WEBVTT

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All right, we are back.

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Good morning, everyone.

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PT Breakfast Club here.

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Dave Kittle, Jimmy McKay.

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We've got the buffet behind us.

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What's that about?

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Jimmy is working on getting some light.

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He's muted.

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I don't know if it was like

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a plethora of breakfast or

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if we were more of like a

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bowl of cereal type of people.

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I'm not sure.

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It's definitely too early for the bar.

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You know what I mean?

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The bar background.

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So I figured it was this.

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All right.

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So, guys,

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we got to talk about the basketball.

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We got to talk about how

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heartbreaking was it that

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poor guy from Houston going

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to take the three three pointer,

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get stuff,

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can't touch the ball and the bell,

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the buzzer goes off.

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You guys watching that last night?

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I didn't watch.

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I actually did not.

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No, I missed it.

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I missed it.

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So fill me in.

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But then I have a take that

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I've had since middle

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school on the national championship game.

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Okay.

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So, I mean,

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great game back and forth the whole way.

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Florida, Houston.

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I enjoyed the whole thing.

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But then right at the end,

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I'm half asleep.

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It's like under ten seconds on the clock.

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Two-point differential.

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Houston gets the ball, comes down.

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They go to take a

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three-pointer to win the game,

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not even just go in and score to tie,

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and he gets stuffed.

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He can't touch the ball.

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He's trying to box out the

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people around him, and it just ends.

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It was the most anticlimactic ending,

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but such a heartbreaker for them.

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That's where it is.

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What's your take since high school?

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My take since high school is

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Super Bowl is on a Sunday

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and Monday is not a

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national holiday and the

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national championships on a Monday.

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And people are like, you know,

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after all the hype of the

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like the first four days of

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the NCAA championship is brilliant.

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I mean, men plan vasectomies.

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around that weekend.

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Have you heard about this?

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The number of vasectomies planned goes up.

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They'll have it on a Wednesday.

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So you can't do anything

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except sit there with a bag

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of frozen peas in your lap.

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Thursday, Friday, Saturday,

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Sunday is like the most

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college basketball,

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the best college basketball

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you're going to get.

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And it's brilliant.

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It's like, understand your audience.

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And then we get all the way from what?

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Sixty eight teams, whatever we're at now,

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down to down to two.

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And we do it on a Monday night.

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And I just I feel like if

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you did it on a Thursday or Friday,

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What's your audience?

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It's a bunch of dudes.

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I'm not trying to be sexist,

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but like that's the bigger audience.

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Dudes,

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I learned this from the former

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Surgeon General.

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Women will talk to each other.

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Men talk next to each other.

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So where do we talk next to each other?

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At a bar.

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But on a Monday night, you're like,

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I'm watching this at home on the couch.

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Dave and I are pretty much sports fans.

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I mean, I know baseball is probably higher,

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hockey is higher for me

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than college basketball for both of us.

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But if it was like a Friday or something,

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I probably would have went

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out with my buddies and watched it.

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But a Monday night, I think it's a miss.

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Wow.

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Yeah.

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Yeah.

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I don't,

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I don't know why it should be

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maybe a Sunday.

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Why isn't it even Sunday?

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Why isn't it Sunday night?

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Right.

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It's Sunday or something like that.

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I don't know.

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So let's talk about the

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story behind the story.

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The women's basketball,

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the NCAA women's basketball, the Huskies,

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UConn, they have built a dynasty.

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They're just crushing it.

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They've got so many national

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championships.

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And this ties into two of

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the topics we're talking about today.

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We're going to talk about recruitment,

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hiring, attracting talent,

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like all this kind of stuff.

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Dave's in this world.

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Everybody's in this world.

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and then we're going to talk

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about some valuations and

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exit strategies like you

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can't sell something that doesn't have

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employees.

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You can't sell something

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that doesn't have a structure to it.

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So I shared a post.

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What I did was I went on LinkedIn.

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I grabbed a bunch of posts

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that were clearly

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recruitment-based posts.

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I threw them into ChatGPT.

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I said, hey, process this, read this,

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tell me what you see as the

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emotional triggers and the

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feelings behind it.

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I can remember back in the

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early two thousands,

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I never did the normal job post.

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I never did

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We're looking for a physical therapist,

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highly motivated, multitasker, blah, blah,

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blah, blah, blah.

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My job posts were always

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talk like long form copy

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sales letter written content.

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It was, hey, this is what we do.

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This is why we do it.

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This is why it's so important to us.

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This is the culture of the team.

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These are the people who do

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well on our team.

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And it resonated with, you know,

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great people.

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Now,

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you want to pull up what Joey

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Albritton said.

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Joey had a post recently.

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We'll get it on the screen.

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Joey said,

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it's not your job as the owner

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to make your employees happy.

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Only they can make themselves happy.

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All we can do is help

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facilitate their growth,

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put them in an environment

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that trends toward a better

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chance of happiness.

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So, Jimmy, off the top of your head,

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what are you thinking?

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Yeah.

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You,

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as soon as you get this thought in

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your head and not even, not even like,

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we'll go even more.

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I agree with Joey and I go even bigger.

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You can't make anybody else happy.

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You can't.

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It either comes from the, now,

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now you could piss people off.

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You can cut them off in traffic.

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Right.

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But isn't it crazy?

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Like some people like Marcus

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Aurelius and the Stoics,

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they aren't bothered by

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that because they realize

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it's not about me.

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It's about that person.

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That person's a jerk.

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It's, it's not about me.

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So I think as soon as you

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start to realize that too,

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Two things.

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Like also I'll tie two ideas together.

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I feel like you and Dave

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understand what being a Gino or Emma,

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the head coach of Yukon's

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women's basketball,

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the dynasty understood.

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You're not looking for

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someone to come in and be

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there for twenty years.

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That person's not great.

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Gino understands.

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I mean,

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now at this point he's getting a

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couple of years out of some

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players who have some marketability,

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right?

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Maybe some NIL money will

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keep them in college a

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little bit longer for the WNBA anyway.

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But your job is to get the

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most out of that person and

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put themselves in a

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situation where they can

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make themselves happy or

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they can make themselves

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successful knowing that the

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right people are probably

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gonna graduate and they're

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probably gonna leave.

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So as soon as you wrap your head around,

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you can't actually make

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anybody ever happy

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All you can do is facilitate their growth,

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put them in a good situation.

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I think you move the

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goalpost actually closer

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because happy is so far away.

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It's a pot of gold at the

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end of invisible rainbow.

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It doesn't exist.

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Dave?

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One, first of all, Joey, All Britain,

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friend of the Dave Kittle Show,

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friend of the pod, friend of all of us,

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colleague.

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First of all,

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he posts stuff like this so

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that people have some reaction.

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No different than my post or

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tweet about me flexing with

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my guns out and saying whatever it was,

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like if you want to charge

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two fifty to four hundred

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dollars per visit as a physical therapist,

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you need to be.

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fit and whatever I said I

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forget you know whatever

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the tweet was first of all

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he posts this stuff on purpose

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Genius because we're

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actually talking about it.

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And then other people share

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behind the scenes and they talk about it.

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So first of all,

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that's learning point

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number one is learn from Joey,

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learn from Robbie,

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but Joey posts more polarizing stuff.

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You guys would agree, right?

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Then Robbie, Robbie posts very like,

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it's always nice and like very,

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very professional.

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Nothing can ever get distorted.

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And then Joey posts stuff

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that's kind of like, it's gonna be,

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you gotta jump on the fence.

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You gotta go one way or the

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other on the fence.

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You gotta, you can't be on the fence.

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You gotta be one side or the other,

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correct?

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So that's point number one.

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Number two,

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is it our job to make our

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employees happy?

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Well,

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it doesn't matter how we

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define it because it is

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your responsibility to have

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a great team and exude your core values.

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I wrote down some notes

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about like what a CEO

00:07:53.879 --> 00:07:54.901
should be doing and like

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their main roles.

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And one thing is like

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exuding and living and

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reinforcing your core values.

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So a CEO can't say things like, you know,

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we have, you know,

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one of our core values is

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integrity and then they're

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billing Medicare, you know,

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six patients per hour,

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all with the one-on-one treatment codes,

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right?

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Which would be, you know, billing,

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healthcare, Medicare fraud.

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So you can't say that our

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core values are integrity,

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and that's one of our core values,

00:08:20.160 --> 00:08:21.341
but then you don't have

00:08:21.360 --> 00:08:22.401
integrity with your actual

00:08:22.461 --> 00:08:23.961
billing and coding and the

00:08:24.021 --> 00:08:25.983
ethics of billing.

00:08:26.543 --> 00:08:26.684
So

00:08:28.511 --> 00:08:30.172
I don't know, I kind of don't care.

00:08:31.252 --> 00:08:32.873
Is it important to have our employees,

00:08:32.952 --> 00:08:34.354
that's our job to make them happy?

00:08:34.874 --> 00:08:35.793
We have to have,

00:08:35.894 --> 00:08:37.815
we have to set the table for the team,

00:08:38.034 --> 00:08:39.696
the vision, the core values.

00:08:39.716 --> 00:08:41.736
There's other components of

00:08:41.756 --> 00:08:43.417
a CEO like capital allocation,

00:08:43.456 --> 00:08:44.477
like we're gonna put money

00:08:44.538 --> 00:08:45.418
to a new clinic,

00:08:45.437 --> 00:08:46.818
we're gonna put money into Google ads,

00:08:46.839 --> 00:08:48.078
we're gonna put money into Facebook ads,

00:08:48.399 --> 00:08:50.799
a new campaign for hiring and recruiting.

00:08:51.841 --> 00:08:52.620
There's so many roles and

00:08:52.640 --> 00:08:53.841
responsibilities of a CEO.

00:08:55.019 --> 00:08:56.780
You need to set the tone and the core,

00:08:57.941 --> 00:09:00.902
the culture and morale and

00:09:00.942 --> 00:09:03.081
ensure that morale is great.

00:09:03.142 --> 00:09:04.763
And if not, you need to be addressing it,

00:09:05.403 --> 00:09:06.302
having team meetings,

00:09:06.322 --> 00:09:07.403
having one-on-one meetings.

00:09:07.884 --> 00:09:10.163
So I think I kind of

00:09:10.203 --> 00:09:11.325
actually disagree with Joey.

00:09:11.705 --> 00:09:14.285
And that's the brilliance of his post.

00:09:15.385 --> 00:09:16.885
We're talking about it and I

00:09:16.905 --> 00:09:17.726
got to jump to one side of

00:09:17.746 --> 00:09:18.407
the fence or the other.

00:09:19.206 --> 00:09:19.947
if you want to keep your

00:09:19.966 --> 00:09:22.248
people longer than a month

00:09:22.288 --> 00:09:24.328
or two it kind of is your

00:09:24.349 --> 00:09:25.568
responsibility to ensure

00:09:25.849 --> 00:09:27.330
that they that and maybe

00:09:27.350 --> 00:09:28.269
they're maybe they're not

00:09:28.289 --> 00:09:29.269
the right person maybe it's

00:09:29.309 --> 00:09:31.171
the wrong person uh maybe

00:09:31.211 --> 00:09:32.650
it's it's the person that

00:09:32.850 --> 00:09:33.751
it's the wrong person on

00:09:33.792 --> 00:09:34.711
the bus you want to get the

00:09:34.751 --> 00:09:35.772
right person on the bus

00:09:35.831 --> 00:09:36.951
which the bus meaning you

00:09:36.972 --> 00:09:37.913
know jim collins your

00:09:37.972 --> 00:09:41.293
business um I actually so I think I it

00:09:41.953 --> 00:09:43.976
We can't fully make the employee happy,

00:09:44.017 --> 00:09:46.559
but we are trying to make

00:09:46.580 --> 00:09:48.602
sure that they are on the

00:09:48.623 --> 00:09:49.443
same page with us.

00:09:49.943 --> 00:09:52.528
I think it's somewhat our

00:09:52.567 --> 00:09:54.730
responsibility to reinforce that.

00:09:55.471 --> 00:09:56.932
Yeah, I'm going to take it even deeper.

00:09:57.013 --> 00:09:59.033
Not only can I not make somebody,

00:09:59.234 --> 00:10:00.474
I can't make a patient happy.

00:10:00.594 --> 00:10:01.894
I can't make an employee happy.

00:10:02.534 --> 00:10:03.715
I teach my kids.

00:10:04.096 --> 00:10:05.076
You can't make your

00:10:05.135 --> 00:10:06.576
significant other happy.

00:10:06.897 --> 00:10:08.957
Like whoever that person is,

00:10:09.118 --> 00:10:10.979
if you realize you're

00:10:11.019 --> 00:10:12.558
trying to make them happy,

00:10:12.778 --> 00:10:14.159
get the heck out, run.

00:10:14.639 --> 00:10:16.801
Like find the exit as fast as possible.

00:10:17.581 --> 00:10:19.822
This is a lesson I learned decades ago.

00:10:20.282 --> 00:10:21.482
And it's one of those things

00:10:21.543 --> 00:10:23.183
where I want to bring happy

00:10:23.244 --> 00:10:25.043
people into my world,

00:10:25.163 --> 00:10:26.644
people that are already happy,

00:10:26.684 --> 00:10:27.924
whether you have nothing,

00:10:27.965 --> 00:10:29.206
whether you have everything.

00:10:29.846 --> 00:10:30.667
I've got so many

00:10:30.787 --> 00:10:32.807
acquaintances that are just

00:10:33.128 --> 00:10:34.947
so ridiculously fortunate

00:10:35.447 --> 00:10:36.389
and still unhappy.

00:10:36.889 --> 00:10:37.048
Now,

00:10:37.149 --> 00:10:38.850
there are those people and I recognize

00:10:38.889 --> 00:10:40.750
people that are happy being unhappy.

00:10:40.809 --> 00:10:42.091
They want to be unhappy.

00:10:42.130 --> 00:10:43.130
They want to be angry.

00:10:43.171 --> 00:10:44.551
They want to be a dark cloud

00:10:44.912 --> 00:10:46.471
that makes them feel good.

00:10:47.451 --> 00:10:48.413
Yeah, I acknowledge that.

00:10:48.472 --> 00:10:48.972
That's fine.

00:10:50.212 --> 00:10:51.333
But yeah, no, no way.

00:10:51.433 --> 00:10:51.874
No, how?

00:10:51.913 --> 00:10:53.274
There's no chance I am going

00:10:53.293 --> 00:10:54.153
to build a business

00:10:54.193 --> 00:10:55.514
designed to try and make an

00:10:55.534 --> 00:10:56.394
employee happy.

00:10:56.835 --> 00:10:58.855
The employee has to be happy coming in.

00:10:59.375 --> 00:11:01.197
then we have the foundation

00:11:01.238 --> 00:11:02.619
to move forward as a team.

00:11:03.058 --> 00:11:04.279
Talking about that,

00:11:04.379 --> 00:11:05.701
since they've brought it up,

00:11:06.000 --> 00:11:08.842
let's talk about the role of the CEO.

00:11:08.883 --> 00:11:09.724
So many of the people that

00:11:09.744 --> 00:11:10.684
are going to be watching this,

00:11:10.745 --> 00:11:12.946
listening to this, they do everything.

00:11:12.985 --> 00:11:15.548
They're the CEO, they're the clinician,

00:11:15.567 --> 00:11:16.288
they're the marketer,

00:11:16.328 --> 00:11:17.450
they're the account keeper.

00:11:18.009 --> 00:11:19.931
But in a real business,

00:11:19.971 --> 00:11:21.592
there's a real CEO.

00:11:21.613 --> 00:11:21.673
And

00:11:22.192 --> 00:11:23.033
And we hear,

00:11:23.094 --> 00:11:24.695
especially among the profession,

00:11:25.735 --> 00:11:27.777
CEOs being vilified for

00:11:27.817 --> 00:11:30.619
making so much money when

00:11:30.879 --> 00:11:33.922
the employed line worker is

00:11:33.961 --> 00:11:36.484
making a fraction of what the CEO makes.

00:11:37.183 --> 00:11:38.384
I think we should address this.

00:11:38.504 --> 00:11:39.966
Why does the CEO make

00:11:40.025 --> 00:11:41.508
millions in some companies

00:11:41.967 --> 00:11:43.389
when the person actually

00:11:43.428 --> 00:11:45.169
building the widget is

00:11:45.250 --> 00:11:47.971
making just barely enough to survive?

00:11:48.513 --> 00:11:49.894
Jimmy, what are you thinking about that?

00:11:50.153 --> 00:11:51.195
Yeah, role of CEO,

00:11:51.335 --> 00:11:52.375
I want to go back to coaching.

00:11:52.774 --> 00:11:54.176
I know it's an analogy,

00:11:54.296 --> 00:11:55.456
and I don't know if it's a straight one,

00:11:55.496 --> 00:11:57.638
but it's good enough for me.

00:11:57.677 --> 00:11:58.798
Going back to a coach,

00:11:58.859 --> 00:12:00.559
and I think Coach Herb

00:12:00.600 --> 00:12:02.360
Brooks from the the US

00:12:02.399 --> 00:12:03.421
Olympic hockey team was a

00:12:03.500 --> 00:12:04.601
good example of a coach,

00:12:04.642 --> 00:12:06.042
but he was also the CEO of

00:12:06.101 --> 00:12:06.842
a general manager.

00:12:07.962 --> 00:12:09.524
He didn't pick, famously,

00:12:09.543 --> 00:12:11.205
if you don't know history,

00:12:11.384 --> 00:12:13.186
he picked a bunch of college athletes,

00:12:13.405 --> 00:12:14.606
and he left off

00:12:15.768 --> 00:12:16.609
Some top stars.

00:12:17.089 --> 00:12:18.009
So a lot of people were like,

00:12:18.149 --> 00:12:19.169
I can't believe he's like,

00:12:19.250 --> 00:12:20.110
I have to pick the team.

00:12:20.951 --> 00:12:22.572
So his job wasn't picking

00:12:22.653 --> 00:12:24.653
the the best players.

00:12:24.813 --> 00:12:26.215
It was picking the players

00:12:26.235 --> 00:12:27.716
that would play best together.

00:12:28.255 --> 00:12:29.576
And he realized if he had

00:12:29.616 --> 00:12:30.717
somebody who was great,

00:12:31.097 --> 00:12:31.918
but they had a shitty

00:12:31.958 --> 00:12:33.639
attitude or they weren't

00:12:33.659 --> 00:12:34.541
the glue guy or they were

00:12:34.561 --> 00:12:36.042
going to disrupt for other players,

00:12:36.422 --> 00:12:37.942
their net value was lower.

