Full Transcript Introduction to Wealth Wednesday 0:06 Hello everyone and welcome to another 0:06 Hello everyone and welcome to another episode of Wealth Wednesday. So today, 0:09 episode of Wealth Wednesday. So today, 0:09 episode of Wealth Wednesday. So today, we are going to actually have a 0:10 we are going to actually have a 0:10 we are going to actually have a conversation about a real situation that 0:13 conversation about a real situation that 0:13 conversation about a real situation that we've encountered over and over again 0:15 we've encountered over and over again 0:15 we've encountered over and over again and these are the kind of things that 0:16 and these are the kind of things that 0:16 and these are the kind of things that West, my co-host here, and I work on 0:19 West, my co-host here, and I work on 0:19 West, my co-host here, and I work on together. So there's a common problem or 0:22 together. So there's a common problem or 0:22 together. So there's a common problem or or maybe it's an aspiration or an 0:24 or maybe it's an aspiration or an 0:24 or maybe it's an aspiration or an ambition that business owners all tend 0:26 ambition that business owners all tend 0:26 ambition that business owners all tend to have.
Why Revenue Streams Need Careful Planning 0:27 to have. 0:27 to have. They love adding revenue streams and 0:29 They love adding revenue streams and 0:29 They love adding revenue streams and there's absolutely nothing wrong with 0:31 there's absolutely nothing wrong with 0:31 there's absolutely nothing wrong with that because revenue streams, especially 0:33 that because revenue streams, especially 0:33 that because revenue streams, especially ones that, you know, flow cash and add 0:36 ones that, you know, flow cash and add 0:36 ones that, you know, flow cash and add revenue to your practice or your 0:38 revenue to your practice or your 0:38 revenue to your practice or your business are fabulous. But the hard part 0:41 business are fabulous. But the hard part 0:41 business are fabulous. But the hard part about this is sometimes it can actually 0:43 about this is sometimes it can actually 0:43 about this is sometimes it can actually be a reaction 0:45 be a reaction 0:45 be a reaction for a problem that's lurking underneath. 0:49 for a problem that's lurking underneath. 0:49 for a problem that's lurking underneath. And you know, West and I encounter this 0:50 And you know, West and I encounter this 0:50 And you know, West and I encounter this a lot. 0:52 a lot. 0:52 a lot. West, have you seen that this is the 0:53 West, have you seen that this is the 0:53 West, have you seen that this is the case quite a bit?
Diagnosing the Real Problem 0:56 case quite a bit? 0:56 case quite a bit? >> Yeah, I think that what we'll get into 0:57 >> Yeah, I think that what we'll get into 0:58 >> Yeah, I think that what we'll get into this one is 0:59 this one is 0:59 this one is you know, depending on how much 1:00 you know, depending on how much 1:00 you know, depending on how much complexity there is, there's a bit of an 1:01 complexity there is, there's a bit of an 1:01 complexity there is, there's a bit of an order of operations and how you want to 1:03 order of operations and how you want to 1:03 order of operations and how you want to approach providing the help and in this 1:06 approach providing the help and in this 1:06 approach providing the help and in this case there are enough layers that we 1:07 case there are enough layers that we 1:07 case there are enough layers that we really had to kind of figure out what 1:09 really had to kind of figure out what 1:09 really had to kind of figure out what that order was. It wasn't immediately 1:11 that order was. It wasn't immediately 1:11 that order was. It wasn't immediately apparent, but kind of emerged through 1:14 apparent, but kind of emerged through 1:14 apparent, but kind of emerged through through discovery with them. 1:15 through discovery with them. 1:15 through discovery with them. >> Yeah, and discovery is so important 1:17 >> Yeah, and discovery is so important 1:17 >> Yeah, and discovery is so important because sometimes there there are people 1:20 because sometimes there there are people 1:20 because sometimes there there are people out there in the financial world that 1:21 out there in the financial world that 1:21 out there in the financial world that kind of have a solution for you before 1:23 kind of have a solution for you before 1:23 kind of have a solution for you before you even know what the problem is 1:25 you even know what the problem is 1:25 you even know what the problem is because they're they're pegging you into 1:27 because they're they're pegging you into 1:27 because they're they're pegging you into a solution hole and I don't think that's 1:29 a solution hole and I don't think that's 1:29 a solution hole and I don't think that's the right way to do anything. I think 1:31 the right way to do anything. I think 1:31 the right way to do anything. I think it's really important to find out what 1:32 it's really important to find out what 1:33 it's really important to find out what really is the problem. 