Navigating Exit Strategies for Small PT Practices

WEBVTT

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What's going on, guys?

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PT Breakfast Club coming to you live.

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So it looks like it might

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just be me today.

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Jimmy is busy doing things

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in South Carolina.

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Dave is on the road.

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So I'm going to just steal the mic.

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I'm going to talk.

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If you guys are... Oh, here we go.

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Dave is back.

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Dave, what is going on?

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Morning.

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Good morning.

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So I was just getting started.

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I was looking at some of the

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things that you and I had

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been talking about.

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Jimmy is on the road.

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He's still down in South Carolina.

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So what I was going to do was talk about,

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basically, I shared a post last night,

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yesterday,

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talking about how we could find

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exit strategies for small

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private practice owners,

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small business owners, whether they're

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individual owner operators or small two,

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three location businesses.

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And really this resonates

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with me because I've been

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in it 20 plus years.

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I'm looking at what are the

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potential exit opportunities I have.

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You and I have talked about this before,

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but I think it's always

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worth bringing new ideas back up.

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And I'm like, look,

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reimbursements going down

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every day is a bigger struggle.

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You know, I don't have and this is true.

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I don't have the same kind

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of passion that I had in the beginning.

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I think about this all the time.

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I remember talking to

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physicians 20 years ago and I was like,

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I couldn't believe the physician,

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the primary care doc,

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the orthopedic wasn't like

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desperately trying to

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change their patients perspective.

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desperately trying to

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motivate their patient to

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change their lifestyle, change their diet,

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change their sleep.

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Now, I'm like, you know what?

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If you don't want to change, that's fine.

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I'm okay with that.

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I'm not going to try to change you.

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I'm just a different therapist.

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I'm still passionate,

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just in different ways.

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So that being said, you're the man,

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you're the man with a plan for exiting.

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Let's talk about some

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different ways to value and

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monetize what a therapist,

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what a private practice

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owner has created that

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maybe just doesn't look as good on paper.

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You know,

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I run everything through my business.

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My business looks horrible

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from a profitability perspective.

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but we get a ton of referrals.

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We have solid reputation.

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We have solid placement in the community.

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We've got a long list.

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I don't even know how many

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thousands of past referrals

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that could be reactivated

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whenever we want.

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What do you see when you're

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looking at something like

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this from the outside?

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So, yeah,

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when we look at financials and by the way,

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as I'm just coming on here,

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let me know how the Wi-Fi is,

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because I know I've been

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having some Wi-Fi issues.

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Are we pretty good with the connection?

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You're good.

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Yeah.

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OK.

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So, yeah,

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we've looked at a lot of

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financials and I don't know,

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maybe 80 to 90 percent of

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the books that we look at

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are disclosing a small amount of.

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annual profit per year.

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Like you said,

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they're running a lot of

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personal expenses through the business,

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whether that's something

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that they're typically

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their accountant is

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advising them on or

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something that they have

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just done over time.

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So that makes our work a

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little bit more challenging

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because then we have to

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look at the ad backs and

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see like what are the

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legitimate expenses and

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then what are the expenses that are

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something that is going to

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be added back to profit and

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something that will make

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their profit look larger um

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that's just the normal

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challenge for any buyer out

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there so as we kind of get

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deeper today and talk about

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this um I appreciate you

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kicking it over to to me in

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terms of like what we're

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looking at but also what

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other buyers or buyers out

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there are looking at and I think

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there's a little bit of a

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different perspective of

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what they're looking for

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compared to the current

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style of your practice, Tony,

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where you have the YouTube channel,

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you have digital products and all that.

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We could argue,

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we could talk about if

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that's even purchasable,

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if that's valuable in the

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buyer's eyes or not.

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But I would say that you've

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kind of morphed into a

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different style of practice

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compared to what buyers are

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typically looking at and what they've

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purchased over the past 10, 15, 20 years.

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So, but you know that.

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You know that you're unique

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compared to the other practices out there,

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regardless of the books and what,

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you know, personal expenses, all that.

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But overall,

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like your overall practice and

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what brings in some of the

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revenue and where you split

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your time and all that.

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So we'll get deeper into it.

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Well,

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I think that there's a lot of people

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that'll watch this who are

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going to be more like me

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than like some of the other.

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So Justin Stiver is a great example.

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Uh, Justin, for those of you don't know,

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took over,

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bought my practice down in Sarasota,

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Florida.

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Um,

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He blew it up.

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He grew it from one location to,

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I think there are seven

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locations right now.

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He more than 10X growth, 10X revenue,

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like blew up the team,

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just did incredible,

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did things that I could never do.

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I appreciate him for it.

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I'm jealous of him for it.

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I love it.

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But that being said,

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there's a lot of clinicians

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just like me who are like, look,

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I'm not going to grow to that level.

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I'm not going to go that direction.

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That's not the thing that I want to do.

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So what if they say, okay,

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I probably have three to

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five years left in the tank.

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I can push, I can make this work.

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And you said it's like,

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if I go down the road of YouTube,

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I've never seen a better time.

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And I say this every year

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and every year it's more

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true than the past year.

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I've never seen a time that

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a small channel can get started,

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grow more quickly than right now.

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And there's still such a

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massive opening for PTs, OTs,

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SLPs on YouTube specifically.

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So if you grow the YouTube channel,

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if you grow a newsletter,

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If you grow,

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I interviewed Steve Cohen yesterday.

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Thank you for the introduction about RTM.

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I'm interviewing a different

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RTM platform today.

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There's a lot of opportunity

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out there for small providers to innovate,

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grow, do things, bring value.

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But then how do we find the buyer?

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Because like you said,

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somebody maybe in your position is like,

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I've got a very specific formula.

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This is what I'm buying.

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If I go to a restaurant for sushi,

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I don't want to get barbecue.

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Like I am a very specific consumer.

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How do we find the consumer

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who wants to buy what we've built?

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Because it's probably not going to be ATI.

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It's not going to be, you know,

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Athletico who's going to

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come in and buy a practice like mine.

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But maybe there's another

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buyer out there we need to find.

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Yeah, sorry,

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the Wi-Fi was cutting out a little bit.

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So two things.

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One is I'm going to ask you

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if you saw my repost of

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your LinkedIn post last night.

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I commented a few things

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that we can cover today

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about my potential ideas or

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suggestions around a

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practice that's maybe

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smaller and looking to exit

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in the next one to three

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years or something like

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that in terms of what they

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could consider doing to

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making it a little bit more

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appealing to acquire.

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So we'll get to that in a second.

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In terms of your practice, for example,

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with the YouTube channel, it is valuable,

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but I would be afraid if I

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was going to purchase... And also,

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you might just want to keep

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your YouTube Total Therapy

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Solutions YouTube.

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You might want to just keep that.

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I don't know.

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And continue to use the same

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name and maybe we would

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agree to that or whatever.

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But I think as a buyer,

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I would be afraid of...

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Having that YouTube channel

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as a digital asset,

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even though it's valuable

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and probably you could

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probably show me a drive X

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amount of people to your

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website and then I don't

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know X amount of people call and convert.

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And like you said,

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you've had people drive in

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from like other states and

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other places or do, you know,

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paid phone calls or whatever.

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But as a buyer,

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that makes me a little

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nervous because all of that

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is wrapped around Tony Meritato.

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And if I'm going to acquire

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Tony Meritato's practice in

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the next one to three years,

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and then you want to go on

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a road trip for a year or

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two or something with your

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family or travel or do

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whatever as you're kind of

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transitioning out of the practice,

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then I might not be able to

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capture a lot of that value

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of treating patients of, of,

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of growing the practice

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because there might've been

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a lot wrapped around you.

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So that would be one thing.

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Like it's yes, it's valuable.

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Facebook group that you have

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and the YouTube channel valuable.

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I think those things are potentially,

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it makes sense to kind of

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lump it all together.

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And I, I do agree with you.

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The buyer would have to be

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Someone maybe even like us

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or some some other

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therapist like Justin Cyber.

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Maybe it's one of your PTAs.

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Who knows?

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Because I agree that

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Athletico or ATI or whoever

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takes a look at total therapy solutions.

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And I don't think that they

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would give you much value

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of an overall offer or deal.

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when you include the

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Facebook group and the YouTube channel.

00:09:50.312 --> 00:09:52.553
So anyway, it's just a unique practice.

00:09:52.894 --> 00:09:53.874
But let me kick it back to you.

00:09:53.933 --> 00:09:56.576
So I reposted your LinkedIn

00:09:57.155 --> 00:09:57.836
post last night.

00:09:57.875 --> 00:09:58.676
I made some comments.

00:09:58.697 --> 00:10:00.157
Did you see any of that?

00:10:00.177 --> 00:10:02.077
And that's basically what I was- Okay.

00:10:03.318 --> 00:10:05.120
So you posted on LinkedIn yesterday,

00:10:05.139 --> 00:10:07.200
if someone has a small

00:10:07.681 --> 00:10:08.581
physical therapy practice

00:10:08.600 --> 00:10:09.361
and they're looking to exit

00:10:09.381 --> 00:10:10.481
in the next one to three years,

00:10:11.802 --> 00:10:12.643
what are some things that

00:10:12.663 --> 00:10:14.403
they could do or consider doing

00:10:16.168 --> 00:10:18.110
to make it a little bit more

00:10:18.171 --> 00:10:19.491
appealing or sellable.

00:10:21.693 --> 00:10:24.096
And it has, first of all, it has to be,

00:10:24.235 --> 00:10:25.057
it has to be more,

00:10:25.076 --> 00:10:26.677
it has to be more or more

00:10:26.697 --> 00:10:27.418
of what you're doing or

00:10:27.759 --> 00:10:28.399
something different than

00:10:28.418 --> 00:10:28.919
what you're doing.

00:10:29.500 --> 00:10:30.640
If it's small and you want

00:10:30.660 --> 00:10:31.481
to make it appealing.

00:10:31.761 --> 00:10:32.623
The reason why I say this now,

00:10:32.643 --> 00:10:33.903
this is just my personal opinion.

00:10:34.865 --> 00:10:35.745
We have practice owners that

00:10:35.784 --> 00:10:37.145
reach out to us and they're doing, yeah,

00:10:38.267 --> 00:10:39.768
see if you can find it and pull it up.

00:10:40.408 --> 00:10:41.370
We have practice reaches,

00:10:41.610 --> 00:10:42.850
reaches out to us and maybe they're,

00:10:43.230 --> 00:10:43.510
I don't know,

00:10:44.690 --> 00:10:46.110
first of all, if they're a solo practice,

00:10:46.470 --> 00:10:47.330
there is nothing to buy

00:10:47.350 --> 00:10:49.750
because that's your job.

00:10:50.091 --> 00:10:52.051
And then if you transition

00:10:52.071 --> 00:10:53.171
out of the practice, what am I buying?

00:10:53.230 --> 00:10:54.052
I'm buying your past

00:10:54.091 --> 00:10:55.871
patients that are all love you only.

00:10:55.892 --> 00:10:57.812
They only know you and trust

00:10:57.831 --> 00:10:58.912
you and like you only.

00:10:59.633 --> 00:11:02.352
So how, I mean, it just,

00:11:02.613 --> 00:11:05.714
a solo practice is not, in my opinion,

00:11:05.754 --> 00:11:06.734
not really purchasable

00:11:06.813 --> 00:11:08.913
because unless a younger

00:11:08.933 --> 00:11:09.874
therapist or a PTA or

00:11:09.894 --> 00:11:11.355
whoever is gonna acquire it

00:11:11.394 --> 00:11:12.955
and then build it from there.

00:11:14.171 --> 00:11:16.394
um so real yeah let's see it

00:11:16.455 --> 00:11:17.836
got some got some comments

00:11:17.937 --> 00:11:19.818
that was maybe yours um

00:11:20.880 --> 00:11:21.942
getting out of treatment is

00:11:21.961 --> 00:11:23.244
a must no matter how much

00:11:23.323 --> 00:11:24.885
it's loved a practice

00:11:24.905 --> 00:11:26.327
cannot be solely dependent

00:11:26.408 --> 00:11:29.373
on one provider if it's to be uh exited

00:11:30.868 --> 00:11:31.087
Yes.

00:11:31.869 --> 00:11:32.750
Andrew, I don't know who that is.

00:11:32.850 --> 00:11:33.110
Andrew.

00:11:33.129 --> 00:11:33.650
All right, cool.

00:11:33.750 --> 00:11:34.010
Yeah.

00:11:34.772 --> 00:11:36.732
So, so yeah, you, you posted that.

00:11:36.852 --> 00:11:38.674
And then, so I wrote here, uh,

00:11:38.815 --> 00:11:40.275
small PT practice owners

00:11:40.355 --> 00:11:41.918
who are looking to exit in

00:11:41.937 --> 00:11:42.938
the next one to three years

00:11:43.519 --> 00:11:44.820
may want to consider,

00:11:44.941 --> 00:11:46.322
I don't want to say that, you know, I'm,

00:11:46.522 --> 00:11:47.842
I'm not saying here's the

00:11:47.842 --> 00:11:48.563
10 commandments.

00:11:48.644 --> 00:11:50.164
I have the proven roadmap.

00:11:50.245 --> 00:11:51.466
I'm not, you know, maybe I'm,

00:11:52.386 --> 00:11:53.749
somewhat right, somewhat wrong.

00:11:54.028 --> 00:11:54.509
I'm just saying,

00:11:54.570 --> 00:11:55.610
here's what you might want

00:11:55.650 --> 00:11:58.033
to consider because Tony

00:11:58.053 --> 00:11:59.875
might push back and poke

00:11:59.895 --> 00:12:00.556
some holes in this.

00:12:00.937 --> 00:12:03.340
But I said, hire more therapists.

00:12:04.710 --> 00:12:05.809
Document your SOPs,

00:12:05.850 --> 00:12:07.270
so your standard operating procedures.

00:12:07.331 --> 00:12:09.390
So documenting things that

00:12:09.410 --> 00:12:10.192
your front desk does,

00:12:10.251 --> 00:12:11.451
have it in a Google Drive.

00:12:12.251 --> 00:12:13.513
Sturdy McKee has helped me

00:12:13.613 --> 00:12:15.852
create a playbook on our Google Drive.

