what I mean by this is if we can help you create a business plan and plan your potential exit. Now you’re suddenly going to have more freedom and flexibility. Let’s face it. I have doctors talk to me all the time about feeling like they’ve created a job for themselves. Some of the challenges of practice, you know, what do I do? How do I take more vacation? I thought that I could have more freedom and flexibility after years.

And yet, if we’re not careful, if we haven’t done some really thoughtful planning, what ends up happening is you don’t get that freedom and flexibility. Now there’s another piece of that is that some of you then don’t even have the financial capabilities to have that flexibility or freedom. So I want to share a quote with you and it’s from Tony Robbins that most of us know, particularly when we talk about success and success principles is Tony talks about without an exit strategy, it gets incredibly expensive. So what I’d love to share with you is that I want you to start to even define for yourself the difference between a practice and a business, from my perspective. And I share this because for years, I had a personality driven practice. My practice was me without me. There, there, wasn’t going to be the same level of billing, even with some incredible associates.

So what starts to happen is that tells us, or helps us define that we run a more personality driven practice versus a business. So ideally I want to share with you some of the I’ll call it like the checkpoints that we can start to use to ensure that you’re thinking in terms of a business. So first is what are the business strategies? Do you have business strategies in place systems and tools that allow you to turn around and have the same kind of practice, whether you’re there or not? Are you, again, able to keep the same patients coming in

Find and doing incredible work? If not, what tends to happen is it shows you that you’ve got some work to do. So I can’t go through every single business strategy here today. But what I want to share with you is that that’s one big category that you need to start to think in terms of, do you have an operations manual? Do you have a way that everyone on the team understands all the facets of every single visit? If you have associates, could you put together a great training protocol and manual, so that they’re saying the same things, doing the strategies, providing the same level of excellence and care that allows you then to be able to, like I say, almost be there or not be there. So it takes a little bit of work, but putting those business strategies in place, the second category I want to talk to you about today is your leadership.

One of the things that happens is a lot of times we’re so busy working in the business that we’re actually not working on the business. I’d love you to start thinking about how you turn around and work on the business, set some time every week, or at least once a month to be working on planning, deciding what you’re going to do, the marketing that you’re putting in place, you know, and allowing yourself to therefore think in terms of how am I going to lead my team, put that level of leadership or thought about training, your staff, training, your staff, associates training, any other practitioners you have. I want you to be able to think about how could you grow your leadership? How could you plan to increase your I’m gonna call it almost CEO capabilities. So are you working in the practice or are you working on it?

And that allows you then to think about how do I build my leadership skills so that I groom all the people around me. The third piece that I think is incredibly important. As you beginning to understand the valuation of your practice, have you ever had someone do evaluation? Have you ever had someone like myself even just talk to you about this? Because I think that it’s really critical that you know, that if you want to plan a tenure exit, there’s a lot of things you can be doing now to begin to enhance the value of the practice. So beginning to think in terms of how is this an asset, how is it that I structure that? And I could do things to enhance that value of my assets. And then ultimately, how is that asset worth? Something really strong financially that even comes into play when you’ve got your own children or people that you know is CA that you’ve sent to chiropractic school and you eventually want them to purchase your practice.

All of a sudden what starts to happen is a lot of emotions get in the way, or they might think that we’re just going to transition that to them. Remember, you’re practicing right? As a business. It’s an asset that you’ve worked at that you’ve grown, that you want to have worth a significant value when you go to retire and, or exit yourself out. So these are some of the things that I like you to start to think about it. And it’s because to me, what we want to start to do is in building a life, we want create business freedom. We want to create lifestyle freedom, which is why I say is your business able to sort of run itself with, or without you there? Can you go on a vacation? Could you take some time off and do a course or train and do some other things that you might bring back to the practice, but you want that kind of freedom to be able to do those things.

And then the last piece I’d just like to mention is, do you have the financial freedom? I think what tends to happen is a lot of times because we’re a practitioner and we give, and we share what starts to happen is sometimes we get really confused about this idea about financial freedom, or are we building wealth? To me, I’d love to see chiropractors wealthy. And because I went and did some, some money raising, and I thought that I knew so many chiropractors and could get them to invest in the startup we were doing. What I’ve found is many of us have actually created a job for ourselves, not a business, not an asset. So you can see that part of my mission and part of ChiroSecure’s mission in bringing you this idea of practice management or practice coaching is to help you build your asset.

You’re well protected. You know, if you have the ChirooSecure a team behind you, but what we want to do is also ensure that you have business freedom, financial freedom, and lifestyle freedom. So I would be remiss if I didn’t think ChiroSecure, they continue to support you. They continue to bring you these tools and this information to help guide you to guide your business. So thank you for listening. This is just a little drop, almost like a drop in a bucket, but I wanted you to see that. Could you imagine if we actually begin to help more of you plan your exit strategy? Exactly what we could do from a professional standpoint. Thank you. Have a wonderful day.

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