In this episode, you'll discover:

• How do Remarkable CEO’s steward their finances
• Who is on YOUR financial team
• Creating your own Family Office-like financial system
• What you focus on amplifies
• Wealth is not generated - it’s captured

Episode Highlights

00:53 - Introduction of Paul Ludacka and Reem Rawashdeh from the Ludacka Wealth Partners.

03:28 - The importance of long-term financial planning that extends beyond the individual to include family and future generations.

05:26 - The importance of financial literacy and the impact of early financial education.

06:49 - Teaching financial habits and the power of compounding to the younger generations.

09:41 - The significance of having a proper perspective on money and using it as a tool for good.

13:56 - Common blind spots in financial planning for chiropractic business owners.

15:37 - The importance of focusing on what you do best and building relationships with amazing people.

20:11 - Building the dream team of experts and the benefits of communication and accountability within your financial planning.

24:25 - Expanding the term of team to beyond your internal team but as part of your network outreach.

30:16 - The importance of stewardship and being faithful with small amounts of money.

32:52 - Having reporting systems and meeting rhythms for financial accountability.

34:42 - Preparing for the next generation and ensuring they are financially literate.

37:33 - Having boundaries and working within constraints to achieve better financial outcomes.

41:09 - Understanding the difference between a busy practice and a successful one.

Resources Mentioned

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

Learn more about the Ludacka Wealth Partners at https://www.ludackawealthpartners.com

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:

• Knowing your numbers enables you to make decisions boldly and with peace of mind
• Understand the economics, because accounting is the language of business
• The Return-On-Investment vs Return-Of-Investment, know the difference
• Put on your Investor hat whenever you’re hiring an associate and get your comp plans right

Episode Highlights

01:26 - The importance of the associate doctor relationship focusing on the compensation model to avoid common failures.

04:22 - The need for maturity and sophisticated growth for successful chiropractic practice scaling.

06:14 - Taking the long-term perspective when hiring, encompassing a three-year business view with ROI considerations.

07:07 - Viewing business decisions with an investor mindset for future returns.

10:07 - Importance of casting a vision for associates and ensuring they see growth potential.

14:43 - Challenges in scaling chiropractic practices and the need for a structured system

17:59 - The Seven-figure business framework based on revenue per employee (RPE) and patient visit metrics

22:55 - Utilizing Revenue Per Employee (RPE) as a wellness metric for practice evaluation

25:02 - The importance of assessing RPE regularly as a critical economic health indicator

28:10 - The significance of data-driven decision-making in business leadership to avoid emotion-based choices

34:56 - Join REM Coach, Dr, Chris and he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial’s unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your business’s financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.

Resources Mentioned

Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep274-rem-asc-webinar

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

For more information about Big Life Financial please visit: https://www.biglifefinancial.com/

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

You cannot scale without making multiple ascensions…

How fast and how far you go in business is up to you. You have the opportunity to ascend from Operator to Manager to Leader to Governor to Investor. Where are you right now? Who are you to your business? Who does your business need you to be NOW? Where does your business need you to go NEXT?

Check-out this compelling business conversation between a couple of CEO’s and great business minds. Dr. Nick has replaced himself 3 times so far…each time more successfully than the last. Listen-in and learn from a Founder who has just replaced himself as CEO…and hear what his new CEO, Jason Barnes, has to say about the experience.

The secret to success? Don’t repeat mistakes. Yours or others. Listen-in and learn.

Episode Highlights

00:53 - Introduction of Dr. Nick Silveri and Jason Barnes and how they met through the TRP immersions.

02:36 - The challenges of letting go of control as an entrepreneur and the transition from clinician to CEO.

06:24 - The importance of hiring people who are better suited to specific roles to scale the business.

10:00 - Misconceptions about becoming a CEO, noting that it doesn’t mean you must give up the parts of the business you love.

13:32 - The value of delegating responsibility and allowing specialists to focus on what they do best.

16:36 - How a leader’s strength can become a weakness for the organization if not managed correctly.

20:37 - The importance of leveraging other people's expertise for growth.

23:03 - The "law of ones and threes," explaining that different stages of growth require different teams and strategies.

28:56 - The value of business coaching such as the TRP’s CEO program, to help refine your leadership skills.

Resources Mentioned

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep273-rem-asc-webinar

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:

• Making the critical transition from being the machine to building the machine
• Trust the ascension process: The intentional addition and subtraction of hats
• Get clear on your 3 Roles: Operator, Leader (CEO) and Investor
• What hat should you be wearing right now?

Episode Highlights

03:20 - Recap of the well-attended webinar on the 7 figure Associate Doctor Compensation Plan Model and its relevance to the scaling and exiting business stages.

03:54 - The concept of ascensions for business owners, moving from owner operator to CEO to investor and their different roles & responsibilities.

05:01 - A breakdown of the three ascension roles—owner operator, CEO, and investor—highlighting the different perspectives, responsibilities, and goals of each.

