By Stacy M. Menz, PT, DPT
“Begin with the end in mind.” This concept was introduced by Stephen R. Covey in his book 7 Habits of Highly Successful People. The book highlights the importance of imagination and the ability to envision a picture of the future.
By Lynn Steffes, PT, DPT
Many private practices that hire marketing personnel struggle to effectively onboard these new hires. They may have unrealistic expectations of the new marketer’s or their own knowledge and awareness of how to promote our industry. Often, they send their marketing liaison out to make connections that are both ineffective and expensive with little measurable results! How can you instill the right knowledge of the market to get them out the door running?
Ben Fung, PT, DPT, MBA, is the cofounder and chief operating officer of UpDoc Media. He can be reached at email@example.com.
By Brian J. Gallagher, PT*
When owners are exiting their practice, it may be important to remind them that they are moving on to a new chapter of their life, so it’s vital that they get it right the first time. After I sold my practice in 2006 to two of my employees, I took it back in 2009, and sold it again in 2017 to a corporate buyer that was physical therapy backed. I learned a lot from both experiences.
Framing the practice intangibles issue.
By HealthCare Appraisers | Reviewed by Subha Nagasubramanian, PT, DPT, MS
In my experience, a majority of the physical therapists I meet express an interest in opening their own practice. Most of them seem to enjoy the autonomy that private practice brings. This is also one of the reasons that I started my own business. I read several blog posts, books, and articles on how to start one, how to run one, etc., but never even considered exit strategies. It looks like the prevailing frame of thought is that folks only thought about it when they were due to retire. Times have changed; planning with the end in mind is imperative. Whether you want to move on to dabbling in other areas after having run a successful practice or are forced to, because of uncertainty in health care reform, knowing the value of your practice is important.