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Why Private Equity Fails — with Edwin Williams, MD (Ep. 246)

Hello, and welcome to Beauty and the Biz where we’ll talk about the why and how private equity fails. To be sure, we’ll also discuss the business and marketing side of plastic surgery, in general

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

Presenting today’s episode titled, “Why Private Equity Fails — with Edwin Williams, MD”.
Without a doubt, the intersection of plastic surgery and private equity is growing in popularity, but it presents both opportunities and challenges.
 
Specifically, to delve deeper into the nuances of private equity within our industry, I asked Dr. Edwin Williams, a distinguished facial plastic surgeon  with decades of leadership and businessl experience, to come back onto the Beauty and the Biz podcast to share his invaluable insights and advice. 

⬇️ Click below to hear “Why Private Equity Fails — with Edwin Williams, MD”.

In summary, Dr. Williams has become somewhat of an expert on PE after interviewing 20 PE firms personally to position his own practice for a transition.

Overall, here’s what we covered:

  • Firstly, Why they fail: To be sure, Dr. Williams shares candid observations on the common pitfalls that lead to the failure of private equity ventures in plastic surgery practices.
  • Secondly, Navigating complexities: Additionally, from financial intricacies to maintaining practice autonomy, we talked about the multifaceted challenges that come with  the merging of private equity firms and privately-run practices.
  • Thirdly, Keys to success: Moreover, drawing from his own experiences, Dr. Williams offers practical advice and strategic approaches for plastic surgeons aiming to navigate the private equity landscape successfully.
Undeniably, It takes years of planning to set yourself up for your own profitable so these PE pearls will help.
Visit Dr. William’s website
Edwin Williams
Why Private Equity Fails, Live Off of Referrals, Practicing in The Netherlands, New Buildout Without Help, why your practice needs a consultant, Hiring Staff Tips and Challenges, One-Stop Shop for Cosmetic Patients, Strategy Call with Catherine Maley

P.S. Review Beauty and the Biz on Apple Podcasts and get my 5-star rated book…FREE!

Ep.-282-•-6-Months-in-Private-Practice, New-Solo-Practice-Needs-Patients-—-with-Collier-Pace,-MD,-FACS, Subletting-to-Other-Surgeons, Differentiate-with-Awake-Surgery, Happy-Staff,-Happy-Patients, Rented-Office-to-7K-Sq.-Ft.-Facility, Pros and Cons of Hospital Employee, Differentiate From Your Competitors, Demand for Non-SX vs SX Increases, Private Practice Inside Group Practice, Marketing a Young Practice, reviews & b/a photos, A scarless facelift, Why Private Equity Fails, Live Off of Referrals, Practicing in The Netherlands, New Buildout Without Help, Hiring Staff Tips and Challenges, One-Stop Shop for Cosmetic Patients, 4 Years Out and Busy, How to Set Up Your 2024 Marketing Plan, Leads Checklist for Surgeons, Review Beauty and the Biz at Apple Podcasts (Pros and Cons of Nurse Injectors), The Cosmetic Patient Retention Guide for 2023 (keeping staff & differentiating, 40-surgeon practice to solo, what happens if something happens to you, life's unwanted surprises), Convert More Cosmetic Patients, buying Land and Building Practice from Scratch, Prepare Your Practice to Survive and Thrive, 3k Lip Lifts Plus 300 Facelifts Per Year, solo practice no debt, commodities trader to surgeon, Get More Leads for Free, Attracting and Converting Cosmetic Patients, Botched, Dr. Oz & Anderson Cooper PR

👁 DON’T MISS THESE EPISODES 👁

#cosmeticsurgeonpodcast #plasticsurgeonpodcast #aestheticpracticemarketing #cosmeticpracticestafftraining #cosmeticsurgeonbusinesscoaching #plasticsurgeonbusinesscoaching #strategiesforsurgeons #morepatientsmoreprofits #aestheticsurgeonbusinesscoaching #medspabusinesscoaching #medspamarketinghelp #cosmeticsurgeonmarketinghelp #howtogetmorepatients #plasticsurgeonmarketinghelp #aestheticpracticemarketinghelp #beautyandthebiz #podcastforplasticsurgeons #podcastforcosmeticsurgeons #plasticsurgeonideas #plasticsurgeonagency #plasticsurgeonconsultant #plasticsurgeonstrategies #plasticsurgeonservices #plasticsurgeontrends2023 #plasticsurgerymarketing #marketingplasticsurgeons #marketingplasticsurgery #cosmeticsurgeondigitalmarketing #cosmeticsurgeonmarketing #howtopromotecosmeticsurgery #socialmediamarketingforplasticsurgeons #socialmediamarketingforcosmeticsurgeons #plasticsurgeonsocialmediaideas #howtofindcosmeticpatients #howtofindcosmeticpatients #howtoattractcosmeticpatients #howtoconvertcosmeticpatients #howtoretaincosmeticpatients #cosmeticpatientadvertisingideas #cosmeticpatientstrategies #cosmeticpatientconsultant #cosmeticpatientservices #cosmeticsurgeonads #digitalmarketingforplasticsurgeons #consultanttoplasticsurgeons #consultanttocosmeticsurgeons #seoforplasticsurgeonsusingai #onlinereputationmanagementforplasticsurgeons #leadgenerationforplasticsurgeons #cosmeticpatientreferralmarketing #brandingforplasticsurgeons

#dredwinwilliams #aafprspresident #cosmeticpracticeprivateequity

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Catherine Maley

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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"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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