Turning Challenges into Opportunities: A Deep Dive into PT Advocacy and Professional Growth

WEBVTT 0:00:27.954 --> 0:00:29.396 Now we're for like a real morning show. 0:00:29.417 --> 0:00:30.818 We've got bumpers. 0:00:30.939 --> 0:00:32.841 We've got intros breakfast 0:00:32.881 --> 0:00:33.984 club PT in the morning. 0:00:34.003 --> 0:00:34.845 We've got intro music. 0:00:35.618 --> 0:00:37.139 i love that I'm the bacon on 0:00:37.179 --> 0:00:38.679 that picture I just saw me 0:00:39.661 --> 0:00:40.360 we were having this 0:00:40.561 --> 0:00:42.042 discussion this morning my 0:00:42.101 --> 0:00:43.143 kids teacher told them 0:00:43.162 --> 0:00:45.444 bacon was unhealthy I go 0:00:45.624 --> 0:00:47.225 opposite everything my 0:00:47.265 --> 0:00:48.165 teachers are trying to 0:00:48.225 --> 0:00:50.567 teach my kids I'm like who 0:00:50.606 --> 0:00:51.747 cares you don't need to 0:00:51.787 --> 0:00:53.009 know how to postulate that 0:00:53.408 --> 0:00:54.670 don't worry about it milk 0:00:54.710 --> 0:00:55.750 doesn't give you stronger 0:00:55.811 --> 0:00:58.252 bones exercise is important 0:00:58.311 --> 0:00:59.953 for brain health like we 0:00:59.972 --> 0:01:01.753 just we don't see eye to 0:01:01.993 --> 0:01:04.156 eye my teachers and my self 0:01:04.962 --> 0:01:05.703 Your kids' teachers? 0:01:05.724 --> 0:01:06.683 Do you have conversations? 0:01:06.944 --> 0:01:08.364 Are you involved in that? 0:01:09.126 --> 0:01:11.808 We're more involved, yeah. 0:01:12.087 --> 0:01:13.108 We're part of boosters. 0:01:13.149 --> 0:01:14.188 We do a lot of coaching. 0:01:14.209 --> 0:01:15.670 We're at the school three 0:01:15.709 --> 0:01:16.790 and four times a day. 0:01:16.811 --> 0:01:19.072 This is an elementary school, 0:01:19.153 --> 0:01:19.893 not the high school. 0:01:20.233 --> 0:01:20.894 Yeah. 0:01:21.274 --> 0:01:22.055 So, yeah. 0:01:22.174 --> 0:01:24.096 But, I mean, it is what it is, right? 0:01:24.156 --> 0:01:24.936 I love teachers. 0:01:24.996 --> 0:01:26.097 I appreciate teachers. 0:01:26.177 --> 0:01:27.078 I don't want to bash them. 0:01:27.578 --> 0:01:28.259 But there's a certain 0:01:28.299 --> 0:01:29.540 personality type that's 0:01:29.560 --> 0:01:31.260 drawn to elementary school 0:01:31.340 --> 0:01:32.341 teaching positions. 0:01:32.361 --> 0:01:32.602 I know. 0:01:32.902 --> 0:01:34.563 And it tends to be opposite 0:01:34.603 --> 0:01:35.905 of my personality type, 0:01:35.944 --> 0:01:36.926 but my kids need both 0:01:36.965 --> 0:01:38.427 personality types in their life. 0:01:38.487 --> 0:01:39.368 So I'm okay with it. 0:01:39.588 --> 0:01:40.510 You're not going to retire 0:01:40.549 --> 0:01:42.070 and become a elementary school. 0:01:42.132 --> 0:01:44.033 I should, if I really should, 0:01:44.052 --> 0:01:45.135 because kids need a 0:01:45.894 --> 0:01:46.896 different perspective. 0:01:47.197 --> 0:01:47.337 Yeah. 0:01:48.105 --> 0:01:48.365 All right. 0:01:49.447 --> 0:01:50.246 Well, good morning. 0:01:51.367 --> 0:01:52.207 I'll show you what I've got 0:01:52.227 --> 0:01:53.289 in the background, my shot. 0:01:54.108 --> 0:01:55.329 I don't travel light. 0:01:57.031 --> 0:01:58.010 These are my suitcases. 0:01:59.251 --> 0:02:00.371 None of those are clothing. 0:02:00.793 --> 0:02:01.992 Those are just hair products. 0:02:02.373 --> 0:02:03.873 Yeah, that's just hair products. 0:02:04.715 --> 0:02:05.555 Although someone did ask me 0:02:05.575 --> 0:02:06.915 the other day if I colored my hair, 0:02:06.936 --> 0:02:09.697 and I was like, no, but thank you. 0:02:09.856 --> 0:02:11.897 Because we're doing this on Tuesday. 0:02:11.978 --> 0:02:12.919 Usually we do it on Thursdays. 0:02:12.998 --> 0:02:15.560 I'm headed to our national conference, 0:02:16.139 --> 0:02:16.300 and... 0:02:18.186 --> 0:02:19.067 I was going to drive, 0:02:19.667 --> 0:02:20.527 but now I might take a 0:02:20.587 --> 0:02:21.568 snowmobile because we're 0:02:21.588 --> 0:02:22.289 getting some snow. 0:02:22.330 --> 0:02:23.431 But apparently not as bad as 0:02:23.450 --> 0:02:24.632 we originally thought, I guess, 0:02:24.692 --> 0:02:25.193 is the deal. 0:02:25.293 --> 0:02:26.334 This is not looking as bad. 0:02:26.373 --> 0:02:27.694 Although right now outside my house, 0:02:27.735 --> 0:02:28.735 we've got about a foot of snow. 0:02:29.037 --> 0:02:30.018 But it's light and fluffy, 0:02:30.038 --> 0:02:30.877 so I think we're going to be fine. 0:02:32.560 --> 0:02:33.661 Dave, how is it where you are? 0:02:33.841 --> 0:02:34.562 Yeah, how is it where you are? 0:02:34.581 --> 0:02:35.081 You're in the city. 0:02:35.122 --> 0:02:35.582 They're fine. 0:02:36.204 --> 0:02:36.883 Not bad. 0:02:36.943 --> 0:02:38.825 It's like maybe a dusting, 0:02:38.885 --> 0:02:40.266 like an inch or so. 0:02:41.229 --> 0:02:41.528 Really? 0:02:41.669 --> 0:02:42.389 That's so wild. 0:02:42.409 --> 0:02:43.751 We're 70 miles apart and 0:02:43.790 --> 0:02:44.950 I've got a foot of snow on 0:02:44.971 --> 0:02:45.812 my back deck right now. 0:02:46.312 --> 0:02:46.532 Wow. 0:02:46.592 --> 0:02:47.272 But you're, you know, you're, 0:02:47.372 --> 0:02:48.653 you're somewhat upstate, right? 0:02:48.674 --> 0:02:49.514 So you're close to the mountains. 0:02:49.533 --> 0:02:50.335 It makes sense. 0:02:50.435 --> 0:02:51.695 Depends on who you ask where 0:02:51.776 --> 0:02:53.497 upstate is a big thing in New York, Tony. 0:02:53.516 --> 0:02:54.197 You wouldn't really, 0:02:54.296 --> 0:02:56.338 it's where does upstate New York start? 0:02:56.438 --> 0:02:56.519 And, 0:02:57.118 --> 0:02:57.899 To people from the city, 0:02:57.959 --> 0:02:58.919 it starts where the Bronx 0:02:59.000 --> 0:03:00.479 ends and Westchester, New York begins. 0:03:00.599 --> 0:03:02.621 And to people from actual upstate, 0:03:02.640 --> 0:03:04.461 it's like, I mean, we touch Canada. 0:03:04.600 --> 0:03:05.121 You know what I mean? 0:03:05.140 --> 0:03:06.102 Like we touch Canada. 0:03:06.542 --> 0:03:07.361 We touch Vermont. 0:03:07.521 --> 0:03:08.603 Some people don't understand that. 0:03:08.703 --> 0:03:10.983 But the topic of discussion 0:03:11.043 --> 0:03:12.243 today was this. 0:03:12.343 --> 0:03:13.063 Tony, first of all, 0:03:13.084 --> 0:03:13.843 what do you think about my 0:03:14.044 --> 0:03:15.284 YouTube thumbnail design? 0:03:15.344 --> 0:03:16.245 It's getting there. 0:03:16.305 --> 0:03:16.905 I love it. 0:03:17.564 --> 0:03:19.045 So I sit down and this is like, 0:03:19.545 --> 0:03:20.725 this is something I blew 0:03:20.925 --> 0:03:21.967 off when I first started 0:03:22.007 --> 0:03:23.947 like doing stuff on YouTube seriously, 0:03:23.967 --> 0:03:24.848 which really was only like 0:03:24.888 --> 0:03:25.668 six to eight months ago. 0:03:26.621 --> 0:03:28.943 And the goal really is now, 0:03:29.044 --> 0:03:30.085 or my primary goal is like 0:03:30.104 --> 0:03:31.145 touching emotion, right? 0:03:31.186 --> 0:03:33.048 So like this guy is locked 0:03:33.408 --> 0:03:34.449 in and that is sort of the 0:03:34.550 --> 0:03:35.991 topic that we're going to discuss today. 0:03:36.551 --> 0:03:37.713 We're taking a topic and 0:03:37.734 --> 0:03:38.413 we're going to give people 0:03:38.454 --> 0:03:39.836 the option if they want to 0:03:39.876 --> 0:03:40.776 write in comments. 0:03:41.717 --> 0:03:42.838 We can do phone calls today, 0:03:42.859 --> 0:03:43.460 but it'll have to be on the 0:03:43.479 --> 0:03:44.199 speakerphone because my 0:03:44.240 --> 0:03:45.420 equipment is packed up in 0:03:45.441 --> 0:03:46.201 the boxes behind me. 0:03:46.542 --> 0:03:48.062 But you can drop in questions or comments, 0:03:48.082 --> 0:03:49.525 and you can do so anonymously. 0:03:49.564 --> 0:03:50.604 So I have no idea who we're 0:03:50.625 --> 0:03:51.466 talking about today. 0:03:52.627 --> 0:03:53.527 But how do we want to set 0:03:53.568 --> 0:03:55.569 this sort of question up 0:03:55.650 --> 0:03:56.569 for this person so they can 0:03:56.590 --> 0:03:57.471 get some advice without 0:03:57.531 --> 0:03:58.391 anybody knowing who they are? 0:03:58.932 --> 0:04:00.454 Yeah, so I, you know, 0:04:00.533 --> 0:04:02.134 we all get a lot of inbound 0:04:02.534 --> 0:04:03.575 and this is something that 0:04:03.776 --> 0:04:05.697 I dealt with as a practice owner. 0:04:06.598 --> 0:04:07.919 So somebody reaches out to me, 0:04:08.679 --> 0:04:11.420 they're in this kind of life phase. 0:04:11.942 --> 0:04:13.383 So let me lay the background. 0:04:13.423 --> 0:04:15.984 And then I specifically said, 0:04:16.504 --> 0:04:17.564 reach out to Dave Kittle, 0:04:18.105 --> 0:04:20.507 reach out to some others because, 0:04:20.646 --> 0:04:20.927 you know, 0:04:21.067 --> 0:04:22.629 let's see what their perspectives are. 0:04:22.649 --> 0:04:23.249 And then I was like, hey, 0:04:23.288 --> 0:04:24.490 I'm talking to Dave tomorrow. 0:04:24.730 --> 0:04:25.690 Let me share it myself. 0:04:26.732 --> 0:04:27.331 So here's the deal. 0:04:27.653 --> 0:04:28.954 This person has been a 0:04:28.973 --> 0:04:30.776 private practice owner for several years. 0:04:31.136 --> 0:04:32.778 They've built a relatively 0:04:32.858 --> 0:04:33.899 successful practice. 0:04:34.360 --> 0:04:35.380 And I say relatively 0:04:35.440 --> 0:04:36.942 successful because we'll talk numbers. 0:04:37.043 --> 0:04:38.283 I don't know their numbers, 0:04:38.725 --> 0:04:40.086 but I know they're not at 0:04:40.125 --> 0:04:41.148 the level that they need to 0:04:41.208 --> 0:04:42.990 be to really sell to a 0:04:43.069 --> 0:04:44.471 larger like private equity 0:04:44.531 --> 0:04:45.271 or anything like that. 0:04:45.351 --> 0:04:46.312 And that was my problem. 0:04:46.934 --> 0:04:47.713 So I'm going to kind of 0:04:47.774 --> 0:04:49.894 bring in some of my case history, 0:04:50.274 --> 0:04:51.774 real life, real numbers, 0:04:51.915 --> 0:04:54.136 and then we'll talk about this situation. 0:04:54.696 --> 0:04:55.915 So he's going through a life change, 0:04:56.255 --> 0:04:58.416 starting a family, growing a family, 0:04:58.476 --> 0:04:58.976 I should say. 0:04:58.997 --> 0:05:01.016 And this person is like, 0:05:01.697 --> 0:05:03.197 I can't deal with the stress. 0:05:03.257 --> 0:05:04.798 There's too many ups and downs. 0:05:04.898 --> 0:05:06.319 I don't know if I'm going to make payroll. 0:05:06.399 --> 0:05:07.178 I don't know what's going to 0:05:07.218 --> 0:05:09.220 happen in the next year, three years, 0:05:09.259 --> 0:05:10.740 five years, new baby coming. 0:05:11.339 --> 0:05:14.103 an existing child already, like my wife. 0:05:14.824 --> 0:05:16.545 It's too much for me to handle. 0:05:16.565 --> 0:05:17.947 I want to exit. 0:05:18.007 --> 0:05:18.889 I want to get out of this. 0:05:19.009 --> 0:05:20.269 I need something more stable. 0:05:20.410 --> 0:05:22.211 I want to be able to focus on my family. 0:05:22.232 --> 0:05:24.774 I want to set my priorities 0:05:24.814 --> 0:05:25.475 a little different. 0:05:26.237 --> 0:05:28.038 I was in exactly the same boat. 0:05:28.098 --> 0:05:29.398 When I started the physical 0:05:29.418 --> 0:05:32.220 therapy practice, 2002 officially, 0:05:32.279 --> 0:05:36.322 but really 2000, 2001, I was single. 0:05:36.341 --> 0:05:38.302 I was living in my mom's basement. 0:05:38.403 --> 0:05:41.163 I had no car payments, no mortgage, 0:05:41.223 --> 0:05:42.944 no family, no responsibilities. 0:05:43.004 --> 0:05:44.324 I could do anything I wanted to do, 0:05:44.425 --> 0:05:46.045 screw up anything I wanted to mess up, 0:05:46.466 --> 0:05:47.326 and I was totally fine. 0:05:48.146 --> 0:05:51.470 Now, fast forward, I had gotten married. 0:05:51.610 --> 0:05:53.050 We wanted to start a family. 0:05:53.170 --> 0:05:54.112 We knew we were going to 0:05:54.172 --> 0:05:55.492 change priorities from 0:05:55.612 --> 0:05:57.353 growing the business to 0:05:57.514 --> 0:05:58.574 being with our kids. 0:05:58.754 --> 0:06:00.036 And both my wife and I, 0:06:00.096 --> 0:06:01.357 that was our chief priority. 0:06:01.437 --> 0:06:03.077 We didn't want to be in the 0:06:03.117 --> 0:06:05.139 clinic from 7 a.m. 0:06:05.199 --> 0:06:06.120 to 7 p.m. 0:06:06.240 --> 0:06:08.101 when we had a small family starting. 0:06:08.783 --> 0:06:10.764 So we looked at selling and 0:06:10.944 --> 0:06:12.545 there was inbound coming. 0:06:12.805 --> 0:06:13.846 Somebody like Dave would 0:06:13.906 --> 0:06:15.166 reach out to me and be like, hey, 0:06:15.206 --> 0:06:16.908 you know, you ever think about selling? 0:06:17.608 --> 0:06:18.829 But we didn't have the revenue. 0:06:19.069 --> 0:06:20.910 We definitely didn't have the profit. 0:06:21.209 --> 0:06:22.670 At least at that time, 0:06:22.690 --> 0:06:24.130 we had to be at like two 0:06:24.190 --> 0:06:25.632 and a half million to five 0:06:25.711 --> 0:06:27.291 million EBITDA before 0:06:27.372 --> 0:06:28.612 anybody would even consider 0:06:28.733 --> 0:06:29.892 us on a larger scale. 0:06:30.432 --> 0:06:30.954 We weren't. 0:06:31.014 --> 0:06:32.434 We were like a million, 0:06:32.473 --> 0:06:33.675 million and a half in revenue. 0:06:33.875 --> 0:06:35.235 There was no way anybody was 0:06:35.274 --> 0:06:35.875 going to buy us. 0:06:36.456 --> 0:06:37.295 So that was like, all right, 0:06:37.336 --> 0:06:38.355 so I can't go private 0:06:38.415 --> 0:06:40.177 equity or that route. 0:06:41.064 --> 0:06:42.264 what are my other options? 0:06:42.884 --> 0:06:44.285 Obviously I could just close it, 0:06:44.305 --> 0:06:45.564 but I didn't want to do that. 0:06:45.605 --> 0:06:47.146 We had five clinic locations. 0:06:47.185 --> 0:06:48.766 We were in Florida and Ohio. 0:06:49.367 --> 0:06:50.927 I had contracts with third 0:06:50.966 --> 0:06:52.108 party payers that nobody 0:06:52.168 --> 0:06:53.127 else was able to get 0:06:53.208 --> 0:06:55.588 because the contracts had been shut down. 0:06:56.348 --> 0:06:58.569 So I'm like, well, I've got value here. 0:06:59.509 --> 0:07:00.490 I could either look 0:07:00.750 --> 0:07:03.230 internally or I could look 0:07:03.490 --> 0:07:05.252 at potentially a therapist 0:07:05.312 --> 0:07:07.232 who wants to get started, 0:07:07.252 --> 0:07:08.932 wants to go into ownership, 0:07:09.584 --> 0:07:10.644 They don't own already, 0:07:10.764 --> 0:07:12.745 but they're looking to buy. 0:07:13.567 --> 0:07:16.447 My concern with that is they 0:07:16.487 --> 0:07:17.728 don't have the experience 0:07:17.767 --> 0:07:18.908 of being a business owner. 