The Remarkable CEO for Chiropractors

n this episode, you'll discover:The 3rd party in every deal: the banker The importance of securing financing in any deal Lots of opportunities in practice acquisition De Novo (opening new business) vs Acquisition (buying an existing business) the step by step guide to securing financing Episode Highlights00:50 - Introduction to the topic of acquisition, emphasizing the benefits of buying a practice instead of starting a de novo.02:51 - The importance of not making assumptions, especially for first-time buyers.04:10 - Three major dynamics affecting practice transitions: post-COVID hangover, baby boomers aging out, and economic uncertainty.06:06 - The need for proper planning and clean financials to make the practice more attractive to buyers.10:37 - The value of seller financing as it is viewed positively by banks, as it keeps the seller engaged and vested in the business's performance.16:49 - The role of documentation and due diligence in the process of selling and building trust with the banks.27:27 - The pros and cons of buying a practice vs. starting a practice.33:20 - The concept of arbitrage, where buyers can improve the business by increasing charges, adding services, or growing patient numbers.38:57 - The differences between asset and stock purchases, noting that asset purchases are more common and forgive past sins.44:48 - The benefits of expanding with SBA loans, including the potential for zero down and expedited vetting processes. Resources MentionedTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Lessons learned from private equity groups scrutinizing the business; and how that can be applied to your business today to make millionsNavigating the rough seas of change in a business What we need to know about the chiropractic business landscape nowWhat we need to know about what’s coming next in chiropractic Episode Highlights00:56 - An introduction to Dr. Brian Capra and the conversation, focusing on the "last, now, and next" framework03:49 - The need to re-engage and re-motivate, leading to a deeper understanding of private equity, valuations, and multiples.06:29 - The complexity of merging companies and the importance of advisors in the process.09:41 - The value of having a platform with multiple products to increase valuations as well as value to customers.15:15 - The importance of building trust and credibility with customers through various services and products.20:19 - The significant challenge of a cyber attack on Change Healthcare, which affected insurance billing and caused a backlog of 200,000 claims.22:25 - The need to build an infrastructure to support rapid growth.27:42 - The potential of AI to scale the business and the importance of embracing new technologies. Resources MentionedTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Fully-Loaded Books is the requirement of a Remarkable Business How should you ACCOUNT for your Compensation on your books?How to arrive at a TRUE Profit and Profit Margin   Understand the difference between Direct and Indirect costs in your business Differentiate between COGS and COSDCalculate owner’s discretionary earnings (ODE) or Seller's discretionary earning (SDE) Episode Highlights00:49 - The importance of discussing self-compensation which is often overlooked. 02:34 - The necessity of setting up a compensation model that energizes the owner.04:01 - A look at the  "Remarkable Money Metrics" as part of the vital signs and standards for business compensation.05:09 - The three ways that a business owner gets paid. 08:01 - The importance of understanding business compensation regardless of your current level of knowledge.12:15 - Scenario 1 - A look at the framework for compensation in a million dollar practice.24:14 - Scenario 2 - A look at compensation in a $500,000 practice.28:09 - Scenario 3 - Compensation framework in a $750,000 practice29:59 - The importance of paying oneself right and using the provided framework to scale business compensation. Resources MentionedDownload your copy of the REM Money Metrics here: www.theremarkablepractice.com/podcast-ep278-moneymetricsTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Healthy conflict clarifies, and clarity is the greatest accelerantDetermine if this is a person or a process issue first, then make it a projectDeploy the MBD Frame to change the conflict resolution gameLeverage the remarkable troubleshooting framework to breakthrough current challenges and into the next level of growthEpisode Highlights02:33 - the importance of gratitude and handling challenges as part of growth.06:19 - The role of conflict in clarity and growth.10:18 - Handling conflict in a way that leads to doing the right thing and maintaining unity within the team.12:22 - Developing the skills of restraint and response to handle conflict effectively.14:53 - The different types of conflicts that can arise in various professional and personal relationships.15:11 - Introduction of the “troubleshooting form” as a tool for resolving conflicts in a systematic way.22:03 - The need for clear communication and alignment within the team.23:59 - The MBD (More, Better, Different) framework for resolving process issues.25:22 - Focusing on doing the right thing rather than being right in conflict situations.29:53 - Dr. Kale sits down with Dr. Patrick McMahon and Dr. Aaron Morris, Success Partners at Syntropy Chiropractic Training, to discuss the company's origins, growth, and mission. Syntropy focuses on improving chiropractic adjusting skills through a program designed for practitioners at any stage of their career. The discussion emphasizes the importance of mastering fundamentals to enhance patient care and reduce practitioner burnout. Dr. McMahon and Dr. Morris discuss how their training can lead to better patient retention and consistent care.  