00:12:38.263 --> 00:12:39.563
So he looked at himself as like,

00:12:39.624 --> 00:12:41.025
my job is to win the game.

00:12:41.125 --> 00:12:42.706
I win the game with a team,

00:12:43.147 --> 00:12:44.008
not with a player.

00:12:44.408 --> 00:12:46.169
How do I put those players together?

00:12:46.230 --> 00:12:48.251
And famously, he took crap for it.

00:12:48.312 --> 00:12:48.652
They were like,

00:12:48.672 --> 00:12:49.692
you're picking the wrong players.

00:12:49.773 --> 00:12:50.173
Now, of course,

00:12:50.193 --> 00:12:51.654
those people put their foot

00:12:51.674 --> 00:12:52.316
in their mouth when they

00:12:52.336 --> 00:12:54.277
beat the Russians and went

00:12:54.317 --> 00:12:55.698
on to the gold medal game to eventually.

00:12:55.999 --> 00:12:56.879
Do you believe in miracles?

00:12:57.379 --> 00:12:58.681
So I think the role of a CEO

00:12:58.721 --> 00:13:00.082
is to create the environment.

00:13:00.763 --> 00:13:01.524
I know people like the

00:13:01.563 --> 00:13:03.245
pyramid with the CEOs at the top,

00:13:03.565 --> 00:13:04.384
but ironically,

00:13:04.544 --> 00:13:05.885
I think the CEO actually is

00:13:05.905 --> 00:13:06.866
there to support everything,

00:13:06.886 --> 00:13:08.607
like set the environment, set the tone.

00:13:08.967 --> 00:13:10.489
How come we're not doing this faster?

00:13:10.948 --> 00:13:11.188
Well,

00:13:11.909 --> 00:13:13.390
we don't have these resources that

00:13:13.431 --> 00:13:14.711
says the person on the front lines,

00:13:15.011 --> 00:13:16.211
then get them the resources.

00:13:16.793 --> 00:13:17.592
If that were to have to go

00:13:17.753 --> 00:13:18.774
all the way up the pyramid,

00:13:18.793 --> 00:13:20.054
it takes too long, right?

00:13:20.455 --> 00:13:23.157
So it's your job to make your boss happy.

00:13:24.240 --> 00:13:24.981
I think it's your job to

00:13:25.001 --> 00:13:26.683
make your boss look good, right?

00:13:26.764 --> 00:13:28.225
If your job is to make your boss look good,

00:13:28.466 --> 00:13:29.667
but I think the CEO needs

00:13:29.687 --> 00:13:30.427
to be on the bottom.

00:13:30.568 --> 00:13:32.250
It's his job to make the

00:13:32.311 --> 00:13:33.272
people on the front lines

00:13:33.392 --> 00:13:34.953
look good because that's

00:13:34.974 --> 00:13:37.456
where the sausage is packed.

00:13:39.024 --> 00:13:40.046
Tony,

00:13:40.225 --> 00:13:42.808
can you re-ask the question just so I can,

00:13:42.849 --> 00:13:44.471
what's the actual role of a CEO?

00:13:44.811 --> 00:13:46.253
Yeah, what's the role of the CEO?

00:13:46.312 --> 00:13:46.493
Like,

00:13:46.533 --> 00:13:48.394
why are they making exponentially

00:13:48.455 --> 00:13:49.856
more money than somebody on

00:13:49.897 --> 00:13:50.717
the front lines?

00:13:51.337 --> 00:13:52.320
I think that's what people

00:13:52.360 --> 00:13:53.301
really want to hear.

00:13:53.821 --> 00:13:54.522
What are your thoughts?

00:13:54.562 --> 00:13:55.102
A hundred X.

00:13:56.274 --> 00:13:57.174
A hundred X. Okay.

00:13:58.135 --> 00:13:59.878
I have a quick story from

00:13:59.977 --> 00:14:01.458
one of my mentors, Ed Mears.

00:14:01.600 --> 00:14:03.221
Ed Mears has bought and sold

00:14:03.260 --> 00:14:04.221
a ton of physical therapy

00:14:04.241 --> 00:14:05.864
businesses over the last like thirty,

00:14:05.884 --> 00:14:06.404
forty years.

00:14:07.966 --> 00:14:08.586
He has,

00:14:09.047 --> 00:14:10.249
and I'm going to probably butcher

00:14:10.269 --> 00:14:10.749
it a little bit.

00:14:10.808 --> 00:14:11.330
I don't know the,

00:14:11.409 --> 00:14:12.630
I can't remember the exact story.

00:14:12.671 --> 00:14:13.652
I wish we could have him on.

00:14:13.972 --> 00:14:15.214
Ed, you're probably not watching,

00:14:15.254 --> 00:14:16.034
but if you're watching,

00:14:16.054 --> 00:14:16.956
we got to have you on here.

00:14:17.196 --> 00:14:18.277
Hey, this show spreads.

00:14:18.317 --> 00:14:19.057
It gets places.

00:14:19.217 --> 00:14:21.119
Yeah, we want you to come on here.

00:14:21.239 --> 00:14:22.960
Ed most recently raised a

00:14:22.980 --> 00:14:23.980
whole bunch of private equity money.

00:14:24.000 --> 00:14:25.059
This is all public and

00:14:25.841 --> 00:14:27.000
raised at least fifty

00:14:27.041 --> 00:14:28.042
something million and then

00:14:28.121 --> 00:14:29.081
bought up a bunch of clinics,

00:14:29.341 --> 00:14:31.743
rebranded them all to Motion PT.

00:14:32.302 --> 00:14:33.563
Seven or something years later,

00:14:33.724 --> 00:14:35.384
sold them to Confluent and

00:14:35.423 --> 00:14:36.804
the deal is on the Internet

00:14:36.845 --> 00:14:37.745
publicly as two hundred

00:14:37.764 --> 00:14:38.546
fifty million dollar deal.

00:14:39.365 --> 00:14:39.885
Years ago,

00:14:39.926 --> 00:14:41.787
he sold a portfolio of companies

00:14:41.826 --> 00:14:42.888
to either physiotherapy

00:14:42.927 --> 00:14:45.089
associates or select medical Novocare.

00:14:45.850 --> 00:14:47.490
An employee of the company

00:14:47.530 --> 00:14:48.811
that was a driver,

00:14:48.850 --> 00:14:50.091
that was driving patients

00:14:50.131 --> 00:14:51.452
to and from an outpatient

00:14:51.472 --> 00:14:53.254
physical therapy office of the company,

00:14:53.854 --> 00:14:56.316
stops Ed Mearsch and he says, Ed,

00:14:56.855 --> 00:14:58.616
I was looking through the, you know,

00:14:58.636 --> 00:14:59.616
whatever the public

00:14:59.636 --> 00:15:00.577
financial documents are,

00:15:00.597 --> 00:15:02.219
because I think it was Medicare,

00:15:02.859 --> 00:15:05.520
not Medicare, select medical Novocare.

00:15:06.201 --> 00:15:10.342
and the the driver knew ed's

00:15:10.423 --> 00:15:12.844
approximate salary and he

00:15:12.884 --> 00:15:13.744
was like a senior vice

00:15:13.803 --> 00:15:15.384
president or he was like a

00:15:15.424 --> 00:15:16.825
high level executive and

00:15:16.845 --> 00:15:17.625
the driver said you know

00:15:17.645 --> 00:15:18.686
I'm making whatever per

00:15:18.745 --> 00:15:20.067
hour and I was looking

00:15:20.086 --> 00:15:20.907
through the you know the

00:15:20.927 --> 00:15:22.368
financial documents and I

00:15:22.447 --> 00:15:23.768
saw that your salary was

00:15:24.087 --> 00:15:25.048
whatever at the time you

00:15:25.068 --> 00:15:25.948
know it was probably like

00:15:25.989 --> 00:15:27.509
jimmy just said like a hundred x right

00:15:28.890 --> 00:15:30.010
And the driver was like, you know,

00:15:30.511 --> 00:15:31.412
can I get a raise?

00:15:31.432 --> 00:15:32.432
Like I see you're making all

00:15:32.451 --> 00:15:34.873
this money and I don't understand it.

00:15:34.913 --> 00:15:36.313
Like you're making this

00:15:36.374 --> 00:15:37.534
crazy amount of money and

00:15:37.735 --> 00:15:38.934
I'm just doing this.

00:15:39.475 --> 00:15:40.535
And Ed,

00:15:40.596 --> 00:15:41.556
he said it way better than I'm

00:15:41.576 --> 00:15:43.397
gonna say it, but he basically was like,

00:15:45.039 --> 00:15:46.561
we love you, you're great,

00:15:46.600 --> 00:15:47.822
we get great responses,

00:15:48.123 --> 00:15:49.384
all the patients love you,

00:15:49.644 --> 00:15:51.384
Mr. or Mrs. Driver, whoever that was,

00:15:51.745 --> 00:15:52.907
you're doing a great job

00:15:53.267 --> 00:15:54.488
with driving everyone

00:15:54.528 --> 00:15:55.808
safely and obeying traffic

00:15:55.828 --> 00:15:56.990
laws and all that type of stuff,

00:15:57.009 --> 00:15:58.230
making sure that seat belts

00:15:58.250 --> 00:15:59.471
are buckled and all that type of stuff.

00:16:00.953 --> 00:16:01.333
But he said,

00:16:01.594 --> 00:16:02.575
myself as a senior vice

00:16:02.615 --> 00:16:04.677
president or COO or CEO or whatever,

00:16:06.187 --> 00:16:09.408
I'm delivering XYZ level of

00:16:09.727 --> 00:16:12.068
value to the entire organization.

00:16:12.448 --> 00:16:13.769
Like respectfully,

00:16:14.549 --> 00:16:16.250
if you don't come in today,

00:16:16.850 --> 00:16:18.591
there's ten people that

00:16:18.630 --> 00:16:19.630
don't come into the clinic.

00:16:19.892 --> 00:16:22.731
And those ten people would be, you know,

00:16:22.812 --> 00:16:23.613
eight hundred dollars of

00:16:23.653 --> 00:16:24.913
revenue or whatever, right?

00:16:24.993 --> 00:16:26.173
A thousand dollars of revenue.

00:16:27.793 --> 00:16:29.014
But if Ed doesn't come into

00:16:29.034 --> 00:16:29.674
the office today,

00:16:30.654 --> 00:16:32.275
The level of missed value

00:16:32.316 --> 00:16:34.638
could be a hundred X just for that day.

00:16:34.658 --> 00:16:35.138
It could be like,

00:16:35.177 --> 00:16:36.359
it could have been a strategic meeting.

00:16:36.399 --> 00:16:37.460
It could have been a board meeting.

00:16:37.700 --> 00:16:38.841
It could have been an investor pitch.

00:16:38.880 --> 00:16:39.400
It could have been,

00:16:39.721 --> 00:16:41.001
they're acquiring a new practice.

00:16:41.042 --> 00:16:42.062
It could have been whatever it is.

00:16:42.764 --> 00:16:44.043
And it's a higher level

00:16:44.445 --> 00:16:47.267
value job and components.

00:16:48.379 --> 00:16:49.698
I don't know if that makes any sense.

00:16:50.078 --> 00:16:51.820
I don't know if that's totally clear,

00:16:51.919 --> 00:16:54.279
but I heard him say that as

00:16:54.379 --> 00:16:56.120
a nice respectful way to

00:16:56.160 --> 00:16:59.501
reply to a lower level

00:16:59.542 --> 00:17:01.101
employee about the

00:17:01.142 --> 00:17:03.863
difference in actual value

00:17:04.042 --> 00:17:05.163
that they're delivering for

00:17:05.202 --> 00:17:05.903
that role that they've

00:17:05.942 --> 00:17:07.463
agreed to do versus a

00:17:07.523 --> 00:17:09.943
higher level role that is like culture,

00:17:10.003 --> 00:17:11.525
capital allocation, value,

00:17:11.585 --> 00:17:12.744
strategic planning,

00:17:13.065 --> 00:17:14.164
like really big things that

00:17:14.345 --> 00:17:15.726
actually moves the needle

00:17:15.786 --> 00:17:16.566
in the organization.

00:17:18.674 --> 00:17:19.214
Yeah.

00:17:19.255 --> 00:17:21.557
What what do you this goes back to?

00:17:21.636 --> 00:17:22.837
And I share this and I

00:17:22.897 --> 00:17:24.739
always get persecuted for it.

00:17:25.799 --> 00:17:27.800
Are we being paid for the

00:17:27.941 --> 00:17:29.801
job or the outcome or are

00:17:29.821 --> 00:17:32.544
we being paid for our personal value?

00:17:32.604 --> 00:17:34.285
You always hear therapists say, no,

00:17:34.325 --> 00:17:35.185
your worth.

00:17:35.905 --> 00:17:37.968
It's never about your worth.

00:17:38.028 --> 00:17:39.288
It's about the worth of the

00:17:39.347 --> 00:17:41.410
job you're delivering to the customer.

00:17:43.431 --> 00:17:45.114
a rotator cuff repair, you know,

00:17:45.574 --> 00:17:47.297
twelve week rehab program

00:17:47.416 --> 00:17:49.140
for my grandmother who

00:17:49.200 --> 00:17:51.182
loves gardening is worth

00:17:51.343 --> 00:17:53.566
less to her than it would

00:17:53.605 --> 00:17:56.190
be to somebody who's going to, you know,

00:17:56.410 --> 00:17:57.371
professional sports.

00:17:58.212 --> 00:17:58.353
Um,

00:17:58.673 --> 00:18:01.453
So we have to make that distinction.

00:18:01.473 --> 00:18:02.814
And the job of the CEO,

00:18:02.874 --> 00:18:04.473
from my perspective, like you said,

00:18:05.054 --> 00:18:06.814
is to guide the organization,

00:18:07.154 --> 00:18:09.914
to get buy-in, to lead the culture.

00:18:10.914 --> 00:18:12.674
CEOs are ultimately a politician.

00:18:12.795 --> 00:18:13.695
That's what it is.

00:18:13.736 --> 00:18:14.536
The CEO,

00:18:14.576 --> 00:18:16.276
they're the president of the company.

00:18:16.316 --> 00:18:17.256
They're the politician.

00:18:17.296 --> 00:18:19.777
They have to shake hands and kiss babies,

00:18:19.836 --> 00:18:20.936
make everybody excited

00:18:20.997 --> 00:18:22.076
about what's going on.

00:18:22.497 --> 00:18:24.297
They're partly entertainers,

00:18:24.657 --> 00:18:26.778
partly socializer.

00:18:27.877 --> 00:18:29.557
That's what they're getting paid for.

00:18:29.659 --> 00:18:30.838
And they're getting paid the

00:18:31.019 --> 00:18:33.279
value of driving that organization.

00:18:34.460 --> 00:18:36.299
They're not necessarily any smarter.

00:18:36.460 --> 00:18:37.820
They're not necessarily any

00:18:37.881 --> 00:18:39.161
harder working.

00:18:39.500 --> 00:18:40.582
They don't have any of those

00:18:40.642 --> 00:18:41.761
other attributes that we

00:18:41.821 --> 00:18:43.883
like to tie value to.

00:18:44.323 --> 00:18:45.502
They just happen to be in

00:18:45.542 --> 00:18:47.183
the position in the role

00:18:47.604 --> 00:18:49.943
that has more value than

00:18:49.983 --> 00:18:52.125
the role that I accepted

00:18:52.325 --> 00:18:53.925
when I took a job as, you know,

00:18:54.326 --> 00:18:55.145
exercise tech.

00:18:55.185 --> 00:18:55.425
Right.

00:18:55.806 --> 00:18:56.887
um jimmy what are you

00:18:56.928 --> 00:18:58.189
thinking I think that I

00:18:58.229 --> 00:18:59.851
think a problem that I fell

00:18:59.871 --> 00:19:01.794
for too was you know I'll

00:19:01.874 --> 00:19:02.734
use my own experience

00:19:02.755 --> 00:19:03.536
because that's all I got

00:19:03.556 --> 00:19:04.557
when I started in radio I

00:19:04.596 --> 00:19:06.298
was like hey listen like

00:19:06.318 --> 00:19:07.520
I'm working really hard I

00:19:07.560 --> 00:19:08.803
was the weekend overnight

00:19:08.843 --> 00:19:10.124
guy next thing you know I'm

00:19:10.904 --> 00:19:11.845
know moving up and getting

00:19:11.884 --> 00:19:13.165
promoted I'm looking at the

00:19:13.226 --> 00:19:14.405
general manager who's like

00:19:14.425 --> 00:19:15.705
the ceo of the building

00:19:15.726 --> 00:19:17.186
that I worked in and I

00:19:17.207 --> 00:19:18.866
think I realized like or I

00:19:18.906 --> 00:19:20.188
realized too late like I

00:19:20.248 --> 00:19:22.407
needed to climb higher to

00:19:22.428 --> 00:19:23.347
be able to demand those

00:19:23.387 --> 00:19:24.368
things because that guy had

00:19:24.409 --> 00:19:25.588
no idea who I was like who

00:19:25.608 --> 00:19:26.868
the hell is this guy making

00:19:26.949 --> 00:19:27.750
fifty I mean I was two

00:19:27.789 --> 00:19:28.829
thousand and one I was

00:19:28.849 --> 00:19:29.789
making fifteen thousand

00:19:29.809 --> 00:19:32.010
dollars a year a year with

00:19:32.070 --> 00:19:33.290
a college degree working

00:19:33.371 --> 00:19:34.991
six days a week but I

00:19:35.011 --> 00:19:36.051
needed to impact more

00:19:36.852 --> 00:19:37.511
Here's the thing.

00:19:37.872 --> 00:19:39.413
The way I did that is I left.

00:19:40.133 --> 00:19:40.532
I had to,

00:19:40.772 --> 00:19:42.193
there was no way to climb at that

00:19:42.233 --> 00:19:43.453
particular place, right?

00:19:43.473 --> 00:19:44.674
I'm not saying this is the only way,

00:19:45.055 --> 00:19:46.335
but you have to understand your value.

00:19:46.355 --> 00:19:47.096
So I could have just like

00:19:47.236 --> 00:19:48.355
muttered under my breath or

00:19:48.395 --> 00:19:49.556
complained to my coworkers.

