Healthy Wealthy & Smart 516: Brian Gallagher: Intrapreneur vs Entrepreneur in PT
Are you willing to experience anything?
In this episode, the Founder and CEO of MEG Business Management, Brian Gallagher, talks about the power of the intrapreneur and entrepreneur in private practice.
Brian graduated with a BSc in Physical Therapy from Daemen College in 1992. Soon after, he founded Gateway Health Services, which quickly became one of the largest staffing companies in Maryland. In 1999, he founded Cypress Creek Therapy, which was awarded the Anne Arundel County’s “Most Family Friendly Business” for several consecutive years, and in 2011, Advance Magazine awarded CCT as the “National Practice of the Year”. In 2006, Brian founded MEG Business Management and has grown to become among the top 10% of private practices across the US.
Today, we learn about the difference between an intrapreneur and an entrepreneur, the four types of PT owners, and Brian gives practice owners some advice on the interview process. He tells us why he sold his practice with a contingency, and how the current environment is ideal for entrepreneurs.
We get to hear about the 4 C’s, how we can become a successful Go-Getter Owner, and Brian gives his younger self some advice, all on today’s episode of The Healthy, Wealthy & Smart Podcast.
Key Takeaways
• “Typically, an intrapreneur is a manager within a company who assumes no financial risk, but they’re willing to promote and execute on the development and implementation of innovative products or services.”
“An entrepreneur is similar, but it’s one who will find the needs out there within the business community, and simply fill them by developing their own ideas into actualities, by assuming the full financial risk and development of that idea through a business model of their choice.”
• “Your practice is a reflection of you as an owner. Figure out which type of owner you are first.”
• “The secret to successful hiring so that you can be correct 85% of the time is that you have to get the entire team involved in the hiring process.”
• There are 4 types of PT owners: The Innocent Owner, The Caregiver Owner, The Know-It-All Owner, and The Go-Getter Owner.
The innocent owner – the person that falls into ownership, and is managing based on census. They never really thought about being an owner; they just had an opportunity.
The caregiver owner – they assume the perspective of a clinician first and owner second. They tend to run their clinics like it’s a democracy.
The know-it-all owner – through their life’s experiences, they’re not open to new ideas.
The go-getter owner – they have an entrepreneurial spirit, they like to manage based on performance, and they’re in a continuous pursuit of knowledge.
• “This is an entrepreneur heaven right now.”
• “If we’re going to sit here and go through our profession, and continue to colour inside the lines and make our picture like everybody else’s, you’re only going to get that.”
• “When you ask what the common denominator is to all success, the highest thing would be confidence.”
• “Transparency breeds trust.”
• “The secret to success is giving.”
“I hate a win-win relationship. A win-win relationship implies that I’m going to allow you to win as long as you help me win.”
• “Don’t react; respond.”
Book Mention The Go-Giver, by Bob Burg and John David Mann Suggested KeywordsIntrapreneur, Entrepreneur, Owner, Courage, Capability, Commitment, Confidence, Success, Listen, Introspection,
To learn more, follow Brian at:Email: info@megbusiness.com
More about Brian:
In 1997, Brian founded what became one of Maryland’s largest therapy staffing companies, while at the same time launching a multi-site private practice that resulted in a sale in 2006. Brian re-acquired the practice in 2008, thus doubling it, before winning “Practice of the Year” in 2011. MEG Business Management began in 2006 as an educational coaching company training owners and their key employees on innovative practice management strategies. Today MEG has taken another major leap forward by developing a Virtual Training platform that practice owners can now have the tools and training resources to professionally enhance, track and manage employee performance, and hold in compliance with every employee in the company. This platform is available 24/7, 365 days per year. When Brian is not coaching, or working on the VT training platform, he can be found giving lectures at the APTA, PPS and CSM Annual Conferences, as well as APTA State Chapters and DPT Schools across the country. Brian believes strongly in giving back to the profession of physical therapy and does so by supporting the APTA through lecturing, writing articles, and performing webinars.
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Read the transcript:
Speaker 1 (00:01):
Hey, Brian, welcome to the podcast. I'm happy to have you on,
Speaker 2 (00:05):
Oh, thank you so much, Karen. Thanks for taking the time and hooking up with me and doing the show.
