InTouch with Terri

Explore the art of transforming front desk teams in medical aesthetics into profit-generating powerhouses. Discover 18 actionable tips for improving phone communication and handling price objections with confidence. Learn why ongoing training is vital for outstanding customer experiences. Find out how standardizing messaging can enhance team effectiveness and why robust follow-up processes boost patient engagement. Finally, understand the key performance indicators that link training efforts to enhanced business results.

In this engaging discussion, Victor Snyders, founder and CEO of Skin Renewal—a leading medical spa chain in South Africa—shares his remarkable journey from side hustle to 20 thriving locations. He highlights the importance of emotional connections in consultations and team dynamics for success. Victor emphasizes the necessity of defining 'why,' 'what,' and 'who' in business, alongside the value of lifelong learning. With insights on overcoming industry challenges and the critical role of fostering a strong organizational culture, his advice is vital for anyone in the aesthetic field.

Dr. Johnny Franco, a distinguished plastic surgeon and founder of Austin Plastic Surgery, shares his expertise on the game-changing fusion of weight loss and wellness in med spas. He recounts his personal journey with GLP medications, leading to a revolutionary shift in his practice. The discussion highlights emerging trends in aesthetic medicine, strategic implementations for improving patient satisfaction, and innovative technologies reshaping weight loss solutions. Exciting collaboration plans are unveiled to empower other practices in this evolving landscape.

Jeremy Lessaris, a seasoned entrepreneur and investor, shares insights on credit card processing fees and how aesthetic practices can cut costs effectively. He discusses the predatory nature of the processing industry and the complexities hidden in statements. Lessaris emphasizes using AI and technology to navigate these challenges, highlighting innovative solutions like VeriFee. The conversation also sheds light on the importance of partnerships in achieving financial efficiency, making it a must-listen for small and medium-sized enterprises.

Dive into the critical missteps that aesthetic practice owners often make. Discover the importance of tracking data and systems for business success. Learn why being busy doesn't equal profitability, and how investing in expertise can lead to growth. Terri Ross highlights common mistakes, like price matching and chasing the latest trends, while offering practical strategies to overcome these pitfalls. Embrace self-awareness and leverage expert help to elevate your practice to new heights!

Julie Acarregui, founder and medical director of Pure Medical Spa, shares her remarkable journey from a Registered Nurse Anesthetist to a national trainer in aesthetics. She discusses the hurdles she faced launching her business during an economic downturn and her growth into managing three locations. Julie dives into the significance of a solid compensation model for sustainability, the emotional challenges of scaling, and the value of mentorship in entrepreneurship. Her insights offer a roadmap for those navigating the aesthetic industry.

Discover the top habits that distinguish the most successful salespeople, particularly in medical aesthetics. Learn how to build lasting, meaningful relationships with clients while staying ahead of industry trends. The importance of persuasive communication and continuous education is emphasized, as is the need for a resilient mindset in the face of challenges. This engaging discussion offers actionable strategies for both newcomers and seasoned professionals, all rooted in service and growth.

Exploring exit strategies for aesthetic practices, the discussion emphasizes the importance of financial readiness and operational efficiency. Key topics include understanding financial metrics like EBITDA and revenue targets to attract buyers. The role of a well-trained team is underscored as a vital element in enhancing a practice's value. Listeners gain insights into effectively positioning their businesses to meet the expectations of private equity investors, making strategic planning crucial for future success.

Join Dr. Shitel Patel, a double board-certified plastic surgeon and founder of Lift Plastic Surgery, as he unveils the transformative power of AI in aesthetic medicine. He shares his journey in building a successful practice while embracing technology. Discover how his platform, Advital, streamlines lead management and enhances communication. Dr. Patel stresses the critical roles of accountability and process in practice management, along with the need for continuous improvement to thrive in the ever-evolving medical landscape.

About The Guest(s): Dan Schacter is the CEO of Cosmetic Physician Partners (CPP), one of the largest partnerships of med spas and plastic surgery practices in the nation. With over 30 locations, CPP's leadership team has built one of Canada's largest and highest-rated MedSpa networks, Victoria Park. Dan brings a data-driven approach to the industry and focuses on the importance of culture and people in running successful clinics. Summary: In this episode, Terri Ross interviews Dan Schacter, the CEO of Cosmetic Physician Partners (CPP), about the process of selling a med spa or plastic surgery practice. Dan shares insights on when the right time to sell might be, the factors that affect valuation, and the importance of culture and people in running a successful clinic. He also provides tips for preparing for a sale and finding the right partner. Key Takeaways: The right time to sell a practice depends on factors such as whether you're still having fun, if your business is still growing, and if you've prepared yourself for the sale. Valuation is determined by factors such as EBITDA (earnings before interest, tax, depreciation, and amortization) and the multiple applied to it. Factors that can increase valuation include having multiple providers, being located in a growing region, and having a higher percentage of med spa revenue. It's important to get your financials in order and clean up any accounting issues before a sale. Communication and community are key to running a successful clinic, and it's important to find a partner who values these aspects. If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call. Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.