00:19:49.936 --> 00:19:50.916
I looked at the situation.

00:19:51.076 --> 00:19:51.876
I gave him some time.

00:19:52.237 --> 00:19:52.457
I was like,

00:19:52.477 --> 00:19:53.698
can you explain to me how I can,

00:19:54.117 --> 00:19:55.637
I've been promoted four times in the,

00:19:55.657 --> 00:19:57.378
like in six months or eight months.

00:19:57.818 --> 00:19:58.219
And I had,

00:19:58.239 --> 00:19:59.539
wasn't really given a raise at all.

00:20:00.039 --> 00:20:01.540
And they were essentially like, well,

00:20:01.760 --> 00:20:01.961
yeah,

00:20:03.020 --> 00:20:03.840
What's that?

00:20:03.861 --> 00:20:05.060
They tricked you.

00:20:05.141 --> 00:20:06.182
You thought you were moving up?

00:20:06.201 --> 00:20:07.201
I actually lost money

00:20:07.221 --> 00:20:09.782
because I was the night guy

00:20:10.002 --> 00:20:10.843
and I was substitute

00:20:10.942 --> 00:20:12.042
teaching at my local high

00:20:12.063 --> 00:20:12.843
school during the day.

00:20:13.222 --> 00:20:14.384
But then I got promoted to days,

00:20:14.463 --> 00:20:15.804
promoted to days, but didn't get a raise.

00:20:15.844 --> 00:20:16.943
So I was losing eighty bucks

00:20:16.983 --> 00:20:18.565
a day because I wasn't subbing anymore.

00:20:19.125 --> 00:20:19.704
I had to leave.

00:20:19.944 --> 00:20:23.026
I had to walk away and say that I'm out.

00:20:23.185 --> 00:20:24.125
So the only way to do that

00:20:24.165 --> 00:20:25.665
was to actually know my worth,

00:20:25.685 --> 00:20:26.405
but put my money where my

00:20:26.465 --> 00:20:27.886
mouth was and find a place

00:20:27.906 --> 00:20:28.826
that actually valued me.

00:20:28.886 --> 00:20:29.346
And I did that.

00:20:30.239 --> 00:20:32.119
So Will Boyd shared a great comment.

00:20:32.160 --> 00:20:32.461
He said,

00:20:32.500 --> 00:20:34.162
I think a big factor is the level

00:20:34.241 --> 00:20:35.102
of stress and

00:20:35.142 --> 00:20:36.123
responsibility you're

00:20:36.163 --> 00:20:37.963
comfortable living with.

00:20:37.983 --> 00:20:40.026
I thought managing a caseload was tough.

00:20:40.086 --> 00:20:41.286
Now managing ten people's

00:20:41.385 --> 00:20:45.009
livelihoods is another ballgame.

00:20:45.088 --> 00:20:45.628
And it's true.

00:20:45.808 --> 00:20:46.130
Go ahead.

00:20:46.896 --> 00:20:48.719
So before, thank you, Will,

00:20:48.739 --> 00:20:49.259
for the comment,

00:20:49.298 --> 00:20:51.079
but when this question of like,

00:20:51.119 --> 00:20:52.461
is a CEO worth a hundred X

00:20:53.442 --> 00:20:55.044
more than their employee salaries,

00:20:56.724 --> 00:20:58.006
Will touched on it a little bit,

00:20:58.685 --> 00:21:01.888
stress and the livelihood

00:21:01.969 --> 00:21:03.509
of other individuals, that's risk.

00:21:04.230 --> 00:21:05.932
Ed Mearsch had most likely,

00:21:05.991 --> 00:21:07.472
I don't know specifically, but I'm sure

00:21:08.233 --> 00:21:10.096
He has personally guaranteed

00:21:10.155 --> 00:21:12.239
previously when he was buying and selling,

00:21:12.278 --> 00:21:13.621
especially buying and raising capital,

00:21:13.641 --> 00:21:15.663
but I'm sure he has

00:21:15.823 --> 00:21:16.845
personally guaranteed

00:21:17.265 --> 00:21:18.066
millions of dollars.

00:21:18.205 --> 00:21:19.428
Meaning if he defaulted,

00:21:19.528 --> 00:21:22.330
if he embezzled money, whatever,

00:21:22.371 --> 00:21:23.393
if some stuff happened,

00:21:23.772 --> 00:21:24.513
he would have been on the

00:21:24.534 --> 00:21:25.535
hook at some point in his

00:21:25.575 --> 00:21:27.718
career for millions of dollars.

00:21:27.938 --> 00:21:29.679
Now, the driver of that other location,

00:21:29.719 --> 00:21:30.980
when he bought that

00:21:31.180 --> 00:21:31.941
outpatient office and the

00:21:32.000 --> 00:21:33.642
driver is driving

00:21:33.701 --> 00:21:35.282
individuals to and from that office,

00:21:35.643 --> 00:21:37.724
that individual accepted that role.

00:21:38.005 --> 00:21:40.405
And there is basically no financial risk.

00:21:40.465 --> 00:21:42.228
There is no actual risk

00:21:42.248 --> 00:21:42.907
that's going to keep that

00:21:42.948 --> 00:21:45.869
driver up at night versus what Will said,

00:21:45.890 --> 00:21:47.171
which is, and I a hundred percent agree,

00:21:47.191 --> 00:21:49.511
which is you're having the

00:21:49.992 --> 00:21:51.213
understanding and the

00:21:51.294 --> 00:21:53.315
responsibility of the

00:21:53.394 --> 00:21:55.496
livelihood of tens or

00:21:55.556 --> 00:21:57.478
thousands or hundreds of employees.

00:21:58.858 --> 00:22:01.099
And that risk you're accepting as a CEO.

00:22:01.180 --> 00:22:02.980
That's another reason why

00:22:03.000 --> 00:22:03.861
they're paid a hundred X

00:22:03.921 --> 00:22:06.281
more than a hourly or, you know,

00:22:06.362 --> 00:22:07.823
entry-level employee.

00:22:08.844 --> 00:22:09.263
Yeah.

00:22:09.284 --> 00:22:11.825
Skill set to like having the

00:22:11.845 --> 00:22:13.105
skill set of a CEO is

00:22:13.165 --> 00:22:15.307
different than even a manager.

00:22:15.326 --> 00:22:16.708
Like CEO is a manager, right?

00:22:16.728 --> 00:22:17.567
You would say it's a manager

00:22:17.607 --> 00:22:18.528
of managers of managers.

00:22:19.148 --> 00:22:20.670
It is a different skill set to diff.

00:22:20.710 --> 00:22:21.730
It's just a different game.

00:22:21.769 --> 00:22:22.671
You're playing a different

00:22:22.691 --> 00:22:26.452
game and that game, a one degree change.

00:22:27.373 --> 00:22:29.134
on that level can be

00:22:29.315 --> 00:22:30.836
monumentally great or

00:22:30.916 --> 00:22:32.679
horrible like one degree

00:22:33.240 --> 00:22:34.780
over that scale the scale

00:22:34.842 --> 00:22:36.462
is just bigger I think it's

00:22:36.502 --> 00:22:37.884
different and bigger it's

00:22:37.924 --> 00:22:39.547
bigger and different yeah it's different

00:22:42.343 --> 00:22:44.144
The other element here is, you know,

00:22:44.203 --> 00:22:45.763
you have to be comfortable

00:22:46.365 --> 00:22:50.506
being the villain, being the bad guy.

00:22:50.546 --> 00:22:51.705
You have to be comfortable

00:22:51.746 --> 00:22:53.186
making the decisions.

00:22:53.686 --> 00:22:54.007
You know,

00:22:54.747 --> 00:22:56.087
one of my boys was watching

00:22:56.188 --> 00:22:57.107
someone on YouTube the

00:22:57.147 --> 00:22:58.229
other day and they were put

00:22:58.269 --> 00:23:00.868
in a simulation of being

00:23:00.909 --> 00:23:03.009
president and a nuclear war

00:23:03.069 --> 00:23:04.211
starts and what are the

00:23:04.250 --> 00:23:05.411
decisions you're going to make.

00:23:05.471 --> 00:23:08.172
And so we're watching this reenactment.

00:23:08.711 --> 00:23:09.634
And this person,

00:23:09.753 --> 00:23:11.316
as president of the United States,

00:23:11.355 --> 00:23:12.297
has to make a decision.

00:23:12.337 --> 00:23:14.240
Do I launch this attack

00:23:14.259 --> 00:23:15.883
that's going to kill a hundred million?

00:23:16.222 --> 00:23:17.305
Do I launch this attack

00:23:17.325 --> 00:23:18.747
that's going to kill twenty million?

00:23:19.268 --> 00:23:21.090
Like every one of us that's

00:23:21.131 --> 00:23:22.472
in a role of leadership

00:23:23.410 --> 00:23:24.590
We are making decisions

00:23:24.611 --> 00:23:26.152
that's affecting everybody.

00:23:26.673 --> 00:23:27.753
And we have to both be

00:23:27.814 --> 00:23:28.934
comfortable making a

00:23:28.974 --> 00:23:31.576
decision that negatively impacts people,

00:23:31.636 --> 00:23:33.137
but maybe it negatively

00:23:33.258 --> 00:23:35.140
impacts them less than

00:23:35.380 --> 00:23:37.721
other potential decisions.

00:23:38.061 --> 00:23:39.103
And at the end of the day,

00:23:39.623 --> 00:23:40.884
I think generally speaking,

00:23:40.943 --> 00:23:41.805
we're always going to be

00:23:41.865 --> 00:23:43.787
viewed as the villain no matter what.

00:23:44.626 --> 00:23:45.887
The people that are being

00:23:45.948 --> 00:23:47.409
influenced by the decision,

00:23:47.848 --> 00:23:49.470
they're never it takes a

00:23:49.569 --> 00:23:51.550
big person to acknowledge

00:23:51.911 --> 00:23:53.051
that was a hard choice.

00:23:53.172 --> 00:23:54.872
I'm glad Tony made that choice,

00:23:54.972 --> 00:23:56.492
even though it negatively affected me.

00:23:56.993 --> 00:23:57.314
You know,

00:23:57.374 --> 00:24:00.474
and so we have to be emotionally

00:24:00.515 --> 00:24:02.036
mature enough to

00:24:02.195 --> 00:24:04.277
acknowledge this is my job.

00:24:04.376 --> 00:24:05.637
This is what I'm doing and

00:24:05.678 --> 00:24:06.577
I'm going to do it to the

00:24:06.597 --> 00:24:07.398
best of my ability.

00:24:08.000 --> 00:24:09.807
you either die a hero or

00:24:09.906 --> 00:24:11.932
live long enough to become the villain.

00:24:12.034 --> 00:24:13.196
Everything goes back to Batman.

00:24:13.557 --> 00:24:14.982
That's a Batman line, right?

00:24:15.002 --> 00:24:15.605
That's the idea.

00:24:16.791 --> 00:24:20.654
So with this, going back full circle,

00:24:20.775 --> 00:24:22.076
Jimmy has been sharing some

00:24:22.496 --> 00:24:24.237
stuff about recruitment,

00:24:24.277 --> 00:24:26.178
attracting team players,

00:24:26.238 --> 00:24:27.558
attracting the best person.

00:24:28.039 --> 00:24:30.580
I always think of the movie

00:24:30.621 --> 00:24:32.782
Moneyball and how it's not

00:24:32.823 --> 00:24:34.544
about hiring the most expensive.

00:24:34.584 --> 00:24:37.506
It's not hiring all stars.

00:24:37.645 --> 00:24:40.107
You need to hire for the role.

00:24:40.508 --> 00:24:42.128
Sometimes you need followers.

00:24:42.148 --> 00:24:43.430
Sometimes you need leaders.

00:24:43.490 --> 00:24:44.750
Sometimes you need people

00:24:44.810 --> 00:24:46.372
that work in a cohesive group.

00:24:47.112 --> 00:24:49.433
What has been your motivation lately,

00:24:49.473 --> 00:24:49.834
Jimmy,

00:24:49.875 --> 00:24:51.875
for sharing stuff about recruiting

00:24:51.915 --> 00:24:53.897
and attracting the right therapist?

00:24:54.948 --> 00:24:56.127
I don't think I understood.

00:24:56.628 --> 00:24:57.288
Well, two reasons.

00:24:57.328 --> 00:24:57.828
Number one,

00:24:58.128 --> 00:24:58.868
and I don't know if this is

00:24:58.888 --> 00:24:59.789
just part of what I'm

00:24:59.849 --> 00:25:01.130
seeing because it's what I'm clicking,

00:25:01.210 --> 00:25:01.410
right?

00:25:01.849 --> 00:25:04.310
We start to read what we're searching for,

00:25:04.770 --> 00:25:05.891
but I'm noticing a lot more

00:25:05.951 --> 00:25:07.412
solopreneurs or what I

00:25:07.432 --> 00:25:08.132
think someone else said,

00:25:08.451 --> 00:25:10.032
point five to one point

00:25:10.093 --> 00:25:12.833
five FTE organizations, right?

00:25:12.853 --> 00:25:14.473
So it's like a side gig,

00:25:14.493 --> 00:25:15.574
but big enough to support

00:25:15.634 --> 00:25:17.894
somebody or one and a half people.

00:25:18.795 --> 00:25:20.115
And you're seeing this

00:25:20.195 --> 00:25:22.116
problem crop up in our profession.

00:25:22.217 --> 00:25:23.258
That's always been a problem,

00:25:23.298 --> 00:25:23.998
but maybe I just wasn't

00:25:24.057 --> 00:25:24.719
paying attention to it.

00:25:24.959 --> 00:25:25.900
The big issue is actually

00:25:25.940 --> 00:25:27.641
finding people to work in

00:25:27.661 --> 00:25:28.240
your organization.

00:25:29.001 --> 00:25:30.623
I just don't think it was on my radar.

00:25:30.643 --> 00:25:31.222
I didn't think it was an

00:25:31.282 --> 00:25:32.403
issue because I wasn't in

00:25:32.423 --> 00:25:33.785
that position to talk to those people,

00:25:33.805 --> 00:25:34.404
and now I am.

00:25:35.244 --> 00:25:36.365
And I think a lot of times

00:25:36.506 --> 00:25:38.406
they're doing it wrong, right?

00:25:38.627 --> 00:25:40.509
I mean, I shared a reel the other day.

00:25:40.528 --> 00:25:41.288
I've been sharing a lot.

00:25:41.308 --> 00:25:41.769
I'm bored.

00:25:41.869 --> 00:25:42.630
I'm stuck in the house.

00:25:42.650 --> 00:25:43.411
It's still not nice out.

00:25:43.451 --> 00:25:44.010
So I'm sharing a lot of

00:25:44.030 --> 00:25:45.592
videos about how you keep

00:25:45.632 --> 00:25:46.413
talking about you

00:25:47.441 --> 00:25:48.622
And it falls on deaf ears.

00:25:48.942 --> 00:25:49.682
And when you talk about

00:25:49.741 --> 00:25:51.343
someone else and what they're looking for,

00:25:51.723 --> 00:25:53.525
people pay a lot more attention.

00:25:53.565 --> 00:25:54.806
You get the right people.

00:25:55.205 --> 00:25:55.425
I mean,

00:25:56.185 --> 00:25:57.747
I shared this before is we had an

00:25:57.826 --> 00:25:59.708
ad for a weekend radio DJ,

00:25:59.788 --> 00:26:02.589
essentially like on call, minimum wage,

00:26:03.290 --> 00:26:04.570
nights, weekends, and holidays.

00:26:04.751 --> 00:26:05.951
You don't get any free stuff.

00:26:06.092 --> 00:26:08.794
I made the world's worst job description,

00:26:09.233 --> 00:26:09.433
right?

00:26:09.654 --> 00:26:11.055
I probably got a way less

00:26:11.455 --> 00:26:12.556
number of applicants,

00:26:12.776 --> 00:26:13.297
but they were the right

00:26:13.336 --> 00:26:14.176
applicants because I needed

00:26:14.196 --> 00:26:14.738
somebody who was going to,

00:26:15.518 --> 00:26:16.878
get a spoon and eat a pile

00:26:16.919 --> 00:26:19.059
of crap to get the job that they wanted.

00:26:19.079 --> 00:26:20.922
I was like, you want to do this full time?

00:26:21.061 --> 00:26:22.803
You got to crawl through a mile of crap.

00:26:23.383 --> 00:26:26.545
And I was on it was an overly honest,

00:26:26.625 --> 00:26:27.746
even tongue in cheek job

00:26:27.925 --> 00:26:29.366
job application that we put out there.

00:26:29.747 --> 00:26:30.847
But we got people,

00:26:30.907 --> 00:26:32.429
we got the right people to apply.

00:26:32.528 --> 00:26:34.590
And I think big organizations miss this.

00:26:35.171 --> 00:26:36.872
Like go to any of the large

00:26:36.913 --> 00:26:37.853
organizations and go to

00:26:37.873 --> 00:26:39.233
their career page and just

00:26:39.253 --> 00:26:40.234
look at their job descriptions.

00:26:40.474 --> 00:26:41.115
What do they say?

00:26:41.476 --> 00:26:43.137
They're mayonnaise.

00:26:43.157 --> 00:26:44.699
They are warm mayonnaise and

00:26:44.719 --> 00:26:46.259
they say nothing and they

00:26:46.279 --> 00:26:47.361
don't do anything.

00:26:47.621 --> 00:26:48.342
And then what do we do?

00:26:48.721 --> 00:26:50.703
We put our resume through it

00:26:50.903 --> 00:26:52.685
and an AI reads it and it

00:26:52.705 --> 00:26:54.086
just finds more mayonnaise.

00:26:54.346 --> 00:26:55.627
Mayonnaise begets mayonnaise

00:26:55.667 --> 00:26:56.429
begets mayonnaise.

00:26:56.729 --> 00:26:59.230
I think the ones that succeed do it well.

00:26:59.652 --> 00:26:59.852
I mean,

00:27:00.211 --> 00:27:02.054
look at Rehab to Perform and Josh Funk.

00:27:02.930 --> 00:27:04.832
Their entire social media is

00:27:04.912 --> 00:27:07.133
actually mostly not aimed at patients.

00:27:07.453 --> 00:27:08.034
It's like, dude,

00:27:08.054 --> 00:27:08.674
do you want to work

00:27:08.714 --> 00:27:10.977
somewhere in a fast paced environment?