0:07:19.548 --> 0:07:20.588 When a therapist has been a 0:07:20.629 --> 0:07:21.769 therapist and they're good 0:07:21.810 --> 0:07:22.990 at being a therapist, 0:07:23.589 --> 0:07:25.711 to step into a big 0:07:25.790 --> 0:07:27.232 commitment of buying and 0:07:27.312 --> 0:07:28.271 owning a business, 0:07:28.732 --> 0:07:30.413 you haven't developed those skills. 0:07:30.653 --> 0:07:32.254 You haven't done the reps. 0:07:32.774 --> 0:07:34.995 And so I would feel just so 0:07:35.095 --> 0:07:37.355 guilty selling a practice 0:07:37.396 --> 0:07:38.716 to a therapist who has no 0:07:38.755 --> 0:07:40.096 experience running a practice, 0:07:40.416 --> 0:07:41.677 especially a practice like 0:07:41.877 --> 0:07:43.517 ours that was big enough 0:07:43.737 --> 0:07:45.819 that it would be an expensive purchase, 0:07:46.439 --> 0:07:47.720 but didn't have the 0:07:47.800 --> 0:07:49.100 infrastructure like a 0:07:49.199 --> 0:07:50.300 Fortune 500 company. 0:07:51.100 --> 0:07:51.500 You know, 0:07:51.581 --> 0:07:53.922 so we went the route of we had a 0:07:54.002 --> 0:07:54.781 great team. 0:07:55.262 --> 0:07:56.281 They had been running the 0:07:56.302 --> 0:07:57.322 business themselves in 0:07:57.362 --> 0:07:59.543 Florida while we were in Ohio already. 0:08:00.002 --> 0:08:01.543 They knew all the warts. 0:08:01.822 --> 0:08:02.843 They knew all the bumps. 0:08:02.884 --> 0:08:04.704 They knew all the skeletons in the closet. 0:08:04.723 --> 0:08:05.684 They knew exactly what they 0:08:05.723 --> 0:08:06.504 were getting into. 0:08:07.105 --> 0:08:08.365 And so you guys have heard 0:08:08.404 --> 0:08:09.165 me say it before. 0:08:09.204 --> 0:08:11.185 We came to a three times 0:08:11.386 --> 0:08:13.026 multiple on net profit. 0:08:13.886 --> 0:08:13.966 Uh, 0:08:14.065 --> 0:08:15.848 I was faced with the decision that I 0:08:15.889 --> 0:08:17.690 needed to get out if I 0:08:17.870 --> 0:08:20.112 didn't sell to these guys, which, I mean, 0:08:20.153 --> 0:08:22.074 I'm so happy I did that 0:08:22.156 --> 0:08:22.735 they were just going to 0:08:22.776 --> 0:08:24.197 leave and do their own thing anyway. 0:08:24.237 --> 0:08:25.158 And then I'd have to find 0:08:25.218 --> 0:08:28.021 new staff and more time commitment. 0:08:28.562 --> 0:08:29.624 So we came to an agreement. 0:08:30.475 --> 0:08:31.815 They had financial backing. 0:08:32.096 --> 0:08:32.996 They bought me out. 0:08:33.457 --> 0:08:34.698 They have full ownership. 0:08:34.739 --> 0:08:36.179 They exploded the profits. 0:08:36.220 --> 0:08:37.380 They exploded the growth. 0:08:37.421 --> 0:08:38.542 They opened three new 0:08:38.581 --> 0:08:40.764 practices or practice locations, 0:08:40.823 --> 0:08:42.546 then grew to seven, I think right now. 0:08:42.566 --> 0:08:44.706 So it was amazing. 0:08:44.726 --> 0:08:45.768 It was amazing for all of us, 0:08:45.908 --> 0:08:48.169 but I do have some creative ideas 0:08:48.890 --> 0:08:50.731 For a therapist like the one 0:08:50.792 --> 0:08:51.873 who reached out to me, 0:08:52.432 --> 0:08:54.315 he does have two working 0:08:54.394 --> 0:08:55.375 physical therapists. 0:08:55.796 --> 0:08:56.996 He has a working physical 0:08:57.057 --> 0:08:58.336 therapist assistant, 0:08:58.758 --> 0:08:59.378 and he has an 0:08:59.477 --> 0:09:00.818 administrative person and a 0:09:00.859 --> 0:09:01.720 practice manager. 0:09:02.100 --> 0:09:03.341 So he does have some structure. 0:09:03.760 --> 0:09:05.201 He does have something that 0:09:05.322 --> 0:09:07.844 actually could sustain and go on its own. 0:09:09.125 --> 0:09:11.385 All of that being said, Dave, 0:09:11.426 --> 0:09:12.746 this is more in your world. 0:09:12.807 --> 0:09:13.648 What are you thinking? 0:09:14.649 --> 0:09:15.730 Well, so right off the bat, 0:09:15.831 --> 0:09:16.971 I don't know if things have changed, 0:09:17.130 --> 0:09:18.772 but there are definitely 0:09:18.851 --> 0:09:21.533 more buyers that are okay 0:09:21.573 --> 0:09:22.794 with acquiring or 0:09:22.835 --> 0:09:24.155 partnering with practices that are, 0:09:24.296 --> 0:09:24.515 you know, 0:09:24.576 --> 0:09:25.596 even a million in revenue and 0:09:25.635 --> 0:09:26.476 sometimes even less. 0:09:26.517 --> 0:09:29.639 Like I've heard of this guy, Donnie Arengi, 0:09:29.678 --> 0:09:30.558 I had on my show with 0:09:30.599 --> 0:09:31.720 MainStreetLobbyPartners. 0:09:32.080 --> 0:09:33.461 And they have like 14 or 0:09:33.480 --> 0:09:34.260 something locations. 0:09:34.301 --> 0:09:35.522 And he was saying like, yeah, 0:09:35.542 --> 0:09:36.322 we're interested in 0:09:36.361 --> 0:09:38.182 practices that are doing like, you know, 0:09:38.182 --> 0:09:40.365 500 to 750K in revenue. 0:09:40.384 --> 0:09:41.705 So even smaller, maybe, you know, 0:09:41.745 --> 0:09:43.105 like two therapists or 0:09:43.186 --> 0:09:44.746 three or two and a half or 0:09:44.767 --> 0:09:45.307 something like that. 0:09:45.768 --> 0:09:47.028 So hold on a second. 0:09:47.067 --> 0:09:47.629 So don't go. 0:09:47.688 --> 0:09:48.428 So this is like great 0:09:48.448 --> 0:09:49.490 because I don't know anything about this. 0:09:50.210 --> 0:09:50.789 Why now? 0:09:50.889 --> 0:09:51.730 Is this a shift? 0:09:52.211 --> 0:09:52.870 Why now? 0:09:53.231 --> 0:09:54.351 Is this like an option now 0:09:54.371 --> 0:09:56.232 that the revenue can be 0:09:56.273 --> 0:09:57.374 lower and people are still interested? 0:09:58.018 --> 0:09:58.238 I mean, 0:09:58.378 --> 0:10:00.080 maybe it depends on what's out 0:10:00.100 --> 0:10:01.000 there and what's available. 0:10:01.139 --> 0:10:04.403 It depends on the market and deal flow. 0:10:06.043 --> 0:10:07.524 Before, let's say, I mean, 0:10:07.544 --> 0:10:09.025 there's always been consolidation. 0:10:09.106 --> 0:10:09.986 There always is 0:10:10.346 --> 0:10:11.567 consolidation in every market. 0:10:11.687 --> 0:10:13.809 Every market is fragmented, 0:10:13.830 --> 0:10:15.150 all these service-based businesses. 0:10:15.991 --> 0:10:17.873 And so there's been more of 0:10:17.893 --> 0:10:19.654 the buyers buying up practices. 0:10:19.754 --> 0:10:21.983 I mean, it's been happening for 10, 15, 0:10:21.983 --> 0:10:22.496 20 years. 0:10:22.517 --> 0:10:23.538 I mean, it's been happening forever. 0:10:24.357 --> 0:10:26.039 Um, so now maybe it's just like, 0:10:26.080 --> 0:10:27.601 there's less of the chains 0:10:27.642 --> 0:10:28.923 that have three, five, seven, 0:10:28.923 --> 0:10:29.764 10 locations, 0:10:30.004 --> 0:10:31.265 but there's more of the onesies, 0:10:31.326 --> 0:10:33.128 more of the smaller locations. 0:10:33.469 --> 0:10:33.769 Got it. 0:10:34.330 --> 0:10:34.549 All right. 0:10:34.590 --> 0:10:34.769 So, 0:10:35.029 --> 0:10:36.792 so obviously let's go through the 0:10:36.831 --> 0:10:37.352 different ways. 0:10:37.393 --> 0:10:38.553 Cause the, the title of the episode, 0:10:38.615 --> 0:10:39.655 the thing we sort of teased 0:10:39.716 --> 0:10:41.437 was creative ways. 0:10:41.577 --> 0:10:43.019 So you could sell to someone, 0:10:43.039 --> 0:10:44.520 you can sell a big company, um, 0:10:45.457 --> 0:10:45.677 Tony, 0:10:45.697 --> 0:10:47.578 you talked about handing over the 0:10:47.620 --> 0:10:49.081 reins or selling internally 0:10:49.120 --> 0:10:49.961 to people who sort of 0:10:50.120 --> 0:10:52.062 already were under the hood already. 0:10:52.722 --> 0:10:53.864 What are the other different ways? 0:10:53.923 --> 0:10:55.625 Because if you look at a situation, 0:10:55.644 --> 0:10:57.865 there's only one solution. 0:10:57.907 --> 0:10:59.047 I think you're really myopic. 0:10:59.167 --> 0:11:00.528 I think right off the bat, 0:11:00.548 --> 0:11:01.609 there's a bunch of different ways. 0:11:01.649 --> 0:11:02.669 And then Dave brings in, 0:11:03.250 --> 0:11:04.910 there are companies that 0:11:04.951 --> 0:11:07.373 are willing to buy solo 0:11:07.393 --> 0:11:08.754 practices that have half a 0:11:08.774 --> 0:11:09.715 million dollars in revenue. 0:11:09.735 --> 0:11:11.535 So there are options. 0:11:11.696 --> 0:11:12.475 What are the different ways? 0:11:12.515 --> 0:11:13.037 What are the different 0:11:13.076 --> 0:11:13.917 creative things that people 0:11:13.956 --> 0:11:14.557 can think about? 0:11:15.528 --> 0:11:16.250 Something that I've been 0:11:16.269 --> 0:11:19.032 thinking more about is not selling, 0:11:19.392 --> 0:11:19.631 right? 0:11:19.692 --> 0:11:21.692 We see this wave that's coming. 0:11:21.734 --> 0:11:23.195 So all the baby boomers and 0:11:23.294 --> 0:11:24.875 all the guys like me, 0:11:25.355 --> 0:11:26.376 we're getting to the point 0:11:26.437 --> 0:11:28.418 where we've built these businesses. 0:11:28.958 --> 0:11:30.320 We're not gonna keep running 0:11:30.360 --> 0:11:31.120 these businesses. 0:11:31.159 --> 0:11:32.301 We're primary operators. 0:11:32.341 --> 0:11:32.780 In fact, 0:11:33.282 --> 0:11:35.302 another conversation we should have, 0:11:35.864 --> 0:11:37.304 I sat down this weekend, 0:11:37.465 --> 0:11:39.285 I talked to two other business owners, 0:11:39.725 --> 0:11:41.347 way bigger businesses than mine, 0:11:41.388 --> 0:11:42.649 but one was a plumber and 0:11:42.769 --> 0:11:44.110 one was in the printing business. 0:11:44.909 --> 0:11:45.049 Um, 0:11:45.490 --> 0:11:47.169 and it's so fascinating because it's 0:11:47.210 --> 0:11:48.230 exactly the same thing. 0:11:48.711 --> 0:11:50.331 Their husbands, their dads, 0:11:50.811 --> 0:11:51.951 they don't have kids that 0:11:51.971 --> 0:11:53.451 are going to take over their business. 0:11:53.511 --> 0:11:55.851 Their business is in the multiple millions, 0:11:56.231 --> 0:11:57.251 but still not really an 0:11:57.312 --> 0:11:59.273 acquisition target for anybody bigger. 0:11:59.732 --> 0:12:01.173 And so they're like, I don't know, this, 0:12:01.332 --> 0:12:02.373 this business is spitting 0:12:02.413 --> 0:12:03.374 out tons of cash. 0:12:03.634 --> 0:12:05.033 We have great lifestyles, 0:12:05.573 --> 0:12:07.647 but what's going to happen when I hit 60, 0:12:07.647 --> 0:12:08.475 70, 80, 0:12:08.475 --> 0:12:09.855 and I don't want to be the primary 0:12:09.934 --> 0:12:10.294 operator. 0:12:10.835 --> 0:12:13.216 So it's a big issue across all industry, 0:12:13.296 --> 0:12:14.255 not just PT. 0:12:15.376 --> 0:12:18.298 Honestly, I looked at this situation. 0:12:18.317 --> 0:12:18.977 I said, you know what? 0:12:19.638 --> 0:12:22.139 I wonder if you would go get a job, 0:12:22.438 --> 0:12:23.399 whether it's a clinical or 0:12:23.458 --> 0:12:24.419 non-clinical job, 0:12:24.440 --> 0:12:25.940 but you have this business. 0:12:26.000 --> 0:12:27.081 It sounds totally bizarre. 0:12:27.520 --> 0:12:28.561 You have this business. 0:12:29.100 --> 0:12:30.081 You go get a job. 0:12:30.422 --> 0:12:31.642 You get a job at 80 to 120,000 a year. 0:12:34.423 --> 0:12:36.104 You get a 40-hour work week. 0:12:36.163 --> 0:12:37.264 You get benefits. 0:12:37.304 --> 0:12:38.424 You get vacation. 0:12:38.466 --> 0:12:40.046 You get all of the luxuries 0:12:40.086 --> 0:12:42.768 that a W-2-1 employee gets. 0:12:43.148 --> 0:12:45.048 And you don't close your business. 0:12:45.070 --> 0:12:46.770 You just let it continue to operate. 0:12:47.331 --> 0:12:48.412 Like I know for myself, 0:12:49.428 --> 0:12:51.230 I will put a business on the back burner. 0:12:51.530 --> 0:12:52.792 Even if it's not making money, 0:12:52.951 --> 0:12:54.572 even if it's losing a little bit of money, 0:12:55.052 --> 0:12:56.354 I'll just park it somewhere. 0:12:56.394 --> 0:12:57.936 Let it continue to operate 0:12:58.436 --> 0:12:59.317 because I know at some 0:12:59.397 --> 0:13:01.457 point one day I might come back to it. 0:13:01.518 --> 0:13:02.698 I might do something with it. 0:13:02.798 --> 0:13:03.960 I don't need to sell it 0:13:04.000 --> 0:13:04.660 because if I sell it, 0:13:04.681 --> 0:13:05.881 I'm not going to get anything for it. 0:13:06.322 --> 0:13:07.543 I don't need to shut it down 0:13:07.842 --> 0:13:09.004 because it's doing okay. 0:13:09.043 --> 0:13:10.404 It's not doing great enough 0:13:10.865 --> 0:13:12.626 that I want it to be my primary focus, 0:13:12.647 --> 0:13:13.988 but it's also not doing bad 0:13:14.067 --> 0:13:16.590 enough that it has no future value. 0:13:17.210 --> 0:13:19.091 And so for this individual, 0:13:19.110 --> 0:13:21.173 I feel like they're already 0:13:21.232 --> 0:13:22.773 looking at get a job because I said, well, 0:13:22.854 --> 0:13:24.134 what happens if you do sell it? 0:13:24.455 --> 0:13:25.615 They're like, well, I'll get a job, 0:13:25.695 --> 0:13:26.615 something more stable, 0:13:26.895 --> 0:13:28.037 all the things that I just said. 0:13:28.057 --> 0:13:28.876 I was like, 0:13:29.076 --> 0:13:30.278 what if you just did that and 0:13:30.398 --> 0:13:31.778 didn't do anything with the business? 0:13:31.818 --> 0:13:33.600 Just let your staff keep running it. 0:13:34.120 --> 0:13:35.681 Let it continue to live. 0:13:35.922 --> 0:13:37.462 Put it on life support while 0:13:37.503 --> 0:13:38.863 you're focused on family 0:13:38.903 --> 0:13:40.004 and while you're focused on 0:13:40.083 --> 0:13:41.284 a stable income and doing 0:13:41.304 --> 0:13:42.225 the other stuff. 0:13:42.885 --> 0:13:43.765 What do you guys think about 0:13:43.826 --> 0:13:44.466 something like that? 0:13:45.235 --> 0:13:45.916 It doesn't make sense. 0:13:45.936 --> 0:13:47.057 I don't know if something's not adding up, 0:13:47.076 --> 0:13:47.697 but you were saying, 0:13:48.076 --> 0:13:49.037 I know we're not mentioning who it is. 0:13:49.116 --> 0:13:49.778 I don't even know who it is. 0:13:49.957 --> 0:13:51.518 But you said a rural clinic 0:13:51.857 --> 0:13:53.778 somewhere in the US and they have, 0:13:53.839 --> 0:13:56.539 you know, two PTs themselves. 0:13:56.919 --> 0:13:58.059 The owner is a third PT and 0:13:58.080 --> 0:13:59.181 then there's a PTA, correct? 0:13:59.480 --> 0:13:59.701 Correct. 0:13:59.721 --> 0:14:00.681 And then office people. 0:14:01.321 --> 0:14:02.621 And then office and admin staff. 0:14:02.861 --> 0:14:05.643 So I don't know, like... 0:14:06.522 --> 0:14:07.163 I guess they're all in 0:14:07.182 --> 0:14:08.102 network contracts and 0:14:08.203 --> 0:14:09.244 they're not doing well or 0:14:09.284 --> 0:14:10.625 they're not marketing well. 0:14:10.645 --> 0:14:12.027 It doesn't make sense as to 0:14:12.147 --> 0:14:15.149 why this individual is not afloat. 