All Things Private Practice Podcast Episode 130: How To Build & Sell A Thriving Group Practice [featuring Dan King]
If you're a group practice owner, the thought of selling your business has undoubtedly crossed your mind more than you'd probably like to admit. During this episode of the All Things Private Practice Podcast, I talk with Dan King of Fireside Strategic about how to create and cultivate a group practice that you can scale and grow.
Dan and I both emphasize the importance of cultivating a cohesive culture and how to ensure that you sell your business to someone who will keep things intact.
Some important takeaways were:
- How to increase employee morale and employee retention. The better you treat your staff, the more likely it is that they remain loyal to the group and are much more invested in the outcomes.
- How you should look at your business as an asset, and how to ensure that you have an exit strategy, instead of just packing up shop and all of your hard work.
- How to prioritize people over profit, and why this leadership style leads to increases in profits across the board, ensuring a win-win for employers and employees.
More about Dan:
Dan King is the founder of Fireside Strategic. He has an unusual background at the intersection of law, psychology, and investing. He began his career in corporate law at one of the world's largest law firms, focusing on mergers and acquisitions. Following a rapidly growing interest in entrepreneurship, he next moved to the Shark Tank TV show working for one of the investors draft contracts, do due diligence on deals, and helping the companies grow post-investment. He noticed many of the companies struggled to grow due to leadership, team, and psychological challenges and that he was drawn to those challlenges more than legal challenges. So he left law and went back to school to study org psych. He built a few companies before starting Fireside, a private equity firm in mental health. Fireside's focus is culture, acquiring and growing practices by treating clinicians like gold.
Dan focuses on selling a psychology group practice, improving group practices, creating exceptional culture in a group practice, and highlighting why mental health matters.
Fireside Strategic is looking to buy 400k EBITDA and up practices.
- LinkedIn: linkedin.com/in/danmking
- Website: firesidestrategic.com
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Thanks to Our Sponsors: The Receptionist for iPad
I want to thank The Receptionist for iPad for sponsoring this episode.
The Receptionist offers an iPad list check-in option where clients can scan a QR code to check in, which negates the need for you to buy an iPad and stand. Go to thereceptionist.com/privatepractice and sign up for a free 14-day trial. When you do, you'll get your first month free. And don't forget to ask about our iPad list check-in option.
Mentioned in this episode:
The Receptionist for iPad
I want to thank The Receptionist for iPad for sponsoring this episode. From new patients faced with an empty lobby and no idea where to find their therapist to clinicians with a session running over time and the doorbell ringing, some of the most anxiety-ridden moments of a therapy appointment happen before a session even starts. The Receptionist for iPad, helps you tackle some of that pre-appointment apprehension and anxiety. The Receptionist for iPad is an easy-to-use digital client check-in system that helps your visitors check in securely to their appointments and notify their practitioners of their arrival via SMS, email, or your preferred channel. No more confusion, and less lobby checking or having clients sign in on paper logbooks. It can even help you upgrade and update your demographic information for your clients as well and even validate parking. Start a 14-day free trial of the Receptionist for iPad by going to thereceptionist.com/privatepractice. Make sure to start your trial with that link and you'll also get your first month free if you decide to sign up.
Resilient Mind Counseling
It's Patrick. Some of you may know that I own a group therapy practice in North Carolina, Resilient Mind Counseling. We specialize in supporting the Neurodivergent, LGBTQIA+, and Black, Brown, and Asian communities online and across North Carolina. We also have limited in-person openings at our offices in Asheville and Cary. We really love working with clients who are coming to terms with both Autism and ADHD discoveries later in life or questioning, as well as the intersections of race, gender, identity, and orientation. All of our therapists have lived experience and identify as AuDHD, Autistic, or ADHD. Our team of affirming therapists offers a safe, anti-racist, anti-oppressive, inclusive, and accessible space where you can show up exactly as you are—no masking, no judgment, and no need to make eye contact, just real connection and healing. We accept most commercial insurances like Blue Cross Blue Shield, United, Aetna, and Med Cost, as well as self-pay options. We currently have openings for new clients. Visit our website at resilientmindcounseling.com. You can also text or call our HIPAA-compliant phone line at (828) 515-1246, or email us at scheduling@resilientmindcounseling.com.