00:27:11.076 --> 00:27:12.198
You know who that kicks out?

00:27:12.298 --> 00:27:13.038
People who don't like fast

00:27:13.077 --> 00:27:13.618
paced environment.

00:27:13.838 --> 00:27:14.078
Good.

00:27:14.259 --> 00:27:14.940
We don't want you here.

00:27:15.079 --> 00:27:15.819
Like in a good way.

00:27:15.921 --> 00:27:16.540
You're not going to fit in

00:27:16.560 --> 00:27:17.442
here because that's not what we do.

00:27:17.741 --> 00:27:20.124
Their whole social media on Instagram,

00:27:20.403 --> 00:27:21.805
I'd say ninety plus percent

00:27:21.845 --> 00:27:23.307
of it is to show you,

00:27:23.567 --> 00:27:25.407
not tell you who they're looking for,

00:27:25.508 --> 00:27:26.189
what we are.

00:27:26.548 --> 00:27:28.190
As Seth Godin would say, people like us.

00:27:29.076 --> 00:27:29.997
do things like this.

00:27:30.376 --> 00:27:31.679
So I think I've been talking

00:27:31.699 --> 00:27:32.479
a lot more about it because

00:27:32.519 --> 00:27:34.721
I see it a lot.

00:27:34.741 --> 00:27:35.001
Dave,

00:27:35.041 --> 00:27:36.784
I haven't seen you put out any long

00:27:36.824 --> 00:27:39.465
form content for recruitment.

00:27:39.645 --> 00:27:41.989
You've got the shorter posts,

00:27:42.028 --> 00:27:44.090
hundred plus thousand, you know,

00:27:44.530 --> 00:27:45.451
couple lines.

00:27:45.972 --> 00:27:46.853
How come you haven't gone

00:27:46.893 --> 00:27:47.854
the long form route?

00:27:49.736 --> 00:27:50.896
I've been thinking about it.

00:27:51.337 --> 00:27:52.077
When you say long form,

00:27:52.097 --> 00:27:53.420
meaning like long videos like this,

00:27:54.109 --> 00:27:56.270
videos sales letters like

00:27:56.431 --> 00:27:58.731
just you know anything that

00:27:59.031 --> 00:28:01.613
paints the story of you

00:28:01.633 --> 00:28:03.413
know I was frustrated and

00:28:03.453 --> 00:28:04.894
doing this and then I found

00:28:04.934 --> 00:28:06.796
dave and and all of this

00:28:06.836 --> 00:28:08.036
changed for me like that

00:28:08.096 --> 00:28:09.997
kind of narrative yeah I I

00:28:10.017 --> 00:28:10.897
definitely should do more I

00:28:10.938 --> 00:28:12.238
did that one remember I did

00:28:12.278 --> 00:28:15.799
that long I did that post and uh video

00:28:16.420 --> 00:28:17.961
about like being able to buy

00:28:17.980 --> 00:28:19.760
a home or an apartment in New York City.

00:28:19.881 --> 00:28:20.061
Right.

00:28:20.142 --> 00:28:21.922
That was that was like that

00:28:21.942 --> 00:28:22.982
was fairly long.

00:28:23.262 --> 00:28:24.303
It was kind of like almost

00:28:24.323 --> 00:28:25.243
like a long sales letter.

00:28:25.324 --> 00:28:27.344
And then that was that got a

00:28:27.364 --> 00:28:29.484
whole bunch of positive and

00:28:29.525 --> 00:28:30.605
negative sentiment on

00:28:30.786 --> 00:28:31.865
LinkedIn and Facebook.

00:28:32.326 --> 00:28:34.126
And then then I made it into a video.

00:28:34.227 --> 00:28:37.429
I basically like read the post as a video,

00:28:37.509 --> 00:28:38.949
maybe three days later or something.

00:28:38.969 --> 00:28:40.230
And that was like a I think

00:28:40.250 --> 00:28:41.430
that was like a three minute video,

00:28:41.849 --> 00:28:44.411
not crazy long form, but like longer than,

00:28:44.651 --> 00:28:45.932
you know, like a sixty second video.

00:28:47.000 --> 00:28:47.519
Yeah.

00:28:47.881 --> 00:28:48.080
Okay.

00:28:48.101 --> 00:28:49.721
So we got to address this.

00:28:49.801 --> 00:28:51.083
Will, you know,

00:28:51.123 --> 00:28:52.463
you always have an open

00:28:52.523 --> 00:28:53.865
invitation to the show.

00:28:53.964 --> 00:28:55.645
You are always a welcome guest.

00:28:55.826 --> 00:28:58.067
If that hasn't been on your radar,

00:28:58.107 --> 00:28:59.709
like absolutely within the

00:28:59.749 --> 00:29:01.810
next couple episodes, let's bring you on.

00:29:01.911 --> 00:29:03.811
Will Boyd, that would be phenomenal.

00:29:03.832 --> 00:29:04.772
Yeah.

00:29:04.792 --> 00:29:06.074
Tony has been saying it for a while.

00:29:06.094 --> 00:29:07.154
We need to make it happen, Will.

00:29:08.028 --> 00:29:09.407
we'll talk about fractional

00:29:09.448 --> 00:29:11.068
ceo stuff we'll talk about

00:29:11.088 --> 00:29:13.808
our cfos um I want to make

00:29:13.828 --> 00:29:15.170
a connection I I didn't

00:29:15.210 --> 00:29:16.349
realize this wasn't a

00:29:16.410 --> 00:29:18.609
connection uh will I've got

00:29:18.650 --> 00:29:19.510
somebody to connect you

00:29:19.570 --> 00:29:21.590
with on linkedin certified

00:29:21.631 --> 00:29:24.112
financial planner uh I

00:29:24.152 --> 00:29:24.852
thought you guys already

00:29:24.892 --> 00:29:25.971
knew each other I had no

00:29:26.051 --> 00:29:28.232
idea so you know this this

00:29:28.252 --> 00:29:29.692
show brings people together

00:29:29.772 --> 00:29:30.972
I think that'll be a great

00:29:31.113 --> 00:29:33.453
connection uh for you guys

00:29:36.055 --> 00:29:36.255
All right.

00:29:36.295 --> 00:29:37.976
So let's pivot just a little bit.

00:29:38.777 --> 00:29:40.077
Let's talk about some stuff

00:29:40.097 --> 00:29:42.859
that's going on, valuations, acquisitions,

00:29:42.920 --> 00:29:44.760
like what's going on with the business.

00:29:45.500 --> 00:29:47.682
I actually, before I turn it over to Dave,

00:29:48.923 --> 00:29:50.605
I've been obsessed with chat GBT.

00:29:51.986 --> 00:29:54.386
I talked to using the voice

00:29:54.426 --> 00:29:56.228
feature chat on the drive

00:29:56.269 --> 00:29:56.949
home the other day.

00:29:56.969 --> 00:29:58.390
I was like, Hey, you know,

00:29:58.589 --> 00:29:59.830
I've got this business as a

00:29:59.871 --> 00:30:01.011
physical therapy clinic.

00:30:01.031 --> 00:30:02.251
We're doing this much in revenue.

00:30:02.272 --> 00:30:03.373
We're doing this, you know,

00:30:03.512 --> 00:30:05.795
all of these things I said, but

00:30:06.894 --> 00:30:09.516
I really want to build a

00:30:09.536 --> 00:30:10.997
business within my business

00:30:11.017 --> 00:30:12.557
that I could then offload

00:30:12.636 --> 00:30:15.317
and sell as a standalone business.

00:30:15.417 --> 00:30:17.499
I said, I've got two thousand square feet.

00:30:17.598 --> 00:30:19.180
I've got exercise equipment.

00:30:19.220 --> 00:30:20.359
I've got all of these things.

00:30:20.819 --> 00:30:21.480
There used to be a

00:30:25.362 --> 00:30:27.364
How can I build a business

00:30:27.544 --> 00:30:29.425
like Curves that I could

00:30:29.445 --> 00:30:31.167
then package and sell

00:30:31.528 --> 00:30:32.828
without interrupting my

00:30:32.868 --> 00:30:33.990
physical therapy business?

00:30:34.391 --> 00:30:35.271
And we went through this

00:30:35.311 --> 00:30:36.633
whole thought experiment,

00:30:36.653 --> 00:30:38.154
which I've done a bunch of times before,

00:30:38.194 --> 00:30:39.736
but I just wanted to do it again,

00:30:40.237 --> 00:30:41.438
where we said, you know, look,

00:30:41.478 --> 00:30:42.759
if you're doing four to

00:30:42.778 --> 00:30:44.220
five hundred new patients

00:30:44.240 --> 00:30:45.141
coming into my physical

00:30:45.181 --> 00:30:46.281
therapy clinic every year.

00:30:47.042 --> 00:30:48.442
A bunch of these patients

00:30:48.584 --> 00:30:50.104
are perfect candidates to

00:30:50.163 --> 00:30:52.884
join a independent exercise program,

00:30:53.365 --> 00:30:54.845
two or three classes a week,

00:30:55.185 --> 00:30:56.205
group workouts.

00:30:56.566 --> 00:30:57.766
They pay a hundred to three

00:30:57.806 --> 00:30:58.767
hundred dollars depending

00:30:58.826 --> 00:31:00.406
on the time slots that they

00:31:00.446 --> 00:31:01.907
want to access.

00:31:02.607 --> 00:31:04.888
And we build it into a I

00:31:04.909 --> 00:31:05.909
think we were looking at a

00:31:06.009 --> 00:31:06.989
two hundred and fifty

00:31:07.028 --> 00:31:09.970
thousand dollar revenue per

00:31:10.009 --> 00:31:11.431
year for a single owner

00:31:11.510 --> 00:31:13.250
operator who then I would

00:31:13.310 --> 00:31:14.751
sell that business to.

00:31:15.773 --> 00:31:17.515
as a multiple of profitability,

00:31:18.194 --> 00:31:18.875
but I would keep my

00:31:18.914 --> 00:31:20.135
physical therapy practice.

00:31:20.175 --> 00:31:21.355
Like I'm literally just

00:31:21.436 --> 00:31:22.876
building a business in my

00:31:22.916 --> 00:31:24.417
business and selling that

00:31:24.438 --> 00:31:25.978
to somebody who would then

00:31:26.019 --> 00:31:27.959
come in and operate that business.

00:31:28.920 --> 00:31:29.839
They could pay me rent.

00:31:30.539 --> 00:31:31.601
They would obviously get an

00:31:31.740 --> 00:31:32.981
SBA loan or they would just

00:31:33.021 --> 00:31:34.781
pay for the business with, you know,

00:31:35.142 --> 00:31:35.823
their own money.

00:31:36.462 --> 00:31:38.244
I was like, why aren't we doing this?

00:31:38.565 --> 00:31:40.126
We could spin off billing companies.

00:31:40.166 --> 00:31:41.748
We could spin off marketing companies.

00:31:41.788 --> 00:31:44.190
We could spin off exercise stuff.

00:31:44.210 --> 00:31:45.751
There's so many things we

00:31:45.771 --> 00:31:47.492
could do within the

00:31:47.512 --> 00:31:49.335
business structure we already have.

00:31:49.895 --> 00:31:51.917
But what have you been looking at, Dave,

00:31:51.938 --> 00:31:54.240
for valuations and business ideas?

00:31:55.952 --> 00:31:56.133
Yeah,

00:31:56.192 --> 00:31:57.894
so speaking to a couple owners recently,

00:31:58.714 --> 00:31:59.576
I can't really say where,

00:31:59.615 --> 00:32:00.757
but we'll say in New York

00:32:00.797 --> 00:32:01.436
State somewhere.

00:32:02.837 --> 00:32:03.759
Some of the great things I'm

00:32:03.778 --> 00:32:06.240
hearing from these owners are like,

00:32:06.381 --> 00:32:07.361
and historically I was

00:32:07.401 --> 00:32:08.342
always complaining about

00:32:08.402 --> 00:32:09.323
like owners having

00:32:09.423 --> 00:32:10.604
unrealistic expectations,

00:32:10.943 --> 00:32:11.784
but some of the most recent

00:32:11.845 --> 00:32:12.684
owners we're speaking with

00:32:13.125 --> 00:32:14.646
about a potential future deal

00:32:15.767 --> 00:32:18.347
I love and I respect when

00:32:18.407 --> 00:32:20.449
they have some level of

00:32:20.509 --> 00:32:21.608
realistic expectations.

00:32:21.648 --> 00:32:22.509
So a couple things.

00:32:22.650 --> 00:32:24.569
One is valuation, right?

00:32:24.630 --> 00:32:26.971
So once we find out, like,

00:32:26.990 --> 00:32:28.451
what's their adjusted EBITDA?

00:32:28.471 --> 00:32:28.612
Like,

00:32:28.632 --> 00:32:30.332
what's their net income after their

00:32:30.412 --> 00:32:30.873
ad backs?

00:32:30.913 --> 00:32:31.952
Because many of these owners

00:32:31.992 --> 00:32:32.992
have personal items on

00:32:33.012 --> 00:32:33.753
their business books.

00:32:33.794 --> 00:32:34.594
They have, like, their...

00:32:35.114 --> 00:32:36.256
personal car lease that has

00:32:36.415 --> 00:32:37.257
nothing to do with the

00:32:37.277 --> 00:32:38.597
business on the business

00:32:38.617 --> 00:32:39.819
books their family cell

00:32:39.839 --> 00:32:40.580
phone plans all that type

00:32:40.601 --> 00:32:41.541
of stuff you take away that

00:32:41.561 --> 00:32:42.643
stuff it's like hey let's

00:32:42.663 --> 00:32:44.265
find the net cash flow the

00:32:44.365 --> 00:32:46.728
net uh the net income of

00:32:46.748 --> 00:32:48.390
the business and then so

00:32:48.410 --> 00:32:49.211
whatever that number is

00:32:49.310 --> 00:32:51.113
okay what's that number um

00:32:51.133 --> 00:32:52.355
we gotta we gotta agree on

00:32:52.375 --> 00:32:53.155
that number first of all

00:32:53.536 --> 00:32:55.016
And then it's like, well,

00:32:55.115 --> 00:32:56.457
depending on the size of the practice,

00:32:56.636 --> 00:32:57.297
what's the multiple?

00:32:57.356 --> 00:32:58.757
Is it like a two or a three

00:32:58.817 --> 00:33:00.778
or a four or a five X?

00:33:01.337 --> 00:33:02.938
And that's all subjective, unfortunately.

00:33:03.438 --> 00:33:04.998
That's where the owner,

00:33:05.679 --> 00:33:07.179
are they motivated to exit and sell?

00:33:07.398 --> 00:33:08.679
Are they motivated to do a deal?

00:33:09.098 --> 00:33:10.559
Or are they just looking to

00:33:10.599 --> 00:33:11.359
get the highest dollar

00:33:11.380 --> 00:33:12.319
amount and they'll try to

00:33:12.359 --> 00:33:14.099
hold out for a higher multiple?

00:33:14.339 --> 00:33:15.760
Because basically the

00:33:15.861 --> 00:33:16.740
adjusted EBITDA number

00:33:16.820 --> 00:33:18.161
times the multiple is gonna

00:33:18.181 --> 00:33:19.421
be the purchase price.

00:33:19.701 --> 00:33:21.162
But then we gotta agree on like, okay,

00:33:21.182 --> 00:33:21.362
well,

00:33:22.122 --> 00:33:24.462
How much of that money do you need?

00:33:25.503 --> 00:33:26.223
One thing is one thing.

00:33:26.263 --> 00:33:27.204
How much of that money do

00:33:27.224 --> 00:33:28.585
you need at the close?

00:33:29.205 --> 00:33:30.906
Do you need ninety percent of it?

00:33:31.287 --> 00:33:33.067
Do you need just fifty percent?

00:33:33.208 --> 00:33:34.167
And the other fifty percent

00:33:34.188 --> 00:33:35.808
could be deferred as seller

00:33:35.828 --> 00:33:37.009
finance or twenty five

00:33:37.029 --> 00:33:38.509
percent deferred as seller

00:33:38.529 --> 00:33:40.510
finance in the future where

00:33:40.550 --> 00:33:42.071
we pay that out starting

00:33:42.752 --> 00:33:43.472
twelve months after the

00:33:43.492 --> 00:33:44.673
acquisition or starting

00:33:44.773 --> 00:33:45.453
three months after the

00:33:45.493 --> 00:33:46.894
acquisition or whatever.

00:33:47.914 --> 00:33:49.556
So that's one thing I'm seeing is,

00:33:50.215 --> 00:33:51.057
I don't know, maybe

00:33:51.656 --> 00:33:52.978
maybe there's some correction.

00:33:53.397 --> 00:33:54.018
I don't know.

00:33:54.057 --> 00:33:54.798
Maybe there's something in

00:33:54.817 --> 00:33:55.837
the environment that owners

00:33:55.919 --> 00:33:57.878
are getting a little bit

00:33:58.538 --> 00:33:59.839
more understanding in terms

00:33:59.940 --> 00:34:02.661
of de-risking the deal.

00:34:02.780 --> 00:34:04.020
We're looking at the deal and we're saying,

00:34:04.060 --> 00:34:04.320
hey,

00:34:05.442 --> 00:34:06.701
how much of the practice is wrapped

00:34:06.741 --> 00:34:07.261
around you?

00:34:07.501 --> 00:34:08.842
That could be risky.

00:34:09.882 --> 00:34:11.284
One owner we're speaking with,

00:34:11.664 --> 00:34:13.943
they said they would be

00:34:13.983 --> 00:34:15.224
fine with staying on board

00:34:15.244 --> 00:34:17.965
for twelve months during the transition.

00:34:18.882 --> 00:34:21.704
I'm like, amazing, because I,

00:34:22.063 --> 00:34:22.884
and we said like, hey,

00:34:22.903 --> 00:34:23.943
in the first six to twelve months,

00:34:23.963 --> 00:34:24.905
like we probably have no,

00:34:24.925 --> 00:34:25.744
we don't have an initial

00:34:25.764 --> 00:34:27.485
plan to even rebrand it,

00:34:27.704 --> 00:34:28.425
to change your name.

00:34:28.445 --> 00:34:29.306
Like we want to keep your name.

00:34:29.465 --> 00:34:30.826
We might even keep your EMR,

00:34:30.846 --> 00:34:31.525
your medical record.

00:34:31.867 --> 00:34:33.447
We don't want anyone getting spooked.