0:14:15.909 --> 0:14:16.951 It feels like bar rescue. 0:14:17.091 --> 0:14:18.393 Like Dave's like sniffing. 0:14:18.432 --> 0:14:21.455 He's like, it's people, product, process, 0:14:21.634 --> 0:14:21.755 right? 0:14:21.775 --> 0:14:21.995 He's like, 0:14:22.135 --> 0:14:23.517 one of these things is not working right, 0:14:24.038 --> 0:14:24.197 right? 0:14:24.258 --> 0:14:25.399 And you got to figure out what it is. 0:14:25.438 --> 0:14:26.539 That's what a stress test is. 0:14:27.212 --> 0:14:27.953 I can tell you, 0:14:28.033 --> 0:14:29.115 I feel like I've been in 0:14:29.296 --> 0:14:30.597 his exact situation. 0:14:30.938 --> 0:14:31.139 Right. 0:14:31.379 --> 0:14:33.243 So my best thing is I'll 0:14:33.283 --> 0:14:34.544 share my experience. 0:14:34.605 --> 0:14:36.927 My experience is I would be 0:14:36.967 --> 0:14:37.830 a float like right now. 0:14:38.110 --> 0:14:38.370 You know, 0:14:38.471 --> 0:14:40.714 I'm not the primary person in the clinic. 0:14:40.813 --> 0:14:42.176 My clinic is running right now. 0:14:42.616 --> 0:14:43.658 I'm going to leave here at 930. 0:14:44.038 --> 0:14:45.139 I'm going to go do... I 0:14:45.438 --> 0:14:46.440 think I've got four or five 0:14:46.460 --> 0:14:47.681 evaluations today, 0:14:47.701 --> 0:14:50.504 a handful of evaluations tomorrow. 0:14:50.604 --> 0:14:51.403 I'll float in. 0:14:51.524 --> 0:14:52.684 I'll do those evals. 0:14:52.804 --> 0:14:53.745 I'll get back out. 0:14:54.466 --> 0:14:55.628 But it's like I'm not 0:14:56.168 --> 0:14:57.528 focused on the business 0:14:57.609 --> 0:14:59.431 enough to continue to grow it. 0:14:59.711 --> 0:15:00.851 I'm not focused on the 0:15:00.892 --> 0:15:02.452 business enough to really... 0:15:03.214 --> 0:15:04.653 care about it that much be 0:15:04.693 --> 0:15:05.794 passionate about it that 0:15:05.855 --> 0:15:07.434 much it's it's just there 0:15:08.014 --> 0:15:09.456 it's just again on life 0:15:09.495 --> 0:15:11.697 support uh so because of 0:15:11.736 --> 0:15:12.716 that I've got other 0:15:12.736 --> 0:15:14.157 priorities I'm focused on 0:15:14.216 --> 0:15:14.898 other things this 0:15:14.957 --> 0:15:16.118 individual might be focused 0:15:16.177 --> 0:15:19.318 on family but the idea is I 0:15:19.359 --> 0:15:20.739 think that's that's where 0:15:20.798 --> 0:15:22.539 this person probably is so 0:15:22.559 --> 0:15:23.100 if you're going to look at 0:15:23.120 --> 0:15:24.279 that from marcus limonis 0:15:24.320 --> 0:15:25.480 people product process it's 0:15:25.520 --> 0:15:27.400 a people thing he this was 0:15:27.461 --> 0:15:28.841 a great idea four years ago 0:15:28.902 --> 0:15:30.062 but his life changed or her 0:15:30.081 --> 0:15:31.302 life changed like that is 0:15:31.523 --> 0:15:32.643 valid and not a bad 0:15:33.123 --> 0:15:34.004 That is not a bad thing. 0:15:35.384 --> 0:15:35.585 Yeah. 0:15:36.245 --> 0:15:39.548 So for this practice owner, 0:15:39.808 --> 0:15:40.990 he wants to focus on – he's 0:15:41.029 --> 0:15:42.471 got the second child coming. 0:15:43.131 --> 0:15:44.432 He wants to focus more on family. 0:15:44.452 --> 0:15:47.054 I don't think he should – I mean, 0:15:47.514 --> 0:15:48.735 I don't think he should necessarily sell. 0:15:48.777 --> 0:15:50.138 I think maybe, like Tony said, 0:15:50.538 --> 0:15:51.278 talk to your team. 0:15:51.458 --> 0:15:52.820 Maybe someone on the – maybe 0:15:52.860 --> 0:15:55.282 one of the therapists either can – 0:15:55.282 --> 0:15:57.445 either has money or can get 0:15:57.544 --> 0:16:00.568 access to capital and buy in, you know, 0:16:00.568 --> 0:16:01.750 20, 30, 40, 50, 0:16:01.750 --> 0:16:03.592 something percent of the practice, 0:16:03.953 --> 0:16:04.934 you'll have to do like an 0:16:04.995 --> 0:16:06.135 internal evaluation of 0:16:06.176 --> 0:16:07.337 here's the value of the practice. 0:16:07.658 --> 0:16:08.700 Maybe you sell some of the 0:16:08.740 --> 0:16:09.660 equity to your team. 0:16:10.081 --> 0:16:10.341 Then... 0:16:11.462 --> 0:16:13.244 And you can maybe give away some, you know, 0:16:13.484 --> 0:16:14.583 free founders equity and 0:16:14.604 --> 0:16:15.823 then have them pay for 0:16:16.403 --> 0:16:17.325 additional equity or whatever. 0:16:17.544 --> 0:16:19.245 But then you can spend more 0:16:19.284 --> 0:16:20.184 time with your family. 0:16:20.205 --> 0:16:20.926 You can almost kind of do 0:16:20.966 --> 0:16:22.385 like the Tony Meritato role 0:16:22.405 --> 0:16:23.405 and kind of float in and out, 0:16:23.426 --> 0:16:25.187 but not be like, you know, 0:16:25.386 --> 0:16:26.667 chained and cuffed to the clinic. 0:16:27.307 --> 0:16:28.668 And then if your staff have 0:16:28.707 --> 0:16:29.408 some of the equity, 0:16:30.048 --> 0:16:31.148 they're going to obviously 0:16:31.208 --> 0:16:33.068 work like a partner, like a founder, 0:16:33.149 --> 0:16:33.708 co-founder, 0:16:33.989 --> 0:16:34.688 and they're going to have skin 0:16:34.708 --> 0:16:35.830 in the game and they're 0:16:36.750 --> 0:16:37.269 Typically, 0:16:37.529 --> 0:16:38.551 that would help the practice 0:16:38.610 --> 0:16:39.711 grow and be more stable. 0:16:39.971 --> 0:16:41.652 You can coach them a little bit, you know, 0:16:41.673 --> 0:16:43.072 get them some mentorship and coaching. 0:16:43.153 --> 0:16:43.774 If you're too busy, 0:16:43.833 --> 0:16:44.614 then you got to pay for 0:16:45.014 --> 0:16:45.754 them to get coaching and 0:16:45.774 --> 0:16:47.375 mentorship by Tony or somebody else. 0:16:47.796 --> 0:16:48.735 But then have some of your 0:16:48.796 --> 0:16:50.517 team members have equity in 0:16:50.537 --> 0:16:52.638 the practice that I would 0:16:52.697 --> 0:16:54.038 say arguably make it a 0:16:54.078 --> 0:16:55.960 little bit more independent of you. 0:16:56.159 --> 0:16:56.360 Right. 0:16:56.908 --> 0:16:58.831 There's a place that sells 0:16:59.631 --> 0:17:00.913 like wood sheds and sheds 0:17:00.932 --> 0:17:01.955 in the backyard and you can 0:17:01.975 --> 0:17:03.316 buy it straight up outright 0:17:03.475 --> 0:17:06.619 or you can rent to own, right? 0:17:06.839 --> 0:17:09.001 So I know dentists were big in this, 0:17:09.462 --> 0:17:09.663 right? 0:17:09.702 --> 0:17:11.023 Which is if I'm like a 50, 0:17:11.023 --> 0:17:12.185 60-year-old dentist, 0:17:12.226 --> 0:17:13.086 I'm looking for somebody 0:17:13.126 --> 0:17:14.167 who's just out of school 0:17:14.807 --> 0:17:16.049 and you're just going to work for me. 0:17:16.410 --> 0:17:17.872 And then over the years, 0:17:18.031 --> 0:17:18.992 I'm going to sort of dip. 0:17:19.313 --> 0:17:20.713 and you're going to sort of take over. 0:17:21.253 --> 0:17:22.673 But that's, it's built into the, 0:17:22.773 --> 0:17:24.414 it's baked into the cake from the start, 0:17:24.615 --> 0:17:25.295 which is like, yes, 0:17:25.315 --> 0:17:26.415 you're going to draw a salary. 0:17:26.695 --> 0:17:27.455 And then over time, 0:17:27.476 --> 0:17:28.676 the salary might reduce or 0:17:28.717 --> 0:17:29.936 maybe it'll stay the same or something. 0:17:29.977 --> 0:17:31.278 But now you're equity in this. 0:17:31.738 --> 0:17:32.377 And I can sort of, 0:17:32.958 --> 0:17:34.538 you pull that Homer Simpson gif, right? 0:17:34.578 --> 0:17:35.259 The Homer Simpson where 0:17:35.278 --> 0:17:36.118 Homer Simpson's in front of 0:17:36.138 --> 0:17:37.539 the bush and he just sort of fades back. 0:17:38.240 --> 0:17:39.260 And then nobody knows 0:17:39.441 --> 0:17:40.540 because that person that 0:17:40.560 --> 0:17:42.382 you brought in was sort of 0:17:42.422 --> 0:17:43.501 there and he's the new guy. 0:17:43.521 --> 0:17:46.563 And next thing you know, it's that fade in, 0:17:46.583 --> 0:17:47.483 fade out kind of idea. 0:17:47.503 --> 0:17:47.844 I mean, that's, 0:17:48.644 --> 0:17:49.463 That's a longer term. 0:17:49.483 --> 0:17:50.124 This person doesn't feel 0:17:50.144 --> 0:17:50.625 like they might not 0:17:50.664 --> 0:17:51.484 necessarily have that. 0:17:51.525 --> 0:17:54.205 But Tony's saying, why bury this thing? 0:17:54.226 --> 0:17:55.425 Why not just park it and do 0:17:55.465 --> 0:17:56.965 something else and let's 0:17:57.046 --> 0:17:58.047 see how the thing runs? 0:17:58.846 --> 0:18:01.488 So not to sound condescending, 0:18:01.567 --> 0:18:02.327 but I do think the 0:18:02.387 --> 0:18:03.548 listeners who are sitting 0:18:03.587 --> 0:18:06.249 in this seat right now are thinking, 0:18:06.469 --> 0:18:07.409 isn't that cute? 0:18:07.910 --> 0:18:09.109 Dave thinks that my 0:18:09.170 --> 0:18:10.230 employees want the 0:18:10.269 --> 0:18:12.310 responsibility of business ownership. 0:18:13.218 --> 0:18:15.799 I'm not saying you got to know your team. 0:18:15.900 --> 0:18:17.101 And there's probably one 0:18:17.141 --> 0:18:20.002 that has the interest of 0:18:20.262 --> 0:18:21.943 like maybe learning some operations. 0:18:22.003 --> 0:18:23.404 Maybe they do some pseudo 0:18:23.464 --> 0:18:24.685 clinic director roles or whatever. 0:18:24.885 --> 0:18:25.247 You're right. 0:18:25.326 --> 0:18:26.386 If they're all clinical and 0:18:26.406 --> 0:18:27.827 they have no leadership 0:18:27.949 --> 0:18:29.730 experience or no managerial experience, 0:18:29.750 --> 0:18:31.151 and they're not talking about, hey, 0:18:31.191 --> 0:18:32.432 we got to work on billable 0:18:32.551 --> 0:18:33.752 units and we got to work on 0:18:33.792 --> 0:18:36.013 getting cancellations lower 0:18:36.074 --> 0:18:37.134 and arrival rates higher. 0:18:37.154 --> 0:18:38.695 Like if they're not saying any of that, 0:18:39.135 --> 0:18:39.656 then yeah, 0:18:39.737 --> 0:18:40.537 you might not even have the 0:18:40.576 --> 0:18:42.538 right person on the bus for that. 0:18:43.000 --> 0:18:46.642 Yeah, I'll tell the viewers, same thing. 0:18:46.682 --> 0:18:48.383 So I was in that boat multiple times. 0:18:48.563 --> 0:18:50.182 I've had multiple team 0:18:50.502 --> 0:18:52.324 members that I'm like, man, 0:18:52.364 --> 0:18:53.443 you would be so good. 0:18:53.503 --> 0:18:55.023 Why don't you just come in 0:18:55.023 --> 0:18:58.025 20% equity and then you can buy it out. 0:18:59.046 --> 0:19:00.346 We looked at US Physical 0:19:00.405 --> 0:19:02.146 Therapy's model of limited 0:19:02.186 --> 0:19:03.386 partnership and how they 0:19:03.426 --> 0:19:04.646 work their percentages. 0:19:05.106 --> 0:19:06.548 We've tried multiple models 0:19:06.728 --> 0:19:08.708 over 22 plus years. 0:19:09.308 --> 0:19:10.328 And I can tell you that 0:19:11.570 --> 0:19:13.752 had one who actually did it 0:19:13.893 --> 0:19:15.933 obviously uh the rest of 0:19:15.953 --> 0:19:17.194 them now I've had other 0:19:17.335 --> 0:19:19.217 people that went on left me 0:19:19.297 --> 0:19:21.157 went on to be owners but 0:19:21.357 --> 0:19:22.398 none of those and they're 0:19:22.419 --> 0:19:23.759 successful owners but none 0:19:23.799 --> 0:19:24.721 of those people who have 0:19:24.740 --> 0:19:27.002 done that were ever either 0:19:27.123 --> 0:19:28.763 willing or interested in 0:19:28.844 --> 0:19:30.625 being an initial like 0:19:31.145 --> 0:19:32.606 limited partner and then or 0:19:32.727 --> 0:19:33.728 partner and then growing 0:19:33.847 --> 0:19:35.068 out into full ownership 0:19:35.979 --> 0:19:37.539 Maybe I didn't present it correctly. 0:19:37.559 --> 0:19:38.339 I don't know. 0:19:38.559 --> 0:19:40.521 But the best clinicians, 0:19:40.582 --> 0:19:42.343 the best team members, the best staff, 0:19:43.563 --> 0:19:44.763 none of them ever wanted to 0:19:44.804 --> 0:19:46.224 go that direction. 0:19:47.025 --> 0:19:48.365 And partly, I don't blame them. 0:19:48.526 --> 0:19:49.046 I mean, again, 0:19:49.125 --> 0:19:50.426 most of us go into PT 0:19:50.446 --> 0:19:51.508 because we want to help people, 0:19:51.567 --> 0:19:52.847 not because we want to run a business. 0:19:53.288 --> 0:19:54.648 There's a small sliver of us 0:19:54.710 --> 0:19:56.810 that find passion in actual 0:19:56.871 --> 0:19:58.491 business ownership and operation. 0:19:59.412 --> 0:20:01.773 Um, so I think again, for this individual, 0:20:01.794 --> 0:20:03.435 I said exactly what you said. 0:20:03.675 --> 0:20:05.617 I was like, look, just, you know, 0:20:05.877 --> 0:20:07.138 you can owner finance, 0:20:07.660 --> 0:20:09.220 see if they can come up with 10, 0:20:09.220 --> 0:20:11.163 20% that this way they have 0:20:11.202 --> 0:20:12.143 some skin in the game. 0:20:12.723 --> 0:20:13.263 But, um, 0:20:14.266 --> 0:20:16.166 I don't think that anyone on 0:20:16.207 --> 0:20:17.487 the team wants to do that. 0:20:18.228 --> 0:20:21.368 And I think with the rural status, 0:20:21.489 --> 0:20:21.749 you know, 0:20:21.788 --> 0:20:23.509 it's hard to bring in therapists 0:20:23.750 --> 0:20:24.930 that want to live in that 0:20:25.049 --> 0:20:26.770 area unless they grew up in that area. 0:20:27.250 --> 0:20:28.611 And now they want to come back home, 0:20:29.011 --> 0:20:30.692 which is kind of a possibility, 0:20:30.751 --> 0:20:32.113 but it's slim to none. 0:20:33.093 --> 0:20:34.855 Um, so, you know, it's a challenge. 0:20:34.875 --> 0:20:37.238 So that's where I said, well, if I go out, 0:20:37.438 --> 0:20:39.079 if I'm in his shoes and I 0:20:39.119 --> 0:20:42.022 go out and I get an 80 to 0:20:42.022 --> 0:20:43.624 $120,000 guaranteed income, 0:20:44.484 --> 0:20:45.707 now my business doesn't 0:20:45.747 --> 0:20:47.067 have to be profitable anymore. 0:20:47.127 --> 0:20:47.608 If anything, 0:20:47.648 --> 0:20:48.650 it could even lose a little 0:20:48.690 --> 0:20:50.230 money and I'd still be okay 0:20:50.270 --> 0:20:51.231 because I still have the 0:20:51.272 --> 0:20:52.273 value of that asset. 0:20:52.973 --> 0:20:55.535 So that when my kids are in high school, 0:20:55.595 --> 0:20:56.855 when my kids are older, 0:20:56.875 --> 0:20:58.135 I can come back to it. 0:20:58.915 --> 0:21:00.156 And that's what I'm doing right now. 0:21:00.317 --> 0:21:01.557 My two clinic locations, 0:21:01.596 --> 0:21:02.717 they don't do a fraction of 0:21:02.757 --> 0:21:03.357 what they should. 