00:12:15.913 --> 00:12:17.094
So things that are written out.

00:12:17.453 --> 00:12:18.474
For example, really quick.

00:12:18.514 --> 00:12:18.994
For example,

00:12:19.934 --> 00:12:21.375
anytime that we post like a hiring,

00:12:21.735 --> 00:12:22.595
like we're hiring or

00:12:22.655 --> 00:12:24.056
recruiting post on LinkedIn

00:12:24.096 --> 00:12:25.056
or Facebook or whatever,

00:12:25.635 --> 00:12:27.376
all of that is already written out.

00:12:27.616 --> 00:12:28.756
So you just copy and paste

00:12:28.817 --> 00:12:29.878
it and you post it on

00:12:29.918 --> 00:12:32.558
Facebook or LinkedIn as an organic post.

00:12:32.698 --> 00:12:33.418
Or you could have that...

00:12:34.119 --> 00:12:35.019
you have it typed out for

00:12:35.058 --> 00:12:36.419
whatever you post on indeed

00:12:36.480 --> 00:12:37.519
or any of your paid ads.

00:12:38.000 --> 00:12:39.160
And if it's an organic post

00:12:39.441 --> 00:12:40.240
in the Google drive,

00:12:40.280 --> 00:12:41.380
it's like the picture,

00:12:41.421 --> 00:12:42.160
the images that you're

00:12:42.181 --> 00:12:43.282
going to use for the post,

00:12:43.302 --> 00:12:44.642
like everything is just copy paste,

00:12:44.682 --> 00:12:45.201
copy paste.

00:12:45.221 --> 00:12:46.763
So documenting all of that.

00:12:46.802 --> 00:12:48.682
So it could be how you

00:12:48.722 --> 00:12:50.624
onboard a new patient, how, you know,

00:12:50.663 --> 00:12:51.583
your, your front desk or your,

00:12:51.624 --> 00:12:52.524
your billing person goes

00:12:52.544 --> 00:12:54.644
through the whole process of, of,

00:12:55.024 --> 00:12:56.405
of claims or coding or

00:12:56.446 --> 00:12:57.666
billing submission and

00:12:57.806 --> 00:12:59.187
claim followup and all that

00:12:59.206 --> 00:12:59.586
type of stuff.

00:12:59.606 --> 00:12:59.907
So anyway,

00:13:01.086 --> 00:13:02.008
First thing I said was hire

00:13:02.028 --> 00:13:02.567
more therapists.

00:13:02.587 --> 00:13:03.369
Second thing I said was

00:13:03.408 --> 00:13:04.909
documenting your SOPs,

00:13:04.950 --> 00:13:06.471
all of your steps and tasks.

00:13:07.711 --> 00:13:08.991
Third thing, getting out of treatment,

00:13:09.032 --> 00:13:10.653
which I know that might

00:13:10.693 --> 00:13:11.634
resonate with some practice

00:13:11.673 --> 00:13:12.634
owners and others that will

00:13:12.695 --> 00:13:13.514
not resonate with them.

00:13:15.677 --> 00:13:16.937
And then ultimately growing

00:13:17.258 --> 00:13:20.519
your asset and increasing margins.

00:13:20.620 --> 00:13:22.181
Those are things that you

00:13:22.221 --> 00:13:23.042
don't have to do any of

00:13:23.081 --> 00:13:23.903
those if you don't want to.

00:13:23.942 --> 00:13:25.604
But if you want to exit in

00:13:25.624 --> 00:13:26.904
the next one to three years and

00:13:28.166 --> 00:13:29.687
make the most amount of

00:13:29.726 --> 00:13:30.706
money on that exit.

00:13:31.486 --> 00:13:34.368
That is roughly some of the

00:13:34.427 --> 00:13:35.028
big highlights.

00:13:35.089 --> 00:13:35.649
And maybe there's some

00:13:35.688 --> 00:13:36.568
things that I missed and we

00:13:36.609 --> 00:13:38.889
can talk about, but those are in general,

00:13:38.929 --> 00:13:39.789
those are like the big

00:13:39.909 --> 00:13:41.331
levers that would allow a

00:13:41.370 --> 00:13:43.572
practice owner to maximize

00:13:43.591 --> 00:13:44.731
the value and their

00:13:44.751 --> 00:13:45.631
purchase price of their

00:13:45.672 --> 00:13:46.773
exit in the next one to three years.

00:13:47.830 --> 00:13:49.169
Yeah, I totally agree.

00:13:49.409 --> 00:13:49.711
Now,

00:13:50.051 --> 00:13:51.331
what I would do is I would look at

00:13:51.390 --> 00:13:52.311
that and I would say, OK,

00:13:52.350 --> 00:13:53.471
hiring more therapists.

00:13:53.491 --> 00:13:54.652
You and I have discussed it.

00:13:54.672 --> 00:13:57.773
I I danced with that idea for a minute.

00:13:58.793 --> 00:13:59.493
Like, forget it.

00:13:59.552 --> 00:13:59.952
That's out.

00:14:00.453 --> 00:14:00.714
All right.

00:14:00.774 --> 00:14:02.114
Take that off the list for me.

00:14:03.254 --> 00:14:05.674
Developing SOPs like this

00:14:05.735 --> 00:14:08.255
was huge back 15 years ago.

00:14:09.155 --> 00:14:09.255
Uh,

00:14:09.316 --> 00:14:11.658
we had started the practice 23 years ago.

00:14:11.979 --> 00:14:13.120
We were doing everything.

00:14:13.179 --> 00:14:14.080
It was miserable.

00:14:14.221 --> 00:14:15.841
We learned how to turn it

00:14:15.902 --> 00:14:17.523
into a real business, not a job,

00:14:18.124 --> 00:14:20.865
developed procedures, developed policies.

00:14:20.966 --> 00:14:22.086
Like everything was

00:14:22.167 --> 00:14:24.288
documented from turning the light on,

00:14:24.568 --> 00:14:26.691
emptying the trash to, you know,

00:14:26.730 --> 00:14:28.091
admitting a new patient and

00:14:28.131 --> 00:14:29.754
completing a PT evaluation.

00:14:30.433 --> 00:14:33.336
Everything had a step by step process.

00:14:33.397 --> 00:14:34.437
Everything had a checklist.

00:14:35.538 --> 00:14:35.599
Um,

00:14:36.529 --> 00:14:37.409
Getting out of treatment,

00:14:37.850 --> 00:14:38.610
pretty much done.

00:14:39.390 --> 00:14:41.371
Growing the asset, increasing margins.

00:14:42.692 --> 00:14:44.673
The one thing that from my

00:14:44.754 --> 00:14:46.053
perspective that I'm

00:14:46.073 --> 00:14:47.695
looking at with this list is

00:14:49.546 --> 00:14:52.087
Maybe I just don't want to

00:14:52.268 --> 00:14:54.429
sell a physical therapy practice, which,

00:14:54.669 --> 00:14:55.951
you know, is totally reasonable.

00:14:56.650 --> 00:14:58.373
Maybe I make the pivot while

00:14:58.432 --> 00:15:00.413
I'm still here to an

00:15:00.573 --> 00:15:01.774
element within the physical

00:15:01.835 --> 00:15:02.655
therapy practice.

00:15:02.676 --> 00:15:05.197
So we had spun off billing companies that,

00:15:05.317 --> 00:15:05.597
you know,

00:15:05.898 --> 00:15:07.418
we brought our billing in-house.

00:15:08.120 --> 00:15:10.181
We operationalized the billing.

00:15:10.741 --> 00:15:12.062
We did such a good job with it.

00:15:12.082 --> 00:15:12.602
We're like, hey,

00:15:12.802 --> 00:15:13.964
let's spin this off into a

00:15:14.004 --> 00:15:14.664
separate company.

00:15:15.764 --> 00:15:17.186
I could see therapists who

00:15:17.265 --> 00:15:18.466
are really great at marketing.

00:15:18.767 --> 00:15:20.227
We talked about the YouTube channel,

00:15:20.268 --> 00:15:21.168
the social media,

00:15:21.808 --> 00:15:23.490
spin it off into a separate company.

00:15:23.990 --> 00:15:24.690
So it's like,

00:15:24.931 --> 00:15:25.971
I think what's most

00:15:26.071 --> 00:15:27.932
reasonable for people in my

00:15:27.991 --> 00:15:29.613
position is you say,

00:15:30.014 --> 00:15:32.095
what am I still really good at?

00:15:32.174 --> 00:15:33.875
Where's the magic in all of this?

00:15:33.995 --> 00:15:35.697
For me, maybe it's the YouTube channel.

00:15:35.736 --> 00:15:36.537
I want to talk about an

00:15:36.636 --> 00:15:37.697
interaction I had with a

00:15:37.738 --> 00:15:39.818
patient yesterday around my

00:15:39.859 --> 00:15:40.620
YouTube channel.

00:15:41.960 --> 00:15:44.101
But I'm like, well, why don't I just...

00:15:44.741 --> 00:15:45.342
grow,

00:15:45.543 --> 00:15:48.005
focus on that element of the business,

00:15:48.667 --> 00:15:50.269
and then just let the rest

00:15:50.328 --> 00:15:51.669
of it kind of wither away.

00:15:51.791 --> 00:15:53.633
Let the patient care disappear.

00:15:53.753 --> 00:15:55.115
Let the insurance and third

00:15:55.154 --> 00:15:56.615
party reimbursement disappear.

00:15:56.655 --> 00:15:57.817
Just let that all die,

00:15:58.238 --> 00:16:00.561
die on the vine and focus

00:16:00.681 --> 00:16:02.202
on this aspect where

00:16:03.224 --> 00:16:05.005
Maybe I've got a little more energy.

00:16:05.145 --> 00:16:06.407
I'm a little more interested,

00:16:06.427 --> 00:16:08.629
a little more of my focus, you know,

00:16:08.809 --> 00:16:10.211
and just forget the idea of

00:16:10.270 --> 00:16:11.892
having I can still exit.

00:16:11.972 --> 00:16:12.972
This is still an exit.

00:16:12.993 --> 00:16:15.054
It's just not an exit in the

00:16:15.095 --> 00:16:16.035
traditional sense of

00:16:16.096 --> 00:16:17.437
selling selling a physical

00:16:17.477 --> 00:16:18.318
therapy practice.

00:16:22.643 --> 00:16:23.043
What do you think?

00:16:25.259 --> 00:16:27.061
Again, sorry, I just had a Wi-Fi issue.

00:16:27.081 --> 00:16:29.263
Yeah, no problem.

00:16:29.403 --> 00:16:30.303
How would that work?

00:16:30.524 --> 00:16:30.745
I mean,

00:16:30.784 --> 00:16:32.426
I think you should expand on it a

00:16:32.446 --> 00:16:32.826
little bit.

00:16:32.947 --> 00:16:33.527
Yeah.

00:16:33.647 --> 00:16:35.528
So it's basically what's been happening,

00:16:35.850 --> 00:16:36.549
right?

00:16:36.690 --> 00:16:38.091
And anybody who's watched me

00:16:38.192 --> 00:16:39.552
over the last 10 years,

00:16:40.033 --> 00:16:40.693
I don't think I've been on

00:16:40.734 --> 00:16:42.515
social media that long, but pretty close.

00:16:43.736 --> 00:16:45.820
You probably would have seen

00:16:46.220 --> 00:16:47.341
the evolution of...

00:16:48.422 --> 00:16:49.842
OK, I'm passionate about this.

00:16:49.923 --> 00:16:51.083
I'm talking about this.

00:16:51.144 --> 00:16:52.884
And it's gradually changing over.

00:16:53.524 --> 00:16:55.706
As you see my social media grow,

00:16:55.785 --> 00:16:56.746
as you see the YouTube

00:16:56.767 --> 00:16:58.707
channel grow and other things,

00:16:59.668 --> 00:17:01.590
you see me get more excited

00:17:01.950 --> 00:17:03.230
about certain aspects.

00:17:03.270 --> 00:17:04.391
I'm more excited about

00:17:04.490 --> 00:17:06.011
growing my LinkedIn audience,

00:17:06.092 --> 00:17:07.952
which is doing better than it's done.

00:17:07.972 --> 00:17:10.615
I'm more excited about a newsletter,

00:17:10.694 --> 00:17:11.694
which we're going to talk

00:17:11.755 --> 00:17:12.935
about more in the future.

00:17:15.260 --> 00:17:17.682
you probably see me just get

00:17:17.741 --> 00:17:18.722
more animated when I'm

00:17:18.742 --> 00:17:20.103
talking about that stuff.

00:17:20.163 --> 00:17:21.864
Whereas 15 years ago,

00:17:21.943 --> 00:17:22.884
you would have seen me get

00:17:22.923 --> 00:17:24.305
more animated talking about

00:17:24.325 --> 00:17:26.026
nutrition and sleep.

00:17:26.326 --> 00:17:27.826
And then five years before that,

00:17:27.865 --> 00:17:28.686
you would have seen me get

00:17:28.727 --> 00:17:30.386
more animated about talking

00:17:30.426 --> 00:17:31.788
about post-surgical rotator

00:17:31.807 --> 00:17:33.328
cuff repair and treatment

00:17:33.368 --> 00:17:34.548
interventions and things in

00:17:34.568 --> 00:17:35.910
the clinic with real patients.

00:17:36.630 --> 00:17:38.130
So if I'm going to feed the

00:17:38.191 --> 00:17:39.671
fire where it's burning,

00:17:40.131 --> 00:17:41.250
I'm going to go to, okay,

00:17:41.852 --> 00:17:42.991
I've got the most energy,

00:17:43.051 --> 00:17:45.012
the most excitement on this aspect.

00:17:45.732 --> 00:17:48.413
I don't think I'm chasing a shiny object.

00:17:48.614 --> 00:17:50.094
And I want to be very clear

00:17:50.233 --> 00:17:51.954
on that because I have that tendency,

00:17:52.035 --> 00:17:52.494
no doubt.

00:17:53.894 --> 00:17:54.836
So we have to be a little

00:17:54.875 --> 00:17:56.655
bit aware of ourselves,

00:17:56.796 --> 00:17:59.457
but I am putting more of my time,

00:17:59.517 --> 00:18:01.778
more of my effort into those things,

00:18:02.458 --> 00:18:06.278
social media, video, communication.