00:34:33.786 --> 00:34:34.766
We want your therapist to

00:34:34.927 --> 00:34:35.588
stay comfortable.

00:34:35.668 --> 00:34:36.507
We want your front desk

00:34:36.847 --> 00:34:37.768
staff to stay comfortable,

00:34:38.068 --> 00:34:39.648
meaning like not spooked and scared.

00:34:39.688 --> 00:34:40.628
We don't want them to leave.

00:34:41.248 --> 00:34:42.090
These are all the major

00:34:42.130 --> 00:34:44.931
components of risk and the

00:34:44.990 --> 00:34:47.291
challenges with deals and

00:34:47.693 --> 00:34:49.213
not so much change evaluations,

00:34:49.253 --> 00:34:50.353
but it's like having these

00:34:50.853 --> 00:34:52.695
practice owners understand

00:34:53.635 --> 00:34:56.918
how these deals get judged,

00:34:56.958 --> 00:34:59.358
how they get evaluated,

00:34:59.398 --> 00:35:00.139
how they get assessed,

00:35:00.840 --> 00:35:01.780
and risk is one of the

00:35:01.800 --> 00:35:02.521
biggest components.

00:35:03.201 --> 00:35:04.141
I think you bring up a good point,

00:35:04.161 --> 00:35:06.003
which is say the thing that

00:35:06.023 --> 00:35:07.065
you're scared out loud and

00:35:07.085 --> 00:35:08.586
see where it could go.

00:35:08.626 --> 00:35:09.387
If you're actually worried,

00:35:09.407 --> 00:35:11.309
if I buy this and the owner bails,

00:35:12.070 --> 00:35:14.072
then I'm nervous about the

00:35:14.152 --> 00:35:15.733
actual value of this, then say that.

00:35:15.753 --> 00:35:17.175
Be like, if you leave, what's the deal?

00:35:17.255 --> 00:35:18.617
Oh, I'll stick around for three years.

00:35:19.458 --> 00:35:21.721
Is that the deal breaker?

00:35:21.740 --> 00:35:23.882
Because that wasn't a problem for me.

00:35:23.963 --> 00:35:25.103
Bringing those things up

00:35:26.025 --> 00:35:27.106
I guess would feel scary,

00:35:27.126 --> 00:35:27.985
but I feel like you're

00:35:28.005 --> 00:35:28.985
saying it probably is

00:35:29.047 --> 00:35:29.887
better just to get those

00:35:29.907 --> 00:35:31.907
things out of the way.

00:35:34.628 --> 00:35:35.849
Especially deals this size,

00:35:35.869 --> 00:35:36.809
if that's a deal breaker,

00:35:36.909 --> 00:35:37.791
say it out loud.

00:35:37.911 --> 00:35:39.550
Because deals like this

00:35:39.590 --> 00:35:40.731
don't pop up all the time.

00:35:40.771 --> 00:35:42.132
If you've gotten to that stage,

00:35:42.233 --> 00:35:44.753
say it to prevent a deal breaker.

00:35:46.074 --> 00:35:47.335
So Dave, I got a question.

00:35:47.436 --> 00:35:50.438
How does the acquiring group,

00:35:52.201 --> 00:35:54.061
let's say the owner says, yeah,

00:35:54.101 --> 00:35:54.663
I'll stay on.

00:35:55.202 --> 00:35:56.563
I have to assume a couple

00:35:56.905 --> 00:35:57.885
things going into this.

00:35:58.126 --> 00:35:58.286
One,

00:35:58.846 --> 00:35:59.987
the owner is probably not doing a

00:36:00.027 --> 00:36:00.947
great job anyway.

00:36:01.409 --> 00:36:02.690
Like the fact that the owner

00:36:02.730 --> 00:36:03.871
is looking to sell,

00:36:04.351 --> 00:36:05.632
unless they specifically

00:36:05.733 --> 00:36:07.454
built the business to be sold,

00:36:07.815 --> 00:36:09.155
the owner is probably not

00:36:09.195 --> 00:36:11.016
doing that great of a job anyway.

00:36:12.157 --> 00:36:14.318
How does somebody who's acquiring,

00:36:14.358 --> 00:36:15.259
whether it's a private

00:36:15.298 --> 00:36:17.179
equity or a private sale,

00:36:17.280 --> 00:36:20.440
how does that acquirer say, okay,

00:36:20.920 --> 00:36:22.561
I'm going to keep this owner on,

00:36:22.601 --> 00:36:23.702
but then you realize the

00:36:23.762 --> 00:36:25.181
owner's doing a crappy job.

00:36:25.302 --> 00:36:26.702
I need to get rid of the owner.

00:36:27.963 --> 00:36:29.384
How do you address those issues?

00:36:30.532 --> 00:36:30.851
Yes,

00:36:31.612 --> 00:36:33.614
we have the option in the purchase

00:36:33.655 --> 00:36:34.876
agreement and the future

00:36:34.916 --> 00:36:35.755
potential purchase

00:36:35.775 --> 00:36:37.056
agreement to basically

00:36:37.097 --> 00:36:38.097
terminate that contract,

00:36:38.438 --> 00:36:40.920
the employment contract at any time.

00:36:41.380 --> 00:36:42.320
If we do a deal,

00:36:42.360 --> 00:36:43.282
there's gonna be like the

00:36:43.402 --> 00:36:44.302
one purchase agreement

00:36:44.342 --> 00:36:46.204
contract for like the price

00:36:46.224 --> 00:36:47.545
in terms of the actual practice.

00:36:48.246 --> 00:36:50.306
and the duration of them

00:36:50.907 --> 00:36:52.347
staying on in the transition.

00:36:52.867 --> 00:36:53.588
Depending on the deal,

00:36:53.608 --> 00:36:55.387
that could be put into the

00:36:56.148 --> 00:36:57.208
purchase agreement contract,

00:36:57.369 --> 00:36:58.349
or it's going to be in the

00:36:58.389 --> 00:36:59.449
employment agreement.

00:36:59.688 --> 00:37:00.489
The employment agreement is

00:37:00.509 --> 00:37:02.150
going to be like, hey, Tony,

00:37:02.210 --> 00:37:03.269
we're going to agree on a

00:37:03.309 --> 00:37:05.070
certain salary or hourly

00:37:05.130 --> 00:37:05.971
rate for whatever

00:37:06.490 --> 00:37:07.351
And it's going to be here's

00:37:07.371 --> 00:37:08.353
your roles defined.

00:37:08.414 --> 00:37:09.976
Like it could be the social media stuff.

00:37:09.996 --> 00:37:11.016
It could be, you know,

00:37:11.036 --> 00:37:11.697
you're still going to do

00:37:11.737 --> 00:37:12.498
shockwave treatments.

00:37:12.518 --> 00:37:13.380
You're still going to do X

00:37:13.400 --> 00:37:14.681
amount of social media

00:37:15.021 --> 00:37:17.644
published videos per week or whatever,

00:37:17.664 --> 00:37:20.068
like really defined items.

00:37:21.248 --> 00:37:22.090
But at the same point,

00:37:22.951 --> 00:37:23.650
At the same time,

00:37:23.971 --> 00:37:24.971
it's kind of like we could,

00:37:24.990 --> 00:37:26.851
if we wanted to, we could lock you into,

00:37:26.972 --> 00:37:27.711
let's say it's the twelve

00:37:27.731 --> 00:37:30.371
months or whatever, where if you leave,

00:37:30.411 --> 00:37:31.032
then there's going to be

00:37:31.072 --> 00:37:32.193
some penalty that you would

00:37:32.213 --> 00:37:32.813
have to pay us.

00:37:33.172 --> 00:37:34.193
But we would be able to

00:37:34.273 --> 00:37:35.432
terminate that employment

00:37:35.472 --> 00:37:37.052
contract at any point if

00:37:37.114 --> 00:37:38.673
you're and you wouldn't, Tony,

00:37:38.713 --> 00:37:39.494
but other owners,

00:37:39.653 --> 00:37:41.353
if they sabotage the practice,

00:37:41.393 --> 00:37:42.293
if they start, you know,

00:37:42.693 --> 00:37:44.135
talking bad about the new

00:37:44.195 --> 00:37:45.675
buyers to the team members

00:37:45.715 --> 00:37:46.775
and you're going to, you know,

00:37:47.514 --> 00:37:48.574
you're going to like dirty

00:37:48.594 --> 00:37:50.956
the water and cause issues.

00:37:51.536 --> 00:37:52.596
then the buyers absolutely

00:37:52.615 --> 00:37:53.697
would wanna get rid of you.

00:37:54.177 --> 00:37:54.916
And maybe there's some

00:37:55.237 --> 00:37:56.237
financial penalty there,

00:37:56.277 --> 00:37:57.717
but the buyers would wanna

00:37:57.759 --> 00:37:58.539
have that ability.

00:37:58.798 --> 00:37:59.179
However,

00:37:59.438 --> 00:38:01.320
that's why with all the calls and

00:38:01.360 --> 00:38:04.400
the meetings and building

00:38:04.420 --> 00:38:05.302
rapport and building a

00:38:05.342 --> 00:38:07.121
relationship with these owners,

00:38:07.141 --> 00:38:07.943
that's why it's vitally

00:38:07.983 --> 00:38:09.382
important because you have

00:38:09.682 --> 00:38:11.103
to have so much trust and

00:38:11.764 --> 00:38:13.625
relational capital built up

00:38:13.965 --> 00:38:15.746
to understand like, is this person,

00:38:15.806 --> 00:38:16.626
and it's no different than

00:38:16.646 --> 00:38:18.027
like we talked about

00:38:18.067 --> 00:38:18.907
interviewing and recruiting.

00:38:19.206 --> 00:38:19.726
It's no different.

00:38:19.746 --> 00:38:21.108
It's just like making sure

00:38:21.128 --> 00:38:22.068
that this is the right person.

00:38:24.068 --> 00:38:24.829
I think such a great

00:38:25.268 --> 00:38:26.550
opportunity right now for

00:38:26.610 --> 00:38:28.190
somebody would be,

00:38:29.431 --> 00:38:30.710
we know that there are

00:38:31.010 --> 00:38:31.992
people who are great at

00:38:32.012 --> 00:38:33.231
going from zero to one,

00:38:33.271 --> 00:38:34.693
meaning like you start from

00:38:34.793 --> 00:38:35.873
nothing and you build and

00:38:35.913 --> 00:38:37.474
get those first couple of clients.

00:38:37.534 --> 00:38:38.173
We know that there are

00:38:38.193 --> 00:38:39.253
people who are great at

00:38:39.273 --> 00:38:40.894
going one to ten and ten to one hundred.

00:38:42.275 --> 00:38:43.135
I think there's such an

00:38:43.175 --> 00:38:44.597
opportunity for somebody to

00:38:44.617 --> 00:38:46.217
just go out into the market,

00:38:47.097 --> 00:38:48.318
make great connections.

00:38:48.597 --> 00:38:49.597
Somebody like Jimmy,

00:38:49.637 --> 00:38:51.818
who's got connections with universities,

00:38:51.858 --> 00:38:53.099
connections with students,

00:38:53.119 --> 00:38:54.380
connections with new grads.

00:38:54.960 --> 00:38:56.199
And then you just go up,

00:38:56.440 --> 00:38:57.721
go out and kind of create

00:38:57.760 --> 00:38:58.981
this incubator where you

00:38:59.440 --> 00:39:01.561
just start practices from nothing.

00:39:02.121 --> 00:39:05.244
You build them to a certain level at scale,

00:39:05.625 --> 00:39:07.666
package and sell to the next level.

00:39:07.706 --> 00:39:09.128
Who's going to then take that,

00:39:09.608 --> 00:39:10.789
put it into private equity,

00:39:10.829 --> 00:39:11.849
put it into something else?

00:39:11.889 --> 00:39:13.210
What are you nodding your head about?

00:39:13.692 --> 00:39:15.432
Because this is what my PT

00:39:15.452 --> 00:39:17.815
school roommate's dad did.

00:39:17.835 --> 00:39:19.577
Okay, tell me.

00:39:19.976 --> 00:39:22.199
He started PT practices in

00:39:22.878 --> 00:39:24.400
Northern Virginia where they lived,

00:39:24.880 --> 00:39:26.682
and he had the most boring names.

00:39:26.782 --> 00:39:27.382
I hated them.

00:39:27.884 --> 00:39:28.864
When he would tell me, it was like...

00:39:29.585 --> 00:39:30.545
Name of town.

00:39:30.686 --> 00:39:31.447
Local town.

00:39:31.726 --> 00:39:34.608
And it's the dumbest idea,

00:39:34.809 --> 00:39:35.750
except it's the brilliant

00:39:35.809 --> 00:39:37.512
idea because everybody thinks of it.

00:39:37.572 --> 00:39:38.572
It's better for Google.

00:39:38.632 --> 00:39:39.273
He was smart.

00:39:39.413 --> 00:39:40.835
He only did what he needed to do.

00:39:41.215 --> 00:39:41.996
And he would do this.

00:39:42.516 --> 00:39:43.876
He would open a PT practice,

00:39:44.036 --> 00:39:45.458
I think with a co-owner.

00:39:45.478 --> 00:39:46.780
I'll have David or his dad

00:39:47.019 --> 00:39:48.021
because David lucked out.

00:39:48.061 --> 00:39:49.141
Both of his parents were PTs.

00:39:49.161 --> 00:39:51.443
I mean, he was like PT lineage.

00:39:52.023 --> 00:39:53.065
And his dad and his partner

00:39:53.085 --> 00:39:54.005
would open a clinic.

00:39:54.246 --> 00:39:55.947
They'd get it to profitability.

00:39:56.007 --> 00:39:57.387
Like they'd build a business.

00:39:58.148 --> 00:40:00.811
And they'd recruit, probably, I'm guessing,

00:40:00.831 --> 00:40:01.793
and I want to speak for Hadi,

00:40:01.813 --> 00:40:02.954
but thinking,

00:40:03.494 --> 00:40:05.677
who here is going to be the ideal person?

00:40:06.277 --> 00:40:07.519
They, I think, for the most part,

00:40:07.579 --> 00:40:08.800
wanted it to come from within.

00:40:09.362 --> 00:40:10.143
And I think he wound up

00:40:10.182 --> 00:40:11.744
selling several of the practices to...

00:40:13.045 --> 00:40:13.967
Marymount grads because

00:40:14.027 --> 00:40:14.907
Marymount was a school,

00:40:14.947 --> 00:40:15.527
like you just said,

00:40:15.668 --> 00:40:16.528
right down the street.

00:40:16.809 --> 00:40:18.110
So I've got a feeder school.

00:40:18.190 --> 00:40:18.931
So it's always going to have

00:40:18.990 --> 00:40:19.811
somebody who wants to stay

00:40:19.831 --> 00:40:20.972
in the area and work here.

00:40:21.353 --> 00:40:22.393
But I think he was always

00:40:22.434 --> 00:40:23.695
sort of looking like who's

00:40:23.715 --> 00:40:24.876
going to want to take this over.

00:40:25.356 --> 00:40:26.938
And I think it was I think

00:40:26.958 --> 00:40:27.958
they were smart enough to know, like,

00:40:28.278 --> 00:40:29.480
that kid's probably got no money.

00:40:29.679 --> 00:40:30.701
How do we structure this

00:40:30.780 --> 00:40:32.141
deal to make sure?

00:40:32.882 --> 00:40:34.844
And he was never I mean, in what I've seen,

00:40:34.943 --> 00:40:35.864
all those businesses have

00:40:35.905 --> 00:40:37.586
continued on with those owners.

00:40:37.786 --> 00:40:37.907
Right.

00:40:38.047 --> 00:40:39.027
So it was never like,

00:40:39.068 --> 00:40:39.628
I'll just sell you

00:40:39.668 --> 00:40:40.568
something and good luck.

00:40:41.148 --> 00:40:42.110
They sold them something

00:40:42.130 --> 00:40:43.170
that was on the way up,

00:40:43.269 --> 00:40:44.210
but they didn't want to be

00:40:44.251 --> 00:40:46.572
here from eight to fifty.

00:40:46.893 --> 00:40:49.054
They were like, we're good at one to five.

00:40:49.153 --> 00:40:49.914
And that's what we want to do.

00:40:49.994 --> 00:40:50.655
And then he'd sell it.

00:40:50.954 --> 00:40:52.777
They'd go twenty miles down the street,

00:40:53.177 --> 00:40:53.396
right?

00:40:53.456 --> 00:40:54.237
Far enough away where

00:40:54.257 --> 00:40:55.177
they're not competing and

00:40:55.257 --> 00:40:57.920
open another boring PT clinic,

00:40:58.239 --> 00:40:59.661
this town physical therapy.

00:40:59.681 --> 00:41:00.300
And they did it again.

00:41:00.762 --> 00:41:01.581
That'd be a great episode.

00:41:01.641 --> 00:41:02.402
I should get David and his

00:41:02.422 --> 00:41:03.443
dad on here to talk about

00:41:03.483 --> 00:41:04.184
that because it was so

00:41:04.224 --> 00:41:05.525
boring that it was brilliant.

00:41:06.735 --> 00:41:06.974
Yeah,

00:41:06.994 --> 00:41:08.735
the mindset of somebody who's

00:41:08.795 --> 00:41:10.418
starting something to sell,

00:41:10.998 --> 00:41:12.458
trying to find that peak

00:41:12.498 --> 00:41:14.139
value where there's enough

00:41:14.219 --> 00:41:15.842
meat on the bone that a new

00:41:15.882 --> 00:41:18.103
buyer coming in still has

00:41:18.143 --> 00:41:20.164
acceleration and still has growth.

00:41:21.065 --> 00:41:22.346
But you can get in and get

00:41:22.505 --> 00:41:24.007
out relatively quick.

00:41:24.427 --> 00:41:26.469
And really, for the right personality,

00:41:26.809 --> 00:41:28.451
that's the best part of the whole thing.

00:41:28.570 --> 00:41:28.650
Yes.

00:41:29.351 --> 00:41:30.791
I'm twenty five years in.

00:41:31.012 --> 00:41:32.793
I have so much history and

00:41:32.833 --> 00:41:35.195
baggage that's weighing me down.

00:41:35.594 --> 00:41:37.817
But if I could get in three to six months,

00:41:37.856 --> 00:41:40.759
accelerate growth, recruit, grow, market,

00:41:40.798 --> 00:41:42.079
do all the fun stuff and

00:41:42.119 --> 00:41:43.820
then sell by twelve months.

