Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
Clinical Supervision amp Professional Development 0-3
Software amp Electronic Medical Records 0-3
Accounting Bookkeeping amp Legal 5-1
Travel 0-1
Bank Fees 0-1
Phone Internet Electric amp Gas 0-1
Unemployment General amp Professional Liability
Insurance 0-1
Recruiting 0-1
Computers amp Equipment 0-5
Dues amp Subscriptions 0-5
Insurance Audits 0-5
Meals Entertainment amp Gifts 0-5
Furniture 0-5
Maintenance amp Cleaning 0-5
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
NET PROFIT
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
-25 TO 25POTENTIAL PROFIT
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESULTS MAY VARY
DISCLAIMER
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESULTS MAY VARY1) Take home the same in solo practice
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESULTS MAY VARY1) Take home the same in solo practice
2) Only money they keep is what they produce3) Highly profitable and self-sustaining4) A combination of self and team best
Sellable amp Real Estate
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
GETTING TO BLACKRISE AND GRIND
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILT TO SELLJOHN WARRILLOW
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
STARTING WITH THE END IN MIND
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
REASONS TO SELL INCLUDEhellip
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RELOCATE
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
CAREER CHANGE
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
LIQUIDATE
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RETIREMENT
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
THINK YOUrsquoRE TOO YOUNG
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
>
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
UNSELLABLE BUSINESSDO YOU HAVE AN
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
DO YOU KNOW WHAT YOUR BUSINESS IS WORTH
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
EBIDTA MULTIPLE OF REVENUE OWNER BENEFIT COST OF STARTING FROM SCRATCH STRATEGIC INVESTMENThellip
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RECOUP INVESTMENT IN 3 YEARS AND MAKE A LIVING ALONG THE WAY
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
ldquoPotential co-operative marketing with other health related professionals in same location Potential to expand professional referral network expand hoursdays of operation or add complementary services Huge potential to leverage social media marketing for targeted local advertisingrdquo
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
FOR WHICH WOULD YOU PAY MOREJohn Doe LMFT NCC
QUESTION
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A practice with four clinicians performing a total of120 sessions per week and 8 new client inquiries per month A practice with two clinicians performing a total of 60 sessions per week and 80 new client inquiries per month
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A psychiatry practice is being purchased from an absentee ownermanager A few weeks before the close of the sale the new owner begins working in the practice and begins to implement some basic rules of operation for the administrative staff They revolt
The staff destroys documents cancels appointments refuses to answer the phone and creates a hostile work environment (they were also as it was later discovered stealing from the company) The new owner has no choice but to fire the entire staff and hire a new administrative team
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A buyer of a counseling practice discovers that the previous owner has overpaid his clinicians by compensating them heavily for completing basic administrative tasks the previous owner did not want to do The new owner realizes that the practice cannot survive without the clinicians forgoing their administrative duties (along with the extra cash-cow income) The counselors do not respond well to receiving what they perceive as ldquoa cut in payrdquo and several leave the practice Revenues drop by over 40 and the practice doesnrsquot recover for over a year
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
VALUE
12 WAYS TO BUILD VALUE Brand
Beyond solo
Realize the potential
Earn out
Finance the buyer
Focus on new clients
Credentialing
Committed staff
Assets
Good lease
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A BAD LEASE