1:34 really is the problem. 1:34 really is the problem. So there was there was some clients that 1:36 So there was there was some clients that 1:36 So there was there was some clients that we worked with recently that, you know, 1:38 we worked with recently that, you know, 1:38 we worked with recently that, you know, really wanted to add revenue streams, 1:40 really wanted to add revenue streams, 1:40 really wanted to add revenue streams, which is not a bad thing, but the 1:42 which is not a bad thing, but the 1:42 which is not a bad thing, but the reality was they were adding revenue 1:44 reality was they were adding revenue 1:44 reality was they were adding revenue streams and they were kind of strapped 1:46 streams and they were kind of strapped 1:46 streams and they were kind of strapped with time in a very big way. And you 1:49 with time in a very big way. And you 1:49 with time in a very big way. And you know what? When you add a revenue stream 1:51 know what? When you add a revenue stream 1:51 know what? When you add a revenue stream to your business, you actually have the 1:52 to your business, you actually have the 1:52 to your business, you actually have the time to you have to have the time to 1:54 time to you have to have the time to 1:54 time to you have to have the time to make sure that and the capital to make
Time, Capital, and the Cost of New Ventures 1:56 make sure that and the capital to make 1:56 make sure that and the capital to make sure that it gets off the ground in the 1:58 sure that it gets off the ground in the 1:58 sure that it gets off the ground in the right way. And this is where I feel that 2:00 right way. And this is where I feel that 2:00 right way. And this is where I feel that my background in actually running a 2:02 my background in actually running a 2:02 my background in actually running a medical practice and a medical spa 2:04 medical practice and a medical spa 2:04 medical practice and a medical spa really come into play because we were 2:06 really come into play because we were 2:06 really come into play because we were able to really get down really down into 2:08 able to really get down really down into 2:08 able to really get down really down into the layers through the layers and find 2:10 the layers through the layers and find 2:10 the layers through the layers and find out and uncover that this was almost a 2:14 out and uncover that this was almost a 2:14 out and uncover that this was almost a um like a a fix-it solution for a deeper 2:17 um like a a fix-it solution for a deeper 2:17 um like a a fix-it solution for a deeper problem. So, rather than just kind of 2:20 problem. So, rather than just kind of 2:20 problem. So, rather than just kind of fix the reaction or the symptom if you 2:22 fix the reaction or the symptom if you 2:22 fix the reaction or the symptom if you will if you so speak. I mean, sometimes 2:24 will if you so speak. I mean, sometimes 2:24 will if you so speak. I mean, sometimes in medicine we talk about treating 2:25 in medicine we talk about treating 2:25 in medicine we talk about treating symptoms. But in the financial world, 2:27 symptoms. But in the financial world, 2:27 symptoms. But in the financial world, too, sometimes people can treat the 2:29 too, sometimes people can treat the 2:30 too, sometimes people can treat the solution um treat these symptoms, not 2:32 solution um treat these symptoms, not 2:32 solution um treat these symptoms, not the actual root cause. So, I would say 2:34 the actual root cause. So, I would say 2:34 the actual root cause. So, I would say in that way we help really diagnose the 2:37 in that way we help really diagnose the 2:37 in that way we help really diagnose the issue and get down to what's really the 2:39 issue and get down to what's really the 2:39 issue and get down to what's really the problem. 2:41 problem. 2:41 problem. >> Absolutely. I think in this particular 2:43 >> Absolutely. I think in this particular 2:43 >> Absolutely. I think in this particular situation we're looking at scenario 2:46 situation we're looking at scenario 2:46 situation we're looking at scenario where 2:47 where 2:47 where you know, we've got a really
Using Existing Assets More Effectively 2:48 you know, we've got a really 2:48 you know, we've got a really hard-working couple with a medical 2:49 hard-working couple with a medical 2:49 hard-working couple with a medical practice, but they're already 2:52 practice, but they're already 2:52 practice, but they're already kind of at their maximum as far as just 2:54 kind of at their maximum as far as just 2:55 kind of at their maximum as far as just output, the amount of time that they can 2:56 output, the amount of time that they can 2:56 output, the amount of time that they can spend. One of them's actually working, 2:58 spend. One of them's actually working, 2:58 spend. One of them's actually working, you know, two separate jobs, one in one 3:00 you know, two separate jobs, one in one 3:00 you know, two separate jobs, one in one in telemedicine. 3:02 in telemedicine. 