00:18:06.973 --> 00:18:07.674
Because I think there's

00:18:07.714 --> 00:18:09.336
probably a bigger return on that.

00:18:09.496 --> 00:18:10.396
There's probably a better

00:18:10.477 --> 00:18:12.298
future for me in that space.

00:18:13.680 --> 00:18:14.980
And like anything, you know,

00:18:15.020 --> 00:18:15.981
I stepped out of patient

00:18:16.001 --> 00:18:17.042
care to grow the business.

00:18:17.103 --> 00:18:18.624
Then if I wanted to still be

00:18:18.663 --> 00:18:20.125
in patient care, I step back in.

00:18:20.665 --> 00:18:22.268
I'm stepping out of therapy

00:18:22.448 --> 00:18:24.209
and business to grow the

00:18:24.249 --> 00:18:26.632
media side because I know down the road,

00:18:26.811 --> 00:18:28.432
if I still have a passion for it,

00:18:28.953 --> 00:18:29.834
I'll just step back in.

00:18:30.515 --> 00:18:32.236
But I would rather it be my choice.

00:18:32.415 --> 00:18:34.356
I don't want to treat out of necessity.

00:18:34.416 --> 00:18:36.238
I want to treat out of the

00:18:36.278 --> 00:18:37.538
desire to treat the

00:18:37.638 --> 00:18:39.460
interest in being a therapist.

00:18:40.160 --> 00:18:42.300
So as Dave kind of gets the

00:18:42.340 --> 00:18:43.582
Wi-Fi figured out,

00:18:43.961 --> 00:18:45.202
I'm going to take a little

00:18:45.242 --> 00:18:46.423
bit of a left turn here.

00:18:47.044 --> 00:18:49.204
I want to talk about an

00:18:49.305 --> 00:18:50.525
interaction I had with a

00:18:50.565 --> 00:18:51.986
patient last yesterday.

00:18:53.106 --> 00:18:53.406
You good?

00:18:55.980 --> 00:18:56.221
Okay,

00:18:56.602 --> 00:18:57.903
I'm gonna talk about this interaction

00:18:57.923 --> 00:18:59.003
with a patient yesterday,

00:18:59.084 --> 00:19:01.165
and this comes straight from YouTube.

00:19:01.826 --> 00:19:03.807
So I was evaluating a new

00:19:03.847 --> 00:19:04.669
patient yesterday.

00:19:04.689 --> 00:19:05.750
This was a patient I had

00:19:05.769 --> 00:19:07.692
evaluated previously.

00:19:07.711 --> 00:19:11.115
This patient had a knee replacement,

00:19:11.355 --> 00:19:13.176
then discharged from that

00:19:13.596 --> 00:19:15.298
very successful plan of care,

00:19:15.659 --> 00:19:17.240
had a second knee replacement,

00:19:17.361 --> 00:19:18.402
obviously the other side,

00:19:18.961 --> 00:19:20.345
came back for an evaluation.

00:19:20.746 --> 00:19:21.989
And this was a situation

00:19:22.009 --> 00:19:23.291
where the patient knew

00:19:23.372 --> 00:19:24.535
about my YouTube channel,

00:19:24.555 --> 00:19:26.159
had seen my YouTube channel

00:19:26.199 --> 00:19:28.263
and came to me because of that channel.

00:19:29.355 --> 00:19:30.996
Then yesterday during the

00:19:31.076 --> 00:19:33.837
eval had a neighbor who had

00:19:34.238 --> 00:19:35.999
been struggling going to a

00:19:36.058 --> 00:19:36.798
great therapist.

00:19:36.838 --> 00:19:37.559
I'm never going to say

00:19:37.579 --> 00:19:39.101
anything bad about the therapist.

00:19:39.201 --> 00:19:40.080
Therapist was great,

00:19:40.141 --> 00:19:41.201
but it was another

00:19:41.241 --> 00:19:42.142
therapist working for the

00:19:42.201 --> 00:19:43.262
hospital locally.

00:19:44.063 --> 00:19:45.784
And the patient was like, hey,

00:19:46.125 --> 00:19:48.226
look at Tony's YouTube channel, you know,

00:19:48.465 --> 00:19:49.567
see what he has to say.

00:19:50.623 --> 00:19:52.203
And the patient told me, relayed to me,

00:19:52.825 --> 00:19:54.526
the friend went to the YouTube channel,

00:19:54.566 --> 00:19:55.846
watched a bunch of videos,

00:19:55.906 --> 00:19:57.288
just totally loved it,

00:19:57.407 --> 00:19:58.429
started doing the things

00:19:58.489 --> 00:20:00.170
that she had suggested and

00:20:00.269 --> 00:20:02.451
felt more confident, more in control,

00:20:02.510 --> 00:20:04.313
felt better about the recovery.

00:20:04.813 --> 00:20:06.233
Now, was it just timing?

00:20:06.534 --> 00:20:06.753
Like,

00:20:06.834 --> 00:20:08.295
did the patient find the channel at

00:20:08.335 --> 00:20:09.195
the right time that they

00:20:09.215 --> 00:20:10.477
were going to get better anyway?

00:20:10.977 --> 00:20:11.298
Could be.

00:20:11.919 --> 00:20:12.980
Did the patient want

00:20:13.019 --> 00:20:14.662
somebody to kind of verify

00:20:14.742 --> 00:20:16.684
some of their own ideas?

00:20:17.046 --> 00:20:17.605
Probably.

00:20:18.247 --> 00:20:19.429
But nonetheless,

00:20:19.489 --> 00:20:20.931
this was a situation where

00:20:21.511 --> 00:20:23.134
that YouTube channel had a

00:20:23.173 --> 00:20:25.517
direct impact on that person's life.

00:20:25.877 --> 00:20:26.057
Cool.

00:20:26.888 --> 00:20:28.790
The interesting part was my

00:20:28.851 --> 00:20:31.453
patient then proceeded to say, you know,

00:20:31.513 --> 00:20:32.954
I asked my surgeon,

00:20:33.256 --> 00:20:35.718
who's a hospital-owned surgeon,

00:20:35.897 --> 00:20:36.739
works for the hospital,

00:20:37.759 --> 00:20:39.261
why don't you send all of

00:20:39.321 --> 00:20:40.303
your people to Tony?

00:20:40.482 --> 00:20:41.924
Because the surgeon was totally like,

00:20:41.944 --> 00:20:42.684
I love Tony.

00:20:42.766 --> 00:20:44.667
I know his YouTube channel, you know.

00:20:45.693 --> 00:20:47.815
the surgeon was like, we really can't.

00:20:48.174 --> 00:20:49.994
We still have pressure from

00:20:50.255 --> 00:20:51.796
upper management to keep

00:20:51.915 --> 00:20:53.856
all of those referrals in-house.

00:20:54.676 --> 00:20:55.836
So again,

00:20:56.076 --> 00:20:57.577
it's one of those situations

00:20:57.637 --> 00:20:59.798
where the doctor wants to send to me,

00:21:00.378 --> 00:21:02.578
the patients are giving positive feedback,

00:21:02.679 --> 00:21:04.279
good reports,

00:21:04.900 --> 00:21:07.201
but because of the way the system is,

00:21:08.280 --> 00:21:10.182
that surgeon is under pressure.

00:21:10.241 --> 00:21:10.422
Now,

00:21:10.602 --> 00:21:12.382
we saw this happen back in the late

00:21:12.801 --> 00:21:14.643
90s with the Balanced Budget Act.

00:21:15.586 --> 00:21:17.347
What happened was a bunch of

00:21:17.367 --> 00:21:18.628
independent physicians,

00:21:18.669 --> 00:21:20.270
then they all went hospital-owned.

00:21:20.651 --> 00:21:21.692
They all got sick of it.

00:21:22.313 --> 00:21:23.074
Ten years later,

00:21:23.114 --> 00:21:24.595
they started coming back out.

00:21:24.796 --> 00:21:26.017
They went independent again.

00:21:26.096 --> 00:21:28.038
We're going to see this pendulum swing.

00:21:28.499 --> 00:21:28.920
Right now,

00:21:29.881 --> 00:21:31.962
I would say we're nearing the

00:21:32.163 --> 00:21:34.484
end of the swing where the

00:21:34.525 --> 00:21:35.787
hospital has full control

00:21:35.846 --> 00:21:36.426
over everything.

00:21:37.087 --> 00:21:38.328
Because eventually these

00:21:38.368 --> 00:21:39.710
guys are going to get sick of it.

00:21:39.730 --> 00:21:43.012
I already see what I call spite referrals,

00:21:43.173 --> 00:21:44.654
referrals where the

00:21:44.694 --> 00:21:46.096
surgeons are so sick of the

00:21:46.155 --> 00:21:47.477
hospital they work for that

00:21:47.497 --> 00:21:48.719
they start sending patients

00:21:48.878 --> 00:21:50.059
out of the hospital network

00:21:50.119 --> 00:21:52.061
intentionally because they

00:21:52.102 --> 00:21:53.542
are sick and frustrated and

00:21:53.583 --> 00:21:55.825
just want to spite the hospital,

00:21:55.884 --> 00:21:56.705
spite their employer.

00:21:57.445 --> 00:21:59.567
So these are opportunities

00:21:59.647 --> 00:22:00.848
for smaller providers to

00:22:00.909 --> 00:22:02.931
market that specific message.

00:22:04.392 --> 00:22:05.553
I want to get you back in, Dave,

00:22:05.613 --> 00:22:07.314
if you're stable again.

00:22:07.835 --> 00:22:09.336
What are your thoughts about anything,

00:22:09.516 --> 00:22:10.416
anything that I've shared?

00:22:12.817 --> 00:22:13.818
One thing I was thinking as

00:22:13.838 --> 00:22:14.940
you're describing, first of all,

00:22:15.140 --> 00:22:16.099
I always love to hear the

00:22:16.300 --> 00:22:17.942
stories of the public.

00:22:19.178 --> 00:22:20.679
getting value from your YouTube channel.

00:22:20.878 --> 00:22:21.880
I've shared, by the way,

00:22:21.960 --> 00:22:22.840
I've shared your YouTube

00:22:22.861 --> 00:22:25.182
channel with so many like

00:22:26.003 --> 00:22:27.765
family friends that got new

00:22:27.785 --> 00:22:30.567
replacements and everyone is, I mean,

00:22:32.148 --> 00:22:33.670
one is like a cousin of my

00:22:33.910 --> 00:22:35.371
wife and another one was

00:22:35.432 --> 00:22:36.491
like a friend of the family.

00:22:37.512 --> 00:22:39.414
um and and everyone is

00:22:39.454 --> 00:22:41.217
complaining I'm I'm I

00:22:41.237 --> 00:22:41.978
haven't gone through it but

00:22:42.018 --> 00:22:43.179
I'm saying everyone is in a

00:22:43.219 --> 00:22:44.299
lot of pain from the knee

00:22:44.340 --> 00:22:46.482
replacement and I always

00:22:46.563 --> 00:22:47.663
say you know here's the

00:22:47.784 --> 00:22:49.205
link go to this channel

00:22:49.786 --> 00:22:50.586
that you know there's great

00:22:50.606 --> 00:22:51.748
videos from my colleague in

00:22:51.788 --> 00:22:53.951
ohio and there's videos on

00:22:54.010 --> 00:22:54.570
you know how to get

00:22:54.631 --> 00:22:55.833
comfortable sleeping and

00:22:55.873 --> 00:22:58.214
lying down and all the stuff in between

00:22:59.615 --> 00:23:01.396
And everyone says that it's

00:23:01.597 --> 00:23:02.557
valuable and helpful.

00:23:02.657 --> 00:23:03.939
So it's just great for you

00:23:04.259 --> 00:23:05.640
in the real world to get

00:23:05.660 --> 00:23:08.281
the feedback in person that

00:23:08.321 --> 00:23:09.863
it is actually impactful

00:23:10.083 --> 00:23:11.022
and that it makes a difference.

00:23:11.123 --> 00:23:11.463
Obviously,

00:23:11.503 --> 00:23:12.943
you also see it with all the

00:23:12.983 --> 00:23:13.704
comments that you get.

00:23:13.724 --> 00:23:15.865
I love it.

00:23:16.125 --> 00:23:16.487
I don't have...

00:23:18.463 --> 00:23:19.404
Anything else on that other

00:23:19.424 --> 00:23:20.586
than I was thinking as

00:23:20.606 --> 00:23:23.009
you're describing the you

00:23:23.028 --> 00:23:23.910
were kind of saying like

00:23:24.151 --> 00:23:25.852
letting the practice die and letting,

00:23:25.872 --> 00:23:26.073
you know,

00:23:26.113 --> 00:23:27.413
letting the insurance kind of

00:23:28.154 --> 00:23:29.557
run out or basically like

00:23:29.616 --> 00:23:31.199
the reimbursement is

00:23:31.719 --> 00:23:35.002
continuing to be cut and

00:23:35.042 --> 00:23:36.044
declined and all that.

00:23:37.526 --> 00:23:38.326
And I think you've talked

00:23:38.346 --> 00:23:39.047
about this before.

00:23:40.557 --> 00:23:41.739
that it would not be possible.

00:23:41.898 --> 00:23:43.460
So I just want to reiterate,

00:23:43.819 --> 00:23:44.579
it's not possible,

00:23:44.640 --> 00:23:45.540
or you don't think it would

00:23:45.560 --> 00:23:46.602
be possible for you to be a

00:23:46.642 --> 00:23:47.321
cash practice.

00:23:47.382 --> 00:23:48.903
Like maybe not overnight.

00:23:49.022 --> 00:23:52.825
Maybe you, I don't know, you, you go, you,

00:23:53.026 --> 00:23:55.787
you keep Medicare and maybe you drop some,

00:23:55.886 --> 00:23:56.708
you know, one by one,

00:23:56.748 --> 00:23:58.288
you drop United healthcare and you,

00:23:58.368 --> 00:23:59.388
then you drop, I don't know,

00:23:59.589 --> 00:24:00.549
Cigna or blue cross blue

00:24:00.569 --> 00:24:01.089
shield or whatever.

