Episode 270 - Dr. Franson Talks Business, Investing and Money with Mark Murphy

Recap

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 is joined by 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.