00:41:44.340 --> 00:41:44.860
Amazing.

00:41:45.161 --> 00:41:45.661
Amazing.

00:41:46.023 --> 00:41:47.324
So and I don't want to say

00:41:47.364 --> 00:41:48.585
too much because I get told

00:41:48.626 --> 00:41:49.827
things sometimes and I'm like,

00:41:49.867 --> 00:41:50.467
is this for public

00:41:50.487 --> 00:41:51.568
consumption or is this for Jimmy?

00:41:51.668 --> 00:41:52.588
And just for future reference,

00:41:52.829 --> 00:41:53.768
don't tell me anything

00:41:54.429 --> 00:41:55.269
monumental that you don't

00:41:55.289 --> 00:41:56.110
want on a podcast because I

00:41:56.130 --> 00:41:57.211
might screw up and just say it.

00:41:57.251 --> 00:41:57.452
Right.

00:41:57.891 --> 00:41:59.213
But I do know someone who's

00:41:59.273 --> 00:42:00.574
doing something like that.

00:42:00.873 --> 00:42:01.894
So what I'll do is I'll text

00:42:01.914 --> 00:42:03.135
them and be like, hey, is it cool?

00:42:03.235 --> 00:42:04.476
And I'll just bring them on this way.

00:42:04.516 --> 00:42:05.878
They know that they're streaming.

00:42:06.097 --> 00:42:07.458
But I believe this person

00:42:07.478 --> 00:42:09.239
that I know is trying to solve that.

00:42:09.579 --> 00:42:10.280
Essentially,

00:42:10.681 --> 00:42:11.780
let me take all my business

00:42:11.820 --> 00:42:13.342
knowledge and starting,

00:42:13.402 --> 00:42:14.443
and you're motivated,

00:42:14.463 --> 00:42:15.784
but you don't know where to begin.

00:42:16.103 --> 00:42:17.565
Let's go into this together

00:42:17.664 --> 00:42:18.726
and share the risk,

00:42:19.065 --> 00:42:21.987
but you get the reward.

00:42:22.007 --> 00:42:23.748
I would love to continue to

00:42:23.789 --> 00:42:25.690
put messaging out about the

00:42:25.789 --> 00:42:26.971
out-of-network practices in

00:42:26.990 --> 00:42:27.570
New York City.

00:42:28.371 --> 00:42:30.172
Hey, if you're watching or listening,

00:42:30.472 --> 00:42:31.452
let's all band together.

00:42:31.512 --> 00:42:33.193
We're fighting for the same leads.

00:42:33.373 --> 00:42:33.994
I was just thinking about

00:42:34.034 --> 00:42:34.534
this the other day.

00:42:34.675 --> 00:42:35.034
I was like...

00:42:36.268 --> 00:42:37.989
I'm spending money on leads on,

00:42:38.170 --> 00:42:39.590
on Google ads and Facebook

00:42:39.650 --> 00:42:40.110
ads and all that.

00:42:40.530 --> 00:42:42.670
Like, why don't we all band together?

00:42:42.911 --> 00:42:44.791
Let's figure out a, maybe the first twelve,

00:42:45.190 --> 00:42:46.271
maybe the first twelve months,

00:42:46.632 --> 00:42:49.871
maybe these owners pay me and my group,

00:42:49.911 --> 00:42:53.773
like some, almost like Joey and Robbie,

00:42:53.833 --> 00:42:55.153
like, like, like, I don't know,

00:42:55.213 --> 00:42:56.813
some coaching.

00:42:57.574 --> 00:42:58.114
Not that I want to be a

00:42:58.155 --> 00:42:59.014
coach or mentor or whatever,

00:42:59.034 --> 00:43:01.735
but like you pay us and like, but you can,

00:43:01.815 --> 00:43:02.436
in twelve months,

00:43:02.456 --> 00:43:03.396
if we don't love each other,

00:43:04.096 --> 00:43:05.737
then we don't partner and you, you know,

00:43:06.117 --> 00:43:06.737
but I,

00:43:06.777 --> 00:43:08.139
we bring our playbook and our best

00:43:08.179 --> 00:43:09.280
practices and we're like, Hey, we're,

00:43:09.559 --> 00:43:10.820
we're like buying these leads.

00:43:10.880 --> 00:43:11.641
And let's say someone's not

00:43:11.661 --> 00:43:12.382
the right fit for us.

00:43:12.422 --> 00:43:12.603
Like,

00:43:13.422 --> 00:43:14.563
why wouldn't I want to refer to

00:43:14.583 --> 00:43:15.125
someone else?

00:43:15.224 --> 00:43:16.865
Or like, we refer to a brick and mortar.

00:43:16.985 --> 00:43:18.226
I'm looking at Google mass right now.

00:43:19.068 --> 00:43:19.947
And I won't shout out any

00:43:19.987 --> 00:43:20.829
names of practices,

00:43:20.869 --> 00:43:23.550
but there's a ton of practices nearby.

00:43:23.610 --> 00:43:25.072
Like we get a lead and like,

00:43:25.112 --> 00:43:26.552
sometimes there's a

00:43:26.592 --> 00:43:27.893
physical therapy office on

00:43:27.934 --> 00:43:28.795
that person's block,

00:43:28.994 --> 00:43:30.036
literally on their block.

00:43:30.635 --> 00:43:31.117
And it's like,

00:43:31.637 --> 00:43:32.577
do they even know that that

00:43:32.617 --> 00:43:33.237
office is there?

00:43:34.231 --> 00:43:35.132
It's crazy, right?

00:43:35.152 --> 00:43:39.876
So, like, if one way, you know,

00:43:39.936 --> 00:43:42.757
like portfolio management of practices,

00:43:42.797 --> 00:43:44.318
like if we banded together,

00:43:44.900 --> 00:43:46.641
if we had some co-ownership,

00:43:46.800 --> 00:43:48.523
we shared best practices,

00:43:49.583 --> 00:43:50.844
that could be a way where

00:43:51.485 --> 00:43:52.686
there's cost savings.

00:43:52.706 --> 00:43:53.666
There's immediate cost

00:43:53.706 --> 00:43:54.626
savings that that money

00:43:54.646 --> 00:43:57.048
drops to the bottom line.

00:43:57.168 --> 00:43:58.090
You're beautiful minding it.

00:43:58.110 --> 00:43:59.391
Did you ever see the movie Beautiful Mind?

00:43:59.771 --> 00:43:59.811
No.

00:44:00.179 --> 00:44:00.518
Of course.

00:44:00.838 --> 00:44:01.800
He's in the bar and there's

00:44:01.860 --> 00:44:03.099
five guys and they're all

00:44:03.139 --> 00:44:04.561
trying to compete for the blonde.

00:44:04.581 --> 00:44:05.960
And he's like, wait, what are we doing?

00:44:06.001 --> 00:44:07.981
If we all just actually work together,

00:44:08.001 --> 00:44:08.961
we wouldn't be competition.

00:44:09.222 --> 00:44:10.922
Although if you want to math

00:44:10.943 --> 00:44:12.202
that he wound up with the blonde.

00:44:12.222 --> 00:44:13.523
So he was like, I have a crazy idea.

00:44:13.804 --> 00:44:14.724
What if none of us went for

00:44:14.744 --> 00:44:15.664
the blonde except for me?

00:44:15.704 --> 00:44:16.784
And then we wouldn't compete.

00:44:16.804 --> 00:44:17.885
And they were like, good idea.

00:44:17.905 --> 00:44:18.686
And then he left with her.

00:44:18.786 --> 00:44:20.045
Like that was a brilliant

00:44:20.065 --> 00:44:21.507
move because he sold them chess.

00:44:21.646 --> 00:44:22.507
playing chess playing

00:44:22.527 --> 00:44:23.128
checkers when they were

00:44:23.148 --> 00:44:24.309
playing chess so wait what

00:44:24.329 --> 00:44:25.291
are you saying like you

00:44:25.311 --> 00:44:26.572
guys instead of being like

00:44:26.592 --> 00:44:27.693
and we'll use like new york

00:44:27.934 --> 00:44:28.675
this is like the eighties

00:44:28.954 --> 00:44:29.856
instead of being competing

00:44:29.896 --> 00:44:31.418
crime families you guys

00:44:31.438 --> 00:44:32.679
come together and form this

00:44:33.320 --> 00:44:34.280
big crime family like

00:44:34.320 --> 00:44:35.722
instead of competing let's

00:44:35.742 --> 00:44:36.923
just carve this up and

00:44:36.963 --> 00:44:37.603
figure out how to do it

00:44:37.643 --> 00:44:39.126
together because together

00:44:39.166 --> 00:44:40.507
we can compete with big

00:44:40.807 --> 00:44:41.949
franchise places in new

00:44:41.969 --> 00:44:43.650
york like yeah and

00:44:44.351 --> 00:44:45.931
So, I mean, ultimately,

00:44:46.751 --> 00:44:47.793
it can't fully happen.

00:44:48.813 --> 00:44:49.793
There's a couple of ways it can happen.

00:44:50.193 --> 00:44:52.135
One is the USPH model, right?

00:44:52.175 --> 00:44:53.215
So they buy seventy,

00:44:53.275 --> 00:44:54.295
eighty percent of a practice.

00:44:54.335 --> 00:44:55.976
The owner keeps twenty or thirty percent.

00:44:56.036 --> 00:44:57.697
That's formal.

00:44:57.717 --> 00:44:58.478
That's formal.

00:44:58.858 --> 00:45:01.019
Or there's the IPTA,

00:45:01.139 --> 00:45:02.380
which is another way I had.

00:45:02.519 --> 00:45:03.460
Oh, my gosh.

00:45:03.661 --> 00:45:04.240
Drawing a blank.

00:45:04.561 --> 00:45:04.701
Yeah.

00:45:06.215 --> 00:45:06.815
No, well,

00:45:06.996 --> 00:45:08.197
he's kind of doing something similar,

00:45:08.217 --> 00:45:08.416
right?

00:45:08.476 --> 00:45:08.836
Similar.

00:45:09.318 --> 00:45:10.818
Ken Gazzardo in New Jersey.

00:45:10.858 --> 00:45:12.420
So he created like,

00:45:12.599 --> 00:45:14.041
it's like a joint tax ID.

00:45:14.081 --> 00:45:15.163
So it's one tax ID.

00:45:15.583 --> 00:45:17.364
These other practices can plug into it.

00:45:17.664 --> 00:45:19.925
But if they sell to some

00:45:20.246 --> 00:45:20.907
corporate or whatever,

00:45:21.106 --> 00:45:22.789
they can leave that at any time.

00:45:23.068 --> 00:45:24.670
So it's like they're in the

00:45:24.710 --> 00:45:26.512
same tax ID so they can have better...

00:45:27.873 --> 00:45:30.335
Negotiating power with insurances,

00:45:30.356 --> 00:45:31.538
they can have cost savings

00:45:31.577 --> 00:45:32.559
with the same EMR.

00:45:32.599 --> 00:45:33.780
You have to use the same EMR.

00:45:33.800 --> 00:45:34.702
You have to use the same

00:45:34.762 --> 00:45:36.103
payroll and HR system.

00:45:36.224 --> 00:45:39.067
If you're joining, and this is public,

00:45:39.086 --> 00:45:40.688
like Paul Vidal in South Jersey,

00:45:40.708 --> 00:45:41.751
my mom goes to his office.

00:45:41.911 --> 00:45:42.210
I know Paul.

00:45:42.231 --> 00:45:43.253
Specialized physical therapy.

00:45:43.652 --> 00:45:45.375
He's got like two or three clinics.

00:45:45.976 --> 00:45:46.617
He joined that.

00:45:46.677 --> 00:45:48.498
He joined Ken Gazzardo's IPTA.

00:45:48.920 --> 00:45:51.202
But if he were to sell to us

00:45:51.282 --> 00:45:52.684
or anyone else, if he sells,

00:45:53.465 --> 00:45:54.405
they can leave that.

00:45:54.746 --> 00:45:55.568
So I don't want that.

00:45:55.847 --> 00:45:58.652
I want the lock-in of the equity.

00:45:58.672 --> 00:45:59.893
I want the equity exchange

00:46:00.173 --> 00:46:02.255
so that we actually can have some scale.

00:46:02.856 --> 00:46:03.818
But I'm not saying...

00:46:04.759 --> 00:46:06.000
like it has to be seventy or

00:46:06.039 --> 00:46:07.420
eighty percent it could be

00:46:08.159 --> 00:46:09.581
twenty or thirty percent it

00:46:09.601 --> 00:46:11.061
could be forty or fifty one

00:46:11.101 --> 00:46:13.202
percent um but the

00:46:13.242 --> 00:46:14.163
challenge is like a lot of

00:46:14.182 --> 00:46:15.143
these practice owners that

00:46:15.242 --> 00:46:16.603
are independent they went

00:46:16.664 --> 00:46:17.503
out on their own they took

00:46:17.523 --> 00:46:18.724
a lot of risk and they want

00:46:18.744 --> 00:46:19.824
to you know collect all

00:46:19.844 --> 00:46:20.726
that value they want to

00:46:20.746 --> 00:46:21.706
make all the decisions and

00:46:21.726 --> 00:46:22.766
all that so then it would

00:46:22.786 --> 00:46:24.007
be like a bunch of mini

00:46:24.047 --> 00:46:26.228
ceos under our you know

00:46:26.268 --> 00:46:27.788
group and that would be or

00:46:27.807 --> 00:46:28.768
that could be a challenge

00:46:28.809 --> 00:46:31.289
so uh I'm floating this right now

00:46:31.570 --> 00:46:32.630
I'm going to, I'm going to use,

00:46:32.710 --> 00:46:33.492
here's what I'm going to do,

00:46:33.532 --> 00:46:34.193
because I don't know if I

00:46:34.253 --> 00:46:35.474
fully understand it because

00:46:35.494 --> 00:46:36.414
I think we're making it up

00:46:36.434 --> 00:46:37.536
as we go along in a good way.

00:46:37.577 --> 00:46:38.498
Like we're just designing this.

00:46:38.777 --> 00:46:39.257
I'm going to take the

00:46:39.297 --> 00:46:40.760
transcript of this episode and be like,

00:46:40.820 --> 00:46:41.880
give me a comparison in

00:46:41.900 --> 00:46:43.702
another industry that does this.

00:46:43.742 --> 00:46:45.786
Cause it feels like it feels like a co-op.

00:46:46.552 --> 00:46:47.534
No, no.

00:46:47.614 --> 00:46:48.153
I mean, it's, it's,

00:46:48.253 --> 00:46:50.494
it's the same as it's the

00:46:50.514 --> 00:46:51.536
same as confluent buying

00:46:51.576 --> 00:46:52.556
motion or it's the same as

00:46:52.615 --> 00:46:55.998
USPH buying the majority of practices.

00:46:56.358 --> 00:46:56.617
Yeah.

00:46:56.838 --> 00:46:58.398
Yeah.

00:46:58.699 --> 00:47:00.420
Going back to the beginning though,

00:47:01.021 --> 00:47:03.961
I was starting the mindset of, okay,

00:47:04.001 --> 00:47:05.182
Dave's talking about leads.

00:47:05.242 --> 00:47:06.463
Why are we all paying for

00:47:06.503 --> 00:47:07.344
leads separately?

00:47:07.403 --> 00:47:09.505
Why don't we come together effectively?

00:47:09.525 --> 00:47:11.746
Like Jimmy said, make a co-op where we say,

00:47:12.246 --> 00:47:12.427
Hey,

00:47:12.487 --> 00:47:14.467
let's put this money in and then

00:47:14.507 --> 00:47:15.929
we'll share the leads that come in.

00:47:16.068 --> 00:47:17.329
Like round robin it?

00:47:17.889 --> 00:47:18.409
What?

00:47:18.449 --> 00:47:19.130
Like round robin it?

00:47:19.429 --> 00:47:21.431
No, but I'm saying sharing everything,

00:47:21.771 --> 00:47:24.411
sharing how to interview and recruit,

00:47:24.771 --> 00:47:25.833
best practices of everything,

00:47:25.952 --> 00:47:27.713
how to train your front desk staff,

00:47:29.273 --> 00:47:29.914
our playbook.

00:47:30.273 --> 00:47:31.594
So the only way we would

00:47:31.614 --> 00:47:32.855
want to open the kimono to

00:47:32.894 --> 00:47:33.996
other owners that are in

00:47:34.036 --> 00:47:37.197
the same zip codes is if

00:47:38.697 --> 00:47:39.998
there's some equity exchange.

00:47:42.077 --> 00:47:42.759
I think we're getting there.

00:47:42.878 --> 00:47:44.139
It's a franchise model where

00:47:44.219 --> 00:47:46.059
you are franchising the

00:47:46.159 --> 00:47:47.259
marketing machine.

00:47:47.280 --> 00:47:48.599
So you come together for a

00:47:48.639 --> 00:47:50.099
specific geographic area,

00:47:50.519 --> 00:47:51.460
but the practice owner

00:47:51.500 --> 00:47:52.320
still keeps his core

00:47:52.360 --> 00:47:53.400
business privately owned.

00:47:54.061 --> 00:47:54.721
This feels like,

00:47:55.380 --> 00:47:56.081
have you guys ever heard of

00:47:56.101 --> 00:47:57.661
what Uber drivers do near airports?

00:47:57.902 --> 00:47:59.641
This is genius and brilliant.

00:48:00.081 --> 00:48:01.643
Have you heard about this?

00:48:01.702 --> 00:48:01.943
No.

00:48:01.963 --> 00:48:03.003
They sleep in the cell phone lot.

00:48:04.302 --> 00:48:04.702
No.

00:48:05.202 --> 00:48:06.304
A bunch of Uber drivers

00:48:06.324 --> 00:48:07.204
would go to the cell phone lot.

00:48:07.824 --> 00:48:09.304
A bunch of Uber drivers will

00:48:09.324 --> 00:48:09.983
go to cell phone and

00:48:10.003 --> 00:48:11.405
they'll know five planes,

00:48:11.485 --> 00:48:12.784
big planes are landing in

00:48:12.824 --> 00:48:14.364
twenty eight minutes and

00:48:14.385 --> 00:48:15.045
they'll just yell,

00:48:15.364 --> 00:48:17.005
everybody turn off your Uber,

00:48:17.065 --> 00:48:17.686
like turn off.