0:21:03.857 --> 0:21:04.938 But I know that one day I 0:21:05.397 --> 0:21:06.598 can always come back to it. 0:21:06.999 --> 0:21:08.419 I could always pour gas back 0:21:08.519 --> 0:21:10.059 on that fire as long as I 0:21:10.119 --> 0:21:11.520 keep an ember lit. 0:21:12.080 --> 0:21:13.161 It doesn't have to be a 0:21:13.221 --> 0:21:15.422 raging inferno right now, you know, 0:21:15.461 --> 0:21:16.721 and I can put my time into 0:21:16.761 --> 0:21:18.303 the other things that I want to do. 0:21:18.942 --> 0:21:21.744 So that's my advice to this individual. 0:21:21.765 --> 0:21:23.826 And I'm sure this person's watching. 0:21:24.346 --> 0:21:25.488 I would seriously consider 0:21:25.567 --> 0:21:26.428 not shutting it down, 0:21:26.508 --> 0:21:27.969 not even selling it unless 0:21:28.250 --> 0:21:29.650 like a unicorn comes along 0:21:29.691 --> 0:21:31.192 and it's a perfect scenario. 0:21:31.832 --> 0:21:32.251 Instead, 0:21:32.271 --> 0:21:34.334 I would just let it continue to operate. 0:21:34.614 --> 0:21:35.994 I would get a full time job 0:21:36.515 --> 0:21:37.915 and then I would use that 0:21:38.016 --> 0:21:39.497 to provide me the lifestyle 0:21:39.537 --> 0:21:40.298 that I'm looking for. 0:21:41.708 --> 0:21:44.209 Another different route for 0:21:44.229 --> 0:21:46.390 this would be he goes and 0:21:46.410 --> 0:21:47.170 finds another job. 0:21:47.650 --> 0:21:49.191 He gets a, not us, 0:21:49.230 --> 0:21:50.250 we're not brokers or advisors, 0:21:50.290 --> 0:21:50.990 but you get a broker 0:21:51.010 --> 0:21:53.132 advisor or your lawyer, your accountant, 0:21:53.152 --> 0:21:53.451 whoever. 0:21:54.011 --> 0:21:54.873 You get one of those 0:21:54.913 --> 0:21:56.752 individuals to cold message 0:21:56.813 --> 0:21:57.833 or send a letter or an 0:21:57.874 --> 0:22:02.015 email or whatever to USPH, Athletico, ATI, 0:22:02.055 --> 0:22:03.694 who are the other buyers, wherever, rural, 0:22:03.755 --> 0:22:04.056 I don't know. 0:22:05.576 --> 0:22:06.657 Those are, you know, NovaCare, 0:22:06.678 --> 0:22:07.439 Select Medical, whatever, 0:22:07.459 --> 0:22:08.980 like any of those top four or whatever. 0:22:09.442 --> 0:22:10.824 You get one of your broker, advisor, 0:22:10.864 --> 0:22:11.625 lawyer, accountant, whatever, 0:22:11.665 --> 0:22:12.707 to send a cold email, 0:22:12.767 --> 0:22:15.270 cold letter or whatever to them and say, 0:22:15.310 --> 0:22:17.253 hey, this is so-and-so at this, you know, 0:22:17.314 --> 0:22:19.616 this location we are 0:22:19.718 --> 0:22:20.858 currently speaking with. 0:22:21.905 --> 0:22:22.926 potential buyers. 0:22:23.446 --> 0:22:24.887 And it's almost like, you know, Hey, 0:22:24.907 --> 0:22:25.647 we're letting you know, 0:22:25.667 --> 0:22:26.969 in case you want to throw a 0:22:27.009 --> 0:22:28.970 bid in and your hat in the ring, 0:22:29.250 --> 0:22:30.131 that's another way to kind 0:22:30.151 --> 0:22:32.412 of drum up interest at the same, 0:22:32.451 --> 0:22:33.432 like if you're truly, 0:22:33.551 --> 0:22:34.813 truly wanting to get out 0:22:35.093 --> 0:22:35.993 and this is not for you and 0:22:36.013 --> 0:22:36.933 you have no one to take over, 0:22:36.973 --> 0:22:37.934 you have no one to buy in. 0:22:38.974 --> 0:22:40.215 That's another way to kind of get a, 0:22:40.796 --> 0:22:41.477 almost like you want to 0:22:41.517 --> 0:22:44.178 have like a blind bidding war and say, 0:22:44.218 --> 0:22:44.557 Hey, we're, 0:22:44.679 --> 0:22:45.778 we're collecting bids over the 0:22:45.838 --> 0:22:47.039 next two to three or four 0:22:47.059 --> 0:22:48.461 or whatever weeks at this date. 0:22:49.260 --> 0:22:50.060 we're gonna you know look at 0:22:50.101 --> 0:22:51.301 the the highest bids or the 0:22:51.561 --> 0:22:52.461 or the I'm sorry not the 0:22:52.481 --> 0:22:53.563 highest bid they'll say 0:22:54.123 --> 0:22:54.903 we're looking for the best 0:22:54.942 --> 0:22:55.983 opportunity which basically 0:22:56.003 --> 0:22:57.183 means like the most amount 0:22:57.203 --> 0:22:58.044 of money or the best you 0:22:58.064 --> 0:22:59.325 know terms or whatever but 0:22:59.345 --> 0:23:00.045 they'll say you know we're 0:23:00.065 --> 0:23:00.805 looking for the best 0:23:00.865 --> 0:23:02.365 opportunity here and that's 0:23:02.405 --> 0:23:03.425 another way to get more 0:23:03.506 --> 0:23:04.426 interest from potential 0:23:04.467 --> 0:23:06.166 buyers if there's no way of 0:23:06.247 --> 0:23:07.188 selling some equity and 0:23:07.288 --> 0:23:08.048 retaining the practice 0:23:08.665 --> 0:23:09.326 Blind date, man. 0:23:10.488 --> 0:23:13.152 I forget the term. 0:23:13.392 --> 0:23:14.413 There's a Jewish term, 0:23:14.453 --> 0:23:15.494 like the woman who sets up 0:23:15.555 --> 0:23:16.737 all the couples in the neighborhood. 0:23:16.797 --> 0:23:18.378 Matchmaking. 0:23:19.039 --> 0:23:19.520 Matchmaking, 0:23:19.540 --> 0:23:20.821 but there's a Jewish term that 0:23:20.842 --> 0:23:22.003 the word just sounds like. 0:23:22.263 --> 0:23:23.164 It's like an onomatopoeia, 0:23:23.204 --> 0:23:24.686 like the word sounds like the thing. 0:23:25.448 --> 0:23:26.788 It's putting the feelers out there. 0:23:26.828 --> 0:23:28.631 Listen, we're not in panic mode, right? 0:23:28.671 --> 0:23:30.511 Like we don't need this right now, but Hey, 0:23:30.592 --> 0:23:30.852 maybe, 0:23:31.192 --> 0:23:32.413 maybe that little itty bitty 0:23:32.453 --> 0:23:33.934 practice wasn't on the radar, 0:23:34.414 --> 0:23:35.496 but that area of the 0:23:35.556 --> 0:23:37.096 country might've been on 0:23:37.116 --> 0:23:39.159 the expansion map in a year 0:23:39.219 --> 0:23:40.078 or three or five. 0:23:40.138 --> 0:23:40.900 And now it's okay. 0:23:41.599 --> 0:23:42.320 It's not a cold. 0:23:42.421 --> 0:23:42.681 I mean, 0:23:43.402 --> 0:23:44.843 it's not a cold outreach now 0:23:44.863 --> 0:23:46.023 because that person was on 0:23:46.064 --> 0:23:47.244 our radar three years ago 0:23:47.265 --> 0:23:47.805 and they're still, Oh, 0:23:47.825 --> 0:23:48.665 they're still in business. 0:23:48.786 --> 0:23:49.165 Okay. 0:23:49.185 --> 0:23:49.666 All right. 0:23:49.707 --> 0:23:49.967 Got it. 0:23:51.118 --> 0:23:51.920 Is the word Yenta's? 0:23:52.500 --> 0:23:53.342 Yenta, that's it. 0:23:53.422 --> 0:23:54.804 Yeah, the Yenta of the neighborhood. 0:23:54.884 --> 0:23:55.724 I had to Google it. 0:23:56.786 --> 0:23:58.048 You know, this is what, like, 0:23:58.067 --> 0:24:00.810 80s and 90s sitcoms have taught me is, 0:24:00.851 --> 0:24:01.832 like, all these little, like, 0:24:01.932 --> 0:24:02.712 stereotypes. 0:24:02.772 --> 0:24:03.815 Like, that's what it gave me. 0:24:03.875 --> 0:24:05.236 Like, that's why I knew what a Yenta was. 0:24:05.276 --> 0:24:07.239 I have no idea what 80s or 0:24:07.439 --> 0:24:08.380 90s sitcom brought me that, 0:24:08.400 --> 0:24:08.941 but that was it. 0:24:10.375 --> 0:24:11.596 All right, so let's change gears. 0:24:11.636 --> 0:24:13.837 So, Jimmy, you're heading to Boston. 0:24:14.198 --> 0:24:15.218 Yeah, heading to Boston. 0:24:15.258 --> 0:24:16.838 We're doing APTA CSM. 0:24:18.078 --> 0:24:19.440 I like this conference. 0:24:19.619 --> 0:24:20.980 Some people don't like conferences, 0:24:21.000 --> 0:24:21.661 and that's okay. 0:24:22.500 --> 0:24:23.342 This is the largest 0:24:23.382 --> 0:24:24.682 gathering of PTs on the planet, 0:24:24.781 --> 0:24:25.362 which is good. 0:24:26.002 --> 0:24:27.282 And also, if you don't like it, 0:24:27.323 --> 0:24:27.864 it's not good. 0:24:28.824 --> 0:24:30.644 I've been to, I don't know, 0:24:30.644 --> 0:24:31.265 11 of these things. 0:24:31.285 --> 0:24:32.125 I've been to a bunch because 0:24:32.184 --> 0:24:33.986 I'm a group kind of guy. 0:24:34.006 --> 0:24:35.547 This is my Super Bowl, right, 0:24:35.826 --> 0:24:36.606 which just happened. 0:24:37.407 --> 0:24:37.567 And... 0:24:38.734 --> 0:24:39.016 18,000 PTs is a lot. 0:24:41.615 --> 0:24:44.538 But as we share YouTube and podcast data, 0:24:44.897 --> 0:24:46.259 I tell people all the time, 0:24:46.298 --> 0:24:47.078 if you're not going, 0:24:47.480 --> 0:24:49.340 it's not a deal breaker, right? 0:24:49.361 --> 0:24:50.500 You're going to miss something, 0:24:50.621 --> 0:24:51.922 but not necessarily everything. 0:24:51.961 --> 0:24:53.222 So if it's for you, it's for you. 0:24:53.542 --> 0:24:54.284 I would always say like, 0:24:54.384 --> 0:24:55.744 try it out or a state 0:24:55.765 --> 0:24:58.066 chapter conference or, you know, 0:24:58.086 --> 0:24:59.166 APTA has got a couple of 0:24:59.186 --> 0:25:01.188 different smaller conferences, right? 0:25:01.208 --> 0:25:02.167 This is the biggest one in the world. 0:25:02.848 --> 0:25:07.432 I look at this from a purely selfish angle, 0:25:07.491 --> 0:25:07.652 right? 0:25:07.672 --> 0:25:09.113 Because that's how we look at the world. 0:25:09.173 --> 0:25:10.473 So for me, I'm going to do like, 0:25:10.473 --> 0:25:13.900 25 podcast episodes in three 0:25:13.920 --> 0:25:16.122 days or 27 podcast episodes 0:25:16.142 --> 0:25:17.042 in three days. 0:25:17.403 --> 0:25:18.403 Plus everybody who, 0:25:18.624 --> 0:25:19.625 like some people who walk by, 0:25:19.644 --> 0:25:20.546 they're like, oh my gosh, 0:25:20.605 --> 0:25:21.567 do you have 15 minutes? 0:25:22.027 --> 0:25:23.588 So I do a lot of those, right? 0:25:23.709 --> 0:25:24.829 Unprepared off the cuff. 0:25:25.611 --> 0:25:29.634 I started by just showing up at people's 0:25:30.734 --> 0:25:32.537 um booths or parties I would 0:25:32.596 --> 0:25:33.357 literally walk around with 0:25:33.397 --> 0:25:34.619 my pelican case and bring 0:25:34.640 --> 0:25:35.621 my microphone to parties 0:25:36.201 --> 0:25:37.442 take 20 minutes to set up 0:25:37.502 --> 0:25:38.564 do the interview break down 0:25:38.604 --> 0:25:39.545 and leave and I would just 0:25:39.565 --> 0:25:40.486 be the like the roaming 0:25:40.506 --> 0:25:42.107 gnome and now I think I've 0:25:42.127 --> 0:25:43.388 gotten smarter where I stay 0:25:43.429 --> 0:25:44.450 still and the guests come 0:25:44.470 --> 0:25:46.692 to me so I'm lucky enough 0:25:46.712 --> 0:25:48.013 to pair up with one of my 0:25:48.094 --> 0:25:49.715 show sponsors ati so I'll 0:25:49.736 --> 0:25:51.017 be at booth 50 22 there's like 0:25:53.609 --> 0:25:54.330 Hundreds of booths. 0:25:54.431 --> 0:25:56.472 It's Central Park in this thing. 0:25:56.873 --> 0:25:58.034 So I'm doing the I stand 0:25:58.074 --> 0:25:59.255 still model and I do a 0:25:59.275 --> 0:26:00.076 bunch of interviews. 0:26:00.497 --> 0:26:02.699 I'm also, maybe Tony will like this, 0:26:02.778 --> 0:26:04.559 is I'm doing as people walk by, 0:26:04.640 --> 0:26:05.641 if I don't have 15 minutes 0:26:05.760 --> 0:26:06.342 or maybe they don't have a 0:26:06.382 --> 0:26:07.502 topic they want to talk about, 0:26:07.603 --> 0:26:09.023 I'm just doing 60 second interviews. 0:26:09.625 --> 0:26:11.185 pt episodes and that's the 0:26:11.205 --> 0:26:12.365 same 12 questions or 0:26:12.385 --> 0:26:13.747 whatever for every person 0:26:14.166 --> 0:26:15.327 in 60 seconds and then I 0:26:15.428 --> 0:26:16.488 edit up cut it up put some 0:26:16.508 --> 0:26:17.689 music make it nice and fast 0:26:18.068 --> 0:26:19.589 so that's a way for for for 0:26:19.609 --> 0:26:20.430 me to interact with people 0:26:20.450 --> 0:26:22.691 so I'm excited um I do 0:26:22.711 --> 0:26:23.612 stuff with the I gotta give 0:26:23.632 --> 0:26:24.731 a nod to the foundation for 0:26:24.771 --> 0:26:25.833 physical therapy research 0:26:26.032 --> 0:26:26.853 which is a non-profit 0:26:26.873 --> 0:26:28.094 organization that raises 0:26:28.134 --> 0:26:29.554 money for pt research and 0:26:29.574 --> 0:26:30.454 then gives money away 0:26:31.255 --> 0:26:32.316 So I do a bunch of stuff for 0:26:32.355 --> 0:26:32.936 them out there. 0:26:33.057 --> 0:26:35.019 And then AOPT, 0:26:35.059 --> 0:26:36.060 the Academy of Orthopedic 0:26:36.080 --> 0:26:38.923 Physical Therapy, they're 50 years old. 0:26:39.005 --> 0:26:39.885 So they're doing their 50th 0:26:39.905 --> 0:26:40.666 anniversary party. 0:26:41.207 --> 0:26:42.489 And I'm helping them throw a party there. 0:26:42.588 --> 0:26:44.131 So I'm not going to sleep for three days, 0:26:44.211 --> 0:26:44.991 but I am packed. 0:26:45.573 --> 0:26:46.554 And we're going to Boston, 0:26:47.875 --> 0:26:48.957 rain or shine or snow. 0:26:49.477 --> 0:26:50.458 So I'm headed out there tomorrow. 0:26:51.058 --> 0:26:52.160 are you doing all of your 0:26:52.240 --> 0:26:53.240 podcasts and interviews at 0:26:53.299 --> 0:26:54.401 that one particular booth 0:26:54.441 --> 0:26:55.261 you're talking about are 0:26:55.281 --> 0:26:55.741 you gonna be at like 0:26:55.781 --> 0:26:56.702 different locations just so 0:26:56.762 --> 0:26:57.462 folks know where to find 0:26:57.502 --> 0:26:59.203 you 50 22 yeah I used to 0:26:59.263 --> 0:27:00.005 run around like a chicken 0:27:00.025 --> 0:27:00.724 with my head cut off 0:27:00.765 --> 0:27:01.705 because I was like I have 0:27:01.766 --> 0:27:03.027 to do this and I have to do 0:27:03.047 --> 0:27:03.666 that and then I just 0:27:03.747 --> 0:27:04.607 reversed it and I was like 0:27:04.708 --> 0:27:06.409 I'm still and you come to 0:27:06.469 --> 0:27:07.308 me you know who cared 0:27:07.528 --> 0:27:08.130 nobody everybody's like 0:27:08.150 --> 0:27:10.010 okay like I thought I had 0:27:10.050 --> 0:27:11.030 to do all the things and 0:27:11.050 --> 0:27:11.872 then I just was like this 0:27:11.932 --> 0:27:13.673 is killing me and now I 0:27:13.692 --> 0:27:15.013 just stand still and you're 0:27:15.054 --> 0:27:16.335 on the bingo card I heard 0:27:17.133 --> 0:27:17.512 Yeah. 0:27:17.614 --> 0:27:19.496 So there's a Twitter account called like, 0:27:19.536 --> 0:27:22.118 it's like at fake PT stats or something. 0:27:22.239 --> 0:27:22.980 And it's like cute. 0:27:23.000 --> 0:27:24.280 Like they just put out like funny, 0:27:24.500 --> 0:27:26.202 you know, like one liner stuff. 0:27:26.604 --> 0:27:27.104 Meme stuff. 0:27:27.124 --> 0:27:27.384 Yeah. 0:27:27.403 --> 0:27:27.865 Like, you know, 0:27:27.865 --> 0:27:30.688 76% of PTs wear a polo shirt and that, 0:27:31.148 --> 0:27:33.431 that tracks on this live stream. 0:27:33.451 --> 0:27:33.550 Yeah. 0:27:34.672 --> 0:27:35.093 That's 33%. 0:27:35.532 --> 0:27:36.953 But they just throw random 0:27:36.973 --> 0:27:37.615 things like that out. 0:27:37.734 --> 0:27:38.996 I don't even know who runs it. 0:27:39.056 --> 0:27:39.915 I just interact with them 0:27:39.935 --> 0:27:40.757 because I think every once 0:27:40.777 --> 0:27:41.857 in a while they throw out cool stuff. 