Speaker 1 (00:10):
Yeah, well, I'm actually really looking forward to the topic today because it's something that I've spoken about a lot and that I have friends of mine who are business owners and, and love to empower their employees. So today we're talking about the power of the intrepreneur and the entrepreneur in private practice. So before we get into it, can you define the difference between those two terms?
Speaker 2 (00:39):
Yeah. And there's lots of definitions out there. I think if we Google it or YouTube, it you're all gonna, you know, find various forms of definitions for this. But for me, and I've always operated under this basic definition that typically an intrepreneur is a manager within the company who assumes no financial risk, but they're willing to promote and execute on the development and implementation of innovative products or services. In our case, it would be services and they do that via marketing branding, or other various forms of public relations, but they're innovating within somebody else's company. And that's my definition, that's my operating definition of an entrepreneur.
Speaker 1 (01:19):
And so when you're, when you're thinking about an injury, an intrepreneur and it can be a person who takes the initiative to maybe start a new program and within a physical therapy practice or right, something like that,
Speaker 2 (01:41):
Something like that, it could be as basic. And as simple as that, where they've taken an idea, they've worked it through to a concept and then they've developed that concept into an actuality. So that's what I really see with an entrepreneur. I have certain characteristics that we look for, and I think we'll talk about a little bit later that will really give you the identifying markers of an entrepreneur and what you should seek in an entrepreneur within your clinic, because an entrepreneur is similar, but it's one who will find the needs out there within the business community, whatever the market is that they're in and simply fill them by developing their own ideas into actualities by assuming the full financial risk and development of that idea through a business model of their choice, through the development of their business operations. So innovating within your own company is more of that, of an entrepreneur, assuming that financial risk. And that's really the defining factors between the entrepreneur and entrepreneur.
Speaker 1 (02:37):
And so what does, what does it take for one to stand out as an entrepreneur? So if I'm the entrepreneur, I own the business. What am I looking for for this? For a standout entrepreneur? Okay.
Speaker 2 (02:52):
All right. Well, I have a good story for that. And just to give you an example of a, of an entrepreneur, you know, it was several years ago. I, my clinics are in Maryland and I live in Florida and so I had six offices in Maryland and I was running them from Florida and I had a team that I had built. And so I had a chief operating officer working for me. Her name is Denise, she's now the CEO of Meg. And she runs our whole billing division. But at the time she was running the clinics and our largest clinic, it's a, you know, a 8,000 square foot office. And I got to talking to her on one Monday morning and I was asking her about, you know actually I didn't do my normal, that, that's how it actually came up. I was talking to her Monday morning, I got right into business, which is unusual for me.
Speaker 2 (03:33):
I'm usually like, how was your weekend? And how's the kids what's going on, you know, fill me in and all right, let's get start. But I was in a rush and I just got right into it. And she just started spouting off the things I wanted to know and just hitting it. And then I caught myself and I said, you know what, Denise, I'm so sorry. I apologize. I didn't even mean to ask you about your weekend. You know, how's your weekend go. And to my surprise, she says, well, you know, the air conditioning unit kind of backed up and it flooded the whole place I had to bring in a fan system. And my husband, I lifted the carpets and we dried them all out and got them down. We didn't miss a beat. We were ready Monday morning when the, when the patients got in here.
Speaker 2 (04:05):
So we're all, you know, find a good, I'm like, Oh my gosh, I had no idea. Like she never called me. She never made that problem. My problem. And I remember getting off the phone and saying to myself, what a level of responsibility, you know, what a level of responsibility. And that's one of the key factors that I look for in an entrepreneur. Now, in this case, I'm not giving you that shining, you know, example of somebody who started a women's health program or a pediatric program. I mean, she's obviously had done that through her time with me, but just this personality characteristic of I'm going to own the responsibility of this situation or this individual or this environmental breakdown, because it is my level of responsibility. And that's somebody who is thinking beyond themselves. And that always stuck with me that she just took that being this on, if you will, of an entrepreneur, when in fact this isn't even her clinic and that's really the sign of a true entrepreneur.