3:02 in telemedicine. And so, that's where I think you 3:04 And so, that's where I think you 3:04 And so, that's where I think you particularly picked up on 3:07 particularly picked up on 3:07 particularly picked up on yes, we understand you want to make have 3:09 yes, we understand you want to make have 3:09 yes, we understand you want to make have more cash flow and and generate more 3:11 more cash flow and and generate more 3:11 more cash flow and and generate more revenue to make sure that the that 3:14 revenue to make sure that the that 3:14 revenue to make sure that the that amount of effort you're putting in is 3:16 amount of effort you're putting in is 3:16 amount of effort you're putting in is you know, bringing the value, but at the 3:17 you know, bringing the value, but at the 3:17 you know, bringing the value, but at the same time is is that practical or is 3:20 same time is is that practical or is 3:20 same time is is that practical or is that just too much bandwidth and then 3:22 that just too much bandwidth and then 3:22 that just too much bandwidth and then maybe capital that's not wise to kind of 3:25 maybe capital that's not wise to kind of 3:25 maybe capital that's not wise to kind of spend in that in that moment. 3:27 spend in that in that moment. 3:27 spend in that in that moment. >> 100%. I have this rule of thumb when it 3:30 >> 100%. I have this rule of thumb when it 3:30 >> 100%. I have this rule of thumb when it comes to adding revenue streams into a 3:31 comes to adding revenue streams into a 3:31 comes to adding revenue streams into a business and I've added many in my 3:34 business and I've added many in my 3:34 business and I've added many in my medical practice. You know, I had a 3:35 medical practice. You know, I had a 3:35 medical practice. You know, I had a pretty large ecosystem in my ear, nose, 3:38 pretty large ecosystem in my ear, nose, 3:38 pretty large ecosystem in my ear, nose, and throat practice and I had allergy, I 3:39 and throat practice and I had allergy, I 3:39 and throat practice and I had allergy, I had cat scans, um 3:41 had cat scans, um 3:42 had cat scans, um hearing tests, hearing aids, all of 3:44 hearing tests, hearing aids, all of 3:44 hearing tests, hearing aids, all of these things. But whenever I started
The Four-Times Rule for New Revenue Streams 3:47 these things. But whenever I started 3:47 these things. But whenever I started each one of those revenue streams, of 3:48 each one of those revenue streams, of 3:48 each one of those revenue streams, of course, in the beginning when I I a 3:50 course, in the beginning when I I a 3:50 course, in the beginning when I I a newbie and I had no idea, of course, I 3:52 newbie and I had no idea, of course, I 3:52 newbie and I had no idea, of course, I thought that as soon as I added it, it 3:54 thought that as soon as I added it, it 3:54 thought that as soon as I added it, it would be lucrative immediately. So, now 3:56 would be lucrative immediately. So, now 3:56 would be lucrative immediately. So, now I tell business owners this one very 3:59 I tell business owners this one very 3:59 I tell business owners this one very simple rule. Whatever you think it's 4:02 simple rule. Whatever you think it's 4:02 simple rule. Whatever you think it's going to cost in terms of financial 4:04 going to cost in terms of financial 4:04 going to cost in terms of financial outlay, your time, and however fast you 4:08 outlay, your time, and however fast you 4:08 outlay, your time, and however fast you think that money's going to come in, I 4:10 think that money's going to come in, I 4:10 think that money's going to come in, I would say triple or quadruple it because 4:12 would say triple or quadruple it because 4:12 would say triple or quadruple it because that's the reality. 4:14 that's the reality. 4:14 that's the reality. Meaning that it'll probably take four 4:15 Meaning that it'll probably take four 4:15 Meaning that it'll probably take four times longer than you wanted it to to 4:17 times longer than you wanted it to to 4:17 times longer than you wanted it to to actually have the revenue come in. It'll 4:19 actually have the revenue come in. It'll 4:19 actually have the revenue come in. It'll take you four times as much time as you 4:21 take you four times as much time as you 4:21 take you four times as much time as you think and it costs you sometimes four 4:23 think and it costs you sometimes four 4:23 think and it costs you sometimes four times as much. I don't know. I think 4:25 times as much. I don't know. I think 4:25 times as much. I don't know. I think four times is a great rule of thumb 4:27 four times is a great rule of thumb 4:27 four times is a great rule of thumb because then if it's better than that, 4:28 because then if it's better than that, 4:28 because then if it's better than that, fabulous. But, I've seen that happen so 4:31 fabulous. But, I've seen that happen so 4:31 fabulous. But, I've seen that happen so many times in 4:32 many times in 4:32 many times in in the medical spa world, it's really 4:35 in the medical spa world, it's really 4:35 in the medical spa world, it's really tough because these reps come in and 4:37 tough because these reps come in and 4:37 tough because these