00:24:02.211 --> 00:24:03.332
You don't think the folks

00:24:03.352 --> 00:24:04.112
that live around you,

00:24:04.152 --> 00:24:05.732
Tony would be paying or,

00:24:05.833 --> 00:24:07.394
or would be able to,

00:24:07.534 --> 00:24:09.255
or would want to pay like a

00:24:09.275 --> 00:24:10.155
hundred dollars a visit or,

00:24:12.285 --> 00:24:13.244
Uh, that's a great question.

00:24:13.585 --> 00:24:15.465
Yes, I know they would.

00:24:15.486 --> 00:24:19.126
Um, but I don't know that I,

00:24:19.146 --> 00:24:22.067
I am passionate enough to

00:24:22.228 --> 00:24:24.328
sell that exchange in value.

00:24:24.808 --> 00:24:26.028
And what I mean by that is,

00:24:26.449 --> 00:24:27.309
it's not even just me.

00:24:27.329 --> 00:24:28.829
Like I would not be the one

00:24:28.910 --> 00:24:30.009
delivering that service.

00:24:30.049 --> 00:24:31.750
It would be my staff, my team,

00:24:32.211 --> 00:24:34.372
which they're well capable of doing it.

00:24:35.311 --> 00:24:35.412
Um,

00:24:36.517 --> 00:24:37.576
But I don't know.

00:24:37.596 --> 00:24:39.657
I do think there's a

00:24:39.758 --> 00:24:40.959
difference between

00:24:41.098 --> 00:24:42.479
delivering something that's

00:24:42.499 --> 00:24:44.039
covered by insurance and

00:24:44.140 --> 00:24:45.540
delivering an experience

00:24:46.161 --> 00:24:47.760
that's paid for out of pocket.

00:24:48.142 --> 00:24:50.782
You know, so if I look at cars,

00:24:50.823 --> 00:24:51.442
there's a difference

00:24:51.482 --> 00:24:53.884
between a Ferrari and a Honda Civic.

00:24:53.983 --> 00:24:54.223
Right.

00:24:55.664 --> 00:24:56.984
Both of them get the job done,

00:24:57.006 --> 00:24:58.465
get you from point A to point B,

00:24:58.526 --> 00:25:00.847
but they're just a different experience.

00:25:00.907 --> 00:25:02.469
And I don't know that I care

00:25:02.489 --> 00:25:04.410
to build that experience.

00:25:04.470 --> 00:25:05.250
I don't know that I want to

00:25:05.290 --> 00:25:06.030
go down that road.

00:25:06.632 --> 00:25:08.073
I believe, and you've said this,

00:25:08.313 --> 00:25:11.414
you can sell cash in any place, any town.

00:25:11.855 --> 00:25:12.675
And if I was still

00:25:13.915 --> 00:25:16.397
passionate in the way I was 15 years ago,

00:25:16.837 --> 00:25:17.719
I'd do it in a heartbeat.

00:25:17.959 --> 00:25:19.019
I have zero doubt.

00:25:19.500 --> 00:25:21.400
I would build a program that

00:25:21.560 --> 00:25:23.320
has the cash value to

00:25:23.540 --> 00:25:25.300
exceed the price that I'm charging.

00:25:26.041 --> 00:25:27.221
And I would be able to find

00:25:27.221 --> 00:25:29.061
10 clients in my community

00:25:29.122 --> 00:25:30.303
who are more than capable

00:25:30.343 --> 00:25:31.002
of paying for it,

00:25:31.182 --> 00:25:32.682
even though it's kind of an older,

00:25:32.762 --> 00:25:34.564
depressed steel mill town.

00:25:34.983 --> 00:25:35.544
They're there.

00:25:35.743 --> 00:25:36.564
There's no question.

00:25:37.243 --> 00:25:38.265
I just don't want to do that.

00:25:38.484 --> 00:25:38.704
You know,

00:25:38.724 --> 00:25:40.144
I don't want to go down that road.

00:25:40.184 --> 00:25:41.724
I don't want to build that business.

00:25:42.865 --> 00:25:44.145
So that's why I'm not

00:25:44.286 --> 00:25:45.665
entertaining that idea.

00:25:45.705 --> 00:25:47.146
The one idea I will share

00:25:48.067 --> 00:25:48.987
And this is kind of where I

00:25:49.007 --> 00:25:50.346
want to get your opinion on this,

00:25:50.446 --> 00:25:51.327
taking it to the next

00:25:51.367 --> 00:25:53.627
segment in today's episode

00:25:54.387 --> 00:25:57.009
is building a business on a business.

00:25:57.608 --> 00:25:59.249
So you and I, Jimmy,

00:25:59.308 --> 00:26:00.429
we've talked about this in

00:26:00.469 --> 00:26:01.250
different ways.

00:26:01.390 --> 00:26:02.089
I'm going to throw out a

00:26:02.130 --> 00:26:04.069
couple of examples, small and big.

00:26:04.549 --> 00:26:06.451
But the idea is I shared a

00:26:06.510 --> 00:26:07.750
post a couple of weeks ago

00:26:07.810 --> 00:26:08.851
now where I'm like, hey,

00:26:08.891 --> 00:26:10.171
who's invested $50,000 in a

00:26:10.191 --> 00:26:11.271
piece of equipment?

00:26:14.031 --> 00:26:16.296
and really done something with that.

00:26:17.237 --> 00:26:18.219
Because I know I've bought a

00:26:18.259 --> 00:26:20.561
lot of $6,000 pieces of

00:26:20.622 --> 00:26:22.184
equipment that I did nothing with.

00:26:23.306 --> 00:26:25.128
But I think I could see

00:26:25.249 --> 00:26:26.510
doing something like that,

00:26:26.631 --> 00:26:28.693
building a cash-based business where...

00:26:29.807 --> 00:26:31.288
Maybe it's a recovery room

00:26:31.587 --> 00:26:32.528
kind of business.

00:26:33.567 --> 00:26:35.808
Patients buy a membership, they get,

00:26:36.028 --> 00:26:37.630
you know, 12 passes a month.

00:26:38.069 --> 00:26:38.750
They come in,

00:26:38.809 --> 00:26:41.070
they can use the equipment for recovery.

00:26:41.111 --> 00:26:41.951
And maybe it's the stuff

00:26:41.971 --> 00:26:42.832
like the compression,

00:26:43.751 --> 00:26:45.673
leg compression devices and

00:26:45.913 --> 00:26:47.232
Easton machines and stuff

00:26:47.272 --> 00:26:48.513
that I don't use typically

00:26:48.554 --> 00:26:49.134
because they're more

00:26:49.193 --> 00:26:50.234
passive interventions,

00:26:50.275 --> 00:26:51.214
but patients love it.

00:26:51.555 --> 00:26:52.674
It's like an amusement park

00:26:52.714 --> 00:26:53.536
for geriatrics.

00:26:53.596 --> 00:26:56.396
They want to use that stuff.

00:26:57.257 --> 00:26:59.357
Um, I could see doing something like that,

00:26:59.698 --> 00:27:01.098
you know, $300 a month,

00:27:01.179 --> 00:27:02.779
come in as much as you want, use,

00:27:03.000 --> 00:27:04.380
use the stuff and have some

00:27:04.440 --> 00:27:05.580
fun and let's make it a

00:27:05.641 --> 00:27:08.701
kind of a pub environment, um,

00:27:09.442 --> 00:27:10.843
or something that nobody

00:27:10.903 --> 00:27:12.104
else in the community has.

00:27:12.203 --> 00:27:13.984
You see people buy the altar Jeep.

00:27:14.625 --> 00:27:16.507
I would never entertain buying that.

00:27:17.086 --> 00:27:18.228
But if somebody did,

00:27:18.307 --> 00:27:20.169
could they build a business around it?

00:27:20.209 --> 00:27:21.349
The reason why I don't like

00:27:21.390 --> 00:27:22.830
something like that is it

00:27:22.912 --> 00:27:24.653
takes too much effort to

00:27:25.093 --> 00:27:26.875
get the person in, get them set up,

00:27:26.954 --> 00:27:28.836
like who's the ideal client for it?

00:27:28.895 --> 00:27:30.376
Does that client have the money,

00:27:30.837 --> 00:27:32.278
the disposable income?

00:27:32.858 --> 00:27:34.000
I would look for something

00:27:34.019 --> 00:27:35.381
that's a little more kind

00:27:35.441 --> 00:27:36.942
of focused on geriatric.

00:27:37.603 --> 00:27:39.604
focused on high net worth

00:27:39.683 --> 00:27:42.265
individuals that want to pay for that.

00:27:43.905 --> 00:27:45.946
That's what got me out of athletics.

00:27:46.567 --> 00:27:47.626
Athletics is cool.

00:27:47.987 --> 00:27:49.788
Kids, high school, college,

00:27:49.948 --> 00:27:51.828
even young professional, amazing.

00:27:52.169 --> 00:27:53.128
There's no money there.

00:27:53.230 --> 00:27:54.710
Everybody wants to do it for free.

00:27:54.829 --> 00:27:56.711
Everybody wants the brand recognition.

00:27:57.230 --> 00:27:58.791
Nobody is going to pay for any of that.

00:27:59.291 --> 00:28:00.615
You go to the little

00:28:00.654 --> 00:28:03.960
geriatric who's got a life

00:28:04.000 --> 00:28:05.001
savings behind them.

00:28:05.142 --> 00:28:06.163
They're going to pay for

00:28:06.183 --> 00:28:07.405
things that make them feel better.

00:28:08.147 --> 00:28:08.969
What do you think about

00:28:09.028 --> 00:28:09.750
something like that?

00:28:12.749 --> 00:28:13.009
Again,

00:28:13.028 --> 00:28:14.630
because we're mobile and we don't

00:28:14.650 --> 00:28:15.369
have the brick and mortar.

00:28:15.430 --> 00:28:17.131
So it's something that I am

00:28:17.230 --> 00:28:18.952
only living vicariously

00:28:18.972 --> 00:28:19.932
through you and your post

00:28:19.992 --> 00:28:21.513
about this so far.

00:28:23.296 --> 00:28:25.457
But yeah,

00:28:25.557 --> 00:28:26.738
I know you posted some ideas

00:28:26.798 --> 00:28:29.460
around the financing

00:28:29.539 --> 00:28:31.641
options and different business models.

00:28:31.941 --> 00:28:32.701
I think you would have to

00:28:33.342 --> 00:28:34.242
describe a little bit more

00:28:34.323 --> 00:28:35.403
for the audience now,

00:28:35.903 --> 00:28:37.105
a little bit more of what

00:28:37.125 --> 00:28:38.465
you mean by a business

00:28:38.806 --> 00:28:40.126
within a business or a

00:28:40.166 --> 00:28:40.926
business on a business.

00:28:42.347 --> 00:28:43.489
But but overall, you're right.

00:28:43.528 --> 00:28:44.589
Like and you did post

00:28:44.609 --> 00:28:45.589
something a couple like

00:28:45.650 --> 00:28:46.530
maybe a week or two ago.

00:28:46.590 --> 00:28:47.392
You said something like

00:28:47.451 --> 00:28:49.153
people love gadgets or I

00:28:49.173 --> 00:28:49.932
forget if you said older

00:28:49.972 --> 00:28:51.534
people love gadgets or just all people.

00:28:52.255 --> 00:28:53.556
I laugh so hard at that.

00:28:53.615 --> 00:28:55.297
Like I forget what even the

00:28:55.336 --> 00:28:55.997
post was about.

00:28:56.156 --> 00:28:57.018
But but it's true.

00:28:58.398 --> 00:28:59.279
And so, yes,

00:28:59.420 --> 00:29:01.861
the the middle age or the

00:29:01.921 --> 00:29:03.362
older population absolutely

00:29:03.442 --> 00:29:05.463
will pay more out of pocket for gadgets.

00:29:06.104 --> 00:29:07.267
even passive interventions

00:29:07.326 --> 00:29:08.568
or gadgets or things like that.

00:29:08.628 --> 00:29:10.173
Let's hope that the

00:29:10.212 --> 00:29:10.973
treatment is actually

00:29:11.013 --> 00:29:12.577
something that can be effective, like,

00:29:12.778 --> 00:29:14.682
I don't know, laser or what I use,

00:29:14.721 --> 00:29:15.604
the stem pod or even

00:29:17.442 --> 00:29:19.002
The pneumatic compression boots,

00:29:19.042 --> 00:29:20.523
which I have a pair of, by the way,

00:29:21.903 --> 00:29:24.464
one of like the lesser known names.

00:29:25.105 --> 00:29:26.785
And it is passive, but I tell you what,

00:29:27.185 --> 00:29:28.526
I did it last night for 15

00:29:28.526 --> 00:29:30.846
or so minutes and it does relax me.

00:29:30.906 --> 00:29:31.567
I don't know if it puts me

00:29:31.606 --> 00:29:32.807
in a whole state where I

00:29:32.826 --> 00:29:34.346
can just relax and I can't

00:29:34.366 --> 00:29:34.968
do anything else.

00:29:36.107 --> 00:29:37.948
So maybe it's a secondary

00:29:38.067 --> 00:29:39.189
relaxation or something,

00:29:39.709 --> 00:29:41.348
but I feel better from it.

00:29:41.509 --> 00:29:41.868
I don't know.

00:29:41.949 --> 00:29:42.849
Maybe it's placebo.

00:29:42.930 --> 00:29:43.490
Maybe it's not.

00:29:43.549 --> 00:29:43.849
I don't know.

00:29:44.855 --> 00:29:45.335
Well, that's the thing.

00:29:45.355 --> 00:29:46.395
There's nothing wrong with

00:29:46.476 --> 00:29:47.737
selling that experience.

00:29:47.817 --> 00:29:48.778
I go to the movies.

00:29:48.939 --> 00:29:50.180
I know that it's fake.

00:29:50.319 --> 00:29:51.641
I know that it's not real,

00:29:51.701 --> 00:29:53.563
but I still enjoy the

00:29:53.643 --> 00:29:55.523
experience of the theater, right?

00:29:56.444 --> 00:29:58.326
I've got the perfect scenario for you.

