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’.
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 do you know your 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 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.
For more information about EXIT plans and how reverse engineer your practice give me a call. This is what I do and I can help.
Best of luck on your journey.
PS: Whenever you’re ready… here are 7 ways I can help you build your wellness practice.
- Grab a free copy of my ‘30 Practice Leverage Tips in 30 days’ e-course. It’s the roadmap to leveraging and scaling your wellness practice and moving you to a working ‘ON’ model rather than working ‘IN’ – Click Here.
- Join the Million Dollar Wellness community and connect with wellness practitioners and practice owners who are building and scaling their practices too.It’s our new Facebook community where smart coaches learn to get more income, impact, and independence. Click Here to gain access.
- Grab a copy of my e-book, ‘7 reasons why practice owners don’t have a successful Multi-practitioner Health Practice and what you can do to change that’. Click Here to download.
- Grab a copy of my FREE REPORT, ‘6 Ways to avoid getting the wrong team so you can get your practice on your right track’. Click Here to download.
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- Join the Million Dollar Wellness program and work with and my team privately. If you’d like to work directly with me and my team to take you from 6 to 7 figures… just send me an email with the words “Scale my Practice” in the subject box… tell me a little about your business and what you’d like to work on together, and I’ll get you all the details! Click here to reachout.
- Or just go ahead a book a FREE STRATEGY call with me. Click here to schedule a time.
Find out more…
Dr. Andrew Arnoldis a Chiropractor and ACTP accredited Business Coach.
Andrew believes for health practices to thrive, their owners need to, what he refers to as ‘step up into their power’. Leadership is about leading. Sounds simple right? So why are so many practice owners struggling to make a living, eventually burning out and giving up?
Andrew has successfully built 2 multi-disciplinary health practices to nearing a million pa. He has mentored many leading practice owners helping them reach this target and beyond.
Founder: Cranbourne Family Chiropractic and Wellness Centre and Million Dollar Wellness.
Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.
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