Episode Details

📅 Schedule your free 30-min strategy call with Catherine

⚙️ Restart your practice in 7 days

⬇️⬇️⬇️

Welcome to "Beauty and the Biz", where we talk about the business and marketing side of plastic surgery, and how to build a practice you can sell.

I'm your host, Catherine Maley, author of "Your aesthetic practice - What your patients are saying", and consultant to plastic surgeons to get them more patients and profits. ​

Build a practice you can sell

Even if you're going to work until you drop and have no intentions of selling your practice, this episode will give you insights on how to make your practice more successful.

So please listen in

• You are the majority revenue-generator in your practice
• You put more value on YOU as a surgeon vs. growing profit centers run by others
• You work IN your practice more than ON your practice

The objective is to set up your cosmetic surgical practice as a business so it's more profitable, more enjoyable to go to every day, and it frees up your valuable time, so you have more of it to spend doing what you like to do with the people you most enjoy being with.

But, you have a challenge that keeps you from winning in the long run.

As a surgeon, you were programmed to think in a certain fixed way. You had to think that way to become a great surgeon.

However, that thinking is the opposite of how a businessperson thinks.

In a cosmetic practice, you, the surgeon, are the technician of the surgery, so you focus on that because you're good at it and that's what you know.

However, does that make for a sellable asset when you're ready to exit?

Probably not, so you either have to work until you're ready to close the doors and get nothing back for your efforts, or you can set your practice up to make a profitable exit and enjoy your retirement.

If a profitable retirement sounds good to you, think like a businessperson by using these strategies:

The first one is Mindset:

Shift your thinking from a surgeon to a businessperson and "Operate your practice like it's for sale".

In other words, regularly ask yourself, "If I wanted to sell my practice tomorrow, what would I need to improve to get the most value for it?" Or, "If I wanted to buy an existing practice, what would "I" be looking for and be willing to invest in?

That leads us to The Value of Your Practice

Many components make up the value of your practice such as:

• Profits
• Good Will
• People
• Processes
• Tools such as your CRM
• Patient list
• P&L statements
• Vendor agreements
• Fixed Assets & inventory

All of that is important but when I interview surgeons on this Podcast and we talk about them buying another surgeon's practice, the #1 value component they are looking for is a ready-made income stream.

Because Buyers are looking f