Speaker 1 (05:00):
Yeah. So someone who's really willing to take the initiative and to kind of really think of the, it sounds like someone who's really going to think of that clinic as, as their own, and really have a stake in it. You know, a true sort of emotional stake in the clinic and a sense of pride in, in where they work and what they're doing
Speaker 2 (05:21):
Exactly. And they typically come to the table, you know, if you're hiring well, and you're building that management team around you, you're looking for the foundation, right? I mean, every bridge is only as good as the foundation. And the foundation that I'm always looking for is does this individual have the personality, characteristics of confront, right? Are they willing to say what needs to be said to whomever? They need to say it to now, of course you communicate in manners. You never go out manners, but you can't shy away. And we live in a culture. Now we're in an environment where nobody really wants to offend anybody. Nobody literally wants to tell anybody anything they don't want to hear. But in fact, if you're raising children and many of your listeners probably have children, you can't raise your kids and say yes to everything for a month.
Speaker 2 (06:02):
Yes. Chocolate cake for dinner. Yes. You can go to bed when you want. Yes. You can have candy in the grocery store line, I'll visit your house a month later. It'll be chaos. It'll be a nightmare. Right? So when we run our clinic, we have to have that level of discipline. And that means you have to have that quality of confront. I need to be willing to confront my staff, say what needs to be said, always within good manners. And that's when it comes down to the, the, the equation of communication, you know, how can I communicate in a manner that I can bring about understanding, right? Because after understanding comes agreement, and we're always striving for agreement, but you know, that's the final as the final marker. And then the, the last two building blocks of foundation, I think that really make an intrepreneur entrepreneur is accountability and responsibility.
Speaker 2 (06:43):
And the difference between those two in my mind is accountability is one who's who owns the obligation and willingness to be accountable for their own actions. But responsibility is like the example I gave of Denise, where she took full responsibility for the whole wellbeing of the clinic and everybody inside it. So just to summarize, I'm always looking for who has a high level of confront who can communicate and bring about duplication and understanding and the art of their communication and who can be accountable to their own actions as well as responsible to that of others as well as situations. So I'm always looking for that and if I don't have them, how can I grow me?
Speaker 1 (07:19):
And, you know, I love the fact that you're always looking for that. So what advice do you have for a practice owner who is interviewing people, you know, to come and work in their clinic? Cause it's, I think it's hard, let's say in one or two interviews to kind of get those for confrontation communication, you'll get countability responsibility. So what advice do you have for business owners in those first couple of interviews to hire someone to kind of get this, this type of intrepreneur, if that's what you're looking for in your clinic.
Speaker 2 (08:00):
Yeah. And if you're looking to get distance from your practice, if you're looking to get freedom and flexibility, that's typically what we're trying to hire. Right. So that's a great question. You're asking a fantastic question. I think my answer is going to surprise you. I don't think it's going to be the path that you may be expecting. I think what my advice would be based on my experience now, I've been in and out of 400 offices. I've been in every state in the United States, helping practice owners throughout the whole United States, except for four States. And in doing that, I've come to the conclusion that it has to start with you. It really has to start with us looking at ourselves in the mirror and asking ourselves, what kind of owner are we right. I mean, to some extent you're, you're you're and I like to use family analogies a lot.
Speaker 2 (08:38):
I don't know, maybe because I had a pediatric clinic and adult clinic. And so I always saw the dynamics there, but I think your family you know, performance, your children are somewhat of a reflection of you as parents, right? I think your practice is a reflection of you as an owner. So I think you really need to look at yourself. So my first bit of advice is look at yourself and kind of know what your own strengths and weaknesses are. You know, there are four kinds of owners out there, and I think we'll talk about that. So figure out which type of owner you are first, second, when it comes to the interviewing, which is kind of what you were leading to. It's a, it's a five stage hiring process, and I've been, I've been pushing this and teaching on this for, well over a decade.
Speaker 2 (09:17):
Now it's a five phase hiring process and the secret to successful hiring so that you can be correct. 85% of the time with every single candidate you're trying to hire is that you have to get the entire team involved in the hiring process. Your entire team know selectively, right? There's some key individuals, some individuals where you're like, Nope, that's not going to be a fit, right? But for the most part, you need to include everyone in your clinic, in that process. And let me just quickly summarize. So first and foremost, it starts off with phase one, the ad for the ad, you know, you're advertising for somebody you're trying to recruit somebody. Let's say you're looking for a therapist. Let's just pick what everyone's thinking about. Well, here's, here's, here's a tip. Always open your ad with a question, always open your, a question. When you start the ad with a question, it prompts the person to think and reflect on themselves and raises their curiosity.