0:27:42.458 --> 0:27:44.038 And they put out like a big 0:27:44.138 --> 0:27:45.601 bingo card of all the 0:27:45.641 --> 0:27:46.480 things that are 0:27:46.661 --> 0:27:48.643 stereotypical or that you should do. 0:27:48.722 --> 0:27:49.584 And yeah, 0:27:49.604 --> 0:27:50.743 take a selfie with me was on the 0:27:50.784 --> 0:27:51.224 bingo card. 0:27:51.345 --> 0:27:51.865 I mean, 0:27:52.365 --> 0:27:53.606 I honestly had no idea who runs 0:27:53.626 --> 0:27:54.047 that account. 0:27:54.086 --> 0:27:55.167 So I have no idea why I'm on 0:27:55.188 --> 0:27:55.688 the bingo card, 0:27:55.708 --> 0:27:56.449 but I'm on the bingo card. 0:27:57.068 --> 0:27:57.368 Nice. 0:27:57.528 --> 0:27:58.849 And then aside from you 0:27:58.890 --> 0:28:00.270 doing the interviews and stuff, 0:28:01.051 --> 0:28:01.853 what are you, 0:28:02.073 --> 0:28:04.515 are you going to go to any of the, 0:28:04.894 --> 0:28:06.536 the speakers or anything 0:28:06.596 --> 0:28:07.997 you want to see and engage with? 0:28:08.257 --> 0:28:09.137 If you looked at my schedule, 0:28:09.157 --> 0:28:09.798 it looks like someone 0:28:09.858 --> 0:28:11.599 spilled a box of Crayola crayons on it. 0:28:11.680 --> 0:28:14.382 So I will go to some, I am presenting too. 0:28:14.402 --> 0:28:16.002 I'm presenting Thursday, 0:28:16.242 --> 0:28:17.443 the happy hour session, 0:28:17.463 --> 0:28:18.825 the last session of the day, Thursday, 0:28:18.865 --> 0:28:19.425 three to five. 0:28:20.205 --> 0:28:21.165 in and this is how I'm 0:28:21.205 --> 0:28:22.166 telling people the name of 0:28:22.186 --> 0:28:23.386 the room is Carlton so it's 0:28:23.426 --> 0:28:24.647 like the Carlton I'm in the 0:28:24.667 --> 0:28:25.907 Carlton three to five on 0:28:25.968 --> 0:28:28.528 Thursday BYOB I don't know 0:28:28.568 --> 0:28:29.569 if you can do that but no 0:28:29.609 --> 0:28:30.390 one has said you can't do 0:28:30.430 --> 0:28:31.990 that but my presentation is 0:28:32.030 --> 0:28:32.891 science isn't finished 0:28:32.931 --> 0:28:34.551 until it's understood and 0:28:34.592 --> 0:28:35.451 it's in the section in the 0:28:35.471 --> 0:28:37.011 academy of research which 0:28:37.073 --> 0:28:37.712 is essentially like all 0:28:37.873 --> 0:28:39.492 right you spend a year of 0:28:39.532 --> 0:28:40.594 your life doing research 0:28:40.634 --> 0:28:41.433 and then it gets published 0:28:41.453 --> 0:28:43.454 in a journal and you're like and I'm done 0:28:44.365 --> 0:28:46.708 And I'm like, actually, you're not. 0:28:47.228 --> 0:28:48.709 So I'm going to start my 0:28:48.788 --> 0:28:50.270 session off by by doing 0:28:50.391 --> 0:28:51.431 football play by play. 0:28:52.211 --> 0:28:52.811 And it's going to be the 0:28:52.873 --> 0:28:54.113 Bunsen burners versus the 0:28:54.133 --> 0:28:55.153 pseudoscience quacks. 0:28:55.213 --> 0:28:56.015 And I'm going to do play by 0:28:56.055 --> 0:28:57.836 play of this fictitious football game. 0:28:58.497 --> 0:28:59.557 And it's a two minute drill, 0:28:59.698 --> 0:29:00.577 just like a game we might 0:29:00.597 --> 0:29:01.318 have had the other day. 0:29:01.959 --> 0:29:03.259 And the Bunsen burners pro 0:29:03.299 --> 0:29:04.902 signs are charging down the field. 0:29:04.981 --> 0:29:06.083 All they have to do is score 0:29:06.123 --> 0:29:07.663 to beat the pseudoscience quacks. 0:29:08.263 --> 0:29:09.884 And at the 17-yard line with 0:29:09.884 --> 0:29:12.405 12 seconds left, they take a knee. 0:29:12.727 --> 0:29:13.547 And everybody in the stadium 0:29:13.567 --> 0:29:14.287 is so confused. 0:29:14.307 --> 0:29:15.107 What happened? 0:29:15.528 --> 0:29:16.528 You received the kick. 0:29:16.548 --> 0:29:17.409 You got the grant. 0:29:17.469 --> 0:29:18.690 You did the science of the 0:29:18.730 --> 0:29:20.411 running plays and the pass plays. 0:29:20.431 --> 0:29:21.351 And you got all the way to the 17. 0:29:22.652 --> 0:29:23.632 Why did you take a knee? 0:29:23.912 --> 0:29:24.653 Because they thought their 0:29:24.692 --> 0:29:26.034 job was to get published. 0:29:26.193 --> 0:29:27.934 At the 17-yard line, you get published. 0:29:28.394 --> 0:29:28.755 And I'm like, 0:29:28.795 --> 0:29:30.915 but the end zone is about understanding. 0:29:30.976 --> 0:29:31.977 And you're not done yet. 0:29:32.797 --> 0:29:34.019 that's the bad news the good 0:29:34.058 --> 0:29:34.759 news is I'm going to show 0:29:34.779 --> 0:29:35.942 you 15 different ways for 0:29:35.981 --> 0:29:36.823 under 100 bucks to 0:29:37.003 --> 0:29:37.924 communicate your science 0:29:38.486 --> 0:29:39.788 and isn't that the point so 0:29:39.827 --> 0:29:41.109 that's kind of why I don't 0:29:41.170 --> 0:29:42.271 belong in the academy of 0:29:42.332 --> 0:29:43.432 research but why I'm in the 0:29:43.472 --> 0:29:45.135 academy of research giving a presentation 0:29:46.166 --> 0:29:46.727 I love that. 0:29:46.747 --> 0:29:48.208 I think that is so important. 0:29:48.907 --> 0:29:50.067 I talk to people all the 0:29:50.087 --> 0:29:53.309 time and they're amazing at what they do, 0:29:53.950 --> 0:29:54.690 but then I'm like, 0:29:54.910 --> 0:29:55.851 how do you get people to 0:29:55.891 --> 0:29:56.951 know about what you do? 0:29:57.230 --> 0:29:58.751 And they have nothing. 0:29:58.951 --> 0:30:00.592 They don't get out on social media. 0:30:00.632 --> 0:30:01.653 They don't record video. 0:30:01.692 --> 0:30:02.553 They don't do podcasts. 0:30:02.573 --> 0:30:03.452 You don't do anything. 0:30:04.074 --> 0:30:04.453 And I'm like, 0:30:04.493 --> 0:30:06.314 you built this amazing asset 0:30:06.354 --> 0:30:07.154 and then you don't do 0:30:07.355 --> 0:30:08.434 anything to push it out 0:30:08.474 --> 0:30:09.315 there and help people 0:30:09.375 --> 0:30:10.455 understand what you've done. 0:30:11.222 --> 0:30:11.502 Yeah, 0:30:11.563 --> 0:30:13.163 so that's why I wanted to – and I 0:30:13.223 --> 0:30:13.984 actually asked a couple 0:30:14.045 --> 0:30:14.924 researchers who I'm friends 0:30:14.964 --> 0:30:16.465 with because in the – I was 0:30:16.486 --> 0:30:17.987 trying to make this like Casey at the Bat, 0:30:18.247 --> 0:30:18.387 right? 0:30:18.407 --> 0:30:19.667 We've all heard of Casey at the Bat, 0:30:19.708 --> 0:30:21.249 like no joy in Mudville. 0:30:21.789 --> 0:30:22.490 And I don't want to – I 0:30:22.509 --> 0:30:23.590 didn't want it to be a downer. 0:30:23.750 --> 0:30:24.932 Originally I had – and I 0:30:24.951 --> 0:30:26.452 have fake player names and everything. 0:30:26.472 --> 0:30:27.232 I have formations. 0:30:27.933 --> 0:30:29.034 I didn't want it to be like 0:30:29.074 --> 0:30:30.634 an interception and then 0:30:30.855 --> 0:30:32.836 the Bunsen Burners lose to the Quacks, 0:30:32.896 --> 0:30:33.057 right, 0:30:33.076 --> 0:30:34.538 with a pick six or something like that. 0:30:35.117 --> 0:30:36.739 So we decided taking a knee 0:30:36.778 --> 0:30:38.380 was more like – 0:30:38.380 --> 0:30:40.262 in line with like you, you had the, 0:30:40.462 --> 0:30:41.183 why didn't you throw a 0:30:41.223 --> 0:30:42.184 couple of strikes to the end zone? 0:30:42.204 --> 0:30:43.287 Why didn't you take a shot at it? 0:30:44.048 --> 0:30:45.169 I think most of the time 0:30:46.109 --> 0:30:47.332 scientists or people in 0:30:47.372 --> 0:30:48.413 research don't feel like that. 0:30:48.473 --> 0:30:49.914 It's not their, it's not their area. 0:30:49.955 --> 0:30:50.695 It's not their turf. 0:30:50.757 --> 0:30:51.076 And I'm like, 0:30:51.136 --> 0:30:52.459 it is a hundred percent your turf. 0:30:52.959 --> 0:30:54.060 You're probably the only 0:30:54.101 --> 0:30:54.981 person who's going to do it. 0:30:55.702 --> 0:30:56.403 The journals, 0:30:56.423 --> 0:30:57.045 I'm not going to knock 0:30:57.085 --> 0:30:57.925 journals here or anything, 0:30:57.945 --> 0:30:59.208 but their job is to publish stuff, 0:30:59.268 --> 0:30:59.989 and then they just look for 0:31:00.009 --> 0:31:01.150 the next thing to publish. 0:31:01.210 --> 0:31:02.971 They're not going to run around. 0:31:03.272 --> 0:31:04.193 No one's going to sing your 0:31:04.314 --> 0:31:06.376 research's praises as accurately, 0:31:06.537 --> 0:31:08.219 as loudly, as frequently. 0:31:09.160 --> 0:31:09.941 You need to understand, 0:31:09.980 --> 0:31:11.963 if you want this to spread, you're it. 0:31:13.436 --> 0:31:13.596 Um, 0:31:13.978 --> 0:31:15.858 so that's my presentation in a nutshell. 0:31:15.878 --> 0:31:17.280 You don't even have to come like that's it, 0:31:17.340 --> 0:31:18.902 but I'm going to give examples, examples, 0:31:18.961 --> 0:31:19.442 examples. 0:31:19.823 --> 0:31:21.003 So the last topic for today, 0:31:21.023 --> 0:31:21.684 I wanted to talk about, 0:31:21.724 --> 0:31:22.285 this is something that 0:31:22.325 --> 0:31:24.606 popped up on the interwebs radar, 0:31:25.387 --> 0:31:28.691 and this is lifetime fitness. 0:31:29.151 --> 0:31:30.092 So this is a petition I've 0:31:30.112 --> 0:31:31.493 got on the stream right now, right? 0:31:31.534 --> 0:31:33.434 So lifetime fitness is, 0:31:33.454 --> 0:31:34.596 I don't even know how big they are. 0:31:34.655 --> 0:31:35.656 Do you guys know how big they are? 0:31:35.676 --> 0:31:36.678 They're just a series. 0:31:36.698 --> 0:31:37.358 They're a gym, right? 0:31:38.202 --> 0:31:38.603 They're pretty big. 0:31:38.623 --> 0:31:39.624 They're pretty large. 0:31:39.644 --> 0:31:40.263 They're huge. 0:31:40.324 --> 0:31:42.205 They're a publicly traded company. 0:31:42.346 --> 0:31:44.086 I mean, way, way bigger. 0:31:44.126 --> 0:31:44.406 Yeah. 0:31:44.467 --> 0:31:44.748 Okay. 0:31:44.768 --> 0:31:46.689 So if you look at the graphic here, right, 0:31:47.088 --> 0:31:48.609 they're not where I live or anything, 0:31:48.670 --> 0:31:49.651 but Lifetime Fitness, 0:31:49.730 --> 0:31:50.912 big company apparently. 0:31:51.531 --> 0:31:53.753 And they started marketing 0:31:54.054 --> 0:31:57.195 this logo on the screen, which is DPT, 0:31:57.316 --> 0:31:59.156 which sounds like the 0:31:59.176 --> 0:32:01.638 degree a lot of us got, right? 0:32:01.679 --> 0:32:02.559 DPT, right? 0:32:02.640 --> 0:32:03.780 But they are calling it 0:32:03.861 --> 0:32:05.842 dynamic personal training, right? 0:32:06.092 --> 0:32:09.996 Now, this is misleading to the public, 0:32:10.056 --> 0:32:10.316 right? 0:32:11.136 --> 0:32:12.198 That's what people will say. 0:32:12.798 --> 0:32:12.917 Now, 0:32:12.999 --> 0:32:15.381 here's where you get into some issues. 0:32:16.060 --> 0:32:17.742 And this is as far as I understand, 0:32:18.063 --> 0:32:19.605 call the APTA because they 0:32:19.644 --> 0:32:21.666 have people who can give you specifics. 0:32:22.047 --> 0:32:23.087 This is state by state. 0:32:23.588 --> 0:32:24.990 This is where we live in one country, 0:32:25.289 --> 0:32:27.412 but we live in 50 different fiefdoms, 0:32:27.412 --> 0:32:29.094 50 different states, plus DC, 0:32:29.134 --> 0:32:29.874 plus Puerto Rico. 0:32:30.555 --> 0:32:31.395 where the rules are 0:32:31.435 --> 0:32:32.576 different man just there's 0:32:32.596 --> 0:32:33.897 an invisible line somewhere 0:32:33.917 --> 0:32:34.877 and you cross it and now 0:32:34.917 --> 0:32:36.038 you can or can't do that 0:32:36.078 --> 0:32:37.119 thing you could 10 steps 0:32:37.180 --> 0:32:40.663 back so there is like title protection 0:32:41.811 --> 0:32:45.353 And these are meant to protect degrees, 0:32:45.472 --> 0:32:46.432 intellectual property, 0:32:46.472 --> 0:32:47.594 or the rights to do things. 0:32:47.913 --> 0:32:50.394 But these vary state to state. 0:32:50.473 --> 0:32:51.575 And these are very gray. 0:32:52.174 --> 0:32:53.234 And even if they're not gray, 0:32:53.275 --> 0:32:54.255 even if it's black and white, 0:32:54.355 --> 0:32:55.576 you still got to take them to court. 0:32:55.895 --> 0:32:57.115 And that requires money and 0:32:57.175 --> 0:32:58.195 time and effort. 0:32:58.936 --> 0:33:01.176 So my two cents is this. 0:33:01.656 --> 0:33:02.218 Number one, 0:33:02.377 --> 0:33:04.538 Lifetime Fitness with a $2.66 0:33:04.538 --> 0:33:05.798 billion market cap. 0:33:05.817 --> 0:33:07.239 So I guess they're kind of a big company, 0:33:07.278 --> 0:33:07.479 Jimmy. 0:33:08.549 --> 0:33:10.071 They know exactly what they're doing. 0:33:10.332 --> 0:33:11.673 This is not an accident. 0:33:11.854 --> 0:33:14.056 They have 11 D lawyers long 0:33:14.096 --> 0:33:16.278 before they ever put a DPP 0:33:16.318 --> 0:33:17.861 on a t-shirt and slap it on a trainer. 0:33:17.881 --> 0:33:19.461 They know exactly what they're doing. 0:33:19.883 --> 0:33:21.203 This is not by accident. 0:33:21.585 --> 0:33:22.405 And they are going to ride 0:33:22.445 --> 0:33:24.048 this wave as long as it is 0:33:24.087 --> 0:33:25.849 allowed until someone steps up. 0:33:26.009 --> 0:33:26.891 And that's why the thing 0:33:26.911 --> 0:33:27.852 that I put on the screen is, 0:33:28.132 --> 0:33:29.532 is great in my opinion right 0:33:29.732 --> 0:33:32.493 it is a petition to stop 0:33:32.513 --> 0:33:33.394 this thing right it's a 0:33:33.414 --> 0:33:34.434 petition to say hey don't 0:33:34.474 --> 0:33:36.135 do it anymore which is fine 0:33:36.517 --> 0:33:37.517 and I a hundred I'm gonna 0:33:37.537 --> 0:33:38.458 look in the camera and the 0:33:38.478 --> 0:33:40.798 microphone I 100 support 0:33:40.838 --> 0:33:43.059 doing this but now I'm 0:33:43.079 --> 0:33:43.779 going to go another way and 0:33:43.799 --> 0:33:44.500 I want to hear your thoughts 0:33:47.361 --> 0:33:48.182 I know that Tony probably 0:33:48.201 --> 0:33:49.402 doesn't really care that much about it. 0:33:50.042 --> 0:33:50.823 Listen, first of all, 0:33:51.042 --> 0:33:52.064 the market cap is interesting. 0:33:52.104 --> 0:33:53.265 I didn't know it was that big. 0:33:53.285 --> 0:33:54.265 And then I just had to look up, 0:33:54.525 --> 0:33:56.346 as we're talking, USPH, 0:33:56.365 --> 0:33:57.247 which is one of the bigger 0:33:57.326 --> 0:33:58.407 publicly traded physical 0:33:58.428 --> 0:33:59.567 therapy companies. 0:33:59.827 --> 0:34:02.289 And that's like $1.45 billion. 0:34:02.450 --> 0:34:03.170 I didn't even realize 0:34:03.210 --> 0:34:04.191 Lifetime Fitness is even 0:34:04.250 --> 0:34:05.612 larger than one of our 0:34:05.652 --> 0:34:06.853 biggest acquirers that has 0:34:06.853 --> 0:34:08.693 900 plus locations. 