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Build A Practice You Can Sell (Ep.128)

Build A Practice You Can Sell

Welcome to “Beauty and the Biz”, where we talk about the business and marketing side of plastic surgery, and how to build a practice you can sell.

I’m your host, Catherine Maley, author of “Your aesthetic practice – What your patients are saying”, and consultant to plastic surgeons to get them more patients and profits.

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Build a practice you can sell

Build a practice you can sell

Even if you’re going to work until you drop and have no intentions of selling your practice, this episode will give you insights on how to make your practice more successful.

So please listen in

  • You are the majority revenue-generator in your practice
  • You put more value on YOU as a surgeon vs. growing profit centers run by others
  • You work IN your practice more than ON your practice

The objective is to set up your cosmetic surgical practice as a business so it’s more profitable, more enjoyable to go to every day, and it frees up your valuable time, so you have more of it to spend doing what you like to do with the people you most enjoy being with.

But, you have a challenge that keeps you from winning in the long run.

Build a practice you can sell

As a surgeon, you were programmed to think in a certain fixed way.
You had to think that way to become a great surgeon.

However, that thinking is the opposite of how a businessperson thinks.

In a cosmetic practice, you, the surgeon, are the technician of the surgery, so you focus on that because you’re good at it and that’s what you know.

However, does that make for a sellable asset when you’re ready to exit?

Probably not, so you either have to work until you’re ready to close the doors and get nothing back for your efforts, or you can set your practice up to make a profitable exit and enjoy your retirement.

If a profitable retirement sounds good to you, think like a businessperson by using these strategies:

The first one is Mindset:

Shift your thinking from a surgeon to a businessperson and “Operate your practice like it’s for sale”.

In other words, regularly ask yourself, “If I wanted to sell my practice tomorrow, what would I need to improve to get the most value for it?”  Or, “If I wanted to buy an existing practice, what would “I” be looking for and be willing to invest in?

That leads us to The Value of Your Practice

Many components make up the value of your practice such as:

  • Profits
  • Good Will
  • People
  • Processes
  • Tools such as your CRM
  • Patient list
  • P&L statements
  • Vendor agreements
  • Fixed Assets & inventory

All of that is important but when I interview surgeons on this Podcast and we talk about them buying another surgeon’s practice, the #1 value component they are looking for is a ready-made income stream.

Because Buyers are looking for a practice’s ability to generate cash with a degree of predictability and certainty.

That’s why it’s difficult to value the surgical side of your practice.

If you have been practicing with a “one and done” mindset, you’re not developing much of a bond with your patients because it’s such a short-term relationship.

And, to keep your surgical side busy, you have to market and advertise to attract new surgical patients and that increases your overhead costs so other surgeons have to look at not just your revenues but also your overhead to make those revenues happen.

They know there’s no certainty that those surgical patients will come back for more surgery or come back soon enough or often enough. Or, if they do return years later, will they be ok with a different surgeon they don’t know? It’s hard to say so that affects the value of your practice.

However, if you can show a prospective buyer:

  • Predictable revenues they can count on month after month that don’t include YOU
  • And how you increase the lifetime value of your current cosmetic patients
  • And how you generate more referrals and reviews organically
  • And how you differentiate your practice from all the others,

That’s interesting AND valuable.

Because now you have a predictable, systematic cosmetic revenue stream profit center that works without you and could easily be handed off to another surgeon.

You do that by building up the non-surgical aspect of your practice.

So let’s talk about the Benefits of a Non-Surgical Profit Center

You can still enjoy the surgical side of your practice as you build a non-surgical profit center.  Hire excellent team members such as a nurse-injector, laser techs and/or aestheticians who understand customer service and how to treat their patients with friendliness, kindness and respect.

These extenders act as the glue to keep cosmetic patients coming back for both non-surgical as well as surgical procedures. Because a cosmetic patient who cares about her appearance today cares about that for a lifetime so why not be her “one-stop shop”?

It’s the retention of your cosmetic patients that builds the value of your practice using resources you already have. These loyal patients tend to buy more, return more often and refer more of their friends.

This increases their lifetime value and decreases your advertising budget. Now you have a  healthy stand-alone profit center that generates revenues without you and that makes for a great sellable asset others want to buy…But only if you follow the steps to build a practice you can sell.

If this makes sense to you and you want to set up your own predictable and reliable revenue stream that gives you more growth and freedom, let’s talk.

Of course, it would be great if you subscribed to Beauty and the Biz so you don’t miss any episodes and a review would be much appreciates.

Thanks so listening and we’ll talk again soon.