reps come in and they talk to you about this ROI and it 4:39 they talk to you about this ROI and it 4:39 they talk to you about this ROI and it looks beautiful. And you're just ready 4:41 looks beautiful. And you're just ready 4:41 looks beautiful. And you're just ready to shell out $150,000 4:44 to shell out $150,000 4:44 to shell out $150,000 on this new medical laser or whatever 4:46 on this new medical laser or whatever 4:46 on this new medical laser or whatever the case is, but it doesn't come in like 4:49 the case is, but it doesn't come in like 4:49 the case is, but it doesn't come in like they say. You have to put money into it. 4:50 they say. You have to put money into it. 4:50 they say. You have to put money into it. You have to market it. You have to make 4:52 You have to market it. You have to make 4:52 You have to market it. You have to make sure you're 4:54 sure you're 4:54 sure you're creating the offerings so that the 4:55 creating the offerings so that the 4:55 creating the offerings so that the patient really wants it. There's just so 4:57 patient really wants it. There's just so 4:57 patient really wants it. There's just so much more to it than just adding a 4:59 much more to it than just adding a 4:59 much more to it than just adding a revenue stream and people just show up.
Balancing Growth With Bandwidth 5:02 revenue stream and people just show up. 5:02 revenue stream and people just show up. >> Yeah, absolutely. This is, 5:04 >> Yeah, absolutely. This is, 5:04 >> Yeah, absolutely. This is, you know, a a situation where the 5:07 you know, a a situation where the 5:07 you know, a a situation where the temptation can be I'm just going to work 5:09 temptation can be I'm just going to work 5:09 temptation can be I'm just going to work more hours or I'm going to add something 5:11 more hours or I'm going to add something 5:11 more hours or I'm going to add something to this practice to generate that, but 5:14 to this practice to generate that, but 5:14 to this practice to generate that, but this is almost a situation where the the 5:17 this is almost a situation where the the 5:17 this is almost a situation where the the reverse is true. Less is more. Uh I 5:19 reverse is true. Less is more. Uh I 5:19 reverse is true. Less is more. Uh I think we both felt that if we could 5:22 think we both felt that if we could 5:23 think we both felt that if we could provide some retirement income really in 5:25 provide some retirement income really in 5:25 provide some retirement income really in the short term to take some stress off 5:27 the short term to take some stress off 5:27 the short term to take some stress off of both of them and allow them more time 5:29 of both of them and allow them more time 5:29 of both of them and allow them more time to enjoy what they do because they truly 5:32 to enjoy what they do because they truly 5:32 to enjoy what they do because they truly enjoy their work. Um that, you know, 5:35 enjoy their work. Um that, you know, 5:35 enjoy their work. Um that, you know, that would free up the kind of that 5:37 that would free up the kind of that 5:37 that would free up the kind of that bandwidth and that ability to even 5:39 bandwidth and that ability to even 5:39 bandwidth and that ability to even properly consider those next moves. Um 5:42 properly consider those next moves. Um 5:42 properly consider those next moves. Um and we were just looking at pieces that 5:43 and we were just looking at pieces that 5:44 and we were just looking at pieces that were already in place for them and they 5:45 were already in place for them and they 5:45 were already in place for them and they just weren't utilizing. 5:47 just weren't utilizing. 5:47 just weren't utilizing. >> And that's another big problem. 5:49 >> And that's another big problem. 5:49 >> And that's another big problem. Sometimes we have all these pieces out 5:51 Sometimes we have all these pieces out 5:51 Sometimes we have all these pieces out there, but we don't know how to really 5:53 there, but we don't know how to really 5:53 there, but we don't know how to really utilize them to get to the goal that 5:55 utilize them to get to the goal that 5:55 utilize them to get to the goal that we're trying to get to. Because we don't 5:57 we're trying to get to. Because we don't 5:57 we're trying to get to. Because we don't know, nobody tells us these things. And 5:59 know, nobody tells us these things. And 5:59 know, nobody tells us these things. And as a physician, 6:00 as a physician, 6:01 as a physician, I also felt the same way. Why isn't 6:02 I also felt the same way. Why isn't 6:03 I also felt the same way. Why isn't anybody looking at it holistically? Why 6:04 anybody looking at it holistically? Why 6:04 anybody looking at it holistically? Why isn't everybody just looking at it and 6:06 isn't everybody just looking at it and 6:06 isn't everybody just looking at it and telling me what I could probably do to 6:09 telling me what I could probably do to 6:09 telling me what I could probably do to get to where I want. And I was left 6:11 get to where I want. And I was left 6:11 get to where I want. And I was left