Resources MentionedDownload your copy of the Troubleshooting Form here: www.theremarkablepractice.com/podcast-ep277-troubleshootingTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoFor more information about Syntropy please visit: www.syntropychirotraining.comSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Here’s what is at stake in the upcoming Presidential ElectionWhat Chiropractors need to knowHow to take a stand in your practice and communityLet’s Make America Healthy AgainEpisode Highlights00:50 - Introduction of Del Bigtree, host of The High Wire and ICANN president.04:10 - The responsibility of discussing impactful, politicized topics is crucial amid current societal stakes, overcoming fears of neutrality to address issues like censorship and the collusion of major entities.08:05  - A look at the media system and how it is unfairly manipulated by both political parties, lacking equal time for all. 13:35 - How Del became highly rated due to addressing public health concerns leading to involvement in CDC whistleblower story and making the film "VAXXED" with Andrew Wakefield.14:51 - Finding destiny in editing medical film, feeling uniquely qualified for a project, supported by chiropractors.19:36 - The government and media corruption, internet censorship, and a growing societal disconnect.22:45 - What happened with Bobby reached out to Trump after assisination attempt.24:31 - The rigging in Democratic primaries, with criticism of Kamala Harris being selected without election and changes putting candidates in disadvantage in New Hampshire.34:19 - A lack of viable leadership choices, mentions Donald Trump involving Robert Kennedy Jr. and Tulsi Gabbard in efforts to reform government, and expresses concern about potential conflict initiated by Democrats.36:26  - Criticism of Biden-Harris on censorship and vaccine mandates; praise for Trump on free speech.40:39 - Freedom of speech requires open discourse and access to information for informed decision-making.45:05 - Pharma spends five times more than oil and gas on government influence, potentially sidelining alternative health perspectives like chiropractors, who were notably active during COVID-19 when conventional care was less accessible.48:48  - Global governance vs. national sovereignty.50:39 - Focus on policies, not politics; prioritize children's future and encourage open dialogue.53:26 - Listeners are encouraged to find courage, self-reflect, and contribute locally. Resources MentionedWatch Robert F. Kennedy Jr’s Step Down Speech at https://www.instagram.com/reel/DAwjmy8v-95/?igsh=MTB2bmFxODc3d3UwMA==For more information on what Dell is working on, visit https://mahaalliance.com/To learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:How do Remarkable CEO’s steward their financesWho is on YOUR financial teamCreating your own Family Office-like financial systemWhat you focus on amplifies  Wealth is not generated - it’s captured Episode Highlights00:53 - Introduction of Paul Ludacka and Reem Rawashdeh from the Ludacka Wealth Partners.03:28 - The importance of long-term financial planning that extends beyond the individual to include family and future generations.05:26 - The importance of financial literacy and the impact of early financial education.06:49 - Teaching financial habits and the power of compounding to the younger generations.09:41 - The significance of having a proper perspective on money and using it as a tool for good.13:56 - Common blind spots in financial planning for chiropractic business owners.15:37 - The importance of focusing on what you do best and building relationships with amazing people.20:11 - Building the dream team of experts and the benefits of communication and accountability within your financial planning.24:25 - Expanding the term of team to beyond your internal team but as part of your network outreach.30:16 - The importance of stewardship and being faithful with small amounts of money.32:52 - Having reporting systems and meeting rhythms for financial accountability.34:42 - Preparing for the next generation and ensuring they are financially literate.37:33 - Having boundaries and working within constraints to achieve better financial outcomes.41:09 - Understanding the difference between a busy practice and a successful one. Resources MentionedRegister now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/Learn more about the Ludacka Wealth Partners at https://www.ludackawealthpartners.comTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Knowing your numbers enables you to make decisions boldly and with peace of mindUnderstand the economics, because accounting is the language of businessThe Return-On-Investment vs Return-Of-Investment, know the differencePut on your Investor hat whenever you’re hiring an associate and get your comp plans rightEpisode Highlights01:26 - The importance of the associate doctor relationship focusing on the compensation model to avoid common failures.04:22 - The need for maturity and sophisticated growth for successful chiropractic practice scaling.06:14 - Taking the long-term perspective when hiring, encompassing a three-year business view with ROI considerations.07:07 - Viewing business decisions with an investor mindset for future returns.10:07 - Importance of casting a vision for associates and ensuring they see growth potential.14:43 - Challenges in scaling chiropractic practices and the need for a structured system17:59 - The Seven-figure business framework based on revenue per employee (RPE) and patient visit metrics22:55 - Utilizing Revenue Per Employee (RPE) as a wellness metric for practice evaluation25:02 - The importance of assessing RPE regularly as a critical economic health indicator28:10 - The significance of data-driven decision-making in business leadership to avoid emotion-based choices34:56 - Join REM Coach, Dr, Chris and he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial’s unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your business’s financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact. Resources MentionedWatch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep274-rem-asc-webinar  Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/To learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoFor more information about Big Life Financial please visit: https://www.biglifefinancial.com/ Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

You cannot scale without making multiple ascensions…How fast and how far you go in business is up to you.  You have the opportunity to ascend from Operator to Manager to Leader to Governor to Investor.  Where are you right now?  Who are you to your business?  Who does your business need you to be NOW?  Where does your business need you to go NEXT?  Check-out this compelling business conversation between a couple of CEO’s and great business minds.  Dr. Nick has replaced himself 3 times so far…each time more successfully than the last.  Listen-in and learn from a Founder who has just replaced himself as CEO…and hear what his new CEO, Jason Barnes, has to say about the experience.  The secret to success?  Don’t repeat mistakes.  Yours or others.  Listen-in and learn. Episode Highlights00:53 - Introduction of Dr. Nick Silveri and Jason Barnes and how they met through the TRP immersions.02:36 - The challenges of letting go of control as an entrepreneur and the transition from clinician to CEO.06:24 - The importance of hiring people who are better suited to specific roles to scale the business.10:00 - Misconceptions about becoming a CEO, noting that it doesn’t mean you must give up the parts of the business you love.13:32 - The value of delegating responsibility and allowing specialists to focus on what they do best.16:36 - How a leader’s strength can become a weakness for the organization if not managed correctly.20:37 - The importance of leveraging other people's expertise for growth.23:03 - The "law of ones and threes," explaining that different stages of growth require different teams and strategies.28:56 - The value of business coaching such as the TRP’s CEO program, to help refine your leadership skills. Resources MentionedRegister now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep273-rem-asc-webinarTo learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:Making the critical transition from being the machine to building the machine Trust the ascension process: The intentional addition and subtraction of hats Get clear on your 3 Roles: Operator, Leader (CEO) and Investor  What hat should you be wearing right now?  Episode Highlights03:20 - Recap of the well-attended webinar on the 7 figure Associate Doctor Compensation Plan Model and its relevance to the scaling and exiting business stages.03:54 - The concept of ascensions for business owners, moving from owner operator to CEO to investor and their different roles & responsibilities.05:01 - A breakdown of the three ascension roles—owner operator, CEO, and investor—highlighting the different perspectives, responsibilities, and goals of each.08:34 - An  introduction to the metaphor of "hats" to describe different roles, sharing personal stories about wearing multiple hats in family and business contexts.12:21 - Real-life example of transitioning between different roles (assistant coach, head coach, investor), relating it to the varying responsibilities in business.16:12 - The fluidity of the CEOs switch between roles on any given day or week, emphasizing the importance of knowing which hat to wear.16:52 - The importance of consciously switching roles to serve the business best.18:42 - The additive nature of roles means that ascension doesn't mean discarding previous roles; rather, it involves adding new roles and consciously switching between them as needed.20:18 - The final ascension to the investor role, where the focus shifts to selling the business and maximizing its value. Resources MentionedWatch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep272-rem-asc-webinarRegister now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/To learn more about the REM CEO Program, please visit:  http://www.theremarkablepractice.com/rem-ceoSubscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477  Schedule a Brainstorming call with Dr. PeteDr. Stephen’s LinkedInDr. Peter’s LinkedInThe Remarkable CEO WebsiteDr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

Dr. Stephen Franson, an expert in exit strategies for chiropractic practices, and Mac Lackey, an author renowned for his insights on successful business exits, share essential advice for chiropractors planning to sell. They discuss creating strategic value beyond just financial metrics and emphasize the need for operational readiness. The conversation highlights avoiding common pitfalls in practice sales, such as poor documentation, and stresses that businesses are sold, not bought—urging owners to prepare proactively for a lucrative exit.