Speaker 2 (10:06):
You know, here's an example. Let's say you were to say, you know, are you GM's next? You know, senior financial analyst. And then before you even get the next sentence, the person who read that for sense of like, I don't know, maybe I am, maybe I am qualified. Are you the next senior manual therapist who can work in an autonomous work environment? The therapist's coming? I don't know. Maybe I am. So it gets their interest in. So the ad really has to stimulate their interest and then step two, they have to reach in for a phone call, phone screen. Now the phone screen, here's the, here's the death to any interview process. Don't talk about you. Don't talk about the clinic. Don't get into that. Don't sell your clinic. Don't sell yourself. Look, you have to, this is dating one Oh one. You have to be more interested than interesting.
Speaker 2 (10:47):
Now what happens here is once you're demonstrating your higher level of interest, their comfort level goes way up when their comfort level goes way up, their natural persona, their natural personality is going to be there. And that's what you're really striving for in the interview process. You know, phase three, they come into the clinic, they meet the front desk. They, they introduce themselves, give them the application, they fill it out, then let some other member of your team, give them a tour of the clinic. It shows that you're so confident in your staff. You're so confident what you built, that you can leave that potential applicant alone with another staff therapist who can just give up five minutes who are, and now that candidates going to ask, you know, the popular questions you know, how, how do you like the way they run the schedule here, right?
Speaker 2 (11:28):
That's always a difficult question in, in, in hiring or what do you think of the EMR system, right? Encourage that, encourage that outflow and encourage that dialogue with another individual. And then of course you bring them into the interview process. And then finally, you're going to wrap it up and potentially offer them a position, but you have to ask the questions that are getting them to reflect on themselves. And I'll, I'll end with this in the interview and this one of my favorite questions, you know tell me about a time when you last help someone. You know, it's really interesting when people go blank and they pause, you know, I don't want to hear about work. I want to hear about like, when you genuinely tried to help someone, it tells me a lot about the person and how they live their life, because I think striving to serve others and adding more value to other people around us is what's fulfilling. And so I'm really looking for that when I'm hiring. I know I can make somebody a better therapist. I can't always make them a better person.
Speaker 1 (12:19):
Very true. Very true. And thank you so much for outlining that interview process. And hopefully that gives a lot of the entrepreneurs listening, a better idea of maybe how they can do that on their own and kind of make it their own. Now, before we went into that, you said there are four types of PT owners. So let's go back to that. And I want you to let, let, let, let us know what are those four types of PT owners.
Speaker 2 (12:43):
Okay, good. Now this is just based on experience, you know, for the thousands of engagements I've had going all the way back to, you know, I started the business in 2006, but I've been a physical therapist since 92. And so what I see out there and what I've been able to categorize is four types of owners. The first one is the innocent owner. All right. And I think we've all met that person. This is the person who falls into ownership and, you know, they're, they're, they're managing based on census, right? They're like a poll taker, you know? But they're always open to help. They're always willing to get help. They're always willing to seek some advice and some help, but they're the type of person like, yeah, I was in this clinic and the owner just decided to retire and they didn't really want to move on with it.
Speaker 2 (13:25):
They didn't want to get out on the market. You know, they told me a hundred thousand, I could just buy it out. And so, you know, it's less than a Tesla. So I bought the clinic. Right. So, you know, that kind of owner who never really thought about being an owner or whatnot, but they just had an opportunity and they just jumped out and they did it. They didn't give it much thought and then they quickly find out, wow, there's a lot more to this than just treating patients and being great therapist. Right. similar to that owner, you, you run into the caregiver owner and I, I run into this a lot, especially out in the Pacific, on the, on the West coast. You know, Karen you're on the East coast, I'm on the East coast. The average collections per visit in the U S is like 83 to $85 a visit.
Speaker 2 (13:58):
But if you get up in that New Jersey, New York area, you know, it's not happened. And I have clients and stereotypes. Yeah, exactly. It's such a, Oh my gosh, $68 a visit $73 a visit. But if I'm over in Portland, Oregon, 125, $127 a visit. So you get some of these owners that are in these very high reimbursed environments predominantly. And they're what I call the caregiver owner right there, that caregiver. And they go into practice. And they're the one who assumes the perspective of a clinician first, an owner second. And they can be a bit of a martyr. Right. And they tend to run their clinics like, like a democracy, like it's a vote like everybody has equal say, right? And so these are the people that, that call me and, you know, come to find out, they're paying themselves, you know, 45, 55,000. And they've got, you know, therapists two, three years out of school making 85,000, you know?