If you want to talk more about your specific situation, just leave me a message at:

https://www.CatherineMaley.com

…Or DM me on Instagram at:

https://www.instagram.com/CatherineMaleyMBA

📖 Get a Copy of Catherine’s FREE Book

​📲 Schedule a FREE 30-Minute Strategy Call with Catherine

👁 DON’T MISS THESE INTERVIEWS 👁

​➡️ Robert Singer, MD FACS – Former President of The Aesthetic Society:

Ep.86: Robert Singer, MD – Former President of The Aesthetic Society


​➡️ Grant Stevens, MD FACS – Former ASAPS President:

Ep.44: COVID 19 Update with ASAPS Past President Dr. Grant Stevens


​➡️ E. Gaylon McCollough, MD FACS – Former President of AAFPRS, ABFPRS, AACS:

Ep.88: E. Gaylon McCollough, MD FACS – Former President AAFPRS, ABFPRS & AACS

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​— #beautyandthebiz #podcastforsurgeons #plasticsurgeons #cosmeticsurgeons #podcast #marketing #plasticsurgery #stafftraining #businessconsulting #strategiesforsurgeons

Catherine Maley

Catherine Maley

Catherine is a business/marketing consultant to plastic surgeons. She speaks at medical conferences all over the world on practice building, marketing and the business side of plastic surgery. Get a Free Copy of her popular book, Your Aesthetic Practice: What Your Patients Are Saying View Author Profile.

BEAUTY AND THE BIZ

Beauty and the Biz is for Plastic Surgeons who know they don’t know everything and are open to discovering the pearls to grow and scale a sellable asset when they’re ready to exit.

Listen in as Catherine interviews surgeons who talk about the business and marketing side of plastic surgery and listen to Catherine’s pearls from consulting with plastic surgeons since Year 2000.

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TESTIMONIALS

5/5
"Catherine outlined a plan that put key metrics in place, gave us a clear plan to follow throughout the year and trained our staff to increase their conversions by at least 10%. Since engaging with Catherine, I’m happy to report that revenues are up 15% over the last three months - 22% in the last month alone! I highly recommend Catherine’s consulting services to any practice looking for “best practice” additions to their operation."
Robert Sigal, MD
Robert Sigal, MD
"I have finally tapped into the most efficient way to grow my cosmetic practice and that is to “fish in the pond of my own patients”. When patients return to my practice, over 85% will purchase another service, product, or procedure. Not only was it worth over $200,000 in revenues this past year, it also reminds my patients I’m still around so they don’t wander off to my competitors. Catherine’s group has far exceeded our expectations and goals we had set up for them to achieve."
Victor Ferrari, MD
Victor Ferrari, MD
"Our consult conversions were running at 40-50%. Then we attended Catherine’s online training and implemented her strategies. They immediately increased conversion rates to 75-80%."
Anthony Corrado, MD
Anthony Corrado, MD
"I know how to run a profitable practice; however, it was not without major staff issues, inefficiencies and unproductive drama. With Catherine's guidance, I reorganized staff, set up processes for them to carry more of the workload and hold them accountable so I have more time to focus on patient care. The changes we put in place and the staff training to convert more callers and consultations will easily increase my revenues by 15% as well as save us time, money and costly mistakes. "
Evan Sorokin, MD
Evan Sorokin, MD
"Working with Catherine and her team has been very profitable. We’re only half way through the year and I’m up $200K and I’m booked out for the next 2 months even though we typically go into our slow summer months now. Her recent promotion brought in an extra $63,782 with more surgeries scheduled. I never realized how much money was sitting in my patient list but I’m a believer now!"
Robert Langdon, MD
Robert Langdon, MD
"Catherine Maley has one of the best Marketing Minds in the aesthetic industry, bar none. She understands the aesthetic patient and she also understands the challenges and frustrations we face as aesthetic surgeons. You will benefit from Catherine's tools whether you are new in practice or a seasoned professional.Turn to Catherine for guidance - she knows what she's talking about."
Edwin Williams, MD
Edwin Williams, MD
“Catherine’s Cosmetic Patient Marketing Service has been a great addition to our practice-building overall plan. While we still invest in our online presence, we also found immense value in the internal marketing efforts. We especially like that all results are tracked so we know we are getting a great return ... last year it was 1,148% and no staff time was used. That’s a much easier way to grow my cosmetic practice.”
Mark Mason, MD
Mark Mason, MD
"Catherine Maley turned our practice around. We converted more consultations in one week than we did in an entire month. Our practice went from a painful 50% no show rate to a remarkable 85% show rate. Even more impressive was our close ratio - from 35% to 80% and still increasing. We would recommend her to any practice that’s looking to not only increase their profits today, but sustain a healthy flow of income for many years to come. Thanks Catherine!"
Sam Assassa, MD
Sam Assassa, MD
"Catherine found me the best patient care coordinator I could have asked for. She worked out a payment plan that was fair to me and motivating to my coordinator. She also provided training tools to help my coordinator convert better, even though she was already experienced. The results have been phenomenal. So good, in fact, that my income increased 250% and I’m booked out for 3 months. Don’t waste any more time or money doing it yourself. Outsource to someone you trust!"
Andrew Lofman, MD
Andrew Lofman, MD
"Since we’ve been working with Catherine and her team for the past 5 months, we’ve brought in $79K in surgeries and have booked an additional 17 surgical procedures and 20 non-invasive body procedures since then. This does not include the additional new patient referrals and revenues we are seeing from the on-going nurturing of my current patient database."
Verne Weisberg, MD
Verne Weisberg, MD
"I had given my staff the goal to convert at least $35K per week in surgeries AND I gave them the tools to help which was Catherine’s Online Learning Center at More Patients Academy. They watched Catherine’s modules and implemented her strategies and converted $80K! That equaled a 2,550% ROI. Nice!"
Adam Stein, MD
Adam Stein, MD
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