0:34:09.094 --> 0:34:10.914 Novocare Select is probably 0:34:10.954 --> 0:34:11.434 a little bit bigger. 0:34:11.454 --> 0:34:12.175 I think they're closer to 0:34:12.215 --> 0:34:13.597 like 1,000 or more locations. 0:34:13.697 --> 0:34:13.916 But- 0:34:15.056 --> 0:34:15.217 Yeah, 0:34:15.237 --> 0:34:17.478 it's going to be tough to change that 0:34:17.657 --> 0:34:19.518 of a mammoth of a company. 0:34:20.559 --> 0:34:21.338 Yeah, they got money. 0:34:21.539 --> 0:34:22.599 They know what they're doing. 0:34:23.998 --> 0:34:25.280 No, I don't think it's right. 0:34:25.559 --> 0:34:28.380 I do like the response and 0:34:28.840 --> 0:34:29.621 therapists are signing a 0:34:29.661 --> 0:34:30.320 petition or whatever. 0:34:30.561 --> 0:34:31.420 Will that actually work? 0:34:31.481 --> 0:34:31.800 Of course, 0:34:31.860 --> 0:34:32.782 Tony's going to chime in here 0:34:32.822 --> 0:34:33.322 and probably say no. 0:34:34.382 --> 0:34:36.063 Um, but you know, we, 0:34:36.123 --> 0:34:37.045 we just need to be better 0:34:37.065 --> 0:34:37.585 at the end of the day. 0:34:37.605 --> 0:34:38.726 We need to be better with like, 0:34:39.045 --> 0:34:40.628 with content videos, all that, 0:34:40.668 --> 0:34:41.387 just marketing. 0:34:42.068 --> 0:34:42.789 Um, you know, 0:34:42.929 --> 0:34:44.170 that I think is the best way 0:34:44.210 --> 0:34:45.652 to really truly fight it on 0:34:45.672 --> 0:34:46.733 the ground with every 0:34:46.773 --> 0:34:48.034 practice putting out, I mean, 0:34:48.054 --> 0:34:49.954 there's amazing practices on Instagram, 0:34:50.014 --> 0:34:51.416 colleagues of mine all over the country, 0:34:51.456 --> 0:34:53.498 putting out videos and content, uh, 0:34:53.938 --> 0:34:55.099 patient facing, you know, 0:34:55.119 --> 0:34:56.260 consumer facing content. 0:34:56.920 --> 0:34:57.961 Uh, I do like the response. 0:34:57.981 --> 0:34:58.181 I mean, 0:34:58.362 --> 0:34:59.684 I think the response is better than 0:34:59.764 --> 0:35:00.304 no response. 0:35:00.344 --> 0:35:01.085 I think the, yeah. 0:35:01.525 --> 0:35:02.789 should be doing more or can 0:35:02.809 --> 0:35:03.632 be doing more or whatever. 0:35:04.393 --> 0:35:05.898 I'm curious to hear what 0:35:05.998 --> 0:35:06.880 exactly Tony's going to say. 0:35:07.657 --> 0:35:09.097 Yeah, of course. 0:35:09.217 --> 0:35:10.898 I mean, I don't think it matters, 0:35:11.117 --> 0:35:14.780 but I will say there's, there's gosh, 0:35:14.880 --> 0:35:15.139 there's, 0:35:15.320 --> 0:35:16.141 it seems like there was a 0:35:16.240 --> 0:35:18.280 Shakespeare saying I could 0:35:18.320 --> 0:35:20.121 bring in here and I don't know what it is, 0:35:20.141 --> 0:35:23.244 but basically you never, Jimmy, 0:35:23.264 --> 0:35:24.103 you're going to know this. 0:35:24.184 --> 0:35:24.864 It's something like you 0:35:24.884 --> 0:35:26.284 never let an opportunity, 0:35:26.965 --> 0:35:27.684 you never miss an 0:35:27.744 --> 0:35:29.106 opportunity or something like that. 0:35:29.726 --> 0:35:30.987 I would say there's no value 0:35:31.067 --> 0:35:32.567 in trying to fight lifetime 0:35:32.626 --> 0:35:33.427 fitness on this. 0:35:34.088 --> 0:35:35.409 I would argue they don't know. 0:35:35.489 --> 0:35:36.250 They don't care. 0:35:36.289 --> 0:35:36.909 It doesn't matter. 0:35:36.929 --> 0:35:37.690 It's three letters. 0:35:37.951 --> 0:35:39.172 I understand there are state 0:35:39.192 --> 0:35:40.532 practice acts that protect 0:35:40.572 --> 0:35:41.494 those three letters. 0:35:42.894 --> 0:35:43.755 I know there's state 0:35:43.775 --> 0:35:45.536 practice acts that protect two letters, 0:35:45.637 --> 0:35:47.458 the P and the T. I don't 0:35:47.498 --> 0:35:49.000 know about the D in front of it. 0:35:49.795 --> 0:35:51.135 I go back to, you know, 0:35:51.476 --> 0:35:52.836 once there are certain 0:35:52.856 --> 0:35:53.956 things you can trademark, 0:35:53.996 --> 0:35:55.438 there are certain things you can do. 0:35:55.538 --> 0:35:56.918 But the reality is the 0:35:56.978 --> 0:35:58.579 opportunity here isn't in 0:35:58.699 --> 0:35:59.920 fighting lifetime. 0:35:59.981 --> 0:36:01.041 Who cares about lifetime? 0:36:01.521 --> 0:36:02.983 It's in rallying the troops. 0:36:03.463 --> 0:36:04.744 It's in taking this and 0:36:04.784 --> 0:36:05.784 getting the profession, 0:36:05.844 --> 0:36:07.746 getting the base excited to be like, ah, 0:36:07.806 --> 0:36:08.865 there was a common enemy. 0:36:09.206 --> 0:36:10.487 We have to fight against this. 0:36:10.547 --> 0:36:11.807 We have to bring ourselves 0:36:11.847 --> 0:36:13.268 together and we have to do more. 0:36:14.148 --> 0:36:16.349 Um, I do think there's some value in that, 0:36:16.650 --> 0:36:19.570 you know, so from a political perspective, 0:36:19.610 --> 0:36:20.690 I think you could leverage 0:36:20.751 --> 0:36:22.271 this to get people excited, 0:36:22.990 --> 0:36:25.152 but to actually fight them to, 0:36:25.251 --> 0:36:27.251 to hire attorneys, to worry about that. 0:36:27.311 --> 0:36:28.512 I don't think any of it matters. 0:36:29.353 --> 0:36:30.913 Um, so that, that's where I stand. 0:36:31.052 --> 0:36:33.574 I'm just like the amount of effort again, 0:36:33.853 --> 0:36:35.634 cause I took heat on this being like, 0:36:35.673 --> 0:36:36.994 you should be all for this 0:36:37.034 --> 0:36:38.235 because this is our future. 0:36:38.255 --> 0:36:39.255 And I'm like, I am, 0:36:39.394 --> 0:36:41.195 but where are you when this 0:36:41.356 --> 0:36:42.195 isn't happening? 0:36:42.876 --> 0:36:44.117 So this is the psychological 0:36:44.197 --> 0:36:46.697 theory of loss aversion, which is like, 0:36:46.818 --> 0:36:46.998 I mean, 0:36:47.018 --> 0:36:48.418 they've studied this in humans and 0:36:48.539 --> 0:36:48.918 monkeys. 0:36:48.958 --> 0:36:51.199 Like it is apparent that we 0:36:51.280 --> 0:36:53.300 would rather not lose a 0:36:53.340 --> 0:36:56.023 dollar than make $2, right? 0:36:56.043 --> 0:36:57.023 And I'm paraphrasing there, 0:36:57.043 --> 0:36:57.623 but you get the idea. 0:36:57.643 --> 0:36:58.043 It's like, 0:36:58.184 --> 0:36:59.445 I have something and now I'm 0:36:59.545 --> 0:37:01.905 super fired up about not losing it. 0:37:01.925 --> 0:37:04.666 This is why life insurance, they sell the, 0:37:04.967 --> 0:37:06.668 they use this opportunity. 0:37:07.268 --> 0:37:09.550 Where, when this is over and it will be, 0:37:10.494 --> 0:37:11.876 either by a judge or the 0:37:11.956 --> 0:37:12.876 lifetime fitness will just 0:37:12.996 --> 0:37:14.536 move on and use a different term. 0:37:15.197 --> 0:37:16.117 It's not going to matter. 0:37:16.577 --> 0:37:17.559 It's just not like the 0:37:17.719 --> 0:37:19.300 average person has no idea what Pete, 0:37:19.420 --> 0:37:20.260 like we say all the time, 0:37:20.300 --> 0:37:21.041 they don't know what PT is. 0:37:21.061 --> 0:37:22.081 Nevermind a DPT. 0:37:22.501 --> 0:37:23.181 They don't know. 0:37:24.081 --> 0:37:26.123 So why are we not yelling, 0:37:26.463 --> 0:37:27.925 or I should say storytelling, 0:37:28.164 --> 0:37:29.246 when the sun is shining and 0:37:29.266 --> 0:37:31.586 there isn't a $2.66 billion 0:37:31.626 --> 0:37:34.268 company trying to use our 0:37:34.349 --> 0:37:36.630 letters that don't, to the average person, 0:37:37.110 --> 0:37:38.512 mean nothing. 0:37:38.672 --> 0:37:39.913 They mean nothing. 0:37:39.972 --> 0:37:41.534 So tell stories. 0:37:42.635 --> 0:37:44.356 I'm going to use this in my presentation. 0:37:44.376 --> 0:37:45.697 Have you guys ever heard of Peso? 0:37:47.599 --> 0:37:49.942 $2.6 billion for Lifetime Fitness. 0:37:50.322 --> 0:37:52.143 I'd say don't argue over dollars, 0:37:52.344 --> 0:37:53.304 argue over pesos. 0:37:53.784 --> 0:37:57.427 And peso is problem, agitation, solution, 0:37:57.967 --> 0:37:58.389 outcome. 0:37:58.969 --> 0:38:00.891 If you're like, I'm a small practice owner, 0:38:00.911 --> 0:38:02.052 I have no idea how to market. 0:38:02.411 --> 0:38:03.914 If you had one tool, 0:38:04.253 --> 0:38:05.074 it's those four letters. 0:38:06.416 --> 0:38:08.998 Problem, do you have a leaky sink? 0:38:09.813 --> 0:38:10.333 If you don't, 0:38:10.534 --> 0:38:11.275 I'm not going to pay attention. 0:38:11.295 --> 0:38:13.117 But if you do, you're like, okay, yeah, 0:38:13.416 --> 0:38:13.898 or I might. 0:38:13.958 --> 0:38:14.759 I just bought a house, 0:38:14.798 --> 0:38:15.619 so I'm paying attention to 0:38:15.719 --> 0:38:16.460 freaking everything. 0:38:16.740 --> 0:38:17.222 Problem. 0:38:17.242 --> 0:38:18.202 Do you have a leaky sink? 0:38:18.342 --> 0:38:18.943 Agitation. 0:38:19.385 --> 0:38:19.985 Leaking water, 0:38:20.025 --> 0:38:21.086 you might never know about it, 0:38:21.106 --> 0:38:22.047 and it could cause water 0:38:22.088 --> 0:38:23.268 damage that you'll never see, 0:38:23.289 --> 0:38:24.650 but it'll cost you thousands. 0:38:25.030 --> 0:38:25.831 That's an agitation. 0:38:25.851 --> 0:38:26.612 That's salt in the wound. 0:38:26.934 --> 0:38:27.414 Solution. 0:38:29.371 --> 0:38:31.472 A $35 plumbing analysis will 0:38:31.512 --> 0:38:32.452 come in and will check all 0:38:32.472 --> 0:38:34.074 your pipes before winter 0:38:34.114 --> 0:38:36.094 starts to make sure you 0:38:36.175 --> 0:38:38.275 don't get any damage outcome. 0:38:38.576 --> 0:38:39.936 And you'll never, ever be, 0:38:40.157 --> 0:38:41.016 you'll never wake up in the 0:38:41.036 --> 0:38:41.637 middle of the night 0:38:41.958 --> 0:38:43.259 wondering if your pipes are burst. 0:38:43.679 --> 0:38:44.159 Peso. 0:38:44.559 --> 0:38:45.480 Don't fight dollars. 0:38:45.579 --> 0:38:46.079 Use pesos. 0:38:46.159 --> 0:38:47.039 P-A-S-O. 0:38:47.521 --> 0:38:48.641 We're worried about lifetime 0:38:48.681 --> 0:38:49.702 fitness using DPT. 0:38:51.172 --> 0:38:52.132 But what are we doing to 0:38:52.253 --> 0:38:54.034 gain people's attention? 0:38:54.054 --> 0:38:55.275 We're just saying, don't do this. 0:38:55.396 --> 0:38:56.056 Don't do this. 0:38:56.117 --> 0:38:57.057 They're not really us. 0:38:57.579 --> 0:38:58.119 What are we? 0:38:58.458 --> 0:38:59.581 We are fighting the wrong 0:38:59.701 --> 0:39:00.842 end of this stick. 0:39:01.001 --> 0:39:02.003 Tony, what was the actual quote? 0:39:02.023 --> 0:39:03.164 It wasn't Shakespeare, it was Churchill. 0:39:03.445 --> 0:39:04.985 Yeah, Winston Churchill said, 0:39:05.065 --> 0:39:06.987 never let a good crisis go to waste. 0:39:07.188 --> 0:39:07.648 Great. 0:39:07.909 --> 0:39:09.371 This could be one of those 0:39:09.471 --> 0:39:11.353 opportunities to rally the troops. 0:39:12.596 --> 0:39:12.876 Agreed. 0:39:13.536 --> 0:39:15.137 Again, I think everybody who's doing it, 0:39:15.219 --> 0:39:16.139 I have no doubt you're 0:39:16.159 --> 0:39:17.780 doing it in the spirit of 0:39:18.382 --> 0:39:20.023 making sure communication is clear. 0:39:20.043 --> 0:39:20.764 Oh, look at that. 0:39:20.804 --> 0:39:22.945 There's a nice little tie 0:39:23.005 --> 0:39:24.166 over from my science 0:39:24.186 --> 0:39:25.188 communication presentation. 0:39:25.489 --> 0:39:26.289 This is great. 0:39:26.670 --> 0:39:28.170 And I would push back and say, yes. 0:39:29.132 --> 0:39:30.652 And in six months or eight 0:39:30.693 --> 0:39:32.054 months or 12 months when this is over, 0:39:32.594 --> 0:39:33.634 what are you going to do about it? 0:39:33.793 --> 0:39:35.375 Where's this wave going to ride? 0:39:35.394 --> 0:39:36.235 Because a lot of people, 0:39:36.275 --> 0:39:37.956 if you look at this thing, 0:39:37.996 --> 0:39:39.556 they've raised money. 0:39:39.757 --> 0:39:40.757 I'm like, where's this money? 0:39:41.177 --> 0:39:42.137 And I looked and I couldn't 0:39:42.157 --> 0:39:42.998 really tell where the money 0:39:43.057 --> 0:39:44.139 was going on this, 0:39:44.818 --> 0:39:46.320 but there was like 11 grand 0:39:46.360 --> 0:39:47.400 or something like that raised. 0:39:47.460 --> 0:39:49.420 I'm guessing lawyers, I guess. 0:39:49.521 --> 0:39:50.762 I don't know, or something like that. 0:39:50.782 --> 0:39:52.163 What is that? 0:39:52.182 --> 0:39:54.182 Is that like a Kickstarter? 0:39:54.222 --> 0:39:55.284 I know it's not Kickstarter, 0:39:55.324 --> 0:39:56.344 but I've never seen it. 0:39:56.443 --> 0:39:57.005 It's change.org. 0:39:59.322 --> 0:40:01.083 So they're asking for money, right? 0:40:01.425 --> 0:40:03.887 So it's not requested, but this, I believe, 0:40:03.927 --> 0:40:06.068 was signed out of the APTA. 0:40:06.088 --> 0:40:06.208 Yeah, 0:40:06.289 --> 0:40:08.250 APTA Colorado was calling on Lifetime 0:40:08.289 --> 0:40:08.690 Fitness. 0:40:09.251 --> 0:40:09.490 Yeah, 0:40:09.510 --> 0:40:12.233 so they're using... To pay a lawyer 0:40:12.313 --> 0:40:13.735 to draft a cease and desist 0:40:13.755 --> 0:40:14.375 letter or what? 0:40:15.275 --> 0:40:15.737 I don't know. 0:40:15.757 --> 0:40:16.476 I don't know. 0:40:16.496 --> 0:40:17.418 I don't know. 0:40:17.438 --> 0:40:20.019 I think there's a marketing guy... 0:40:21.416 --> 0:40:24.079 at Lifetime Fitness sitting at his desk. 0:40:24.239 --> 0:40:25.442 He's probably smoking cigars 0:40:25.501 --> 0:40:26.603 and he's sitting like this going, 0:40:26.663 --> 0:40:27.503 told you it would work. 0:40:27.523 --> 0:40:29.005 They're going to do our marketing for us. 0:40:29.585 --> 0:40:31.608 What if we bring in physicians, right? 0:40:31.648 --> 0:40:33.110 Let's just say, you know, MDs. 0:40:34.050 --> 0:40:35.733 More of the public does know about MD. 0:40:35.793 --> 0:40:37.534 I think you guys would agree with that. 0:40:37.934 --> 0:40:38.856 And let's say there was a 0:40:38.916 --> 0:40:40.338 physical therapy practice or a 0:40:40.538 --> 0:40:42.840 personal training gym in like Maryland. 0:40:43.159 --> 0:40:44.840 And the name was like, you know, 0:40:45.222 --> 0:40:48.443 specialists of MD or MD specialists. 0:40:48.483 --> 0:40:49.605 And then they would be like, no, no, no. 0:40:49.764 --> 0:40:51.126 MD means Maryland because 0:40:51.186 --> 0:40:51.806 we're in Maryland. 0:40:52.226 --> 0:40:54.007 And then the, and the, the AMA, 0:40:54.027 --> 0:40:54.909 the American medical 0:40:54.929 --> 0:40:56.010 association or whoever 0:40:56.389 --> 0:40:57.510 comes in and they're like, no, no, 0:40:57.550 --> 0:40:58.351 you're trying to, you know, 0:40:58.371 --> 0:40:59.413 misrepresent or whatever. 