Speaker 2 (14:52):
And so, but they're always, they're always justifying well, will we put our patients first? And it's all about the patients. And I'm like, so is that to assume that the other 30,000 private practices in the us are not doing that? I mean, really let's, let's just keep this in balance, right? So you really have to, you know, my success with them is I really have to coach them that the minute you open up your clinic, your senior responsibilities to your, your flock, you know, to all the people coming into your clinic, you own that responsibility. You have to be an owner first and clinician second. And then one of the most frustrating owners, number three is the, know it all owner, right? This is the owner has been around a while. They've had some wins, they've had some losses and through their life's experience, they're not really open to a lot of ideas.
Speaker 2 (15:34):
They're not really very open-minded. They got off fixed ideas. They're a little resistant to change. And here they are like, you know, reaching out to us, Hey, Brian, how do you do your social media marketing? Or how do you do your hiring process or what's your, you know pay for performance model and you start going into it and they start, boy, I know that, or I do that, or I don't do that. Or that, you know, this, this know it all kind of thing. Well, you're only going to be as good as you're willing to open up and willing to look at new thoughts and ideas. If you're not willing to look, you're not gonna learn anything. So that's a real shutdown right there. And that's really hard to, to get past that the suite owner, the one that I go for every day, I'm striving for.
Speaker 2 (16:10):
I love it's usually my startups that I've run into that are the go getter owners. These are the ones that, you know, they have an entrepreneurial spirit. They like to manage based on performance. And they're in a continuous pursuit of knowledge. You know, they're just continuing to pursue their knowledge. You know, I always tell people I'm 52. I want to be a better 53 year old. And I was a 52 year old. The only way I know how to do that is listen to podcasts like yours, read books, do audible. I mean, there are so many great people that are adding value to people's lives. You just have to go and get it. You have to take it in. So that go getter that go get her owner. That's the one, that's what we're trying to move everybody into that bucket.
Speaker 1 (16:47):
Okay. So how do we do that? So we're ending 2020. It's been a hell of a year. A lot of unpredictability moving into 2021. I think it's safe to say we're still there still a lot of predictability. So how do we, how do we become that go getter? How do we become successful as that go getter?
Speaker 2 (17:11):
All right. So I was listening to Gary V earlier today, I was watching one of his interviews and he was talking about this exact moment in time. And he said something that I just could not agree with. More, just could not be more in agreement. And I know it's probably going to shock everybody when I say it, but this is an entrepreneur heaven right now. This moment in time, this period in our life and our society in our profession is an entrepreneur. Have it? I mean, this is a 89 degree swimming pool. This is perfect time for you to jump in. And I see it in my business. I mean, we're having our record year. This is our most, most expansive year, yet on record going all the way back to 2006. And I think it's because if you really think about the true essence of an entrepreneur, an entrepreneur like you, Karen like myself, and so many others that we meet, I mean, look, you and I were talking earlier about your practice.
Speaker 2 (18:06):
You have a mobile PT practice. You're doing tele-health, you're willing to color outside the lines. You've always been willing to color outside the lines. If we're going to sit here and go through our profession and continue to call her inside the lines and make every picture like everybody, else's, you're only going to get that. That's all you have available to you, but if you're an entrepreneur and you're a willing to experience anything, and that you got to think about those words, I have to be willing to experience anything. When I sold my practice the first time. So my practice, the first time, two years later, it's tanked the people. I sold it to tanked it. They stopped making their note payment to me. I had a clause in my agreement that if you stop making the no payment, I come back and I buy the clinic back for a dollar.
Speaker 2 (18:48):
I bought the clinic back for a dollar. I bought this product for a dollar. Yup. I was 30 years old, two years later, they tanked it, bought the clinic back for a dollar. I got rid of all of the offices. I kept two. I lost half of the staff. And my wife says, you know what, honey, you can go up there and rescue that clinic. But I am not going to live here in this house in Florida with these two little girls all by myself. That is not what I bargained for. So you can go away for two weeks at a time, but you have to come home for at least three to four days. And then you can go back. And I said, I promise that's what I'll do. I ended up doing that back and forth, back and forth. I turned that clinic around two years after I took that back.