The practice has a 5-year lease in a bad location The buyer would prefer to move the office but breaking the lease will be too expensive
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A BAD LEASE
The lease is non-transferable and the landlord wants a 20 rent increase from any new tenantowner
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A BAD LEASE
The lease terminates within a year and the landlord plans to raise the rent more than 5 Or the landlord isnrsquot interested in committing to new lease terms at the present time creating a big olrsquo question mark for the buyer
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
A BAD LEASE
The space is simple TOO BIG for the practice
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
VALUE
12 WAYS TO BUILD VALUE Brand Beyond solo Realize the potential Earn out Finance the buyer Focus on new clients Credentialing Committed staff Assets Good lease
Honest and open
Desirable location
Finish strong
Willing to let go
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMhellipis this week
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
Recruiting
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v Employees
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
Clinicians
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
Contract
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and Training
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
BUILDING THE TEAMFinding
RecruitingInterviews
Contractors v EmployeesAvoiding
Nightmare Counselors
Why Practices Lose Their Best
CliniciansOffer Letter
ContractOn-boarding and TrainingCreating a Pipeline
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
CULTURE
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
COUNSELING PRACTICES STRUGGLE
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
Contractors
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
ContractorsRogue Clinicians
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
ContractorsRogue Clinicians
Psychiatrist
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
ContractorsRogue Clinicians
PsychiatristOwner-clinician
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
NOT A LUXURY
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
DONrsquoT HIRE ANYONE YOU WOULDNrsquoT WANT TO RUN INTO IN THE HALLWAY AT 3 IN THE MORNING -)
Tina Fey
TIP
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
STARTS WITH HIRING(BUT DOESNT END THERE)
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
THINGS THAT WORKEDCULTURE
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
THINGS THAT WORKEDCULTURE
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
RESPECT AND GESTURES OF CARING
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
ldquoThe problem is I donrsquot know which halfrdquo
AWFUL SOCIAL MEDIA
BAD HEADSHOT
TECHNICAL BIO
SPAM LIST
BAD WEBSITE
BAD WEBSITEldquoCounseling for individuels couples and
Familiesrdquo
RUN DOWN OFFICE
YOU CAN TELL HOW MUCH A BUSINESS CARES ABOUT ITrsquoS CUSTOMERS BY HOW CLEAN THE BATHROOMS ARESomebody Smart
TIP
NO ADVERTISING AT ALL
IrsquoM ABOUT TO BLOW YOUR MIND
EVERYTHING IS MARKETINGEVERYTHING YOU DO
THE FINAL 10DONrsquoT FORGET
HOWrsquoS IT POSSIBLE
THE LAST 10 IS THE HARDEST
ODYSSEUS
WHATrsquoS YOUR 10
ARE YOU QUITTING AT 90
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquo
ARE YOU QUITTING AT 90
ldquoClients donrsquot need wi-fi in the waiting roomrdquoldquoWe donrsquot answer the phone but most clients will
leave a messagerdquoldquoMy notes are for me My records donrsquot need to
be greatrdquoldquoI donrsquot want to accept credit cards Clients can
write a checkrdquoldquoThat old armchair was my great aunts I donrsquot
have time to refurbish itrdquoldquoI havenrsquot dug into new research in years The
most important thing is the relationships with my clientsrdquo
BE 10 OBSESSEDDO THIS
SPACE
SPACEWhite glove clean and
organized
SPACEWhite glove clean and
organizedNo more Poland Spring
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULING
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simpler
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hours
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double book
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUE
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment gifts
SPACEWhite glove clean and
organizedNo more Poland Spring
Hallway should smell better SCHEDULINGIntake process simplerSessions in 24 hoursNever double bookCLINICAL
More positive psychology training
Professional development program