figuring out those things by myself and 6:12 figuring out those things by myself and 6:12 figuring out those things by myself and I love that now we're able to help 6:15 I love that now we're able to help 6:15 I love that now we're able to help people navigate those decisions and 6:17 people navigate those decisions and 6:17 people navigate those decisions and really tailor it to the life they want. 6:19 really tailor it to the life they want. 6:19 really tailor it to the life they want. And this couple was a little bit older, 6:21 And this couple was a little bit older, 6:21 And this couple was a little bit older, but younger people who are just starting 6:23 but younger people who are just starting 6:23 but younger people who are just starting out in their business, there may be 6:24 out in their business, there may be 6:24 out in their business, there may be different They're different strategies 6:26 different They're different strategies 6:26 different They're different strategies that they can use to add revenue 6:28 that they can use to add revenue 6:28 that they can use to add revenue streams, but also preserve their 6:30 streams, but also preserve their 6:30 streams, but also preserve their bandwidth. I think there's a common um 6:33 bandwidth. I think there's a common um
Consolidating Accounts and Simplifying Strategy 6:34 bandwidth. I think there's a common um it commonly we think that it won't take 6:36 it commonly we think that it won't take 6:36 it commonly we think that it won't take that much bandwidth and it's easy to 6:37 that much bandwidth and it's easy to 6:38 that much bandwidth and it's easy to add, but it really does take a lot of 6:39 add, but it really does take a lot of 6:39 add, but it really does take a lot of bandwidth to add other procedures and 6:42 bandwidth to add other procedures and 6:42 bandwidth to add other procedures and other revenue generating procedures to 6:44 other revenue generating procedures to 6:44 other revenue generating procedures to our practice. 6:46 our practice. 6:46 our practice. >> Absolutely and 6:48 >> Absolutely and 6:48 >> Absolutely and I think um 6:49 I think um 6:49 I think um you touched on it something else that's 6:51 you touched on it something else that's 6:51 you touched on it something else that's really important, which is it's really 6:53 really important, which is it's really 6:53 really important, which is it's really normal for us to encounter folks like 6:57 normal for us to encounter folks like 6:57 normal for us to encounter folks like this couple where they've accumulated a 6:59 this couple where they've accumulated a 6:59 this couple where they've accumulated a variety of accounts and you know, 7:01 variety of accounts and you know, 7:01 variety of accounts and you know, obviously that's a good thing. They've 7:02 obviously that's a good thing. They've 7:02 obviously that's a good thing. They've tried to to do the right thing along the 7:04 tried to to do the right thing along the 7:04 tried to to do the right thing along the way, but it's been a bit piecemeal, 7:06 way, but it's been a bit piecemeal, 7:06 way, but it's been a bit piecemeal, right? It's been at certain times in 7:07 right? It's been at certain times in 7:07 right? It's been at certain times in their life maybe with certain advisors 7:09 their life maybe with certain advisors 7:09 their life maybe with certain advisors and then other advisors after a while 7:11 and then other advisors after a while 7:11 and then other advisors after a while you've got between two people seven or 7:13 you've got between two people seven or 7:13 you've got between two people seven or eight different accounts and and what I 7:15 eight different accounts and and what I 7:15 eight different accounts and and what I liked about the the solution that we 7:16 liked about the the solution that we 7:16 liked about the the solution that we came up with was 7:18 came up with was 7:18 came up with was we were able to provide, you know, that 7:20 we were able to provide, you know, that 7:20 we were able to provide, you know, that shorter term income stream and make that 7:23 shorter term income stream and make that 7:23 shorter term income stream and make that something real and kind of programmable, 7:25 something real and kind of programmable, 7:25 something real and kind of programmable, but it also consolidated some of those 7:27 but it also consolidated some of those 7:27 but it also consolidated some of those accounts so that there wasn't quite so 7:29 accounts so that there wasn't quite so 7:29 accounts so that there wasn't quite so much so many pieces on the board to to 7:31 much so many pieces on the board to to 7:31 much so many pieces on the board to to be thinking about, you know, down the 7:32 be thinking about, you know, down the 7:32 be thinking about, you know, down the stretch. 7:33 stretch. 