00:29:58.406 --> 00:29:59.428
Jimmy and I talked about

00:29:59.448 --> 00:30:01.368
this a little bit when you were out,

00:30:01.528 --> 00:30:02.230
you were busy.

00:30:02.769 --> 00:30:03.530
I want to bring it back

00:30:03.590 --> 00:30:04.211
around because I want to

00:30:04.251 --> 00:30:05.051
get your perspective,

00:30:05.071 --> 00:30:05.873
and we're going to stick on

00:30:05.913 --> 00:30:07.253
the mobile side of this.

00:30:07.775 --> 00:30:10.938
Do you remember the TV show Friends?

00:30:11.998 --> 00:30:12.499
Of course, yeah.

00:30:13.088 --> 00:30:13.308
Okay,

00:30:13.348 --> 00:30:15.071
you remember Phoebe was a massage

00:30:15.092 --> 00:30:15.751
therapist.

00:30:16.252 --> 00:30:17.555
She came up with the most

00:30:17.634 --> 00:30:20.157
amazing concept that nobody talked about,

00:30:20.178 --> 00:30:22.299
the relaxy taxi.

00:30:22.780 --> 00:30:24.403
Do you remember that episode?

00:30:24.983 --> 00:30:25.284
I don't.

00:30:25.403 --> 00:30:26.566
I don't remember that episode, guys.

00:30:27.109 --> 00:30:29.010
Google it, look it up on YouTube,

00:30:29.050 --> 00:30:30.211
the Relaxi Taxi.

00:30:30.411 --> 00:30:32.692
Anyway, so talking about mobile,

00:30:32.811 --> 00:30:33.692
Jimmy and I were talking

00:30:33.712 --> 00:30:34.792
about this last week.

00:30:35.753 --> 00:30:36.513
They're a therapist,

00:30:36.933 --> 00:30:38.835
very successful in what they're doing,

00:30:39.214 --> 00:30:41.115
who get a Sprinter van, right?

00:30:41.175 --> 00:30:43.057
They outfit it with whatever they want,

00:30:43.737 --> 00:30:45.357
and then they go mobile.

00:30:46.271 --> 00:30:48.532
Now, New York, Brooklyn, Queens,

00:30:48.573 --> 00:30:49.753
like all those areas,

00:30:49.933 --> 00:30:51.055
I know they're congested.

00:30:51.154 --> 00:30:53.016
Maybe this isn't the best option for that.

00:30:53.695 --> 00:30:56.017
But still, when I look at this, I'm like,

00:30:56.057 --> 00:30:56.277
man,

00:30:56.317 --> 00:30:58.398
we've got the idea of the ice cream truck,

00:30:58.479 --> 00:31:00.420
drives down the street, plays the music,

00:31:00.480 --> 00:31:01.500
kids come running out,

00:31:01.539 --> 00:31:02.681
practically get run over,

00:31:03.221 --> 00:31:05.061
like fighting to get the ice cream.

00:31:06.123 --> 00:31:08.743
We've seen examples of my kids,

00:31:09.124 --> 00:31:11.786
they're learning how to give haircuts.

00:31:12.385 --> 00:31:13.846
There is a guy with a van

00:31:14.047 --> 00:31:15.048
and a great YouTube

00:31:15.087 --> 00:31:16.888
Instagram channel where he's doing,

00:31:16.909 --> 00:31:17.169
you know,

00:31:17.169 --> 00:31:20.490
100 something cut to deliver a haircut.

00:31:21.852 --> 00:31:23.133
What about something like

00:31:23.192 --> 00:31:24.814
that where either an

00:31:24.874 --> 00:31:25.914
individual therapist who

00:31:25.934 --> 00:31:27.695
wants to be mobile gets a Sprinter van,

00:31:27.816 --> 00:31:29.676
outfits it for his or her

00:31:29.757 --> 00:31:33.618
specific specialty or somebody like me?

00:31:34.769 --> 00:31:36.411
Maybe I've got some money on the side.

00:31:37.051 --> 00:31:38.172
I don't have anything to do with it,

00:31:38.392 --> 00:31:38.653
right?

00:31:39.252 --> 00:31:40.453
Interest rates are too high.

00:31:40.473 --> 00:31:42.115
The market's too crazy.

00:31:42.134 --> 00:31:45.176
I want more control over the

00:31:45.257 --> 00:31:46.198
investment that I'm going

00:31:46.218 --> 00:31:47.357
to put that money into.

00:31:47.979 --> 00:31:50.480
So what if I say maybe I can

00:31:50.520 --> 00:31:52.362
pick up some second, you know,

00:31:52.382 --> 00:31:54.742
some used Sprinter vans or

00:31:54.903 --> 00:31:57.724
as the Amazon vans come out of operation,

00:31:57.805 --> 00:31:58.625
get decommissioned,

00:31:58.665 --> 00:31:59.527
I can use some of them.

00:31:59.547 --> 00:32:04.470
I invest in some equipment and I am the,

00:32:05.349 --> 00:32:06.310
kind of the third party.

00:32:06.330 --> 00:32:08.250
I'm the person that builds

00:32:08.330 --> 00:32:11.133
the mobile business, the mobile operation,

00:32:11.173 --> 00:32:11.732
the hardware,

00:32:12.353 --> 00:32:13.554
and then makes it available

00:32:13.594 --> 00:32:15.354
for clinicians and whether

00:32:15.413 --> 00:32:16.535
we do a timeshare.

00:32:16.595 --> 00:32:18.035
So on Monday and Wednesday,

00:32:18.095 --> 00:32:20.215
Dave Kittle takes the van

00:32:20.256 --> 00:32:21.076
that's specifically

00:32:21.176 --> 00:32:23.676
outfitted for a specific kind of therapy.

00:32:24.298 --> 00:32:25.817
And then on Tuesday, Thursday,

00:32:26.419 --> 00:32:28.278
the next therapist takes that van.

00:32:28.318 --> 00:32:29.359
So it's cheaper for you.

00:32:30.180 --> 00:32:32.060
I'm getting a little more

00:32:32.101 --> 00:32:33.422
stability on income because

00:32:33.461 --> 00:32:34.382
if you go out of business,

00:32:34.422 --> 00:32:35.403
somebody else will be there.

00:32:36.742 --> 00:32:38.003
What do you think of a business?

00:32:38.044 --> 00:32:39.025
And this is what I mean by

00:32:39.065 --> 00:32:40.705
building a business on a business.

00:32:40.786 --> 00:32:42.807
The base is mobile therapy.

00:32:43.267 --> 00:32:44.847
But then the business on top

00:32:44.907 --> 00:32:47.388
of mobile therapy is I'm going to invest.

00:32:47.409 --> 00:32:48.950
I'm going to grab a couple sprinter vans.

00:32:48.970 --> 00:32:51.010
I'm going to make one the relaxy taxi.

00:32:51.391 --> 00:32:53.071
I'm going to make one the stretch lab.

00:32:53.451 --> 00:32:54.613
I'm going to make one the

00:32:54.792 --> 00:32:56.193
recovery room on wheels.

00:32:57.153 --> 00:32:58.236
And I'm going to find

00:32:58.296 --> 00:33:00.240
therapists who want to rent

00:33:00.580 --> 00:33:02.503
this business and

00:33:02.785 --> 00:33:04.667
operationalize it certain

00:33:04.708 --> 00:33:05.910
times of the day or certain

00:33:05.951 --> 00:33:06.632
days of the week.

00:33:09.142 --> 00:33:09.842
I want to come back to the

00:33:09.862 --> 00:33:11.942
relaxy taxi in a second.

00:33:12.002 --> 00:33:16.726
In terms of the idea, I don't know, like,

00:33:17.385 --> 00:33:18.366
let's just say hypothetically,

00:33:18.386 --> 00:33:19.126
if you were going to go do

00:33:19.166 --> 00:33:20.688
that and you're going to

00:33:20.788 --> 00:33:21.887
try to go find a couple

00:33:21.928 --> 00:33:22.909
different mobile therapists

00:33:22.929 --> 00:33:24.849
who all want to start doing this in,

00:33:25.009 --> 00:33:27.131
let's say you rent, you, Tony Maritato,

00:33:27.151 --> 00:33:28.330
you rent or own a Sprinter

00:33:28.351 --> 00:33:30.853
van and then you got to go find like,

00:33:30.992 --> 00:33:31.313
I don't know,

00:33:31.393 --> 00:33:32.913
two or three or however many

00:33:32.993 --> 00:33:34.193
mobile PTs that want to do

00:33:34.233 --> 00:33:36.075
like a side gig inside of

00:33:36.134 --> 00:33:37.336
this Sprinter van or whatever.

00:33:39.085 --> 00:33:39.865
I'll be quite frank.

00:33:39.986 --> 00:33:40.645
I don't think there's going

00:33:40.665 --> 00:33:41.686
to be enough money in it.

00:33:41.787 --> 00:33:42.667
I don't think there's going to be enough,

00:33:42.847 --> 00:33:44.169
you know, juice for the squeeze.

00:33:44.729 --> 00:33:46.509
I don't think it makes, I mean,

00:33:46.529 --> 00:33:47.191
it's an idea.

00:33:47.310 --> 00:33:47.671
I get it.

00:33:47.750 --> 00:33:49.712
But what I've seen, and I know you've seen,

00:33:50.073 --> 00:33:52.494
there's like TJ or JT or

00:33:52.694 --> 00:33:54.336
some therapist that has this.

00:33:54.875 --> 00:33:57.097
I know a therapist that Mark,

00:33:57.597 --> 00:33:58.858
Mark Dinesha that used to

00:33:58.878 --> 00:34:00.641
live in Brooklyn, then moved down to,

00:34:00.681 --> 00:34:01.780
I think, Austin, Texas.

00:34:02.902 --> 00:34:04.363
Uh, he's got like a van or,

00:34:04.383 --> 00:34:06.444
or like a sprinter van type thing.

00:34:06.505 --> 00:34:07.905
And like out, you know, he,

00:34:08.427 --> 00:34:09.146
he treats in there.

00:34:09.166 --> 00:34:11.389
Um, so he went and did that himself.

00:34:11.849 --> 00:34:12.989
I don't think it makes any

00:34:13.030 --> 00:34:15.331
sense at all for some

00:34:15.371 --> 00:34:19.355
company to do this and go find some,

00:34:20.335 --> 00:34:22.077
listen, I, and we were all kind of,

00:34:22.157 --> 00:34:23.378
you and I, we were all kind of like,

00:34:24.425 --> 00:34:25.847
side hustle PTs or side

00:34:25.867 --> 00:34:27.688
hustle folks at some point, I get it,

00:34:28.168 --> 00:34:28.969
but I just don't think

00:34:28.989 --> 00:34:30.030
there'd be enough money in

00:34:30.110 --> 00:34:31.449
it to actually have a business.

00:34:31.490 --> 00:34:31.831
I think,

00:34:34.231 --> 00:34:36.653
I think you have to go and go do the van,

00:34:36.833 --> 00:34:39.516
get the van, get the, get the thing, the,

00:34:40.056 --> 00:34:42.137
the vehicle by yourself to

00:34:42.217 --> 00:34:43.478
actually like have enough

00:34:44.157 --> 00:34:46.980
gumption and enough skin in

00:34:47.000 --> 00:34:49.501
the game to actually make it worthwhile.

00:34:49.621 --> 00:34:50.362
I don't think it would make

00:34:50.422 --> 00:34:52.184
sense for some business to try to

00:34:53.083 --> 00:34:55.123
entertain this regardless of

00:34:55.184 --> 00:34:56.824
whether it's a urban area

00:34:57.525 --> 00:34:59.644
or rural or whatever so

00:34:59.786 --> 00:35:00.786
that's just that's just my

00:35:01.365 --> 00:35:02.226
my that's my initial

00:35:02.266 --> 00:35:03.746
thoughts in terms of the

00:35:03.766 --> 00:35:05.027
relaxi taxi I thought

00:35:05.047 --> 00:35:06.547
because I i use the I use

00:35:06.626 --> 00:35:08.226
taxi cabs now more than

00:35:08.347 --> 00:35:09.208
ubers and lifts because I

00:35:09.228 --> 00:35:10.027
don't want to wait for an

00:35:10.068 --> 00:35:10.927
uber lift sometimes it

00:35:10.967 --> 00:35:12.447
takes too long for the uber

00:35:12.467 --> 00:35:13.289
and lift to show up and the

00:35:13.588 --> 00:35:14.829
yellow cab is already driving by

00:35:15.961 --> 00:35:16.603
I thought you were going to

00:35:16.623 --> 00:35:18.644
say with the relaxy taxi, you know,

00:35:18.684 --> 00:35:20.126
a therapist like me, I go,

00:35:20.146 --> 00:35:23.590
I sit in a cab with some, you know,

00:35:23.789 --> 00:35:25.632
unknown cab driver.

00:35:25.652 --> 00:35:26.733
I'm sitting in the front

00:35:26.773 --> 00:35:28.856
seat and then a passenger

00:35:29.115 --> 00:35:30.657
sits in the back, comes in the back seat,

00:35:31.318 --> 00:35:32.940
you know, take me, take me to, you know,

00:35:34.460 --> 00:35:35.882
72nd and First Avenue.

00:35:36.442 --> 00:35:38.603
And then I turn and say like, you know,

00:35:38.623 --> 00:35:39.443
do you want some soft

00:35:39.463 --> 00:35:41.003
tissue work or massage or whatever?

00:35:41.384 --> 00:35:42.603
And then, you know, if they say yes,

00:35:42.643 --> 00:35:43.565
like I jump in the back

00:35:43.605 --> 00:35:45.625
seat and I start giving

00:35:45.644 --> 00:35:47.545
them a massage or you have

00:35:47.565 --> 00:35:48.987
a massage therapist do it or whatever.

00:35:49.467 --> 00:35:50.847
I didn't see the episode from Friends.

00:35:50.887 --> 00:35:52.347
So I was just, my mind was like,

00:35:52.628 --> 00:35:55.048
how would this relaxy taxi work?