08:34 - An introduction to the metaphor of "hats" to describe different roles, sharing personal stories about wearing multiple hats in family and business contexts.

12:21 - Real-life example of transitioning between different roles (assistant coach, head coach, investor), relating it to the varying responsibilities in business.

16:12 - The fluidity of the CEOs switch between roles on any given day or week, emphasizing the importance of knowing which hat to wear.

16:52 - The importance of consciously switching roles to serve the business best.

18:42 - The additive nature of roles means that ascension doesn't mean discarding previous roles; rather, it involves adding new roles and consciously switching between them as needed.

20:18 - The final ascension to the investor role, where the focus shifts to selling the business and maximizing its value.

Resources Mentioned

Watch an instant replay of the "7 Figure Associate Doctor Compensation Plan Model" webinar here: www.theremarkablepractice.com/podcast-ep272-rem-asc-webinar

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

Whether you are 3 years or 33 years away from selling your chiropractic practice / business, this is truly an Oak Tree Conversation…When is the best time to plant an oak tree? 50 years ago. When is the next best time? Today!

Listen in as Exit Experts Dr. Stephen Franson and Exit DNA author Mac Lackey walk you through the 5 Steps of the Remarkable Exit Process, highlighting the best practices to execute - and the common pitfalls to avoid along the way.

“Businesses are not bought - they are SOLD.” Listen in on this conversation and set yourself up for a business that will not only give you a great return “one day” - but will start to pay you handsomely MONDAY! You will never regret owning a chiropractic business that you built to sell!

Episode Highlights

00:46 - Introduction of Mac Lackey and his expertise, highlighting his journey and mistakes towards optimizing the business exit process

03:19 - The importance of creating strategic value in a business, not just relying on traditional financial multiples, and how this approach can help achieve high-value exits.

04:25 - The concept of building a business that is ready to sell, with practical and tactical tips on optimizing operations, systems, and processes to increase value.

12:06 - The necessity of a proactive approach to selling a business, highlighting that businesses are sold, not just bought, and outlining steps owners can take to attract the right buyers.

17:13 - How both the owner and the business need to be prepared for the sale, focusing on emotional readiness, operational systems, and financial organization.

23:32 - Implementing specific actions over time to drive up business value, likening the process to enhancing a home's value before putting it on the market.

29:17 - Different sale routes, including internal sales to existing team members and external sales to new buyers or corporate entities, and how to attract the best deals.

34:48 - Reducing risks during the due diligence phase, such as ensuring accurate financial records and legal agreements, to build trust and secure the deal.

42:01 - Managing the personal and professional transition post-sale, with tips on planning for the next stage of life or career to ensure a smooth shift.

45:07 - continuously enhancing the appeal of the business by reducing dependency on the founder and integrating exit-thinking into everyday operations.

49:45 - Dr. Adrian welcomes Success Partner Susanne Temperley from Investorus to discuss practical financial strategies for individuals and businesses. Susanne shares insights from her extensive background in finance, emphasizing the importance of personalized financial planning that aligns with individual goals and values. Discover how her and her team provide comprehensive services, from budgeting and investment advice to mortgage broking and financial planning, all aimed at empowering clients to achieve financial freedom and success.

Resources Mentioned

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

For more information about Investorus please visit: https://investorus.com.au/

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

Listen in on a hardcore business conversation w Dr. Stephen Franson and business savant and author, Mark Murphy:

• The business of running a business
• Adding value as your Modus Operandi
• When to hold and when to sell your business
• And countless other business truths and insights!

Episode Highlights

00:58 - Introduction of Mark Murphy, author of "The Ultimate Investment," and how they met through the Ultimate Achievers Club (UAC).

02:46 - The importance of measuring business growth by the impact on patients rather than just revenue or patient numbers.

03:40 - The concept of separating the practice from the business, noting that chiropractors often use these terms interchangeably.

05:37 - The three ways to create wealth: investing in a business or operating company, investing in real estate, and financing deals.

09:50 - The importance of having cash confidence and the ability to make long-term plays during tough times.

12:38 - Investing in oneself and one's business to achieve a robust return on investment.

14:53 - Having a team of experts to support the business, including accountants, lawyers, and financial advisors.

16:12 - Leveraging the strengths of a team to free up time and energy for the business owner.

20:17 - The importance of having a high-trust relationship with team members and the ability to provide honest feedback.

27:37 - The need for emotional preparedness to sell a business and the importance of having something to do after retirement that is fulfilling.

36:07 - Recognizing failure as part of the journey to success and learning from mistakes.

40:04 - Seeing people at their highest potential and lifting them up to believe in themselves.

42:33 - The ability to turn problems into opportunities and the importance of being able to handle adversity with grace.
43:36 - The importance of being consistent and grounded as a leader, especially during challenging times.