Speaker 2 (19:24):
It became practice of the year practice a year. Why? Because I was willing to experience anything. It had vendors that I owed $150,000 to, it had taxes that hadn't been paid for a year. It was in a middle of a Medicare audit where the patient was seen 141 times a Medicare patient, 141 times. And when Medicare audited them, they failed the audit a hundred percent. I'm like, you didn't even sign your name. Right? And so then I come in and I take it over. And I, I said, I sat on the phone for four hours to finally get to the person whose desk that was running. The Medicare audit, who advanced the R we are an advanced documentation, right? Who are notes were being mailed to mailed to this person in Alabama who was reviewing the notes. Right? And so we found who person was.
Speaker 2 (20:18):
And I said, I'm going to talk to you every single week. I'm getting off this ADR as quick as possible. She says to me, and this really funny Southern accent, and she's like, I've never seen anybody get off an ADR in six months or less. It's going to be at least that, you know, they only pay you one third of your Medicare dollars. I got off that advanced documentation review that Medicare I got off in three months, I was a hundred percent success in three months. And she, she caught us off, but that was me being willing to experience anything in pursuing the knowledge that leads to greater. And that's all that was Karen was, I didn't know anything about that. I didn't know how, what it took to get off an advanced documentation review. I didn't know how I was going to pay those vendors back or rebuild a whole operation with half the staff, but I did what needed to be done.
Speaker 2 (21:00):
And that is what I think really makes an effective leader. Who's really going to be that go getter owner. And the last two P the last three things about that is I'll say I was listening to a audible book by Dean Graziosi. You know, he was mentored by Tony Robbins and he talks about the four CS courage commitment capabilities that naturally grow confidence. I think every successful person who's in this space, who's, who's in this entrepreneurial space business space. When you ask, what is the, what is the one ingredient that is the common denominator to all success? I think they'll all say if you took a tally, the highest thing off the chart would be confidence. It takes confidence, but you're not going to competence. If you don't have courage, like I had to go back and rescue that clinic. If you're not going to be committed to it, like I was going to go the distance, no matter what, if you're not going to have the ability to go to podcasts, read books, go to courses, go to seminars, invest in yourself and get the capabilities to actually do it. I ended up you know, took that clinic back, made it practice the year, two years after I took it back, I took it back in 2009 and it was practiced a year in 2011. So I like to pull from those natural experience. I like to pull from those and share them with everybody. I mean, that's, that's wild. It was a rollercoaster.
Speaker 1 (22:19):
And now, so when you, I have to, I have so many questions. So now when you sold this practice, so you sold it with the contingencies. So you didn't just sell it and be like, okay, I'm selling this and I'm outta here. So why did you not do it that way? Because I think that's an interesting question to ask for people who may be, might be in similar situations.
Speaker 2 (22:40):
Absolutely. I do a lot of mergers and acquisitions and sales. I have three owners right now that I'm working with helping get them, getting them connected to selling their practice and connecting the right people. So at that time, I had spent $115,000 between three different consulting firms and training firms to really train up my management team, train up myself. And that's what I did. And so I invested that money 115,000 to hook a home equity line out of my house. Now you're going to find like, I'm not your typical speaker. You know, when I do my podcast and I'm on other people's podcasts, I believe this Karen, I, and I hope you don't mind. I believe a hundred percent of my DNA that transparency, breeds trust transplants. So I'm willing to just like wear it on my sleeve no matter where it goes. So what happened?
Speaker 2 (23:26):
I manned up this management team. I invested 115,000 into this group. I got back to 2005, 2006, I'm working 15 hours a week. I'm making like $45,000 a month. I'm a thousand miles away living in Florida. I'm living the dream. I'm living the dream. I'm like, okay, I'm going to devote the rest of my life to showing other pet owners how you could be a remote owner and make this happen. A year of that goes by. I get a phone call my management team, the leader up there says, Hey, we want to buy your practice. So I said, all right, let me talk to my wife, Lisa, and I'll get back to you. So I tell my wife, I was like, absolutely not. Why in the world, I am not, we we've worked our whole lives to get to this point. This is, I am not. I said, Lisa, let's think this through. If I call them back and say, we're not interested. What's their next action.