7:33 stretch. >> 100% cuz often when it's in so many 7:36 >> 100% cuz often when it's in so many 7:36 >> 100% cuz often when it's in so many different pieces, we don't even know 7:37 different pieces, we don't even know 7:37 different pieces, we don't even know what it is that we have access to. So, 7:40 what it is that we have access to. So, 7:40 what it is that we have access to. So, this this was really satisfying and you 7:42 this this was really satisfying and you 7:42 this this was really satisfying and you know, there are so many people like this 7:44 know, there are so many people like this 7:44 know, there are so many people like this out there, but they don't realize that 7:45 out there, but they don't realize that 7:45 out there, but they don't realize that there are ways to create 7:48 there are ways to create 7:49 there are ways to create solutions for the problems that we have 7:51 solutions for the problems that we have 7:51 solutions for the problems that we have that don't even involve us having to 7:53 that don't even involve us having to 7:53 that don't even involve us having to struggle as much as we think we're going
Employee Retention as a Hidden Priority 7:55 struggle as much as we think we're going 7:55 struggle as much as we think we're going to have to. And if we can help people 7:57 to have to. And if we can help people 7:57 to have to. And if we can help people with that, I'm all for it because then 7:59 with that, I'm all for it because then 8:00 with that, I'm all for it because then business is a lot more fun. You preserve 8:02 business is a lot more fun. You preserve 8:02 business is a lot more fun. You preserve your bandwidth, you're not working extra 8:05 your bandwidth, you're not working extra 8:05 your bandwidth, you're not working extra hard, and I think that's the knee-jerk 8:07 hard, and I think that's the knee-jerk 8:07 hard, and I think that's the knee-jerk reaction that business owners have. 8:09 reaction that business owners have. 8:09 reaction that business owners have. I'm just work harder and then I make it 8:11 I'm just work harder and then I make it 8:11 I'm just work harder and then I make it work. But I actually think, and I think 8:14 work. But I actually think, and I think 8:14 work. But I actually think, and I think this is the big takeaway that I want to 8:16 this is the big takeaway that I want to 8:16 this is the big takeaway that I want to leave people with, all those business 8:18 leave people with, all those business 8:18 leave people with, all those business owners out there, you could you should 8:20 owners out there, you could you should 8:20 owners out there, you could you should actually be looking for the absolute 8:21 actually be looking for the absolute 8:21 actually be looking for the absolute opposite, as you said, Wes. 8:23 opposite, as you said, Wes. 8:23 opposite, as you said, Wes. You should be looking to work a little 8:25 You should be looking to work a little 8:25 You should be looking to work a little less to so that whatever you add to your 8:27 less to so that whatever you add to your 8:27 less to so that whatever you add to your business and your practice has a better 8:29 business and your practice has a better 8:29 business and your practice has a better chance of creating the revenue that you 8:31 chance of creating the revenue that you 8:31 chance of creating the revenue that you want and a better chance of being 8:33 want and a better chance of being 8:33 want and a better chance of being successful because the bottleneck is 8:35 successful because the bottleneck is 8:35 successful because the bottleneck is often you and your bandwidth and your 8:37 often you and your bandwidth and your 8:38 often you and your bandwidth and your ability to give the time and effort into 8:40 ability to give the time and effort into 8:40 ability to give the time and effort into that new venture. 8:42 that new venture. 8:42 that new venture. >> Yeah, I actually read a book recently by 8:45 >> Yeah, I actually read a book recently by 8:45 >> Yeah, I actually read a book recently by Rick Snyder called Decisive Intuition, 8:47 Rick Snyder called Decisive Intuition, 8:47 Rick Snyder called Decisive Intuition, and it gets at exactly this, which is 8:48 and it gets at exactly this, which is 8:48 and it gets at exactly this, which is when you give yourself just a little bit 8:50 when you give yourself just a little bit 8:50 when you give yourself just a little bit more space to consider the different 8:53 more space to consider the different 8:53 more space to consider the different challenges that you're facing and the 8:55 challenges that you're facing and the 8:55 challenges that you're facing and the the your vision of how you want your 8:57 the your vision of how you want your 8:57 the your vision of how you want your business to run. Um yeah, just having a 9:00 business to run. Um yeah, just having a 9:00 business to run. Um yeah, just having a a bit more 9:02 a bit more 9:02 a bit more uh 9:03 uh 9:03 uh you know, bandwidth, a bit more space to 9:04 you know, bandwidth, a bit more space to 9:04 you know, bandwidth, a bit more space to consider it can lead to the best 9:06 consider it can lead to the best 9:06 consider it can lead to the best decisions and and having too much on 9:07 decisions and and having too much on 9:07 decisions and and having too much on your plate can kind of go the other way.