47:12 - Dr. Chris sits down with Success Partner, Dr. Jeff Langmaid of Spark, to dive into an often-missed goldmine: inactive patients who already know, like, and trust their chiropractor. Dr. Jeff introduces "Spark," a game-changing initiative that blends cutting-edge technology with smart, targeted messaging to seamlessly automate patient reactivations. Unlike traditional marketing, Spark’s pay-per-performance model ensures chiropractors only invest when patients actually return, providing an ethical, results-driven approach to reigniting old connections and sparking new growth from within their existing patient base.

Resources Mentioned

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

For more information about Spark please visit:https://sparkpatients.com/

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

In this episode, you'll discover:

• The 3 drivers that impact profit - and the one that stands above the rest
• Which has the biggest impact on profit:
• Increase Price by 1%?
• Decrease Cost / Expense by 1%?
• Increase Volume by 1%?
• The language of business is accounting, and you need to understand it.
• Are you on track? Time to get your money metrics in order

Episode Highlights

02:20 - The significance of small actions, such as one encouraging word or going the extra mile, and how they can make a big difference.

04:58 - The concept of the "1% rule" and its relevance to making a bigger impact and income in their coaching business.

06:26 - The significance of profit margin and distributable cash in measuring the health of a business.

07:25 - The 1% Rule: Increasing Price, Decreasing Costs, and Increasing Volume

15:02 - A real-life example to illustrate how increasing price by 1% can significantly impact profit margin.

19:46 - The importance of having the right mindset and tools, such as the "Remarkable Money Metrics" PDF, to guide business decisions.

21:21 - Understanding business metrics and accounting to manage a business effectively.

22:28 - Testing market responses to price changes and recognizing the potential impact on other metrics like referrals and retention.

22:43 - The need for chiropractors to balance different metrics and recognize the competing numbers in their business.

27:45 - Join REM Coach, Dr, Chris as he sits down with Success Partner, Justin Maxwell from Big Life Financial. Justin shares his inspiring journey from grappling with financial ceilings to mastering wealth management, and how he now dedicates his expertise to helping chiropractic office owners achieve financial clarity and growth. Dive deep into Big Life Financial’s unique family office approach, tailored specifically for high-impact businesses, and unveil the systems, strategies, and professional support that can drive significant returns on investment. If you're a chiropractic CEO looking to maximize your business’s financial potential, this interview will provide invaluable insights on elevating your financial strategy and making a lasting impact.

Resources Mentioned

Download your copy of the REM Money Metrics here: https://theremarkablepractice.com/podcast-ep269-rem-money

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

For more information about Big Life Financial please visit: https://www.biglifefinancial.com/

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business

Get some free legal insight (NOT advice*) from Dr. Stephen’s very own business attorney, John Colucci. Dr. Stephen and John walk through the 5 Stages of the Remarkable Exit Process with an eye on the legal elements of each. Building your Chiropractic Practice with an eye on an eventual sale is very smart… A business “built to sell” will be more productive, more profitable, more fulfilling - and more fun to operate.

Get John’s insights around the following stages:

• Vision: Your Ideal Exit Strategy
• Readiness: What you need to do to get your practice / business ready for sale
• Go to Market: Start your legal check-list now
• Transaction: the paperwork, documents, contracts and checks
• Transition: what’s the next chapter for you?

Episode Highlights

01:09 - An outline of the five phases of the remarkable exit process: vision, readiness, go-to-market strategy, transaction, and transition.

04:10 - Advice on the vision and readiness phases, emphasizing the importance of starting with the end in mind.

06:03 - The importance of documenting all processes and procedures from the beginning to make the practice more attractive to buyers.

09:32 - The go-to-market and readiness phases, focusing on making the business more attractive to buyers.

10:30 - The importance of accurate financial reporting and having a financial team in place.

17:45 - Legal Considerations for the transition phase.

20:27 - Having key team members in place and ensuring their contracts are secure.

21:45 - The typical process of a transaction, starting with a letter of intent or memorandum of understanding.

23:07 - The timeline for due diligence, document drafting, and negotiation, leading to the closing.

29:57 - The differences between an asset sale and a stock sale, including tax implications.

33:23 - The pros and cons of seller financing and the importance of securing the promissory note.

36:23 - The importance of having a post-sale plan to maintain personal identity.

41:23 - State tax planning strategies, such as gifting interests to an irrevocable trust to avoid estate taxes.

45:59 - Being open-minded about the value of their business and listening to prospective buyers and brokers.

48:39 - Final advice on the importance of being prepared and having a clear plan for the transition.

Resources Mentioned

Register now for the Remarkable Attraction Immersion here: https://theremarkablepractice.com/attraction-immersion/

To learn more about the REM CEO Program, please visit: http://www.theremarkablepractice.com/rem-ceo

Subscribe to our newest podcast "Build Your Remarkable Practice" here: https://podcasts.apple.com/us/podcast/build-your-remarkable-practice-for-chiropractors/id1734107477

Schedule a Brainstorming call with Dr. Pete

Dr. Stephen’s LinkedIn

Dr. Peter’s LinkedIn

The Remarkable CEO Website

Dr. Stephen’s Book – The Remarkable Practice: The Definitive Guide to Build a Thriving Chiropractic Business