Episode 246 - Succession Planning (Part 1)

Recap

In this episode, you’ll discover:

Do you have a Business Succession Plan?
What would happen to your business if you were out of the picture?
Does your spouse / Team know what to do if you pass?
Is there a written plan of action for your successor?
Included: the Remarkable Succession Plan Guide (PDF)
3 things every buyer is looking for when evaluating a business.

Episode Highlights

00:56 – A reflection of a colleague that tragically passed away which highlights the need for preparedness for an unexpected exit.

08:24 – The importance of preparing a business for sale, even if the owner doesn’t plan to exit immediately.

10:29 – Building a remarkable business with leveraged operations, bankable profits, and transferable value.

14:15 – Creating durability in a business, highlighting the difference between scalability and durability.

16:09 – The default mindset of “if everything went away, I’m still here” can lead to burnout and a lack of delegation, as CEOs try to handle everything themselves.

18:41 – The dismal reality of chiropractic practices failing to transition successfully.

21:08 – Optimizing and owning the 15 primary functions of a business to achieve success.

24:07 – Establishing transferable value in a business.

29:03 – Utilizing the Accountability Grid tool to identify areas of exposure in a business and potential changes to be made.

31:01 – Dr. Sebastion Bonnin is joined by Success Partner Billy Sticker from Chiro Candy. Listen as they delve into the importance of building authority and leveraging digital strategies to generate high-quality patients. Billy emphasizes the significance of consistent video content to engage and educate potential patients and together they explore the challenges of digital marketing in tough markets and ways to overcome them. Learn what Chiro Candy offers and their commitment to helping chiropractors increase their impact in their communities.