00:35:55.068 --> 00:35:55.208
Like,

00:35:55.268 --> 00:35:58.791
am I literally a therapist in a cab

00:35:59.251 --> 00:36:00.170
and I'm pitching,

00:36:00.271 --> 00:36:01.632
I'm trying to upsell the person

00:36:03.552 --> 00:36:05.373
a massage, which like, I don't know,

00:36:05.393 --> 00:36:05.992
with seatbelts,

00:36:06.052 --> 00:36:07.172
I don't even know how that would work,

00:36:07.632 --> 00:36:09.253
like how that would be safe or whatever.

00:36:09.353 --> 00:36:11.134
But it makes sense because

00:36:11.173 --> 00:36:12.375
people that are getting in cabs,

00:36:12.414 --> 00:36:12.775
you're right.

00:36:12.815 --> 00:36:14.315
They are in the city here.

00:36:14.335 --> 00:36:16.275
They are stressed and tense

00:36:16.396 --> 00:36:18.376
and probably running late or whatever.

00:36:18.496 --> 00:36:19.996
So it actually makes sense.

00:36:20.856 --> 00:36:22.456
And that actually would

00:36:22.496 --> 00:36:25.358
probably have more legs

00:36:25.938 --> 00:36:28.739
than the shared sprinter van type idea.

00:36:29.637 --> 00:36:30.217
Interesting.

00:36:30.257 --> 00:36:31.617
Yeah, that's hilarious.

00:36:31.717 --> 00:36:33.298
I could totally see that working though.

00:36:34.099 --> 00:36:35.199
We do almost all of our

00:36:35.239 --> 00:36:36.521
manual therapy sitting.

00:36:36.940 --> 00:36:39.021
You saw the other morning,

00:36:40.021 --> 00:36:42.143
we almost never get somebody in supine,

00:36:42.182 --> 00:36:43.164
get somebody in prone,

00:36:43.204 --> 00:36:43.923
get them on a table.

00:36:43.943 --> 00:36:45.144
We do everything in sitting

00:36:45.244 --> 00:36:46.025
over the clothes.

00:36:46.505 --> 00:36:47.786
I could see a setup where

00:36:47.806 --> 00:36:49.806
you've got multiple layers

00:36:49.987 --> 00:36:51.608
or rows of seats.

00:36:51.688 --> 00:36:53.208
So the massage therapist or

00:36:53.248 --> 00:36:54.889
the physical therapist is behind you.

00:36:55.349 --> 00:36:56.510
The actual rider,

00:36:56.530 --> 00:36:59.331
they do that in poker rooms.

00:36:59.572 --> 00:37:00.972
I'm a huge fan of poker.

00:37:00.992 --> 00:37:02.452
I've been poker, you know,

00:37:03.034 --> 00:37:04.253
poker player for a long time.

00:37:05.215 --> 00:37:05.994
Dollar a minute.

00:37:06.094 --> 00:37:09.536
Let's go like this is well established.

00:37:10.496 --> 00:37:11.257
Going back, though.

00:37:11.858 --> 00:37:16.079
So my thing would be you you rent the van.

00:37:16.460 --> 00:37:18.701
It reduces the risk on the therapist,

00:37:18.740 --> 00:37:20.822
the individual therapist who wants to be.

00:37:20.842 --> 00:37:21.561
That's the problem.

00:37:21.782 --> 00:37:22.583
That's the problem.

00:37:22.663 --> 00:37:23.003
But go ahead.

00:37:23.652 --> 00:37:25.132
Well, I want to hear what the problem is.

00:37:25.172 --> 00:37:26.733
It reduces the risk on the therapist.

00:37:27.373 --> 00:37:28.735
I've got money sitting out there.

00:37:28.795 --> 00:37:31.097
If I can finance the van, obviously,

00:37:31.117 --> 00:37:33.018
you know, at scale,

00:37:33.097 --> 00:37:34.518
this now becomes a very

00:37:34.579 --> 00:37:36.159
viable opportunity.

00:37:36.179 --> 00:37:38.800
Yeah, I wouldn't do it one or two,

00:37:38.880 --> 00:37:40.222
but if I had 20 or 30 or a fleet of them.

00:37:42.023 --> 00:37:43.003
I think this is something

00:37:43.043 --> 00:37:43.764
that could be done.

00:37:44.365 --> 00:37:47.088
And then my main frustration

00:37:47.128 --> 00:37:48.309
for mobile therapists,

00:37:48.389 --> 00:37:49.992
and it's funny me telling you,

00:37:50.833 --> 00:37:52.974
is they're still running all over town.

00:37:53.195 --> 00:37:54.936
Instead of just park that

00:37:54.976 --> 00:37:57.119
van in front of a busy area,

00:37:57.599 --> 00:38:00.103
whether it be a high rise, a condo,

00:38:00.184 --> 00:38:02.766
an association, and just be like, look,

00:38:02.887 --> 00:38:03.869
I'm going to be here on

00:38:03.929 --> 00:38:04.889
Monday and Wednesday.

00:38:04.909 --> 00:38:07.152
This is going to be your therapy site.

00:38:07.434 --> 00:38:09.036
And people come out of the

00:38:09.076 --> 00:38:10.737
building right to you, you know,

00:38:10.778 --> 00:38:11.780
instead of you driving all

00:38:11.860 --> 00:38:13.302
over the place to other people.

00:38:14.163 --> 00:38:14.242
Um,

00:38:15.929 --> 00:38:17.190
That would have been my vision.

00:38:17.251 --> 00:38:17.871
Then, of course,

00:38:18.472 --> 00:38:20.893
you've got the income from the rental.

00:38:21.592 --> 00:38:23.393
It reduces the risk for the therapist.

00:38:23.673 --> 00:38:24.815
But then if I'm not doing

00:38:24.894 --> 00:38:26.436
something with the clients

00:38:26.596 --> 00:38:29.157
or helping with selling products,

00:38:29.177 --> 00:38:31.639
selling lotion, selling other things,

00:38:32.858 --> 00:38:34.840
you know, if I'm the owner of the vehicle,

00:38:34.900 --> 00:38:35.740
maybe I'm helping with

00:38:35.800 --> 00:38:37.742
marketing and there's a shared, you know,

00:38:37.961 --> 00:38:39.282
revenue opportunity there.

00:38:39.302 --> 00:38:42.103
I still think it could work.

00:38:42.344 --> 00:38:43.804
So what do you disagree with?

00:38:44.652 --> 00:38:47.373
Oh, I'm just saying, I just don't think,

00:38:47.393 --> 00:38:51.775
it allows the therapist to kind of,

00:38:52.777 --> 00:38:53.137
I get it,

00:38:53.157 --> 00:38:54.376
because the therapist probably

00:38:54.416 --> 00:38:57.298
has student loan debt.

00:38:57.818 --> 00:38:58.458
They wanna keep their

00:38:58.478 --> 00:38:59.860
full-time job temporarily.

00:38:59.920 --> 00:39:01.320
They wanna kind of dip their

00:39:01.380 --> 00:39:01.960
toe into this.

00:39:03.108 --> 00:39:04.050
i know that's how a lot of

00:39:04.090 --> 00:39:06.932
people got started um and

00:39:07.112 --> 00:39:08.173
yes you have to kind of dip

00:39:08.193 --> 00:39:09.255
your toe in and kind of ram

00:39:09.275 --> 00:39:10.436
something up before you

00:39:10.795 --> 00:39:12.338
take the leap I get it I've

00:39:12.378 --> 00:39:16.101
been there um but it just

00:39:16.201 --> 00:39:17.282
it seems like there is just

00:39:17.442 --> 00:39:19.224
not enough skin in the game to actually

00:39:20.804 --> 00:39:20.985
Now,

00:39:21.425 --> 00:39:24.726
if we were if we owned 100 or a couple

00:39:24.766 --> 00:39:26.668
dozen Sprinter vans and we

00:39:26.708 --> 00:39:27.969
were in the business of

00:39:28.628 --> 00:39:29.568
renting the Sprinter vans

00:39:29.728 --> 00:39:32.210
out and ideally trying to

00:39:32.289 --> 00:39:35.211
find some folks to kind of

00:39:35.251 --> 00:39:37.032
have like a side hustle

00:39:37.072 --> 00:39:38.112
where they rent a Sprinter

00:39:38.132 --> 00:39:39.393
van in this type of fashion.

00:39:40.233 --> 00:39:41.753
with the ultimate goal of

00:39:42.094 --> 00:39:43.175
trying to sell them a new

00:39:43.235 --> 00:39:44.235
Sprinter van that they can

00:39:44.295 --> 00:39:45.275
brand with their own

00:39:45.355 --> 00:39:46.235
practice name on the

00:39:46.315 --> 00:39:48.135
outside to go from the

00:39:48.195 --> 00:39:50.456
rental shared space,

00:39:50.536 --> 00:39:52.336
we work kind of shared

00:39:52.396 --> 00:39:54.157
space model for this Sprinter van.

00:39:55.157 --> 00:39:55.896
If we were in the business

00:39:55.936 --> 00:39:56.878
of actually selling the

00:39:56.938 --> 00:39:58.378
Sprinter vans or leasing

00:39:58.458 --> 00:39:59.418
out the Sprinter vans for

00:39:59.438 --> 00:40:00.978
them to put a wrap on the

00:40:01.278 --> 00:40:03.599
van with their own branding, their logo,

00:40:03.639 --> 00:40:04.759
their website, their phone number,

00:40:04.778 --> 00:40:07.199
whatever, then it's a genius idea.

00:40:09.434 --> 00:40:11.175
Yeah, we work on wheels.

00:40:11.534 --> 00:40:13.215
That's kind of just me.

00:40:13.516 --> 00:40:14.536
I just wrote that down

00:40:14.556 --> 00:40:15.416
because I like that.

00:40:16.117 --> 00:40:17.398
And I did think of that

00:40:17.538 --> 00:40:18.699
almost like a rent to own

00:40:18.739 --> 00:40:21.019
kind of model where you're like, hey,

00:40:21.059 --> 00:40:22.481
I'm also going to gain

00:40:22.521 --> 00:40:23.802
value by the potential of

00:40:23.882 --> 00:40:25.483
resale this van finished

00:40:25.543 --> 00:40:27.603
van to one of the mobile

00:40:27.623 --> 00:40:28.844
therapists who have been using it.

00:40:31.576 --> 00:40:33.538
Let's talk about one other

00:40:33.677 --> 00:40:36.219
kind of business built on

00:40:36.300 --> 00:40:37.561
another business here.

00:40:38.362 --> 00:40:40.023
So I'm gonna be sharing,

00:40:40.063 --> 00:40:41.284
and anybody watching,

00:40:41.304 --> 00:40:42.485
if you haven't watched Dave

00:40:42.525 --> 00:40:44.786
Kittle's episode with Steve Cohen,

00:40:45.786 --> 00:40:46.527
we'll link it.

00:40:46.588 --> 00:40:47.869
I'll put it in the description.

00:40:48.048 --> 00:40:49.449
Steve seems like a great guy,

00:40:49.469 --> 00:40:50.911
had a really fun talk,

00:40:51.012 --> 00:40:52.512
both recorded and then we

00:40:52.532 --> 00:40:55.335
talked for another 15 minutes off record.

00:40:56.856 --> 00:40:57.197
But like,

00:40:57.317 --> 00:40:59.277
that's one of those situations where

00:41:00.478 --> 00:41:02.380
I always see opportunities.

00:41:02.460 --> 00:41:02.701
Right.

00:41:02.800 --> 00:41:04.722
So Steve and I on record

00:41:05.143 --> 00:41:07.286
talked about and you talked

00:41:07.306 --> 00:41:08.166
about this with them, too.

00:41:08.226 --> 00:41:10.128
So you had mentioned one

00:41:10.188 --> 00:41:11.730
person in a practice who

00:41:11.769 --> 00:41:14.092
does all the RTM for the practice.

00:41:14.932 --> 00:41:17.155
I think he called it an HQ

00:41:17.295 --> 00:41:18.735
therapist or something like that.

00:41:19.577 --> 00:41:21.277
When I'm looking at mobile

00:41:21.318 --> 00:41:23.418
therapists who have the time,

00:41:23.759 --> 00:41:26.780
who are building their practice, I'm like,

00:41:27.039 --> 00:41:28.800
why aren't there mobile

00:41:28.840 --> 00:41:29.740
therapists who say,

00:41:29.900 --> 00:41:32.121
I'm gonna be the RTM expert

00:41:32.601 --> 00:41:33.742
for this area.

00:41:34.483 --> 00:41:36.963
And I'm going to bring RTM

00:41:37.224 --> 00:41:38.443
into brick and mortar

00:41:38.483 --> 00:41:41.125
clinics that don't already do it.

00:41:41.945 --> 00:41:43.905
They'll hire me, they'll credential me,

00:41:44.106 --> 00:41:45.065
they'll bring me on board,

00:41:45.085 --> 00:41:46.067
I'm part of the team.

00:41:46.806 --> 00:41:48.987
But my whole objective is

00:41:49.427 --> 00:41:51.608
I'm just doing the RTM for them.

00:41:52.427 --> 00:41:55.469
And there's a revenue split or a flat rate,

00:41:55.509 --> 00:41:56.768
however they want to do it.

00:41:57.269 --> 00:42:01.490
But the idea is it's a contract company,

00:42:01.751 --> 00:42:02.331
we'll call it,

00:42:03.731 --> 00:42:06.132
that does all of the groundwork.

00:42:06.271 --> 00:42:07.672
And then to your point about

00:42:07.692 --> 00:42:08.472
the Sprinter van,

00:42:08.492 --> 00:42:09.693
because this is what I

00:42:09.733 --> 00:42:10.833
wanted to do with billing.

00:42:11.733 --> 00:42:13.833
This therapist brings RTM in,

00:42:14.353 --> 00:42:16.054
builds out all the infrastructure.

00:42:16.074 --> 00:42:17.954
And if it's successful,

00:42:18.293 --> 00:42:19.335
they're obviously making

00:42:19.375 --> 00:42:20.335
the money along the way.

00:42:20.394 --> 00:42:21.715
But then if it's successful,

00:42:21.795 --> 00:42:24.715
that practice buys the system,

00:42:24.735 --> 00:42:26.416
the operationalized system

00:42:26.456 --> 00:42:27.835
that that therapist built.