0:40:59.432 --> 0:41:00.693 And these physical 0:41:00.713 --> 0:41:01.514 therapists are trying to 0:41:01.554 --> 0:41:03.416 look like MD medical doctors, 0:41:03.556 --> 0:41:04.637 or these personal trainers 0:41:04.697 --> 0:41:06.237 are trying to act like they're doing some, 0:41:06.637 --> 0:41:07.719 you know, holistic, you 0:41:07.838 --> 0:41:08.940 health and wellness, whatever. 0:41:09.059 --> 0:41:10.039 And they're going to say, 0:41:11.159 --> 0:41:12.021 let's say hypothetically, 0:41:12.041 --> 0:41:12.880 they have branding like, oh, 0:41:12.900 --> 0:41:14.561 we're like the future of health care or, 0:41:14.661 --> 0:41:14.882 you know, 0:41:15.021 --> 0:41:16.463 there's more therapists talking about, 0:41:16.742 --> 0:41:18.523 you know, training is health care and, 0:41:18.583 --> 0:41:20.445 you know, and, you know, 0:41:20.565 --> 0:41:21.945 like kettlebells are health care. 0:41:21.965 --> 0:41:22.786 There's all this stuff now, 0:41:22.846 --> 0:41:23.525 all this different stuff. 0:41:23.925 --> 0:41:25.387 So what would the AMA do? 0:41:25.487 --> 0:41:27.307 They would come in exactly like this. 0:41:27.347 --> 0:41:28.588 So maybe it's like the APTA 0:41:28.608 --> 0:41:29.510 just kind of taking a page 0:41:29.550 --> 0:41:31.451 out of the AMA's book or the, you know, 0:41:31.490 --> 0:41:33.532 the, the physician profession. 0:41:34.132 --> 0:41:34.793 That is definitely, 0:41:35.014 --> 0:41:35.833 I think that's definitely 0:41:35.893 --> 0:41:37.155 what they would do in terms 0:41:37.195 --> 0:41:37.894 of after that. 0:41:37.974 --> 0:41:39.436 And, you know, effectiveness, I don't know, 0:41:39.896 --> 0:41:40.757 but I, you know, 0:41:40.916 --> 0:41:42.398 I guess you have to do something, 0:41:42.418 --> 0:41:43.438 you have to put up something. 0:41:44.300 --> 0:41:46.041 And I do like Tony's clarification of, 0:41:46.121 --> 0:41:46.380 yeah, 0:41:46.501 --> 0:41:48.583 it is a good way to kind of rally 0:41:48.603 --> 0:41:50.623 the troops and kind of get like the, 0:41:50.784 --> 0:41:52.764 you know, the belief and have like a, 0:41:52.784 --> 0:41:53.626 like a combined vision. 0:41:54.648 --> 0:41:55.871 Yeah, I would say great, 0:41:55.911 --> 0:41:57.476 but what are you going to do later? 0:41:57.516 --> 0:41:58.297 This is a 1% problem, 0:41:58.559 --> 0:42:00.844 and we're penny-wise pound foolish, 0:42:01.005 --> 0:42:01.467 in my opinion. 0:42:02.295 --> 0:42:03.335 Kind of related, 0:42:03.476 --> 0:42:05.217 but I looked this up 0:42:05.237 --> 0:42:08.960 because it triggered a memory for me. 0:42:08.960 --> 0:42:10.740 2022 California nurse practitioner, 0:42:10.760 --> 0:42:12.561 I won't mention the name, 0:42:12.722 --> 0:42:14.802 was fined nearly $20,000 0:42:14.802 --> 0:42:16.525 for illegally presenting 0:42:16.565 --> 0:42:19.487 herself as a physician, calling herself, 0:42:19.626 --> 0:42:19.947 quote, 0:42:20.206 --> 0:42:22.728 doctor on social media with patients, 0:42:23.309 --> 0:42:25.010 according to a February 6th 0:42:25.630 --> 0:42:26.652 report on Medscape. 0:42:27.472 --> 0:42:29.954 So, I mean, there is something out there, 0:42:29.994 --> 0:42:33.197 but I'm pretty sure that was, again, 0:42:33.257 --> 0:42:35.197 violation of the State Practice Act. 0:42:35.739 --> 0:42:37.679 But look, I mean, how many of us, 0:42:37.739 --> 0:42:39.442 so this is a nurse practitioner. 0:42:41.362 --> 0:42:44.505 DNP is the initials after her name. 0:42:45.572 --> 0:42:46.432 So, you know, 0:42:46.713 --> 0:42:47.893 I brought this up multiple 0:42:47.914 --> 0:42:49.574 times in our professional groups. 0:42:49.655 --> 0:42:51.315 I'm like, all right, we're going by DPT. 0:42:51.416 --> 0:42:52.996 I see physical therapists 0:42:53.016 --> 0:42:54.277 calling themselves doctor 0:42:54.478 --> 0:42:56.480 using the nomenclature of doctor. 0:42:56.539 --> 0:42:58.141 I understand it's an 0:42:58.360 --> 0:43:00.161 educational classification. 0:43:00.621 --> 0:43:01.603 They're not trying to 0:43:01.702 --> 0:43:03.523 represent medical doctor. 0:43:04.105 --> 0:43:06.266 But this was a $20,000 fine. 0:43:06.306 --> 0:43:07.606 I think this would be a case 0:43:07.947 --> 0:43:09.429 of somebody somewhere 0:43:10.048 --> 0:43:11.010 wanted to make a point. 0:43:11.650 --> 0:43:12.911 Wanted to turn the screw 0:43:12.951 --> 0:43:14.391 just a little bit to say, hey, 0:43:14.431 --> 0:43:16.251 you're starting to tread on our turf. 0:43:16.931 --> 0:43:17.552 And, you know, 0:43:18.152 --> 0:43:20.514 this this is what came out of it. 0:43:21.034 --> 0:43:22.235 Well, you guys remember this story? 0:43:22.255 --> 0:43:23.936 No, I don't remember the story, 0:43:23.976 --> 0:43:25.596 but physicians definitely 0:43:25.615 --> 0:43:27.436 do not like the DNP. 0:43:27.516 --> 0:43:30.117 The practitioners have become, you know, 0:43:30.398 --> 0:43:32.739 and want to be, you know, called doctor. 0:43:32.900 --> 0:43:33.519 I do know that. 0:43:34.969 --> 0:43:36.269 This is about money. 0:43:36.771 --> 0:43:38.331 This is everything we just talked about. 0:43:38.632 --> 0:43:39.313 Doesn't seem like it's 0:43:39.353 --> 0:43:40.815 related to the first part of the episode. 0:43:40.835 --> 0:43:41.554 It's all about money. 0:43:41.815 --> 0:43:42.496 This is about money. 0:43:42.896 --> 0:43:44.117 This is about you can't do 0:43:44.177 --> 0:43:45.699 this because if you do this, 0:43:46.699 --> 0:43:47.961 if you get a little more of 0:43:47.981 --> 0:43:49.583 the slice of pie, I get less pie. 0:43:50.184 --> 0:43:51.144 And I'm not down with that. 0:43:51.585 --> 0:43:53.646 So I'll send my lawyers 0:43:53.887 --> 0:43:54.668 versus your lawyers. 0:43:54.788 --> 0:43:55.688 And do you know who sits 0:43:55.728 --> 0:43:56.789 back with the biggest cigar 0:43:56.829 --> 0:43:57.331 in the office? 0:43:57.630 --> 0:43:57.951 Lawyers. 0:43:58.411 --> 0:43:58.811 For sure. 0:43:59.092 --> 0:43:59.393 They win. 0:44:00.757 --> 0:44:00.998 Yeah. 0:44:01.358 --> 0:44:02.259 So where do I think this 0:44:02.278 --> 0:44:03.099 will go prediction? 0:44:03.280 --> 0:44:04.641 I think this little petition 0:44:05.222 --> 0:44:07.503 will grow and grow because of just, 0:44:07.744 --> 0:44:08.664 it just, that's how it works. 0:44:08.925 --> 0:44:10.045 It's just going to be around long enough. 0:44:10.106 --> 0:44:10.485 And people, 0:44:10.505 --> 0:44:12.907 I'm seeing people find out about this now, 0:44:12.927 --> 0:44:14.088 and this has been going on for months. 0:44:14.510 --> 0:44:14.690 Right. 0:44:14.710 --> 0:44:15.250 And they're like this, 0:44:15.369 --> 0:44:16.610 we need to rally around 0:44:16.630 --> 0:44:17.612 this loss aversion. 0:44:18.492 --> 0:44:19.313 Even when you're aware of it, 0:44:19.333 --> 0:44:20.594 you're still susceptible to it. 0:44:21.155 --> 0:44:22.516 And eventually lifetime 0:44:22.896 --> 0:44:23.697 fitness will move on. 0:44:23.856 --> 0:44:24.858 And that marketing guy will 0:44:24.878 --> 0:44:26.119 have been promoted twice. 0:44:26.139 --> 0:44:26.699 Yeah. 0:44:27.130 --> 0:44:27.329 Right. 0:44:27.829 --> 0:44:28.849 And he knew what he was doing was, 0:44:28.869 --> 0:44:30.311 I knew exactly what he was 0:44:30.331 --> 0:44:31.271 doing right or wrong from 0:44:31.311 --> 0:44:31.851 his point of view. 0:44:32.130 --> 0:44:33.251 He did something because his 0:44:33.271 --> 0:44:34.952 job is to get attention, good, bad, 0:44:34.992 --> 0:44:36.132 or otherwise he got it. 0:44:36.331 --> 0:44:36.492 Right. 0:44:36.711 --> 0:44:37.293 From our point of view, 0:44:37.333 --> 0:44:40.052 it's bad from their point of view is like, 0:44:40.152 --> 0:44:41.574 well, it's not illegal until someone says, 0:44:41.614 --> 0:44:42.213 don't do it. 0:44:42.373 --> 0:44:42.614 Right. 0:44:43.393 --> 0:44:45.074 So I think this will go away in 12 months. 0:44:45.775 --> 0:44:47.235 How about this perspective? 0:44:47.375 --> 0:44:47.635 Okay. 0:44:48.054 --> 0:44:50.175 Lifetime fitness over the last, let's say, 0:44:50.235 --> 0:44:50.615 I don't know when, 0:44:50.735 --> 0:44:52.876 I don't know when they started using DPT, 0:44:53.175 --> 0:44:54.077 but let's say in the last 0:44:54.317 --> 0:44:55.036 three to five years, 0:44:55.757 --> 0:44:56.757 People at Lifetime Fitness, 0:44:56.777 --> 0:44:57.699 they go on Instagram, 0:44:57.719 --> 0:44:58.320 they're looking at all 0:44:58.360 --> 0:44:59.201 these physical therapists 0:44:59.240 --> 0:45:00.603 across the country using kettlebells, 0:45:00.682 --> 0:45:03.065 barbells, saying movement is medicine. 0:45:03.166 --> 0:45:04.206 And, you know, 0:45:04.266 --> 0:45:05.429 they're basically like a lot 0:45:05.449 --> 0:45:07.331 of these physical therapists, you know, 0:45:07.351 --> 0:45:08.572 they want to use, like Tony says, 0:45:08.592 --> 0:45:09.193 like they want to use 0:45:09.233 --> 0:45:10.275 therapeutic activity and 0:45:10.335 --> 0:45:12.336 Therix and exercise as treatment, 0:45:12.376 --> 0:45:13.217 which we know is great. 0:45:13.978 --> 0:45:15.320 from the lifetime fitness perspective, 0:45:15.679 --> 0:45:16.900 they might have a scarcity mindset. 0:45:17.141 --> 0:45:17.260 Hey, 0:45:17.280 --> 0:45:18.382 look at all these physical therapists 0:45:18.742 --> 0:45:20.202 kind of coming into our turf. 0:45:20.603 --> 0:45:22.123 We thought physical therapy was like, 0:45:22.385 --> 0:45:22.664 you know, 0:45:22.804 --> 0:45:24.905 e-stim and ultrasound and some 0:45:24.945 --> 0:45:26.186 hands-on treatment and whatever. 0:45:26.507 --> 0:45:27.708 So maybe they're like, hey, 0:45:28.548 --> 0:45:30.090 we have some scarcity mindset. 0:45:30.409 --> 0:45:32.210 We need to show that we are 0:45:32.610 --> 0:45:33.652 different or better or whatever, 0:45:33.711 --> 0:45:34.373 because these physical 0:45:34.393 --> 0:45:35.353 therapists are doing all 0:45:35.373 --> 0:45:36.273 this exercise stuff. 0:45:36.373 --> 0:45:37.375 And maybe that's going to 0:45:37.414 --> 0:45:38.655 take away from our market share. 0:45:38.675 --> 0:45:39.295 What do you guys think of that? 0:45:39.974 --> 0:45:40.114 Yep. 0:45:40.333 --> 0:45:42.916 This was discussed in a different topic, 0:45:42.976 --> 0:45:44.597 but similar the other day. 0:45:44.978 --> 0:45:45.778 Someone tagged me in it. 0:45:45.818 --> 0:45:46.780 I get tagged in stuff. 0:45:46.840 --> 0:45:47.780 I'm sure you guys do too, 0:45:47.800 --> 0:45:49.581 because they want people to chime in. 0:45:49.601 --> 0:45:50.083 And I'm okay. 0:45:50.103 --> 0:45:51.244 That's what social media is about. 0:45:51.923 --> 0:45:53.425 And I could find the exact 0:45:53.525 --> 0:45:54.567 tweet thread that was going on. 0:45:54.606 --> 0:45:55.608 But the idea was, 0:45:57.048 --> 0:45:58.610 a personal trainer should 0:45:58.809 --> 0:46:00.211 never be able to prescribe 0:46:00.271 --> 0:46:01.793 exercise to treat pain. 0:46:01.952 --> 0:46:02.713 And again, I'm paraphrasing. 0:46:03.074 --> 0:46:04.135 That's not a quote. 0:46:04.155 --> 0:46:06.157 And I replied back like, 0:46:08.402 --> 0:46:09.864 Explain how exercise is 0:46:10.324 --> 0:46:11.664 proprietary or treating 0:46:11.704 --> 0:46:13.367 pain is proprietary. 0:46:13.407 --> 0:46:16.309 Like what we offer is insight, 0:46:16.690 --> 0:46:18.932 but I think people do get 0:46:18.992 --> 0:46:21.014 this mindset of this is ours. 0:46:21.235 --> 0:46:21.615 Again, 0:46:21.635 --> 0:46:23.958 now we're the lifetime fitness of 0:46:23.998 --> 0:46:25.619 this situation using what 0:46:25.659 --> 0:46:26.521 Dave just talked about too, 0:46:26.561 --> 0:46:27.601 which is scarcity mindset, 0:46:27.641 --> 0:46:28.402 which goes hand in hand 0:46:28.422 --> 0:46:29.123 with loss aversion. 0:46:29.923 --> 0:46:30.103 Well, 0:46:30.164 --> 0:46:32.465 you can't prescribe and prescribe as 0:46:32.505 --> 0:46:33.344 a medical term. 0:46:33.364 --> 0:46:35.346 And I'm like, you guys, you got to, I mean, 0:46:35.905 --> 0:46:36.606 what are we doing here? 0:46:37.266 --> 0:46:38.847 So they were saying personal 0:46:38.907 --> 0:46:40.067 trainer versus a physical 0:46:40.086 --> 0:46:41.768 therapist could never prescribe it, 0:46:41.827 --> 0:46:42.407 should never be able to 0:46:42.427 --> 0:46:43.447 prescribe an exercise to 0:46:43.507 --> 0:46:45.548 specifically target pain to which I, 0:46:45.889 --> 0:46:46.048 I mean, 0:46:46.068 --> 0:46:46.849 if you want to win one of these 0:46:46.909 --> 0:46:47.909 arguments on social media, 0:46:47.929 --> 0:46:49.349 it's just respond with questions. 0:46:49.889 --> 0:46:51.190 So which exercise ever 0:46:51.670 --> 0:46:52.971 specifically targets pain? 0:46:54.451 --> 0:46:56.351 So this is the exact same thing, 0:46:56.391 --> 0:46:57.293 but now we're sort of 0:46:57.333 --> 0:46:58.753 looked at like the bad guy in this. 0:46:59.275 --> 0:46:59.875 In my opinion, 0:46:59.894 --> 0:47:02.817 we become the lifetime 0:47:02.876 --> 0:47:04.438 fitness of that situation, in my opinion. 0:47:05.679 --> 0:47:07.420 So I wonder too, 0:47:07.840 --> 0:47:09.161 I'm trying to find the numbers. 0:47:09.222 --> 0:47:10.202 They're out here. 0:47:10.822 --> 0:47:11.824 It's likely hundreds of 0:47:11.864 --> 0:47:12.704 millions of dollars. 0:47:13.364 --> 0:47:14.425 Think about the budget that 0:47:14.465 --> 0:47:16.266 Lifetime Fitness puts into 0:47:16.367 --> 0:47:17.427 their marketing campaigns. 0:47:18.054 --> 0:47:20.195 Think about them paying to 0:47:20.275 --> 0:47:22.755 plaster DPT everywhere 0:47:23.295 --> 0:47:24.496 while they're promoting 0:47:24.795 --> 0:47:25.777 personal training. 0:47:26.297 --> 0:47:29.077 They're still paying to promote DPT. 0:47:29.717 --> 0:47:30.476 Now, of course, 0:47:30.536 --> 0:47:32.277 we know that many consumers 0:47:32.318 --> 0:47:33.438 who are going to physical 0:47:33.478 --> 0:47:35.057 therapy want to use their insurance. 0:47:35.077 --> 0:47:37.518 So even if a consumer thinks, oh, 0:47:37.679 --> 0:47:40.298 I'm going to go to a lifetime fitness DPT, 0:47:40.358 --> 0:47:40.960 they get there, 0:47:41.019 --> 0:47:42.940 they realize I can't use my insurance. 0:47:43.518 --> 0:47:44.278 They're going to go to the 0:47:44.338 --> 0:47:46.320 next DPT who takes their insurance. 0:47:46.340 --> 0:47:46.820 Who's that? 0:47:47.260 --> 0:47:48.420 That's a physical therapist. 