Avoiding Shiny Object Syndrome 9:10 your plate can kind of go the other way. 9:10 your plate can kind of go the other way. And I really think the takeaway for me, 9:12 And I really think the takeaway for me, 9:12 And I really think the takeaway for me, again, was having a a discovery, you 9:14 again, was having a a discovery, you 9:15 again, was having a a discovery, you know, it was kind of multi-part. You 9:16 know, it was kind of multi-part. You 9:16 know, it was kind of multi-part. You talked with them a few times, and we did 9:19 talked with them a few times, and we did 9:19 talked with them a few times, and we did kind of uncover what that that order of 9:21 kind of uncover what that that order of 9:21 kind of uncover what that that order of operations was. I love that we had 9:23 operations was. I love that we had 9:23 operations was. I love that we had something that we could get to right 9:25 something that we could get to right 9:25 something that we could get to right now, whereas you're going to dive into 9:26 now, whereas you're going to dive into 9:26 now, whereas you're going to dive into some of those pieces on the business 9:28 some of those pieces on the business 9:28 some of those pieces on the business consulting, and then as an unlock from 9:31 consulting, and then as an unlock from 9:31 consulting, and then as an unlock from that, I think we'll start to see some of 9:33 that, I think we'll start to see some of 9:33 that, I think we'll start to see some of the cash flow and the things that lead 9:34 the cash flow and the things that lead 9:34 the cash flow and the things that lead to us being able to do tax mitigation, 9:36 to us being able to do tax mitigation, 9:36 to us being able to do tax mitigation, and then you know, one thing that really 9:38 and then you know, one thing that really 9:38 and then you know, one thing that really popped up that I I didn't realize until 9:41 popped up that I I didn't realize until 9:41 popped up that I I didn't realize until you could see that they said it with 9:42 you could see that they said it with 9:42 you could see that they said it with emotion was the employee retention. You 9:44 emotion was the employee retention. You 9:44 emotion was the employee retention. You know, and we'll have strategies there, 9:45 know, and we'll have strategies there, 9:45 know, and we'll have strategies there, too. 9:46 too. 9:46 too. >> Absolutely. Because for a small 9:48 >> Absolutely. Because for a small 9:48 >> Absolutely. Because for a small practices, that is a huge issue. And I I 9:51 practices, that is a huge issue. And I I 9:51 practices, that is a huge issue. And I I uncovered that, too, in my own practice 9:53 uncovered that, too, in my own practice 9:53 uncovered that, too, in my own practice that as I wanted to remain independent, 9:56 that as I wanted to remain independent, 9:56 that as I wanted to remain independent, but as bigger businesses bought out 9:58 but as bigger businesses bought out 9:58 but as bigger businesses bought out practices around me and the hospitals 10:00 practices around me and the hospitals 10:00 practices around me and the hospitals buying up practices, the hospital would 10:02 buying up practices, the hospital would 10:02 buying up practices, the hospital would get your employees cuz they could offer 10:04 get your employees cuz they could offer 10:05 get your employees cuz they could offer better benefits and whatnot. So, I 10:07 better benefits and whatnot. So, I 10:07 better benefits and whatnot. So, I actually put in a plan in my own 10:08 actually put in a plan in my own 10:08 actually put in a plan in my own practice so to retain my employees, 10:11 practice so to retain my employees, 10:11 practice so to retain my employees, everything changed. Because when you 10:12 everything changed. Because when you 10:12 everything changed. Because when you have a small practice, people come in 10:14 have a small practice, people come in 10:14 have a small practice, people come in and they see those people, they like 10:16 and they see those people, they like 10:16 and they see those people, they like that. And when you have a lot of 10:18 that. And when you have a lot of 10:18 that. And when you have a lot of turnover, it really it's expensive to 10:20 turnover, it really it's expensive to 10:20 turnover, it really it's expensive to replace them. You got to train them. You 10:22 replace them. You got to train them. You 10:22 replace them. You got to train them. You got to get them up to speed. It costs a 10:23 got to get them up to speed. It costs a 10:23 got to get them up to speed. It costs a small practice a lot of money. And 10:26 small practice a lot of money. And 10:26 small practice a lot of money. And employee retention is a really important