00:48:17.706 --> 00:48:18.565
You're not available.

00:48:19.085 --> 00:48:21.246
So now supply goes down and

00:48:21.306 --> 00:48:22.726
demand goes up because five

00:48:22.766 --> 00:48:23.887
planes are about to land.

00:48:24.286 --> 00:48:25.086
And these guys are like

00:48:25.106 --> 00:48:25.887
they're like they're like

00:48:25.907 --> 00:48:27.007
in the Wolf Wall Street.

00:48:27.027 --> 00:48:28.927
They're like, hold, hold.

00:48:28.967 --> 00:48:30.568
Everybody wait, wait, wait.

00:48:30.688 --> 00:48:33.108
But there's got to be some

00:48:33.148 --> 00:48:34.409
guys that turn their phone on early,

00:48:34.708 --> 00:48:35.668
a few seconds earlier.

00:48:36.617 --> 00:48:37.338
But what they're doing is

00:48:37.358 --> 00:48:38.418
they're driving the surge

00:48:38.458 --> 00:48:41.460
pricing up because everybody's going ding,

00:48:41.481 --> 00:48:42.260
ding, ding, ding, ding.

00:48:42.300 --> 00:48:42.961
Where's the ride?

00:48:42.981 --> 00:48:43.601
Where's the ride?

00:48:43.621 --> 00:48:44.242
Gangster.

00:48:44.302 --> 00:48:45.943
One dude watching it rise and rise.

00:48:45.963 --> 00:48:47.063
And when it hits a certain value,

00:48:47.443 --> 00:48:48.525
everybody goes green light

00:48:48.664 --> 00:48:49.545
and they all make money.

00:48:49.885 --> 00:48:51.246
So they're gaming the system

00:48:51.326 --> 00:48:52.726
like you don't hate the player,

00:48:52.746 --> 00:48:53.427
hate the game.

00:48:54.327 --> 00:48:55.427
This is something similar.

00:48:55.447 --> 00:48:56.608
We're like, let's band together.

00:48:56.628 --> 00:48:57.809
We're actually not competing.

00:48:57.869 --> 00:48:58.309
We are,

00:48:58.349 --> 00:48:59.530
but we aren't like there's more

00:48:59.550 --> 00:49:00.751
than enough to go around.

00:49:01.150 --> 00:49:02.132
Why are we fighting each

00:49:02.172 --> 00:49:03.012
other is what I feel like

00:49:03.032 --> 00:49:03.813
I'm hearing you guys say.

00:49:04.306 --> 00:49:06.849
So how does a company like Zillow,

00:49:07.168 --> 00:49:07.969
like doesn't,

00:49:08.369 --> 00:49:09.532
if you're a realtor and

00:49:09.572 --> 00:49:10.813
there's a thousand realtors

00:49:10.853 --> 00:49:13.094
in your area and you pay Zillow,

00:49:13.155 --> 00:49:14.996
doesn't Zillow just spit

00:49:15.077 --> 00:49:16.719
out the incoming lead to

00:49:16.918 --> 00:49:18.340
everybody in the area and

00:49:18.360 --> 00:49:19.983
you're paying for those leads?

00:49:20.123 --> 00:49:21.003
Yeah.

00:49:21.083 --> 00:49:21.463
I don't know.

00:49:21.483 --> 00:49:22.405
I don't know a hundred percent.

00:49:22.465 --> 00:49:22.644
No,

00:49:22.684 --> 00:49:24.666
but that would sound like that would be

00:49:24.686 --> 00:49:25.588
a reason to use it.

00:49:25.628 --> 00:49:25.869
Right.

00:49:27.061 --> 00:49:27.981
Like Zillow is like, hey,

00:49:28.001 --> 00:49:28.882
come on board because we

00:49:28.922 --> 00:49:30.443
have we know what we're good at,

00:49:30.463 --> 00:49:32.385
which is traffic like SEO

00:49:32.465 --> 00:49:34.306
and traffic for a particular site.

00:49:34.365 --> 00:49:34.846
Like right.

00:49:34.885 --> 00:49:36.186
Like instead of me going to

00:49:36.226 --> 00:49:37.427
Keller Williams and Century

00:49:37.447 --> 00:49:39.668
twenty one and and having to pick my pony,

00:49:39.708 --> 00:49:40.548
I go to Zillow.

00:49:41.009 --> 00:49:41.409
Well, number one,

00:49:41.429 --> 00:49:42.289
I check the value of my own

00:49:42.309 --> 00:49:43.170
house every once in a while.

00:49:43.190 --> 00:49:46.771
I get my Zestimate and then and then, yeah,

00:49:46.791 --> 00:49:47.572
you're looking at whatever

00:49:47.612 --> 00:49:49.233
things are because it's a good resource.

00:49:49.273 --> 00:49:50.472
They understood what game they were in.

00:49:50.552 --> 00:49:52.353
Zillow did anyway.

00:49:52.393 --> 00:49:53.394
I think there's something there.

00:49:54.443 --> 00:49:55.043
Yeah.

00:49:55.103 --> 00:49:55.885
And I think New York would

00:49:55.905 --> 00:49:57.027
be the place to try it, right?

00:49:57.068 --> 00:49:58.010
If you're going to try it, like,

00:49:58.030 --> 00:49:59.411
cause you'd have more than

00:49:59.431 --> 00:50:00.554
enough people to sign on or

00:50:00.775 --> 00:50:01.255
jump on board.

00:50:02.684 --> 00:50:02.985
All right.

00:50:03.025 --> 00:50:04.746
So before we wrap the show,

00:50:05.005 --> 00:50:07.306
did you guys see the long

00:50:07.347 --> 00:50:10.268
form sales letter post that

00:50:10.387 --> 00:50:12.389
I shared and kind of the

00:50:12.409 --> 00:50:13.929
iterations that I shared?

00:50:14.070 --> 00:50:15.090
I think it was yesterday

00:50:15.630 --> 00:50:18.010
related to a service where

00:50:18.490 --> 00:50:19.711
the therapist goes out,

00:50:19.791 --> 00:50:20.992
meets the patient at the

00:50:21.032 --> 00:50:22.713
home after they've been

00:50:22.733 --> 00:50:23.532
discharged from the

00:50:23.552 --> 00:50:25.273
surgical center following a

00:50:25.353 --> 00:50:26.293
total knee replacement.

00:50:27.195 --> 00:50:28.956
I saw the video of your heart.

00:50:28.996 --> 00:50:29.775
Yes, I saw that.

00:50:30.398 --> 00:50:30.860
Okay.

00:50:30.920 --> 00:50:33.481
So here's the deal for context.

00:50:33.521 --> 00:50:34.764
Anybody who's still watching,

00:50:34.903 --> 00:50:35.965
anybody who's still listening.

00:50:36.905 --> 00:50:39.248
If somebody hires me to do this,

00:50:39.449 --> 00:50:40.228
I will do this.

00:50:40.630 --> 00:50:42.190
I am not interested in doing this.

00:50:42.251 --> 00:50:43.112
This isn't something,

00:50:43.472 --> 00:50:44.353
but I'm putting it out.

00:50:44.373 --> 00:50:45.195
I don't want to do this.

00:50:45.961 --> 00:50:46.141
Yeah,

00:50:46.181 --> 00:50:47.643
I'm putting it out in the real world.

00:50:47.722 --> 00:50:49.563
Like this is attached to my

00:50:49.603 --> 00:50:50.864
business Facebook page

00:50:50.905 --> 00:50:52.545
because what I'm trying to

00:50:52.585 --> 00:50:54.266
do here is I just want to

00:50:54.306 --> 00:50:56.427
show other clinicians what's possible.

00:50:57.429 --> 00:50:58.148
I don't really care.

00:50:58.349 --> 00:50:59.750
I don't care if somebody hires me,

00:50:59.809 --> 00:51:00.570
doesn't hire me.

00:51:00.670 --> 00:51:01.751
I don't care if it does well,

00:51:01.811 --> 00:51:02.530
doesn't do well.

00:51:03.891 --> 00:51:05.393
And basically what I've been

00:51:05.432 --> 00:51:08.275
doing is sharing the process of

00:51:08.815 --> 00:51:09.876
OK, I've got an idea.

00:51:09.976 --> 00:51:11.096
I go to chat GPT.

00:51:11.175 --> 00:51:13.217
I start to iterate on that idea.

00:51:13.677 --> 00:51:16.980
I feed, you know, again, Gary Halpert,

00:51:17.519 --> 00:51:20.342
Alex Hermosi, Roy Sutherland.

00:51:20.382 --> 00:51:22.503
Like I feed these names, Seth Godin,

00:51:23.003 --> 00:51:23.402
and I say,

00:51:23.503 --> 00:51:25.425
give me back something that

00:51:25.505 --> 00:51:26.864
they would have created.

00:51:27.445 --> 00:51:28.806
And I won't read the whole thing,

00:51:28.867 --> 00:51:30.907
but to give you an idea, the context.

00:51:31.914 --> 00:51:33.094
It's under my Total Therapy

00:51:33.135 --> 00:51:35.717
Solutions business Facebook page,

00:51:36.197 --> 00:51:37.838
which is blowing up this month.

00:51:37.898 --> 00:51:38.699
It's doing awesome.

00:51:38.719 --> 00:51:39.699
It's at one point three

00:51:39.719 --> 00:51:41.880
million views over the last

00:51:41.900 --> 00:51:44.041
twenty eight days on the whole account,

00:51:44.101 --> 00:51:45.682
not just this post, the whole account.

00:51:46.403 --> 00:51:47.525
But it's OK.

00:51:47.565 --> 00:51:47.844
Quote,

00:51:48.465 --> 00:51:51.166
I know she'd say not to spend the money,

00:51:51.547 --> 00:51:53.889
but I can't let her do this alone.

00:51:54.943 --> 00:51:58.684
That line is because we know

00:51:59.023 --> 00:52:01.085
our moms and dads would not

00:52:01.125 --> 00:52:03.365
want us to spend the money to hire help,

00:52:03.746 --> 00:52:04.585
hire an aide,

00:52:04.887 --> 00:52:07.347
hire a therapist to come do something.

00:52:08.007 --> 00:52:08.887
They're not going to spend

00:52:08.907 --> 00:52:09.527
the money and they don't

00:52:09.547 --> 00:52:10.528
want us to spend the money.

00:52:10.568 --> 00:52:11.289
So I said,

00:52:11.768 --> 00:52:13.150
I want you to target the adult

00:52:13.170 --> 00:52:15.190
children of the ideal client,

00:52:15.690 --> 00:52:17.331
knowing that the client

00:52:17.371 --> 00:52:18.612
doesn't want to spend the money,

00:52:18.652 --> 00:52:19.532
but the kids will.

00:52:20.420 --> 00:52:20.900
Then it said,

00:52:20.920 --> 00:52:22.182
if your mom or dad is having

00:52:22.222 --> 00:52:23.583
a total knee replacement soon,

00:52:23.603 --> 00:52:24.525
you're probably already

00:52:24.585 --> 00:52:25.606
feeling the pressure.

00:52:26.106 --> 00:52:27.527
You've taken time off work.

00:52:27.547 --> 00:52:28.509
You're trying to manage

00:52:28.568 --> 00:52:30.791
everything the hospital throws at you.

00:52:31.150 --> 00:52:32.371
The discharge instructions

00:52:32.391 --> 00:52:33.353
are a mile long.

00:52:33.994 --> 00:52:34.974
And through it all,

00:52:35.474 --> 00:52:36.695
one thought keeps running

00:52:36.715 --> 00:52:37.436
through your mind.

00:52:37.657 --> 00:52:37.978
Quote,

00:52:38.538 --> 00:52:40.260
how am I going to get them from the

00:52:40.300 --> 00:52:42.222
car into the house without

00:52:42.302 --> 00:52:43.402
something going wrong?

00:52:44.163 --> 00:52:45.525
And so then the rest of the

00:52:45.565 --> 00:52:47.666
post goes through and it shares, you know,

00:52:48.047 --> 00:52:50.550
the drama around the people

00:52:50.590 --> 00:52:51.530
at the surgical center will

00:52:51.590 --> 00:52:53.012
get mom and dad into the car.

00:52:53.052 --> 00:52:54.072
But once you get home,

00:52:54.152 --> 00:52:54.773
how are you going to get

00:52:54.793 --> 00:52:56.936
them out of the car, into the house,

00:52:56.996 --> 00:52:57.896
into the recliner?

00:52:59.130 --> 00:53:01.072
So for four hundred ninety nine dollars,

00:53:01.612 --> 00:53:02.835
some of which might be

00:53:02.875 --> 00:53:03.956
covered by insurance.

00:53:03.976 --> 00:53:04.757
And I mentioned that.

00:53:05.338 --> 00:53:06.659
But worst case scenario,

00:53:06.719 --> 00:53:08.141
four hundred ninety nine dollars.

00:53:08.583 --> 00:53:10.184
A therapist, me,

00:53:10.726 --> 00:53:12.188
will meet you at the house

00:53:12.248 --> 00:53:13.949
when you arrive from the surgical center.

00:53:14.510 --> 00:53:16.012
will bring the confidence

00:53:16.052 --> 00:53:17.954
and the peace of mind to

00:53:18.014 --> 00:53:19.835
know that an expert is

00:53:19.875 --> 00:53:21.175
there to help get mom or

00:53:21.215 --> 00:53:23.097
dad out of the car, up the stairs,

00:53:23.257 --> 00:53:24.958
into the house and into the recliner.

00:53:25.478 --> 00:53:26.699
And that person is there to

00:53:26.820 --> 00:53:28.101
answer your questions

00:53:28.541 --> 00:53:31.164
because once you get in the house,

00:53:31.184 --> 00:53:31.824
that's when all the

00:53:31.903 --> 00:53:33.626
questions kind of come to your mind.

00:53:34.465 --> 00:53:36.668
uh so I put it out there I

00:53:36.688 --> 00:53:38.869
think the post like in the

00:53:38.909 --> 00:53:40.510
real world out in the wild

00:53:41.172 --> 00:53:42.373
it's got a couple thousand

00:53:42.393 --> 00:53:43.753
views and that's all

00:53:43.813 --> 00:53:46.235
organic there's no paid money behind it

00:53:47.327 --> 00:53:49.947
So I'm doing a bunch of these.

00:53:50.108 --> 00:53:53.489
I did one for runners running assessment.

00:53:53.548 --> 00:53:53.909
Again,

00:53:54.048 --> 00:53:55.369
I don't really want to do a running

00:53:55.409 --> 00:53:55.949
assessment,

00:53:56.009 --> 00:53:58.130
but I want to see how the ad performs.

00:53:59.170 --> 00:53:59.889
I've done a couple of

00:53:59.929 --> 00:54:01.449
different iterations.

00:54:01.610 --> 00:54:03.371
We haven't had any takers yet,

00:54:03.471 --> 00:54:05.291
but I am seeing an uptake

00:54:05.570 --> 00:54:09.452
uptick in inbound calls and

00:54:09.512 --> 00:54:12.072
messages from local people,

00:54:12.132 --> 00:54:14.054
people in this area who are

00:54:14.114 --> 00:54:15.474
watching our Facebook posts.

00:54:16.034 --> 00:54:20.699
I like... Read that ad again.

00:54:20.860 --> 00:54:21.681
I knew she wouldn't want me

00:54:21.721 --> 00:54:22.280
to spend the money.

00:54:23.141 --> 00:54:23.322
Yeah,

00:54:23.402 --> 00:54:24.603
I know she'd say... The first line is

00:54:24.664 --> 00:54:25.824
great.

00:54:25.905 --> 00:54:26.065
Yeah,

00:54:26.126 --> 00:54:27.646
I know she'd say not to spend the money.

00:54:28.387 --> 00:54:30.170
I can't let her do this alone.

00:54:31.150 --> 00:54:31.632
Like that...

00:54:33.106 --> 00:54:34.126
Go ahead.

00:54:34.146 --> 00:54:35.329
That tugs on a couple

00:54:35.349 --> 00:54:36.530
different emotions because

00:54:36.690 --> 00:54:37.431
we've all felt that.

00:54:37.471 --> 00:54:38.092
I know she wouldn't want me

00:54:38.112 --> 00:54:39.393
to spend the money, but you're like,

00:54:39.673 --> 00:54:40.134
on what?

00:54:40.594 --> 00:54:41.596
And then do it alone.

00:54:41.996 --> 00:54:42.898
I feel like if you could get

00:54:42.918 --> 00:54:44.139
the word mom in there,

00:54:44.159 --> 00:54:45.260
it would be better because I'm like,

00:54:45.300 --> 00:54:46.121
who's the she?

00:54:46.722 --> 00:54:47.862
Yeah, very true.

00:54:47.882 --> 00:54:49.184
And then the second one is,

00:54:49.224 --> 00:54:50.606
the second thing I like about that is

00:54:51.806 --> 00:54:53.126
you don't think about how to

00:54:53.146 --> 00:54:54.088
get from the car to the

00:54:54.128 --> 00:54:55.289
house until you're sitting

00:54:55.309 --> 00:54:56.050
in the driveway.

00:54:56.710 --> 00:54:57.411
So it's like, you're,

00:54:57.630 --> 00:54:58.632
you're highlighting like,

00:54:58.711 --> 00:54:59.773
how'd you solve that?

00:54:59.932 --> 00:55:01.574
And people like, uh,

00:55:01.653 --> 00:55:02.614
hadn't thought about that.

00:55:02.755 --> 00:55:03.135
Right.

00:55:03.195 --> 00:55:04.556
Like that's sort of like how

00:55:04.697 --> 00:55:05.998
gently we get someone from

00:55:06.018 --> 00:55:07.159
their hospital bed to the

00:55:07.378 --> 00:55:08.860
door of the hospital and

00:55:08.920 --> 00:55:10.442
how we're just like, good luck.

00:55:12.144 --> 00:55:13.344
Like, it's so careful.

00:55:13.385 --> 00:55:13.625
It's like,

00:55:13.724 --> 00:55:15.505
wear these grippy socks and be

00:55:15.626 --> 00:55:16.306
so careful.

00:55:16.326 --> 00:55:17.106
And there's forty nine

00:55:17.146 --> 00:55:18.007
people looking at you.

00:55:18.447 --> 00:55:19.086
And then you get to your

00:55:19.106 --> 00:55:19.907
driveway and you're like,

00:55:20.447 --> 00:55:22.268
good luck figuring the rest

00:55:22.307 --> 00:55:23.128
of your life out.