Measure treatment outcomes
VALUEMore value to clients
1st10th appointment giftsMost desirable place
10 IS 100TRUTH
ANTHONY CENTORE PHD
counseling practice
An Entrepreneur
Someone willing tohellip
Entrepreneurship
Low Typical Moments
Slide 6
Pros and Cons
A note about rugs
Slide 9
A tale of 2 counselors
Brian
Bella
Advantages
Advantages (2)
Advantages (3)
Advantages (4)
Advantages (5)
Advantages (6)
Constant Forward Movement
un-catch 22s
Progress gt efficiency
CFM
Whorsquos story sounds more like you
Not a solo practice
Going solo
Simpler
6 figures
Margins
More time counseling
Going group
sellable
flywheel
freedom from the couch
less isolating
SHOW me the money
Show me the Money
SHOW me the money (2)
SHOW me the money (3)
SHOW me the money (4)
SHOW me the money (5)
SHOW me the money (6)
SHOW me the money (7)
SHOW me the money (8)
$1000000 in revenue
But Wait
Revenue is not Profit
SHOW me the money (9)
SHOW me the money (10)
What can you buy with $450000
this supercar
Moon watch
108ct fancy vivid blue diamond
700 square foot apt in Brookline MA (1 bathroom)
Slide 54
Not so fast
Operational Expenses
Operational Expenses (2)
Operational Expenses (3)
Operational Expenses (4)
Operational Expenses (5)
Operational Expenses (6)
Operational Expenses (7)
Operational Expenses (8)
Operational Expenses (9)
Operational Expenses (10)
Operational Expenses (11)
Operational Expenses (12)
Operational Expenses (13)
Operational Expenses (14)
Operational Expenses (15)
Operational Expenses (16)
Operational Expenses (17)
Operational Expenses (18)
Operational Expenses (19)
Operational Expenses (20)
Operational Expenses (21)
Operational Expenses (22)
Net Profit
-25 to 25
Results may vary
Results May Vary
Results May Vary (2)
Results May Vary (3)
Results May Vary (4)
Getting to black
Built to sell
Starting with the end in mind
Reasons to sell includehellip
Relocate
Career Change
Liquidate
Retirement
Think yoursquore too young
Slide 94
Slide 95
Slide 96
unsellable business
Do you know what your business is worth
Ebidta Multiple of Revenue owner benefit cost of starting fr
Recoup investment in 3 years and make a living along the way
12 ways to build value
ldquoPotential co-operative marketing with other health related pro
12 ways to build value (2)
Slide 104
A practice with four clinicians performing a total of120 sessio
12 ways to build value (3)
A psychiatry practice is being purchased from an absentee owner
A buyer of a counseling practice discovers that the previous ow
12 ways to build value (4)
A BAD lease
A BAD lease (2)
A BAD lease (3)
A BAD lease (4)
12 ways to build value (5)
Building the team
Building the team (2)
Building the team (3)
Building the team (4)
Building the team (5)
Building the team (6)
Building the team (7)
Building the team (8)
Building the team (9)
Building the team (10)
culture
counseling practices struggle
Slide 127
Slide 128
Slide 129
Slide 130
Not a luxury
Slide 132
Starts with hiring
Things that worked
Things that worked (2)
Things that worked (3)
Respect and Gestures of caring
Slide 138
Slide 139
Slide 140
Community
MissionPurpose
Slide 143
Slide 144
Slide 145
Slide 146
Progress
Slide 148
Thriveworks Rank System Level 1) Assistant Clinician Level 2)
Your unique practice amp culture
spend it to make it
Slide 152
We got Nickels Holding up a Dollar
Office building
Client Experience
Medical Billing
Clinical Staff
Giving back
5) giving back
5) Giving back
Advertising
10 biggest marketing mistakes
big blind swing
No Tracking
ldquoOnly half of my advertising is workingrdquo
ldquoThe problem is I donrsquot know which halfrdquo
Awful social media
bad headshot
Slide 169
Slide 170
Slide 171
Slide 172
Slide 173
technical bio
Spam list
bad website
bad website (2)
Run down office
Slide 179
no advertising at all
irsquom about to blow your mind
Everything is marketing
the final 10
Howrsquos it possible
The Last 10 is the HARDEST
odysseus
Whatrsquos your 10
Are you quitting at 90
Are you quitting at 90 (2)
Are you quitting at 90 (3)
Are you quitting at 90 (4)
Are you quitting at 90 (5)
Are you quitting at 90 (6)
Are you quitting at 90 (7)
Be 10 obsessed
Space
Space (2)
Space (3)
Space (4)
Space (5)
Space (6)
Space (7)
Space (8)
Space (9)
Space (10)
Space (11)
Space (12)
Space (13)
Space (14)
Space (15)
Space (16)
10 is 100
THRIVEWORKS AT ITS CORE IS ITS TEAM OF PEOPLEhellipWE WORK TO ENGENDER GREAT LOYALTY IN THE TEAM MEMBERS AT THRIVEWORKS AND HOPE THAT WE ARE SUCCESSFULhellipTO THE POINT THAT THEY ELECT TO STAY EMPLOYED WITH US FOR LIFE
