Episode 144: Chiropractors Get Paid 3 Ways

Recap

One of the most common questions we get asked is regarding compensation – how to compensate yourself as the Owner. In this episode, we explain exactly how you should be paid 3 ways. Setting up your compensation correctly today pays you now – and later. If you do this right, you will spend your “Scale Season” building the asset value of your practice.

When’s the best time to plant an oak tree? 50 years ago!

What’s the second-best time? Today!

Starting today, you need to begin planning for your Exit, even if it’s long before you plan to exit because when you begin with the end in mind, you will Build and Scale a practice that has the highest market value and one that people will compete to buy!

Episode Highlights

0:51 – A special recognition and thank you to all of the listeners that have been reaching out, connecting, and inspiring Dr. Pete and Dr. Stephen

07:53 – An introduction to today’s subject including the value of money and how money works in launch vs. build scale.

09:38 – A quick review of the Rule of 40, the metric to answer the question “How is it going?”

13:51 – There are three ways chiropractors get paid; salary/compensation, distributions, and the asset value of the business when you sell

14:53 – Determining what you get paid requires being organized and identifying the roles you play on your accountability chart. This is especially important to understand when you are looking at selling your business.

20:24 – A look at acquiring your distributions quarterly as you analyze your profits for that time period.

24:08 – Building your value in each season of your career, from launch to exit.

27:11 – Building an asset value as part of your remarkable exit strategy.

30:59 – Dr. Stephen sits down with Success Partner, Dr. Joe Esposito from Aceva. Aceva is an international brand and leader in the natural healthcare arena. Join the conversation as they discuss how Dr. Joe started in the supplemental industry, Dr. Stephen’s personal experience with these nutraceuticals, and bringing into alignment how nutrition fits into the principle of chiropractic care.