I once heard a saying, ‘start the way you want to finish’.
I have had many conversations with allied health practice owners and one thing that stands out is a lack of clarity around what I call ‘the endgame’.
Another word for this is ‘exit plan’ BUT I’M NECESSARILY TALKING ABOUT SELLING YOUR PRACTICE! In fact in most cases far from it. I’m talking about creating choice, choice to transition, leverage, and manage your practice in a way that gives you more time and freedom, and more income. That’s an EXIT plan.
Hi, I’m Dr. Andrew Arnold (Chiropractor), The Practice Leverage Expert, and Founder of the Practice Leverage Revolution.
If you are in a partnership your contract should have this clearly outlined, so you will know what I’m talking about.
Essentially it’s about knowing now, where you want to be at some designated point in the future, and then acting as if this your trajectory NOW.
So what if you knew you’re endgame?
Let’s use the analogy of a patient treatment plan. There is a start, a middle and an end. You clearly outline to your patients where you think the outcome should be and agree to this. You then reverse engineer the process, working backwards to their initial or report visit at the beginning. You then create a plan or trajectory working towards the agreed endgame.
I’m sure you all do this well.
Your over-arching practice trajectory is no different. It needs a start, a middle and an end.
I might add here, this is not about your wanting to exit. This may or may not happen and/or the timeline may shift. It’s about creating the intention so you have a fixed point to move towards. Essentially if I were to walk into your practice tomorrow and say I want to buy your practice, I would expect that you could prepare your practice for sale within a short period of time.
So, maybe could it now be the time to stop hiding and to live up to your goals and dreams? Surely, it must be time to step into your full potential as a wellness leader?
So let’s talk about how to do this.
Firstly I recommend using the BE-NOW-ROADBLOCK model. Use a large sheet of paper, get out the colored textures and let’s get this going.
NOW: List in dot points where you are right now, income, number of team members, patient visits per week, product sold, current physical premises etc.
BE: Now outline exactly what your practice looks like on the day you exit and how your life will look the day after. Think about how much you have sold it for, the gross income, the location etc. and then think about how your life will look the day after, e.g. mortgage about to be paid, cars paid, holidays planned, next venture etc.
ROADBLOCKS: Now outline what you perceive is in the way. Remember this is perceived reality, not actual reality. You might list knowledge to know how to prepare your practice for sale, creating systems, recruiting, improving your gross etc. Write down as much here as you can, be exhaustive.
Then hang this somewhere prominent but private, at home would probably be best. Make sure you put dates as well.
Now it’s about action. Start thinking about how to address the roadblocks, what resources, mentoring, coaching support do you need; are there virtual assistances that could help etc. Don’t reinvent the wheel, many have done this many times before.
Finally, get advice as to the many different exit plan models, from % of gross to a multiplier of profit to staying on for a period of time after the sale or exit to leaving straight away.
Remember, you can always move your exit plan forwards however, you must have one otherwise, to put it bluntly, you just won’t reach your potential and most likely, feel like you a slave to the job you’ve created.
At the Practice Leverage Revolution, we’ll help you…
- Grow a thriving practice, develop a practice that runs itself.
- Actualize your practice dreams, focus on your financial freedom.
- Create a business that you can scale and sell when you’re ready.
The Practice Leverage Revolution about building your reality, creating a clear vision and destination, then reverse engineering it step by step to now. Once you’re done this you can then choose your EXIT plan, which doesn’t mean leaving your practice. The last part of the equation is getting into action and staying true to your +ve delusion.
JOIN US ON THE GOLD COAST, AUGUST 6TH 2017.
It’s time for change! The question is are you going to be the driving force or be dragged under and lose your dream?
Your community needs you. Your practice can be the bridge between medicine and complimentary or allied healthcare practices and be the shining light in a truly holistic, synergistic and dynamic model.
We want to have the courage to stand tall in your community and create the most powerful, best practice model providing health choices that compliment medicine.
You owe this to your clients, your potential clients, your team and potential team members, your community, but even more than this, you owe this to you and your family. We want to build a legacy. It’s time!
Come along and at the end of this one day intensive, you will feel inspired, empowered and clear about the steps you need to take to turn your dreams and desires into reality. We look forward to seeing you there!
Regards, Andrew Arnold
P.S: Don’t forget when you book your ticket you get one for your friend for FREE;
P.P.S: You will also get some great content you can start implementing today!
About the Author:
Dr. Andrew Arnold (Chiropractor) is the ‘Practice Leverage Expert’; Founder of the Practice Leverage Revolution and Million Dollar Wellness Practice and Principal Chiropractor, Naturopath and owner, Cranbourne Family Chiropractic and Wellness Centre.
Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.