00:42:28.356 --> 00:42:29.697
And then that therapist is

00:42:29.777 --> 00:42:31.297
done with that practice.

00:42:31.356 --> 00:42:32.538
Now that practice has a

00:42:32.797 --> 00:42:34.117
finished system in-house.

00:42:35.197 --> 00:42:35.358
Um,

00:42:35.878 --> 00:42:37.860
I had wanted to use this as a model for

00:42:37.900 --> 00:42:38.641
billing when I think of

00:42:38.661 --> 00:42:40.961
billing companies and, you know, I said,

00:42:41.382 --> 00:42:42.302
taking a percentage of

00:42:42.362 --> 00:42:44.043
revenue is never going to last forever.

00:42:44.164 --> 00:42:45.724
When we were paying 7%,

00:42:45.724 --> 00:42:47.686
we passed a million dollars in revenue.

00:42:47.746 --> 00:42:48.447
We didn't want to pay

00:42:48.447 --> 00:42:50.628
$70,000 to a biller anymore.

00:42:51.188 --> 00:42:52.469
So we brought it in house,

00:42:52.510 --> 00:42:53.831
but it had that biller.

00:42:54.655 --> 00:42:56.476
built the business in a way

00:42:56.536 --> 00:42:57.918
that they could sell me the

00:42:57.958 --> 00:42:58.858
billing company,

00:42:58.938 --> 00:43:01.780
the billing systems for my practice,

00:43:02.481 --> 00:43:03.402
I would have just bought it.

00:43:03.722 --> 00:43:05.302
I would have bought it and

00:43:05.322 --> 00:43:07.045
then that biller could leave.

00:43:07.224 --> 00:43:07.744
Instead,

00:43:08.284 --> 00:43:09.726
I just fired the biller and they

00:43:09.766 --> 00:43:11.507
got no value beyond what

00:43:11.648 --> 00:43:13.088
they were doing on an

00:43:13.128 --> 00:43:14.349
hourly basis or whatever.

00:43:14.969 --> 00:43:15.690
So the RTM.

00:43:16.630 --> 00:43:17.452
What do you think of

00:43:17.532 --> 00:43:19.014
something like that in

00:43:19.054 --> 00:43:20.237
regards to if somebody had

00:43:20.257 --> 00:43:21.338
the time and the interest,

00:43:21.358 --> 00:43:23.041
they would be the RTM expert.

00:43:23.081 --> 00:43:24.083
They'd build a system,

00:43:24.143 --> 00:43:25.985
bring it into private practices,

00:43:26.527 --> 00:43:28.028
maybe sell the operational

00:43:28.068 --> 00:43:29.070
systems behind it.

00:43:30.983 --> 00:43:31.764
Well, first of all,

00:43:31.884 --> 00:43:33.585
I have to say months ago

00:43:33.684 --> 00:43:34.945
when I talked about RTM and

00:43:34.965 --> 00:43:36.126
when I interviewed Steven,

00:43:36.766 --> 00:43:37.706
I forget if you wrote this

00:43:37.786 --> 00:43:38.865
publicly or you said it

00:43:38.945 --> 00:43:40.567
privately or something, but you said,

00:43:40.586 --> 00:43:43.487
and correct me if I'm wrong, you said,

00:43:44.088 --> 00:43:46.248
RTM sounds like a complete waste of time.

00:43:46.309 --> 00:43:47.548
We would never do that at

00:43:47.668 --> 00:43:48.989
Total Therapy Solutions.

00:43:51.110 --> 00:43:53.771
You were completely against it.

00:43:54.231 --> 00:43:55.353
Then all of a sudden,

00:43:55.753 --> 00:43:57.134
you're having an interview

00:43:57.173 --> 00:43:58.094
with Stephen Cohen.

00:43:58.815 --> 00:44:00.416
And I think you signed up with them.

00:44:00.976 --> 00:44:02.958
And you're posted all over about RTM.

00:44:03.018 --> 00:44:06.960
And I'm like, what is going on with Tony?

00:44:07.001 --> 00:44:08.181
He comes back from vacation.

00:44:08.202 --> 00:44:09.023
He's like a new guy.

00:44:10.507 --> 00:44:11.788
This is what it is, right?

00:44:11.847 --> 00:44:14.471
Like if I didn't change,

00:44:14.771 --> 00:44:16.311
if I wasn't capable of

00:44:16.371 --> 00:44:18.695
making 180 degree turns,

00:44:19.315 --> 00:44:20.476
I would still be stuck

00:44:20.576 --> 00:44:22.478
where I was 23 years ago.

00:44:22.978 --> 00:44:24.320
We have to change.

00:44:24.360 --> 00:44:25.501
We have to adapt.

00:44:25.561 --> 00:44:26.461
And I'm the first one.

00:44:26.481 --> 00:44:28.083
I am always happy to admit

00:44:28.523 --> 00:44:29.603
when I am wrong.

00:44:30.005 --> 00:44:31.545
I'm always happy to admit

00:44:31.726 --> 00:44:34.168
when the environmental factors change.

00:44:34.208 --> 00:44:35.449
And truth be told,

00:44:36.030 --> 00:44:37.371
When I hear what other

00:44:37.451 --> 00:44:40.572
therapists are typically doing with RTM,

00:44:41.172 --> 00:44:42.673
I have no interest in any of that.

00:44:43.315 --> 00:44:44.695
But as soon as I heard that

00:44:44.775 --> 00:44:46.076
we were capable of doing it

00:44:46.115 --> 00:44:47.838
through a text messaging platform,

00:44:47.878 --> 00:44:49.498
when I heard the way that

00:44:49.559 --> 00:44:51.300
they were doing it at Sarah Health,

00:44:51.320 --> 00:44:52.360
I was like, okay,

00:44:52.420 --> 00:44:53.900
this is a different approach.

00:44:53.940 --> 00:44:55.543
This is new information that

00:44:55.583 --> 00:44:57.503
I had never had access to before.

00:44:57.523 --> 00:44:59.224
This is changing things.

00:45:00.827 --> 00:45:01.268
Well, hold on.

00:45:01.288 --> 00:45:02.507
So because I thought you

00:45:02.547 --> 00:45:03.407
watched that episode

00:45:03.447 --> 00:45:04.849
because my thumbnail for

00:45:04.889 --> 00:45:07.329
that episode says Medicare

00:45:07.449 --> 00:45:10.070
pays auto texting patients.

00:45:10.170 --> 00:45:12.789
And that was, I don't know, three,

00:45:13.429 --> 00:45:14.510
six something months ago.

00:45:14.590 --> 00:45:15.951
I mean, no more than three months ago.

00:45:16.110 --> 00:45:17.331
I mean, it was, it was a while ago.

00:45:17.690 --> 00:45:19.251
So I thought you knew that, like,

00:45:19.891 --> 00:45:21.452
I thought you, even from the thumbnail,

00:45:21.532 --> 00:45:24.172
I thought it conveyed like, uh,

00:45:24.472 --> 00:45:27.132
not even synchronous texting,

00:45:27.193 --> 00:45:29.052
not even manually texting a patient,

00:45:29.072 --> 00:45:29.353
but it's,

00:45:30.822 --> 00:45:33.784
Auto texting and turns like

00:45:33.804 --> 00:45:34.885
you can describe more of it,

00:45:34.925 --> 00:45:36.547
like turning your cell

00:45:36.588 --> 00:45:37.708
phone into a medical device

00:45:37.748 --> 00:45:40.791
and the patient has to reply, I think,

00:45:41.172 --> 00:45:42.494
once every 16 days or

00:45:42.554 --> 00:45:43.875
something like over a 20 or

00:45:43.875 --> 00:45:44.856
30 day period.

00:45:45.376 --> 00:45:47.518
There's some technicalities

00:45:47.559 --> 00:45:49.380
that Stephen reviews in the

00:45:49.440 --> 00:45:50.621
episode and interview with

00:45:50.681 --> 00:45:53.065
him that I interviewed him on my show.

00:45:53.525 --> 00:45:54.385
But I thought you knew all that.

00:45:54.405 --> 00:45:55.266
I thought you I thought you

00:45:55.567 --> 00:45:56.668
understood it even and even

00:45:56.688 --> 00:45:57.369
that you were like,

00:45:57.389 --> 00:45:58.309
that doesn't make sense.

00:45:58.429 --> 00:46:00.251
And there's no there's not

00:46:00.271 --> 00:46:01.092
enough money there.

00:46:01.353 --> 00:46:01.954
And, you know,

00:46:02.034 --> 00:46:02.795
we would rather just have

00:46:02.815 --> 00:46:04.275
those patients come into the office.

00:46:05.137 --> 00:46:05.898
That's what I thought.

00:46:05.918 --> 00:46:08.000
I thought you you fully understood it.

00:46:08.019 --> 00:46:09.442
But I guess maybe you didn't

00:46:09.722 --> 00:46:10.382
do a deep dive.

00:46:11.226 --> 00:46:12.186
And I think that's what it is.

00:46:12.226 --> 00:46:13.887
You know, my wife calls me a skimmer.

00:46:14.306 --> 00:46:15.166
She will text me.

00:46:15.206 --> 00:46:16.608
And if her text is more than

00:46:16.628 --> 00:46:19.867
a couple couple words, it's over my head.

00:46:20.369 --> 00:46:20.688
Right.

00:46:21.509 --> 00:46:23.048
I'm sure not to get political,

00:46:23.108 --> 00:46:24.010
but I'm sure everybody's

00:46:24.050 --> 00:46:25.690
seen like the little videos

00:46:25.750 --> 00:46:27.851
where you've got Joe Biden

00:46:27.931 --> 00:46:29.311
who's got that look on his

00:46:29.351 --> 00:46:31.791
face of confusion that that's kind of me.

00:46:32.592 --> 00:46:33.713
once we hit a certain

00:46:33.773 --> 00:46:36.538
saturation point in the communication.

00:46:37.699 --> 00:46:40.483
So with that, it's like, okay, yeah,

00:46:41.103 --> 00:46:43.847
I didn't fully engage in the episode.

00:46:44.148 --> 00:46:45.610
I run, I exercise,

00:46:45.630 --> 00:46:46.711
I'm listening to episodes

00:46:46.751 --> 00:46:47.472
in the background.

00:46:47.492 --> 00:46:49.014
It just didn't click for me.

00:46:49.735 --> 00:46:50.076
Two,

00:46:50.096 --> 00:46:52.556
I still kind of agree for a practice

00:46:52.637 --> 00:46:54.657
my size, pretty small,

00:46:54.777 --> 00:46:57.878
very low volume to add a

00:46:57.918 --> 00:46:58.898
couple of dollars every

00:46:58.978 --> 00:47:01.038
visit or every episode.

00:47:01.338 --> 00:47:02.878
Maybe it's not worth it for me.

00:47:03.458 --> 00:47:04.358
But that's where I start to

00:47:04.398 --> 00:47:05.639
get excited about saying,

00:47:05.838 --> 00:47:06.918
where can I take this?

00:47:07.159 --> 00:47:08.519
Where can I scale this?

00:47:08.679 --> 00:47:10.320
What is the next level of this?

00:47:10.880 --> 00:47:11.900
Because one,

00:47:12.119 --> 00:47:13.481
what's different now than

00:47:13.740 --> 00:47:15.521
probably back when you published it?

00:47:16.201 --> 00:47:17.601
I've got a PTA who's going

00:47:17.661 --> 00:47:18.641
on maternity leave,

00:47:18.661 --> 00:47:19.882
who wants to stay active,

00:47:19.942 --> 00:47:20.882
wants to stay involved,

00:47:20.902 --> 00:47:22.322
but doesn't want to come into the clinic.

00:47:22.981 --> 00:47:24.402
This is a great opportunity

00:47:24.463 --> 00:47:25.402
for something like that.

00:47:25.422 --> 00:47:26.663
And you guys discussed it.

00:47:26.722 --> 00:47:28.083
But at that time,

00:47:28.844 --> 00:47:30.403
I didn't have that information.

00:47:30.503 --> 00:47:32.465
And so it wasn't resonating with me.

00:47:33.324 --> 00:47:35.864
Two, when I look at scalability,

00:47:36.025 --> 00:47:37.206
once again, I'm like, man,

00:47:37.266 --> 00:47:39.925
this is not just for one practice.

00:47:40.005 --> 00:47:40.585
It could be,

00:47:41.286 --> 00:47:42.166
but this could also be

00:47:42.226 --> 00:47:43.407
something that's scalable.

00:47:44.420 --> 00:47:45.722
when I look at opportunities

00:47:45.762 --> 00:47:47.181
that are scalable like that, I'm like,

00:47:47.282 --> 00:47:47.503
okay,

00:47:48.023 --> 00:47:49.704
even if I wasn't the one or my team

00:47:49.764 --> 00:47:51.123
isn't the one that scales this,

00:47:51.284 --> 00:47:53.425
could I test it, play with it,

00:47:53.485 --> 00:47:55.346
figure it out and then help

00:47:55.485 --> 00:47:57.806
other therapists scale this, you know?

00:47:57.967 --> 00:47:59.108
And so these are the things

00:47:59.148 --> 00:48:00.329
that get me excited.

00:48:00.349 --> 00:48:02.510
I had also shared a post

00:48:02.570 --> 00:48:03.530
recently where I talked

00:48:03.590 --> 00:48:04.751
about picking up a penny.

00:48:05.291 --> 00:48:06.030
There are people who are

00:48:06.050 --> 00:48:07.652
going to walk down the street today,

00:48:07.751 --> 00:48:09.032
see a penny on the floor

00:48:09.172 --> 00:48:10.793
and just walk by because

00:48:10.853 --> 00:48:13.175
the squat and the good morning is

00:48:14.335 --> 00:48:15.496
Pick up the penny is not

00:48:15.536 --> 00:48:16.838
worth the value of the penny.

00:48:17.197 --> 00:48:18.018
And then they have a penny

00:48:18.057 --> 00:48:18.878
and they have nothing to do

00:48:18.898 --> 00:48:19.420
with it because they're

00:48:19.440 --> 00:48:20.199
never going to spend it.

00:48:21.360 --> 00:48:22.222
But then you've got people

00:48:22.262 --> 00:48:22.842
that are going to look at

00:48:22.882 --> 00:48:23.603
that same penny.