Speaker 1 (24:15):
Find someone else to buy it. They're going to leave. Oh,
Speaker 2 (24:19):
Because they're thinking, well, wait a minute, I'm running this, this $4 million operation, $6 million operation at, why would I stay here? If I don't get a piece that I'm, I'm going to go. So I literally flew up. I wrote on a napkin at dinner, I wrote $6 million. They said, we can buy that. We're going to give you a third up front and we're going to give you no payments on the rest. And I'm like, well, I love these guys. Right? I built them. I groomed them. I put them in a position. I want to see them win. Right. Done deal. Now the nice thing about doing it that way is I already have the skills and knowledge to know how to run the business. So what's my risk. My risk is exactly what happened. They tanked and they crashed it, but I have the skills and knowledge and ability to go back and rescue it.
Speaker 2 (25:00):
Right? So that was the, that was the risk that I had to be willing to accept. What's the upside. Well, two thirds and a note I'm making, you know, fi was a 6% interest on that money. So I'm getting well over my asking price over the course of the time that I'm making, making the payments. It also gives me this guaranteed income, which I made for the two years. And I could go do other things with it. Right. So it was a really good win-win, but the nightmare happened. They defaulted. I had to step in, I had to do. And that goes back to my, you know, my four CS courage commitment capabilities. I had the ability to, I knew myself well enough to go do that. So of course that's what ended up happening. But in 2017 I sold it all again. So it's kind of like in the big scheme of things, it really worked out. But in 2017 I won and done, you know, here's the keys. Thank you. Here's the check. I love it. One and done. So it was a different, it was a different, so I've, I've lived through both experiences. I've lived through both of those opportunities. And that's how it went.
Speaker 1 (25:57):
Yeah. Wow. So I think it's great for people to hear that there are different ways to even sell a practice and, and that it really behooves someone who is in that position to find someone, to help them guide, guide them through that.
Speaker 2 (26:13):
Right. Absolutely. You know, even tiger woods has a coach, right. And he's the best golfer at the time. You know, Tom Brady has a quarterback coach. I think every practice owner needs a coach when you're running the practice. And especially when it comes time to sell your practice. You know, I paid somebody $5,000 just to be a sounding board for me when I sold my practice. Like, because it's an emotional rollercoaster. I said, I don't really need you to do anything. I just need you to pick up the phone when I call, I just need to bounce ideas off of you. And just tell me I'm crazy or tell me I'm being too emotional or tell me. And I just needed somebody to consult with. You know, I just needed a little counselor to help keep me on track. And, and that, that was well worth the $5,000 for me to, to move it on through, you know, I kind of despise the idea of people brokering these deals and taking 6% of somebody's livelihood that they built their whole business for 15 years for like a four month transition.
Speaker 2 (27:01):
I like to just coach people through the sale. I like to help coach them through it, just pay for the time don't pay a percentage of business, but that's me, that's just my opinion on it. You know? I mean, how many of us have sold a house in real estate? And the realtor, you know, blows in and sells a house in 60 days, blows out and walks away with 50 grand. I'm like, I don't care how many website things you did. There's no way I can justify that 50,000, but that's the market. Right. That's how that industry works.
Speaker 1 (27:24):
Right, right. Wow. That's a great story. Thanks for sharing that. And now, before we start to wrap things up what would you like the listeners to take away from what we just spoke about? What are your key discussion points? Well,
Speaker 2 (27:44):
I'll start with what is one of my most favorite books, and if you're going to start there, I think you, if you, if you get this book and you'll listen to it on audible, or you read it, it's, it's the Go-Giver by Bob Burg and John David Mann, that book completely changed my life. And what I got from that book was I got this, that the secret to success is actually giving the secret to success is giving all successful. People will keep their focus on what they're giving and that's what actually gives them their success. You know, I grew up on welfare, you know, my mom raised three boys on her own, you know, government, cheese, bread, butter, food stamps, the whole nine yards, no car. And, you know, I was always of this mentality. Like once I get successful, I'm going to give back. Once I get all my, you know, shelter and security and this and that, I'm going to give back.