0:47:48.960 --> 0:47:49.780 You know, when I, 0:47:50.201 --> 0:47:51.481 and I've mentioned this before, 0:47:51.581 --> 0:47:53.063 like if I was opening a 0:47:53.143 --> 0:47:54.242 physical therapy clinic and 0:47:54.262 --> 0:47:55.583 I didn't have the marketing budget, 0:47:55.663 --> 0:47:56.543 I would open across the 0:47:56.583 --> 0:47:57.884 street from a hospital 0:47:57.983 --> 0:47:59.485 owned clinic because I know 0:47:59.525 --> 0:48:00.744 that hospital owned clinic 0:48:00.804 --> 0:48:02.226 would pay for all the marketing, 0:48:02.266 --> 0:48:03.646 would get the consumers there, 0:48:03.706 --> 0:48:04.626 but then they'd have a three, 0:48:04.686 --> 0:48:06.027 four or five week wait list. 0:48:06.507 --> 0:48:07.648 So those consumers who 0:48:07.668 --> 0:48:08.668 wanted therapy would then 0:48:08.708 --> 0:48:09.889 go across the street to me 0:48:09.949 --> 0:48:11.228 where I could get them in the same day. 0:48:11.728 --> 0:48:13.150 I could take in a walk-in appointment. 0:48:13.550 --> 0:48:14.672 So I would leverage their 0:48:14.731 --> 0:48:16.534 marketing budget to grow my 0:48:16.614 --> 0:48:17.996 business when I didn't have 0:48:18.036 --> 0:48:18.856 the money to do it. 0:48:19.478 --> 0:48:21.059 I absolutely think... 0:48:21.963 --> 0:48:24.224 I'd be like, hey, Lifetime Fitness, 0:48:24.264 --> 0:48:25.465 here's a fruit basket. 0:48:25.746 --> 0:48:26.806 Thank you so much. 0:48:27.206 --> 0:48:28.467 Continue to promote 0:48:28.907 --> 0:48:30.588 marketing the DPT because 0:48:30.909 --> 0:48:32.289 we're all going to benefit from it. 0:48:32.730 --> 0:48:34.251 And like Jimmy said, or Dave, 0:48:34.291 --> 0:48:36.092 I don't remember who said it, you know, 0:48:36.773 --> 0:48:37.474 I'm an outpatient 0:48:37.534 --> 0:48:39.494 orthopedic exercise-based therapist. 0:48:39.614 --> 0:48:41.235 I love seeing them doing the 0:48:41.275 --> 0:48:42.217 things that they're doing 0:48:42.257 --> 0:48:43.197 because that's what I want 0:48:43.257 --> 0:48:44.918 my patients doing anyway. 0:48:45.679 --> 0:48:47.019 So I would look at, 0:48:47.320 --> 0:48:48.521 there's the silver lining. 0:48:48.922 --> 0:48:49.242 Judo. 0:48:50.193 --> 0:48:51.735 Judo, I've never practiced judo. 0:48:52.795 --> 0:48:55.336 You use your opponent's 0:48:55.476 --> 0:48:56.916 energy against them, right? 0:48:57.077 --> 0:48:59.378 I cannot – this I think I 0:48:59.458 --> 0:49:00.858 benefited because I ran a 0:49:00.958 --> 0:49:03.960 radio station which grossed $5 million, 0:49:04.240 --> 0:49:04.960 right? 0:49:05.001 --> 0:49:06.282 The radio station grossed $5 0:49:06.282 --> 0:49:06.981 million a year. 0:49:07.182 --> 0:49:08.362 And our advertising budget 0:49:08.463 --> 0:49:09.603 for the radio station was $0. 0:49:09.603 --> 0:49:11.824 And you're like, what do you mean? 0:49:11.885 --> 0:49:13.365 And I was taught early in radio – 0:49:14.306 --> 0:49:15.427 Your advertising budget is 0:49:15.487 --> 0:49:17.007 the fact that you have a six-person staff, 0:49:17.288 --> 0:49:18.949 a van outside that's always full of gas, 0:49:19.068 --> 0:49:20.608 and a big antenna on top of 0:49:20.648 --> 0:49:21.630 your roof that you can say 0:49:21.650 --> 0:49:22.610 whatever you want and the 0:49:22.771 --> 0:49:24.492 opportunity for people to hear it. 0:49:25.472 --> 0:49:25.632 Now, 0:49:26.632 --> 0:49:28.594 if my competition started to mention me, 0:49:29.614 --> 0:49:30.775 I would play with it. 0:49:31.621 --> 0:49:33.041 If I was the little guy, I, of course, 0:49:33.061 --> 0:49:33.963 would mention the big guy. 0:49:34.402 --> 0:49:35.664 That's what Lifetime Fitness is doing. 0:49:35.923 --> 0:49:38.184 They're a $2.6 billion company. 0:49:38.525 --> 0:49:40.226 But the PT profession as a whole, 0:49:40.387 --> 0:49:41.306 I'm guessing number-wise, 0:49:41.648 --> 0:49:42.387 is larger than that. 0:49:42.889 --> 0:49:43.869 They're the little guy in 0:49:43.889 --> 0:49:45.670 this situation because we're divided. 0:49:46.190 --> 0:49:46.371 Right. 0:49:46.630 --> 0:49:48.452 So they are the little guy poking Goliath. 0:49:48.532 --> 0:49:49.452 And you know what we're doing? 0:49:49.793 --> 0:49:50.954 Exactly what the meeting 0:49:50.994 --> 0:49:52.355 said they would in Lifetime Fitness. 0:49:52.375 --> 0:49:53.695 We're doing exactly the playbook. 0:49:53.715 --> 0:49:53.916 We're like, 0:49:54.175 --> 0:49:55.036 they're going to get all pissed 0:49:55.097 --> 0:49:55.677 off because we're going to 0:49:55.697 --> 0:49:56.398 poke their ego. 0:49:56.418 --> 0:49:57.318 They poked an emotion. 0:49:57.677 --> 0:49:59.400 We tried to steal half a slice of pie. 0:49:59.420 --> 0:50:00.679 And then they're going to come after us. 0:50:01.800 --> 0:50:02.541 They're going to bang the 0:50:02.581 --> 0:50:04.242 drum louder than we were, right? 0:50:04.443 --> 0:50:05.784 So if you're the big guy, 0:50:06.023 --> 0:50:07.985 you never mention the little guy, ever. 0:50:08.304 --> 0:50:10.106 You never punch down. 0:50:10.246 --> 0:50:10.827 Never punch down. 0:50:11.007 --> 0:50:11.947 We had radio stations in 0:50:11.967 --> 0:50:14.148 Poughkeepsie here come online, 0:50:14.248 --> 0:50:15.590 and we were an alt-rock station, 0:50:15.789 --> 0:50:17.090 and they would be faceless. 0:50:17.130 --> 0:50:18.291 This is back in the 90s. 0:50:18.472 --> 0:50:19.512 They would just be automated 0:50:19.612 --> 0:50:21.494 running promos about us, 0:50:21.574 --> 0:50:22.635 taking shots about the 0:50:22.715 --> 0:50:24.556 station and us by name. 0:50:24.635 --> 0:50:26.358 And I'm 22 years old going, oh, 0:50:26.418 --> 0:50:27.438 I can't wait till I get on the air. 0:50:27.458 --> 0:50:28.478 I'm going to tear these guys apart. 0:50:28.498 --> 0:50:31.161 My boss goes, you're going to say nothing. 0:50:31.701 --> 0:50:32.460 You're never going to 0:50:32.501 --> 0:50:33.681 mention them by name. 0:50:34.061 --> 0:50:34.882 You're never even going to 0:50:34.961 --> 0:50:36.481 innuendo that you ever heard it. 0:50:36.902 --> 0:50:37.782 And then I realized, 0:50:38.302 --> 0:50:39.123 act like you've been there. 0:50:39.262 --> 0:50:39.983 Act like you can't. 0:50:40.043 --> 0:50:40.543 What's that? 0:50:40.784 --> 0:50:41.744 Never heard of them, right? 0:50:42.143 --> 0:50:42.824 This is like a great 0:50:43.264 --> 0:50:45.844 postgame presser for a football team, 0:50:45.885 --> 0:50:46.105 right? 0:50:46.664 --> 0:50:49.246 So-and-so said this to you about Tom Brady, 0:50:49.405 --> 0:50:50.246 Tom, on Twitter. 0:50:50.985 --> 0:50:51.186 Never. 0:50:51.206 --> 0:50:53.427 I have no idea what you're talking about. 0:50:54.126 --> 0:50:55.188 That burns them more. 0:50:55.768 --> 0:50:57.329 We are doing exactly the playbook. 0:50:57.369 --> 0:50:58.952 If I were in charge of the PT profession, 0:50:58.992 --> 0:50:59.753 which no one's ever going 0:50:59.773 --> 0:51:00.233 to be in charge of a 0:51:00.253 --> 0:51:01.173 professor and we're too fractured. 0:51:01.554 --> 0:51:02.275 But if I were in charge, 0:51:02.295 --> 0:51:04.416 I would say our response is 0:51:04.518 --> 0:51:06.039 do it in private and quiet. 0:51:06.259 --> 0:51:08.461 But our public response is nothing, 0:51:09.322 --> 0:51:09.682 nothing. 0:51:12.501 --> 0:51:13.101 Sounds good to me. 0:51:13.121 --> 0:51:13.802 All right. 0:51:13.963 --> 0:51:14.704 Parting shots today. 0:51:14.744 --> 0:51:15.585 We got nine minutes left. 0:51:15.625 --> 0:51:16.144 Parting shot. 0:51:16.164 --> 0:51:16.786 What do you guys want to 0:51:16.826 --> 0:51:19.088 leave with the audience today? 0:51:19.108 --> 0:51:20.469 Oh, Valentine's Day. 0:51:20.489 --> 0:51:21.711 We didn't even mention love at all. 0:51:21.811 --> 0:51:22.572 Not really a love show. 0:51:22.992 --> 0:51:23.673 But what do you guys want to 0:51:23.693 --> 0:51:24.355 leave with people today? 0:51:24.394 --> 0:51:25.135 What's your parting shot? 0:51:25.735 --> 0:51:25.976 Dave. 0:51:27.012 --> 0:51:27.452 Yeah, I mean, 0:51:27.532 --> 0:51:29.253 with the clinic exits and the options, 0:51:29.273 --> 0:51:29.434 I mean, 0:51:29.474 --> 0:51:30.474 there's plenty of options out there. 0:51:30.494 --> 0:51:31.494 I think that practice owner 0:51:31.554 --> 0:51:33.416 is doing at least initially 0:51:33.436 --> 0:51:34.076 some of the right things, 0:51:34.135 --> 0:51:35.416 reaching out to folks like Tony, 0:51:35.436 --> 0:51:36.896 kind of getting some ideas out there. 0:51:37.757 --> 0:51:38.777 What are their options? 0:51:38.838 --> 0:51:39.818 But there's always options. 0:51:39.858 --> 0:51:40.998 It doesn't matter, again, if you're 500, 0:51:40.998 --> 0:51:41.759 750K in revenue or more. 0:51:43.840 --> 0:51:45.340 There's always going to be some interest. 0:51:45.382 --> 0:51:46.643 Maybe it's I don't know, 0:51:46.722 --> 0:51:47.724 maybe it's therapists or 0:51:47.983 --> 0:51:49.746 someone else like nearby in 0:51:49.786 --> 0:51:52.068 another rural town, 0:51:52.347 --> 0:51:55.291 somewhat nearby or maybe a state away. 0:51:56.012 --> 0:51:57.032 But there's options to 0:51:57.092 --> 0:51:58.293 either sell some of your practice, 0:51:58.773 --> 0:52:00.996 sell all of it, go find a job or not. 0:52:01.115 --> 0:52:02.077 Like there's plenty of 0:52:02.177 --> 0:52:03.838 options and hopefully we 0:52:03.878 --> 0:52:04.880 gave them a little bit of clarity. 0:52:05.320 --> 0:52:05.601 I think. 0:52:06.240 --> 0:52:08.862 I think I still fall into this trap, 0:52:08.902 --> 0:52:10.141 which is like, talk about it. 0:52:10.242 --> 0:52:12.163 Don't keep quiet about it. 0:52:12.543 --> 0:52:12.782 And you know, 0:52:12.802 --> 0:52:14.123 it doesn't mean broadcast it everywhere, 0:52:14.164 --> 0:52:15.744 but like do sort of what 0:52:15.764 --> 0:52:16.925 the person did with Tony, 0:52:16.945 --> 0:52:17.965 which is because there 0:52:17.985 --> 0:52:19.045 might be an idea that's 0:52:19.166 --> 0:52:20.925 super simple that you 0:52:20.945 --> 0:52:22.246 didn't think of that could 0:52:22.327 --> 0:52:23.666 change your whole outlook. 0:52:23.686 --> 0:52:24.507 Because you're like, well, 0:52:24.547 --> 0:52:25.188 sell or keep it. 0:52:25.347 --> 0:52:27.307 And it's like, there's 50 other options. 0:52:27.807 --> 0:52:28.949 I fall into this trap as well. 0:52:28.969 --> 0:52:29.469 It's like, man, 0:52:29.509 --> 0:52:31.789 we have access to a lot of information. 0:52:32.599 --> 0:52:33.360 And I also, 0:52:33.460 --> 0:52:34.760 I always go to the root of all of it, 0:52:34.860 --> 0:52:35.181 people. 0:52:35.681 --> 0:52:38.501 Connect with people and just, again, 0:52:38.521 --> 0:52:39.242 I think we talked about 0:52:39.262 --> 0:52:40.402 this before we hit the live stream. 0:52:40.722 --> 0:52:41.782 We think everybody's paying 0:52:41.822 --> 0:52:42.583 attention to us and 0:52:42.603 --> 0:52:43.543 watching our every move. 0:52:43.983 --> 0:52:44.402 Oh my gosh, 0:52:44.422 --> 0:52:46.304 I got a spot of mustard on my 0:52:46.344 --> 0:52:47.423 shirt and everybody's going to notice. 0:52:47.704 --> 0:52:48.364 The average person doesn't 0:52:48.385 --> 0:52:49.005 know you're in the room. 0:52:50.144 --> 0:52:51.965 So talk about it because you're not, 0:52:52.005 --> 0:52:52.346 there's no, 0:52:52.505 --> 0:52:53.286 there's not necessarily a 0:52:53.326 --> 0:52:54.585 spotlight on you, right? 0:52:54.606 --> 0:52:55.646 So I think that's great advice, Dave. 0:52:55.746 --> 0:52:56.427 Tony, what do you got? 0:52:57.021 --> 0:52:57.702 Parting shot. 0:52:57.802 --> 0:52:59.882 Never let a good crisis go to waste. 0:53:00.043 --> 0:53:00.322 I mean, 0:53:00.422 --> 0:53:02.382 take advantage of the opportunities, 0:53:02.402 --> 0:53:03.342 the attention. 0:53:03.402 --> 0:53:04.304 That's what it brings. 0:53:04.384 --> 0:53:05.224 It brings attention. 0:53:05.244 --> 0:53:06.083 And then you can leverage 0:53:06.143 --> 0:53:08.085 that to achieve the outcome 0:53:08.144 --> 0:53:09.224 that's best for everybody. 0:53:09.844 --> 0:53:10.144 Yeah. 0:53:10.525 --> 0:53:10.945 I'll, I'll, 0:53:11.065 --> 0:53:12.606 I'll sort of reiterate and just say judo, 0:53:12.666 --> 0:53:12.905 right? 0:53:12.965 --> 0:53:13.806 Like, you know, take, 0:53:13.945 --> 0:53:14.565 take what they're going to 0:53:14.606 --> 0:53:15.746 give you and use it against them, 0:53:16.106 --> 0:53:16.987 but don't punch down. 0:53:17.067 --> 0:53:17.467 I like that. 0:53:17.507 --> 0:53:18.567 Don't put like, what are we doing? 0:53:18.586 --> 0:53:19.467 We're punching down. 0:53:19.626 --> 0:53:20.887 We're giving them credit now. 0:53:21.268 --> 0:53:21.887 Now they're legit. 0:53:21.927 --> 0:53:22.027 Yeah. 0:53:23.094 --> 0:53:23.516 Because again, 0:53:23.516 --> 0:53:25.336 $2.66 billion for lifetime 0:53:25.376 --> 0:53:26.277 fitness is a big deal, 0:53:27.039 --> 0:53:28.159 not compared to all of us. 0:53:28.320 --> 0:53:28.940 What are we doing? 0:53:29.061 --> 0:53:29.800 What are we doing? 0:53:30.001 --> 0:53:31.061 This baffles me. 0:53:31.081 --> 0:53:31.722 And I was trying to explain 0:53:31.742 --> 0:53:32.724 this to a student yesterday 0:53:33.043 --> 0:53:34.925 without trying to sound like I was saying, 0:53:35.385 --> 0:53:36.047 don't worry about it. 0:53:36.106 --> 0:53:36.887 It's not a big deal. 0:53:37.327 --> 0:53:38.509 It is, but not this way. 0:53:38.628 --> 0:53:39.389 And what are we going to do 0:53:39.409 --> 0:53:40.490 when this battle is over? 0:53:40.510 --> 0:53:41.692 Because another one's going to come. 0:53:42.315 --> 0:53:43.275 What are we going to do then? 0:53:43.635 --> 0:53:44.976 Why yell when they're screaming? 0:53:45.077 --> 0:53:46.577 So I'll hopefully I'll see 0:53:46.617 --> 0:53:47.797 some of you guys at CSM and 0:53:47.838 --> 0:53:48.659 we will return with our 0:53:48.699 --> 0:53:50.559 regularly scheduled program. 0:53:50.579 --> 0:53:53.601 Same bat channel, same bat time next week. 0:53:53.641 --> 0:53:54.262 I'll give a little, 0:53:54.342 --> 0:53:55.463 I'll give a quick recap. 0:53:55.603 --> 0:53:56.643 Maybe I'll do like the, the, 0:53:56.784 --> 0:53:58.065 the best I'll look, 0:53:58.224 --> 0:53:58.824 I'll be able to look out 0:53:58.844 --> 0:53:59.565 for business stuff. 0:53:59.905 --> 0:54:01.146 Who's given away the best pens. 0:54:01.286 --> 0:54:02.788 Who's given away the best stress balls. 0:54:03.628 --> 0:54:04.108 They say the best 0:54:04.148 --> 0:54:05.489 conversations happen at a happy hour. 0:54:05.528 --> 0:54:06.329 Thanks for coming to ours.