00:48:23.643 --> 00:48:25.864
And like me, I'm going to think, oh,

00:48:25.885 --> 00:48:26.945
that's going to be fun when

00:48:26.985 --> 00:48:28.806
a kid finds that penny and picks it up.

00:48:28.867 --> 00:48:29.867
And if it's tails up,

00:48:30.007 --> 00:48:30.788
I'm going to bend over,

00:48:30.887 --> 00:48:32.128
flip it over to heads up

00:48:32.570 --> 00:48:33.891
and keep walking so that a

00:48:33.951 --> 00:48:35.592
kid has some good luck.

00:48:35.652 --> 00:48:37.653
Like I've done this hundreds of times.

00:48:38.474 --> 00:48:39.474
And then there's the person

00:48:39.494 --> 00:48:41.856
who on principle, it is a penny.

00:48:41.996 --> 00:48:42.976
It has value.

00:48:43.117 --> 00:48:44.318
They are going to pick it up.

00:48:44.378 --> 00:48:45.298
They're going to put it in a

00:48:45.338 --> 00:48:46.119
bank somewhere.

00:48:46.239 --> 00:48:47.920
And it's just they can't

00:48:47.980 --> 00:48:50.362
walk past it and waste the value of that.

00:48:51.541 --> 00:48:53.083
This is kind of like that.

00:48:53.143 --> 00:48:54.083
You know, it's like, well,

00:48:54.543 --> 00:48:56.184
is it worth the effort to pick it up?

00:48:56.806 --> 00:48:57.146
No.

00:48:57.445 --> 00:48:59.947
But what if I use it in more

00:49:00.027 --> 00:49:01.027
valuable ways?

00:49:01.429 --> 00:49:01.728
You know?

00:49:03.932 --> 00:49:04.592
What are you thinking?

00:49:04.813 --> 00:49:06.454
We're getting close to wrapping.

00:49:07.534 --> 00:49:08.974
Any other things you wanted

00:49:09.014 --> 00:49:10.655
to cover or any parting

00:49:10.715 --> 00:49:12.635
shots you're interested in sharing?

00:49:14.717 --> 00:49:15.137
Let's see.

00:49:15.918 --> 00:49:16.737
With the exits,

00:49:17.597 --> 00:49:19.958
I really think it's the

00:49:20.018 --> 00:49:22.119
traditional just business growth ideas.

00:49:22.219 --> 00:49:24.201
I think it's challenging to

00:49:24.340 --> 00:49:25.501
do some of the other things.

00:49:25.641 --> 00:49:28.963
A lot of these things come easier to you,

00:49:29.063 --> 00:49:30.143
like a Facebook group.

00:49:30.202 --> 00:49:31.423
Now, I'm not saying it was easy to build,

00:49:31.483 --> 00:49:31.603
but...

00:49:32.382 --> 00:49:32.603
You know,

00:49:32.643 --> 00:49:33.884
the next YouTube video that you

00:49:33.923 --> 00:49:35.804
make is very, very easy at this point.

00:49:35.844 --> 00:49:36.625
The next, you know,

00:49:36.684 --> 00:49:37.905
Facebook post you post in

00:49:37.925 --> 00:49:40.306
your total knee replacement

00:49:40.367 --> 00:49:41.007
Facebook group,

00:49:41.608 --> 00:49:43.088
very easy for you to post right now.

00:49:45.030 --> 00:49:45.889
But I think a lot of those

00:49:45.949 --> 00:49:47.610
things are unique and

00:49:48.411 --> 00:49:49.452
different compared to a lot

00:49:49.472 --> 00:49:50.452
of practice owners out there.

00:49:50.532 --> 00:49:51.092
And they're just...

00:49:52.425 --> 00:49:53.226
in the traditional

00:49:53.987 --> 00:49:55.706
insurance-based clinic business.

00:49:56.547 --> 00:49:58.628
And if they don't do some of those things,

00:49:58.668 --> 00:49:59.047
and by the way,

00:49:59.329 --> 00:50:00.268
the suggestion that I wrote

00:50:00.289 --> 00:50:01.329
on that LinkedIn post,

00:50:01.949 --> 00:50:04.130
I also omitted or didn't

00:50:04.210 --> 00:50:06.931
write about adding cash pay services,

00:50:06.971 --> 00:50:07.911
which is one of the reasons

00:50:07.931 --> 00:50:10.172
why I asked you earlier how

00:50:10.211 --> 00:50:11.233
that would be if you guys did that.

00:50:12.465 --> 00:50:13.427
But those are some of the

00:50:13.467 --> 00:50:15.047
things as my parting shot,

00:50:15.088 --> 00:50:15.608
those are some of the

00:50:15.628 --> 00:50:16.969
things that I think are

00:50:16.989 --> 00:50:17.771
just tried and true.

00:50:17.831 --> 00:50:18.471
If you're looking to get out

00:50:18.510 --> 00:50:19.032
of your practice,

00:50:19.072 --> 00:50:20.572
if you're looking to sell your practice,

00:50:20.612 --> 00:50:21.333
maybe you want to sell

00:50:21.434 --> 00:50:22.655
majority or you want to sell 100%.

00:50:22.655 --> 00:50:24.717
Maybe you're going to sell

00:50:24.757 --> 00:50:25.217
it to one of your

00:50:25.237 --> 00:50:27.619
therapists or PTAs or a new

00:50:27.659 --> 00:50:29.641
grad or someone that's in the area.

00:50:30.947 --> 00:50:31.807
But at the end of the day,

00:50:31.827 --> 00:50:34.268
a lot of the buyers, Athletico, ATI,

00:50:34.309 --> 00:50:35.148
whatever, even us,

00:50:35.909 --> 00:50:36.769
we're going to look at the

00:50:37.489 --> 00:50:38.090
business books.

00:50:38.409 --> 00:50:40.831
And if some or all the

00:50:40.911 --> 00:50:41.951
assets are wrapped around you,

00:50:41.990 --> 00:50:42.670
the practice owner,

00:50:43.052 --> 00:50:43.851
you're going to get dinged.

00:50:45.291 --> 00:50:47.293
It's going to show on the

00:50:47.432 --> 00:50:49.092
purchase price the offers

00:50:49.132 --> 00:50:49.793
that you're going to get.

00:50:50.713 --> 00:50:51.474
And that could...

00:50:53.023 --> 00:50:55.143
include the assets such as

00:50:55.304 --> 00:50:56.184
the YouTube channel that

00:50:56.204 --> 00:50:59.664
you have and the Facebook group,

00:50:59.824 --> 00:51:00.306
et cetera.

00:51:00.405 --> 00:51:02.965
So that's just my parting shot.

00:51:03.646 --> 00:51:05.027
I think it's still early

00:51:05.067 --> 00:51:06.106
days to have some of those

00:51:06.306 --> 00:51:09.268
assets in a historically

00:51:10.807 --> 00:51:12.387
old traditional physical

00:51:12.407 --> 00:51:13.347
therapy business model.

00:51:13.547 --> 00:51:14.688
You have these newer assets

00:51:14.728 --> 00:51:15.509
and it's almost like,

00:51:16.599 --> 00:51:18.539
maybe it's harder to value those.

00:51:18.679 --> 00:51:20.701
Maybe you spend those off,

00:51:20.740 --> 00:51:22.001
maybe you keep those assets

00:51:22.601 --> 00:51:24.083
and some buyer comes in and

00:51:24.762 --> 00:51:25.744
eventually buys your practice.

00:51:25.784 --> 00:51:28.465
But I think that dialogue

00:51:28.505 --> 00:51:29.425
back and forth would be

00:51:29.505 --> 00:51:30.507
helpful for practice owners

00:51:30.547 --> 00:51:34.989
out there to kind of see their options.

00:51:36.670 --> 00:51:37.409
But at the same time,

00:51:37.670 --> 00:51:39.251
I know that you said something like,

00:51:39.530 --> 00:51:40.172
some of these owners,

00:51:40.711 --> 00:51:41.952
they might not wanna do any

00:51:41.972 --> 00:51:44.233
of these things at this point.

00:51:45.275 --> 00:51:48.237
Okay, well, then don't get surprised.

00:51:48.699 --> 00:51:49.940
Do not get surprised when

00:51:50.059 --> 00:51:53.802
you get an offer for 1X or

00:51:54.182 --> 00:51:56.385
2X of your net profit after ad backs.

00:51:57.346 --> 00:51:57.626
Right.

00:51:58.085 --> 00:51:58.346
Yeah.

00:51:58.706 --> 00:52:00.327
Yeah, no, I totally agree.

00:52:00.347 --> 00:52:01.289
And to your point,

00:52:01.849 --> 00:52:03.110
my parting shot kind of

00:52:03.150 --> 00:52:04.550
going back to you said

00:52:04.710 --> 00:52:06.253
there's not enough...

00:52:07.362 --> 00:52:08.923
therapists out there that

00:52:08.983 --> 00:52:09.963
are willing to pay a

00:52:10.003 --> 00:52:12.045
premium rate to rent the Sprinter van,

00:52:12.125 --> 00:52:14.686
to make it a financially viable operation,

00:52:16.268 --> 00:52:18.548
somebody had posed the

00:52:18.688 --> 00:52:21.030
suggestion that why don't

00:52:21.170 --> 00:52:23.170
we use a business model

00:52:23.210 --> 00:52:26.092
similar to stylists, hairdressers,

00:52:26.172 --> 00:52:26.753
I don't know what they're

00:52:26.773 --> 00:52:29.434
called these days, where they can come in,

00:52:29.454 --> 00:52:30.594
they can rent a chair,

00:52:31.155 --> 00:52:33.436
and then you make money on

00:52:33.496 --> 00:52:34.777
those chair rentals.

00:52:36.237 --> 00:52:38.478
I do that with LMTs, massage therapists.

00:52:38.518 --> 00:52:39.760
They come in, they rent rooms.

00:52:39.840 --> 00:52:40.800
I rent by the hour.

00:52:40.880 --> 00:52:41.920
I rent by the month.

00:52:43.282 --> 00:52:45.682
And it's a decent side income.

00:52:45.822 --> 00:52:47.563
I make more per square foot

00:52:47.844 --> 00:52:49.925
than I do if I was just a

00:52:50.045 --> 00:52:51.045
normal landlord.

00:52:51.786 --> 00:52:54.226
But like you kind of alluded to,

00:52:54.347 --> 00:52:55.128
you didn't say it.

00:52:55.967 --> 00:52:56.929
I don't think there's the

00:52:57.009 --> 00:52:58.349
entrepreneurial spirit

00:52:58.429 --> 00:53:00.371
within the profession that

00:53:00.512 --> 00:53:02.612
that is pervasive enough

00:53:02.793 --> 00:53:04.594
that there are enough therapists who say,

00:53:04.735 --> 00:53:05.574
I want to do that.

00:53:06.096 --> 00:53:06.456
You know,

00:53:06.596 --> 00:53:08.356
I don't see enough therapists who

00:53:08.376 --> 00:53:10.378
are like, I want skin in the game.

00:53:10.998 --> 00:53:12.500
I want to have my own

00:53:12.601 --> 00:53:14.081
accountability in business

00:53:14.141 --> 00:53:15.762
and I want to test these waters.

00:53:16.943 --> 00:53:17.684
And because of that,

00:53:17.724 --> 00:53:19.184
like I would love today.

00:53:20.085 --> 00:53:21.188
to rent space to other

00:53:21.228 --> 00:53:22.492
physical therapists in the

00:53:22.532 --> 00:53:24.456
community to come and use my clinic.

00:53:25.137 --> 00:53:26.661
But they're just they're not interested.

00:53:26.882 --> 00:53:27.704
They don't want to do it,

00:53:27.965 --> 00:53:29.748
even if it was 15 bucks a session.

00:53:30.539 --> 00:53:32.701
They are not interested in doing that.

00:53:33.840 --> 00:53:36.240
So to Jimmy's point, where he said,

00:53:36.521 --> 00:53:38.141
what should we add or what

00:53:38.161 --> 00:53:41.463
do we need in the PT, DPT curriculum?

00:53:42.382 --> 00:53:44.222
And people are saying, you know,

00:53:44.483 --> 00:53:45.583
education on business.

00:53:45.623 --> 00:53:47.503
I'm like, they're not interested.

00:53:47.523 --> 00:53:49.925
We are such a small slice of

00:53:49.965 --> 00:53:51.445
the overall population of

00:53:51.525 --> 00:53:53.286
licensed clinicians who

00:53:53.425 --> 00:53:54.885
genuinely get excited

00:53:54.945 --> 00:53:55.945
talking about business.

00:53:58.726 --> 00:54:00.327
Like profession wide levels,

00:54:00.367 --> 00:54:01.869
there is not the interest

00:54:02.048 --> 00:54:02.909
in something like that.

00:54:02.969 --> 00:54:03.688
They want to treat.

00:54:04.210 --> 00:54:05.550
They want to be great clinicians.

00:54:05.789 --> 00:54:06.911
They want to do their job

00:54:06.951 --> 00:54:07.891
and they want to get paid

00:54:07.951 --> 00:54:09.411
enough to feel respected.

00:54:10.211 --> 00:54:10.992
My experience,

00:54:11.052 --> 00:54:12.693
that's what most therapists want.

00:54:13.152 --> 00:54:15.253
They just want to do what they do,

00:54:15.775 --> 00:54:17.114
treat patients and get paid

00:54:17.135 --> 00:54:18.396
a reasonable rate.

00:54:19.195 --> 00:54:20.418
Um, so anyway, that's it.

00:54:20.518 --> 00:54:21.460
Parting shots, guys,

00:54:22.041 --> 00:54:24.184
Tuesdays and Thursdays, 8 30 AM.

00:54:24.264 --> 00:54:26.168
Join Dave, join Jimmy, join me.

00:54:26.307 --> 00:54:27.570
You never know what you're going to get,

00:54:27.610 --> 00:54:28.972
but it's always going to be interesting.

00:54:29.032 --> 00:54:30.213
Dave, as always,

00:54:30.253 --> 00:54:31.797
thank you so much for joining me today.

00:54:32.958 --> 00:54:33.219
Thank you.