7 Figure Counseling Practice 2 of 3
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The document discusses several aspects of building and maintaining a successful counseling practice, including ways to increase the value of the practice, managing leases, hiring and retaining quality staff, and creating a strong organizational culture. It provides tips on recruiting clinicians, avoiding problematic employees, and developing career ladders to promote loyalty. The document also stresses the importance of investing in key areas like facilities, client experience, and billing systems in order to improve efficiency and grow the business.
7 Figure Counseling Practice 2 of 3
- 2. DO YOU KNOW WHAT YOUR BUSINESS IS WORTH?
- 3. EBITDA, MULTIPLE OF REVENUE, OWNER BENEFIT, COST OF STARTING FROM SCRATCH
- 4. RECOUP INVESTMENT IN 3 YEARS, AND MAKE A LIVING ALONG THE WAY
- 5. 12 WAYS TO BUILD VALUE
- 6. BRAND
- 7. GROW FAR BEYOND SOLO
- 9. Potential co-operative marketing with other health related professionals in same location. Potential to expand professional referral network, expand hours/days of operation or add complementary services. Huge potential to leverage social media marketing for targeted local advertising.
- 10. CONSIDER AN EARN OUT
- 12. FOCUS ON NEW CLIENTS
- 13. WHICH WOULD YOU PAY MORE FOR?...
- 14. 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.
- 15. CREDENTIALING
- 16. COMMITTED STAFF
- 17. 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.
- 18. 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 a cut in pay, and several leave the practice. Revenues drop by over 40%, and the practice doesnt recover for over a year.
- 19. ASSETS
- 20. A GOOD LEASE
- 21. 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.
- 22. 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. The lease is non-transferable, and the landlord wants a 20% rent increase from any new tenant/owner.
- 23. 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. The lease is non-transferable, and the landlord wants a 20% rent increase from any new tenant/owner. The lease terminates within a year, and the landlord plans to raise the rent more than 5%. Or, the landlord isnt interested in committing to new lease terms at the present time, creating a big ol question mark for the buyer.
- 24. 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. The lease is non-transferable, and the landlord wants a 20% rent increase from any new tenant/owner. The lease terminates within a year, and the landlord plans to raise the rent more than 5%. Or, the landlord isnt interested in committing to new lease terms at the present time, creating a big ol question mark for the buyer. The space is simple TOO BIG for the practice.
- 25. HONEST & OPEN
- 27. FINISH STRONG
- 29. BUILDING THE TEAM ...is tomorrow
- 30. BUILDING THE TEAM ...is tomorrowFinding
- 31. BUILDING THE TEAM ...is tomorrowFinding Recruiting
- 32. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews
- 33. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees
- 34. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees Avoiding Nightmare Counselors
- 35. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees Avoiding Nightmare Counselors Why Practices Lose Their Best Clinicians
- 36. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees Avoiding Nightmare Counselors Why Practices Lose Their Best Clinicians Offer Letter / Contract
- 37. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees Avoiding Nightmare Counselors Why Practices Lose Their Best Clinicians Offer Letter / Contract On-boarding and Training
- 38. BUILDING THE TEAM ...is tomorrowFinding Recruiting Interviews Contractors v. Employees Avoiding Nightmare Counselors Why Practices Lose Their Best Clinicians Offer Letter / Contract On-boarding and Training Creating a Pipeline
- 39. CREATING CULTURE
- 40. ZAPPOS
- 42. Contractors
- 46. NOT A LUXURY
- 47. TINA FEY Dont hire anyone you wouldnt want to run into in the hallway at three in the morning.
- 48. STARTS WITH HIRING But doesnt end there...
- 54. 1) RESPECT AND GESTURES OF CARING
- 55. Thriveworks, at its core, is its team of peopleWe work to engender great loyalty in the team members of Thriveworks and hope that we are successful in developing and maintaining their loyalty to the point that they elect to stay employed with us for life.
- 56. 2) COMMUNITY
- 57. 3) MISSION
- 58. 4) PROGRESS
- 60. Thriveworks Rank System Level 1) Assistant Clinician Level 2) Fellow Clinician Level 3) Senior Fellow Clinician Level 4) Associate Clinician Level 5) Senior Associate Clinician Level 6) Senior Clinician Level 7) Distinguished Candidate Clinician Level 8) Distinguished Clinician Level 9) Magna Candidate Clinician Level 10) Magna Clinician Level 11) Summa Candidate Clinician Level 12) Summa Clinician Managing Clinician Clinician Emeritus / Emerita
- 62. SPEND MONEY TO MAKE MONEY
- 63. WE GOT NICKELS HOLDING UP A DOLLAR!
- 65. WE GOT NICKELS HOLDING UP A DOLLAR!
- 66. 1) YOUR OFFICE BUILDING