Speaker 2 (28:37):
And along this journey, I realized that was completely false. That was completely false, like right here on my computer. I'm talking to you right now on zoom. And I'll just rip off this post-it note and just put it right in front of your camera. I mean, that is what I look at every single day. And it says strive to serve, strive, to serve. And I realized the more I embrace that philosophy of it's about giving more in value than you ever expect in return. I hate a win-win relationship, a win-win relationship implies. I'm going to allow you to win as long as you help me win. I want to see you win in spite of whether I'm winning or not. And I think once I really grasp that, and for those of you with are listening, the more you can focus on surrounding yourself in improving the lives, both personally and professionally of the people you work with. I think that gift of giving is going to pay off tenfold to your community, to your patients, to your employees, to your family and to yourself. That's what I, that's my message on that. That, that's what I've learned. It's been a long haul. It's been a lot of ups and downs, but I'm, I'm convinced that that is what has led to my success and the success of so many other people I've worked with. I've been blessed to work with over my lifetime.
Speaker 1 (29:49):
That's awesome. And now I feel like I'm going to ask you the question I ask everyone, and, but maybe you just answered it. I don't know, but looking at where you are in your life and in your career, what advice would you give to your younger self? Let's say right out of, you know, right out of college.
Speaker 2 (30:07):
Oh my gosh. Right out of college. Well, I think the advice I would give my younger self is to be more introspective, you know, be, be a better listener, you know? Don't, don't be so full of your own fixed ideas, you know, be willing to be willing to step down off of that and, and embrace the ideas of others, no matter how foreign they may be to you. So I've looked at it like that. I think that's really changed my perspective over the, over this, especially this last decade, but I've learned to not think of my thoughts. First. I've learned to focus on what's being said to me first and literally take it in, duplicate it to its fullest. Meaning before I communicate back and I'll leave this one phrase and this rattles through my head all the time, whenever I'm in a situation, I'm always reminding myself, don't react, respond, don't react, respond. And so many wild things are happening in our society today. And I think a lot of people respond, respond, respond, and I tend to sit back and take it in a little bit more. And I like to give an approach. I mean, react, react, react. I like to give an appropriate response rather than just be so reactive. So I think that's really changed a lot about me. And that's, that's about all I can say about that.
Speaker 1 (31:38):
Yeah. That's great advice. I mean, great advice. I love the respond, not react and guilty, guilty here of, of reacting maybe too much when I need to just sit back and respond. So it's something I'm going to remember now, where can people find you? If they have questions they want to get in touch with you, they want to learn more about you, the business, all that stuff.
Speaker 2 (32:00):
Oh, great. Well, they can reach out to us. You know, we're on Facebook at Meg business management, you know, that's our handle there and you can follow us on Twitter at Meg business or Instagram at Meg business management as well. Our website is www.megbusiness.com. One of the things we really like to do is we like to, like I said, give and without, so we give free practice assessments. We give free practice stress tests. So if they want to reach in, you know, they can email us@infoatmegbusiness.com, for sure. And for your listeners, you know, special for your listeners for this year, you know, until we hit 20, 21, any service they want to do with us any training they want to do with us, they get a 10% discount. We'll just take 10% off anything they want to do. And that's just for your listeners. Karen, all they have to do is reach into us and say, they heard us on this podcast and my team will just go ahead and honor that anything we can do to add value, I'm happy to do it.
Speaker 1 (32:51):
Awesome. And just so everyone out there listening, of course, we will have all of the links to this one, click away at the podcast website at podcast at healthy, wealthy, smart.com. So if you didn't take everything down, don't worry about it. It's will all be in the resources section under this episode. So Brian, thank you so much for coming on. This was this was wonderful. A lot of great advice, especially as we're winding up the year and kind of moving into 2021. I think this is the perfect info for all of those physical therapy, business owners and entrepreneurs, and intrepreneurs out there. So thank you so much. You're welcome.
Speaker 2 (33:30):
You're welcome. You know, I think we should look into next year and everybody should have a handle on the bottom of their email. I know when my email signature goes out, it always says, expect to do well. And that's one of the things I like to get people just wake out of bed, wake up out of bed, start every day, expecting to do well.
Speaker 1 (33:46):
Awesome. I love it. I may, I may add that as a little sticky note on my refrigerator in the morning. I'll frame it. I love it. Thank you so much for coming on and everyone. Thanks so much for listening. Have a great couple of days and stay healthy, wealthy and smart.