The Remarkable CEO for Chiropractors 219 - How to Make Your Practice Attractive to Buyers (Build It and Sell it)
In this episode, you'll discover:
- Build It to Sell It Can Start on Day 1
- Rick shares a reproducible framework for business success
- Your business will be a manifestation of of your Core Values
- The best way to sell your business (practice) is to make it attractive to buyers
Episode Highlights
03:10 - Chiropractors are in the throes of a tragic exit process with about 10,000 practices trying to transition in the next five to ten years.
05:50 - The easiest way to sell a business is to have one that is attractive to buyers.
09:00 - The values that Rick’s team utilizes in making decisions for the company, adding consciousness to the decision making process.
12:41 - There is a unique perspective on decision making and permanence in a throwaway society and with our companies, we need to see the importance of permanent decision making.
17:40 - Every big business started as a small business, and you will never become a big business if you are not doing the unsexy foundational groundwork.
25:32 - Focus on defining long-term objectives, even if the company is eventually sold.
29:03 - Five ways to incentivize employees for longevity in a tough job market.
34:52 - It's important to spend money upfront to avoid costly mistakes in hiring and losing valuable employees.
39:07 - Addressing the limiting beliefs surrounding pricing.
44:26 - Dr. Pete sits down with Success Partner, Dr. Richard Sawyer, CEO of Spinalogic, to discuss how he identified and solved a common problem in chiropractic practices. Driven by a desire to optimize his team's time spent with patients, Dr. Sawyer implemented a data-driven experiment that revealed a startling imbalance in administrative tasks versus patient care. Through the development of Spinalogic, Dr. Sawyer revolutionized his practice by automating administrative tasks, allowing his team to focus on higher-level patient care. Tune in to learn how Dr. Sawyer's journey can help CEOs in all industries improve their businesses.
About our Guest:
Rick Sapio is a life-long entrepreneur who started his first company when he was 13 years old, after his father’s untimely death. Since then, he has founded more than 20 companies. Since 1994, Rick has been the Founder and CEO of an investment holding company, Mutual Capital Alliance, Inc., which has made more than 120 investments. He is also the founder of “The Exit Concierge Service,” a white-glove program to assist private companies through the often-tumultuous exit process by using fixed fees; and tightly controlling all the moving parts. Using this process and its connected IP, they sell private companies in less time and for more money. Since 2003, Rick has been a co-founder and general partner of Mutual Capital Partners, a PE firm with three venture funds. In 2004, he founded USA Mutuals Advisors, Inc, a firm that manages publicly-traded funds. In addition, Rick co-authored the International best-selling book, Who’s in Your Room: The Secret to Creating Your Best Life, and founded www.BusinessFinishingSchool.com, a virtual learning program that helps business owners to grow, scale, and exit. He is the co-founder of The 100 Year Real Estate Investor, which helps bring long-term legacy investing to the real estate industry, and he is the Founding and 7-time Chair of the Gathering of Titans Program, an annual event held at MIT in Boston. Rick graduated from Rutgers University with a BS in Industrial Engineering.
https://mutualcapitalalliance.com/
Resources Mentioned
To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo
For more information about the Attraction Immersion, please visit: https://theremarkablepractice.com/2023-attraction-immersion/
Build your dream team with Chiro Match Makers. Learn more at https://chiromatchmakers.com/
For more information about Spinalogic, please visit: https://spinalogic.org/
Schedule a Brainstorming call with Dr. Pete
Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business