00:55:23.268 --> 00:55:24.068
And you're like, hey,

00:55:24.289 --> 00:55:25.208
did you think about that?

00:55:25.268 --> 00:55:26.068
The answer is always no.

00:55:26.568 --> 00:55:26.789
Great.

00:55:26.809 --> 00:55:28.090
So I know it's kind of hard to see.

00:55:28.610 --> 00:55:29.371
I know it's kind of hard to

00:55:29.391 --> 00:55:30.532
see on the small screen,

00:55:31.192 --> 00:55:33.034
but this is inside my

00:55:33.114 --> 00:55:35.275
Facebook business page.

00:55:36.596 --> 00:55:38.378
This post I posted, I think,

00:55:38.418 --> 00:55:39.878
forty eight hours ago or so.

00:55:39.958 --> 00:55:41.840
Two hundred and fifty two thousand views.

00:55:43.362 --> 00:55:45.242
The one that I was just talking about,

00:55:46.023 --> 00:55:47.664
twenty six hundred views.

00:55:48.746 --> 00:55:49.766
I've got a couple like

00:55:49.806 --> 00:55:51.268
twenty five thousand views,

00:55:51.347 --> 00:55:52.789
sixteen thousand views.

00:55:52.889 --> 00:55:54.530
These are all within the last week.

00:55:55.231 --> 00:55:56.632
I've got BlazePod.

00:55:56.811 --> 00:55:58.594
I've got NuFit.

00:55:59.134 --> 00:56:01.356
I've got the Reactive Step

00:56:01.376 --> 00:56:02.637
Trainer from Biodex.

00:56:04.097 --> 00:56:06.940
Like the organic reach on

00:56:06.981 --> 00:56:08.521
the business page right now

00:56:08.581 --> 00:56:09.742
is just outstanding.

00:56:12.358 --> 00:56:14.539
Going back real quick, that headline, Tony,

00:56:14.619 --> 00:56:16.221
the emotions of it,

00:56:16.902 --> 00:56:19.083
it also makes the son or daughter,

00:56:19.184 --> 00:56:20.905
I believe, feel guilty.

00:56:21.005 --> 00:56:24.507
Like if you don't use this offer,

00:56:24.867 --> 00:56:25.789
if you don't use this service,

00:56:25.849 --> 00:56:27.610
if you don't take you up on this offer,

00:56:29.532 --> 00:56:31.474
you would have guilt as the

00:56:31.514 --> 00:56:32.114
son or daughter.

00:56:33.074 --> 00:56:33.715
By default,

00:56:33.755 --> 00:56:35.197
you're saying if you don't use this offer,

00:56:35.336 --> 00:56:36.878
you're allowing your mother

00:56:36.898 --> 00:56:38.039
or father to do this alone,

00:56:38.079 --> 00:56:39.800
to go at this alone, which is genius.

00:56:40.221 --> 00:56:41.262
What kind of a son are you?

00:56:44.385 --> 00:56:45.827
There was another one.

00:56:46.186 --> 00:56:47.306
There was another one.

00:56:47.347 --> 00:56:48.447
I'm trying to find it.

00:56:49.007 --> 00:56:50.788
It basically shared a

00:56:50.927 --> 00:56:52.788
narrative story where it was like,

00:56:53.387 --> 00:56:53.748
you know,

00:56:53.869 --> 00:56:55.768
it was raining and she was

00:56:55.829 --> 00:56:58.429
crying and talking about

00:56:58.530 --> 00:57:00.369
how mom was- Double moisture.

00:57:00.389 --> 00:57:00.550
What?

00:57:00.570 --> 00:57:04.110
Double moisture, raining and crying.

00:57:05.989 --> 00:57:07.510
But saying how mom was stuck

00:57:07.530 --> 00:57:08.891
in the car and I got the

00:57:08.911 --> 00:57:10.172
call and I rushed right

00:57:10.271 --> 00:57:11.632
over and I helped them

00:57:11.652 --> 00:57:13.132
because they didn't know what to do.

00:57:13.213 --> 00:57:15.833
And the pain and panic had set in.

00:57:17.054 --> 00:57:18.675
And these are, I mean, yes,

00:57:18.695 --> 00:57:20.175
they're made up by chat GPT,

00:57:20.195 --> 00:57:21.336
but these are real life

00:57:21.376 --> 00:57:22.737
situations that people are

00:57:22.757 --> 00:57:24.458
dealing with real pain points,

00:57:24.858 --> 00:57:25.918
real urgency.

00:57:26.958 --> 00:57:27.219
You know,

00:57:27.280 --> 00:57:29.139
is it the perfect solution for everybody?

00:57:29.219 --> 00:57:32.081
No, but for the right person,

00:57:34.722 --> 00:57:36.043
I don't care about the guy

00:57:36.063 --> 00:57:37.364
who can fix my leaky sink

00:57:37.483 --> 00:57:38.885
until I'm ankle deep in water.

00:57:38.985 --> 00:57:40.565
It's not my problem until it

00:57:40.585 --> 00:57:42.686
is my biggest problem.

00:57:42.847 --> 00:57:43.907
Even with the runner,

00:57:44.166 --> 00:57:45.547
so going back to the runner,

00:57:46.088 --> 00:57:48.108
I was telling Chad GPT, I'm like, look,

00:57:48.610 --> 00:57:50.130
runners will run through the pain.

00:57:50.210 --> 00:57:51.811
Runners don't care about pain.

00:57:51.990 --> 00:57:52.331
In fact,

00:57:52.371 --> 00:57:53.791
they run better when they're in

00:57:53.831 --> 00:57:54.793
pain because it makes them

00:57:54.853 --> 00:57:56.132
feel like they're pushing

00:57:56.172 --> 00:57:57.074
themselves harder.

00:57:57.634 --> 00:57:59.635
So every running ad that I

00:57:59.715 --> 00:58:01.416
see about avoiding pain,

00:58:02.155 --> 00:58:03.456
I just don't think they're effective,

00:58:03.858 --> 00:58:04.177
you know?

00:58:04.217 --> 00:58:04.797
So I'm like,

00:58:05.179 --> 00:58:06.440
I want you to create an ad

00:58:06.760 --> 00:58:08.501
that talks to a runner who

00:58:08.581 --> 00:58:10.722
is happy to run through the pain,

00:58:10.822 --> 00:58:13.364
but their concern is they

00:58:13.385 --> 00:58:14.425
don't know if running

00:58:14.445 --> 00:58:15.306
through the pain is going

00:58:15.327 --> 00:58:16.668
to make the condition worse.

00:58:17.168 --> 00:58:18.148
They don't know if they're

00:58:18.168 --> 00:58:19.130
making a mistake.

00:58:19.811 --> 00:58:21.652
They don't care about resolving the pain.

00:58:21.692 --> 00:58:22.672
They want to know,

00:58:22.992 --> 00:58:24.795
can I keep training through the pain?

00:58:25.275 --> 00:58:27.757
And then what I did was go ahead.

00:58:27.777 --> 00:58:29.378
Can I, can I run my next race?

00:58:29.894 --> 00:58:30.496
Yeah, exactly.

00:58:30.536 --> 00:58:32.179
So I shared a real-life

00:58:32.219 --> 00:58:34.603
story of a real-life Dave

00:58:35.005 --> 00:58:37.650
telehealth visit that I did

00:58:37.670 --> 00:58:38.753
about two weeks ago.

00:58:39.833 --> 00:58:41.634
for a runner, female runner.

00:58:41.934 --> 00:58:44.735
She was she had just run an

00:58:44.896 --> 00:58:46.237
eleven mile race.

00:58:46.478 --> 00:58:48.739
She was experiencing like

00:58:48.778 --> 00:58:50.599
sacral pain that she never had before.

00:58:50.719 --> 00:58:53.121
Bilateral, symmetrical, no radiculopathy,

00:58:53.202 --> 00:58:55.083
like very pretty basic,

00:58:55.443 --> 00:58:57.184
small frame female runner.

00:58:57.264 --> 00:58:58.125
So, you know,

00:58:58.206 --> 00:58:59.706
we went through all of

00:58:59.806 --> 00:59:00.746
eliminating all the

00:59:00.786 --> 00:59:03.748
potential problems through the call.

00:59:04.130 --> 00:59:05.931
And I said, look, it's a it's a

00:59:06.411 --> 00:59:08.092
It's not a deficiency in strength.

00:59:08.132 --> 00:59:09.911
It's not a deficiency in range of motion.

00:59:09.931 --> 00:59:10.873
You don't need to do all the

00:59:10.893 --> 00:59:12.333
garbage that you see online.

00:59:12.813 --> 00:59:14.773
Your deficiency is in recovery.

00:59:15.173 --> 00:59:16.914
You need to eat more, sleep more.

00:59:17.335 --> 00:59:18.755
We talked about recovery.

00:59:18.795 --> 00:59:20.195
We talked about, okay,

00:59:20.255 --> 00:59:21.336
now you've got three or

00:59:21.376 --> 00:59:22.936
four more races coming up.

00:59:23.556 --> 00:59:25.038
Are you going to run all of them?

00:59:25.257 --> 00:59:26.657
You probably can and just

00:59:26.697 --> 00:59:27.559
run through the pain.

00:59:27.818 --> 00:59:28.739
Probably going to be fine.

00:59:28.998 --> 00:59:30.480
Nothing suggests to me that

00:59:30.500 --> 00:59:31.420
you're going to break or

00:59:31.480 --> 00:59:32.880
tear or damage something.

00:59:33.740 --> 00:59:34.202
I said,

00:59:34.501 --> 00:59:36.043
but if the next one isn't as

00:59:36.483 --> 00:59:38.646
important as the second to next one,

00:59:39.166 --> 00:59:40.949
let's skip one or let's use

00:59:41.108 --> 00:59:43.550
one of them as a diagnostic to see.

00:59:43.931 --> 00:59:44.731
Let's play with some

00:59:44.771 --> 00:59:45.632
different things and see if

00:59:45.652 --> 00:59:46.494
we can figure out what's

00:59:46.534 --> 00:59:47.715
causing this sacral pain

00:59:47.735 --> 00:59:48.556
that you're dealing with.

00:59:48.757 --> 00:59:50.778
I think it's a ligament problem, overused,

00:59:50.898 --> 00:59:51.579
undernourished.

00:59:52.360 --> 00:59:54.442
But I took that story.

00:59:55.472 --> 00:59:57.072
Put it into chat GPT to

00:59:57.134 --> 00:59:59.936
create a post that was

00:59:59.996 --> 01:00:01.217
focused on the person who

01:00:01.277 --> 01:00:02.998
is happy to run through the pain,

01:00:03.418 --> 01:00:04.639
but just doesn't know if

01:00:04.659 --> 01:00:06.121
they're going to tear something.

01:00:06.601 --> 01:00:09.065
If they know they can run with pain safely,

01:00:09.545 --> 01:00:10.505
they're going to run with pain.

01:00:10.525 --> 01:00:12.608
But if they're going to break something,

01:00:12.967 --> 01:00:13.829
they need to stop.

01:00:14.309 --> 01:00:15.110
This would be great for

01:00:15.150 --> 01:00:16.391
someone like Doug Adams.

01:00:17.052 --> 01:00:17.211
Yeah.

01:00:17.231 --> 01:00:18.313
Because if Doug could

01:00:18.333 --> 01:00:20.114
explain to clinics how to do this,

01:00:20.155 --> 01:00:21.135
how to do the marketing part,

01:00:22.349 --> 01:00:24.110
Then at the end of the rainbow is come.

01:00:24.510 --> 01:00:25.331
I don't know the answer

01:00:25.351 --> 01:00:26.751
because I because all I've

01:00:26.771 --> 01:00:28.112
seen is telehealth come

01:00:28.152 --> 01:00:29.594
into my clinic where I have this,

01:00:29.934 --> 01:00:30.175
you know,

01:00:30.275 --> 01:00:31.416
forty thousand dollar camera

01:00:31.456 --> 01:00:33.036
system because all you did

01:00:33.056 --> 01:00:33.996
was you made that runner

01:00:34.036 --> 01:00:34.697
feel like she was an

01:00:34.757 --> 01:00:36.159
Olympian at Olympian.

01:00:36.179 --> 01:00:37.179
You were like, all right,

01:00:37.219 --> 01:00:38.721
if you got an A race and a B race,

01:00:38.760 --> 01:00:39.942
maybe we use the next race,

01:00:39.961 --> 01:00:41.021
which is your B race.

01:00:41.041 --> 01:00:41.722
Like it's up there,

01:00:41.742 --> 01:00:42.844
but it's not your A race for this.

01:00:43.244 --> 01:00:44.465
Let's use it as a diagnostic.

01:00:44.485 --> 01:00:46.166
It's like, OK, you understand, right?

01:00:46.186 --> 01:00:47.487
Because how many PTs were just told?

01:00:47.706 --> 01:00:48.208
Shut it down.

01:00:48.967 --> 01:00:50.869
rice baby rice don't don't

01:00:50.929 --> 01:00:52.130
don't do that yeah right

01:00:52.630 --> 01:00:53.512
and every runner is going

01:00:53.532 --> 01:00:55.373
to go okay okay and then

01:00:55.414 --> 01:00:56.614
keep running like or most

01:00:56.675 --> 01:00:57.755
runners right and I can say

01:00:57.775 --> 01:00:59.317
this because I used to be a

01:00:59.356 --> 01:01:00.177
runner that's what they'll

01:01:00.217 --> 01:01:01.998
do all right guys I took us

01:01:02.099 --> 01:01:03.500
over let's hit parting

01:01:03.519 --> 01:01:04.862
shots dave kick it off

01:01:06.018 --> 01:01:06.599
Parting shot.

01:01:06.960 --> 01:01:07.380
Last week,

01:01:07.400 --> 01:01:09.260
Jerry Durham reshared one of our

01:01:09.601 --> 01:01:11.501
recent episodes on LinkedIn or something.

01:01:11.561 --> 01:01:12.742
And we were talking about

01:01:12.802 --> 01:01:14.103
technology in the future or whatever.

01:01:14.583 --> 01:01:15.682
And I clicked on it and I

01:01:15.742 --> 01:01:17.963
started rewatching the episode.

01:01:18.023 --> 01:01:19.344
I don't always watch or

01:01:19.525 --> 01:01:20.364
listen to my own stuff,

01:01:20.405 --> 01:01:21.405
especially like on my show.

01:01:22.987 --> 01:01:25.989
But just like, it's fun.

01:01:26.090 --> 01:01:27.231
It's entertaining what we do.

01:01:27.552 --> 01:01:27.952
It's great.

01:01:28.012 --> 01:01:28.273
It is.

01:01:28.373 --> 01:01:29.434
It's fun during,

01:01:30.135 --> 01:01:31.856
but then sometimes watching the recap,

01:01:32.036 --> 01:01:33.599
I can see why we get people

01:01:33.958 --> 01:01:34.719
commenting live and

01:01:34.739 --> 01:01:35.541
watching it and all that.

01:01:35.661 --> 01:01:37.001
And like, it's great.

01:01:38.384 --> 01:01:40.606
I've done episodes on my show with folks

01:01:41.166 --> 01:01:42.987
where I would never go watch

01:01:43.088 --> 01:01:44.068
or listen to that episode

01:01:44.108 --> 01:01:46.088
again uh just I wasn't

01:01:46.608 --> 01:01:48.228
enthused with it I wasn't

01:01:48.469 --> 01:01:49.309
excited from the

01:01:49.349 --> 01:01:51.751
conversation whatever uh so

01:01:52.311 --> 01:01:53.871
not that I'm patting myself

01:01:53.931 --> 01:01:55.092
or ourselves on the back uh

01:01:55.731 --> 01:01:57.733
but but pat pat baby this

01:01:57.753 --> 01:01:58.893
this is why we're this is

01:01:58.952 --> 01:01:59.693
why we're no but this is

01:01:59.753 --> 01:02:00.574
why we're still doing this

01:02:00.673 --> 01:02:01.994
after how long I don't know

01:02:02.014 --> 01:02:02.634
almost two years or

01:02:02.653 --> 01:02:04.414
something yeah yeah jimmy

01:02:05.175 --> 01:02:07.876
Uh, parting shot would be, uh,

01:02:07.996 --> 01:02:08.958
put the audience first and

01:02:08.978 --> 01:02:09.579
it's hard to miss.

01:02:09.978 --> 01:02:11.280
I know Simon Sinek says you

01:02:11.300 --> 01:02:13.081
start with why I just want

01:02:13.121 --> 01:02:14.461
to politely disagree with Mr. Sinek.

01:02:14.481 --> 01:02:15.902
I know he's a Ted speaker

01:02:15.963 --> 01:02:17.184
and a multiple bestseller.

01:02:17.204 --> 01:02:18.005
I think if you start with

01:02:18.045 --> 01:02:20.126
who you get to why faster

01:02:20.166 --> 01:02:21.067
and you get to a better why.

01:02:21.286 --> 01:02:22.268
So not that I'm disagreeing.

01:02:22.288 --> 01:02:22.568
I'm yes.

01:02:22.728 --> 01:02:23.648
Anding Simon Sinek.

01:02:24.545 --> 01:02:25.045
All right, guys.

01:02:25.106 --> 01:02:25.585
Parting shot.

01:02:25.626 --> 01:02:26.827
Go support the channels.

01:02:27.027 --> 01:02:28.889
Go support your favorite therapist.

01:02:29.349 --> 01:02:31.271
Dave Kittle Show, PT Pinecast,

01:02:31.331 --> 01:02:33.853
Learn Medicare Billing, Concierge PT.

01:02:34.873 --> 01:02:37.516
And I'll officially be in

01:02:37.556 --> 01:02:39.378
Orlando in two weeks at

01:02:39.458 --> 01:02:40.498
Joey and Robbie's event.

01:02:40.518 --> 01:02:41.719
I'm crabbing a crash.

01:02:41.980 --> 01:02:44.181
If you haven't registered for Joey's event,

01:02:44.262 --> 01:02:45.063
go check it out.

01:02:45.143 --> 01:02:45.983
We'll share the link.

01:02:46.023 --> 01:02:47.525
We'll see you guys Tuesdays, Thursdays,

01:02:47.625 --> 01:02:48.585
eight thirty a.m.

01:02:48.746 --> 01:02:49.146
Eastern.

01:02:49.726 --> 01:02:50.547
Great show, guys.