Final Takeaways and Closing Remarks 10:29 employee retention is a really important 10:29 employee retention is a really important thing that sometimes we overlook. I 10:30 thing that sometimes we overlook. I 10:30 thing that sometimes we overlook. I mean, it seems silly, but it's hugely 10:33 mean, it seems silly, but it's hugely 10:33 mean, it seems silly, but it's hugely hugely important. And honestly, I think 10:35 hugely important. And honestly, I think 10:35 hugely important. And honestly, I think it's actually more important to secure 10:37 it's actually more important to secure 10:37 it's actually more important to secure your employee base before you add on a 10:39 your employee base before you add on a 10:39 your employee base before you add on a revenue stream. 10:41 revenue stream. 10:41 revenue stream. >> Yeah, in in this particular 10:43 >> Yeah, in in this particular 10:43 >> Yeah, in in this particular conversation, we used the the term pain 10:46 conversation, we used the the term pain 10:46 conversation, we used the the term pain points, but this was pretty literal in 10:48 points, but this was pretty literal in 10:48 points, but this was pretty literal in this case where this conversation got to 10:50 this case where this conversation got to 10:50 this case where this conversation got to a point where 10:52 a point where 10:52 a point where you know, this person said, "This you 10:55 you know, this person said, "This you 10:55 you know, this person said, "This you know, sorry, but this this makes me 10:56 know, sorry, but this this makes me 10:56 know, sorry, but this this makes me upset. We are investing in these people. 10:58 upset. We are investing in these people. 10:58 upset. We are investing in these people. A lot of them are very new to to our 11:00 A lot of them are very new to to our 11:00 A lot of them are very new to to our business and we're bringing them up and 11:02 business and we're bringing them up and 11:02 business and we're bringing them up and educating them and and then they're 11:04 educating them and and then they're 11:04 educating them and and then they're getting really good and then some larger 11:06 getting really good and then some larger 11:07 getting really good and then some larger practices coming and scooping them up 11:08 practices coming and scooping them up 11:08 practices coming and scooping them up and we're kind of 11:09 and we're kind of 11:09 and we're kind of on this this talent hamster wheel and 11:11 on this this talent hamster wheel and 11:11 on this this talent hamster wheel and it's just something that's really 11:13 it's just something that's really 11:13 it's just something that's really disruptive and something that they want 11:15 disruptive and something that they want 11:15 disruptive and something that they want to kind of break break the loop on." 11:17 to kind of break break the loop on." 11:17 to kind of break break the loop on." >> Absolutely. Absolutely. So, you know, I 11:19 >> Absolutely. Absolutely. So, you know, I 11:19 >> Absolutely. Absolutely. So, you know, I think I think we covered a lot of really 11:21 think I think we covered a lot of really 11:21 think I think we covered a lot of really great points, you know, for business 11:23 great points, you know, for business 11:23 great points, you know, for business owners to think about because it's 11:24 owners to think about because it's 11:24 owners to think about because it's really sexy to add revenue streams and I 11:26 really sexy to add revenue streams and I 11:26 really sexy to add revenue streams and I know I've done it more times than I can 11:28 know I've done it more times than I can 11:28 know I've done it more times than I can count. And most of them, thank God, were 11:30 count. And most of them, thank God, were 11:30 count. And most of them, thank God, were successful. Some of them were a big 11:32 successful. Some of them were a big 11:32 successful. Some of them were a big waste of money and cost me a lot of 11:35 waste of money and cost me a lot of 11:35 waste of money and cost me a lot of money. To be honest, I wish I had 11:37 money. To be honest, I wish I had 11:37 money. To be honest, I wish I had somebody that would have gone through 11:38 somebody that would have gone through 11:38 somebody that would have gone through this with me, so I would have probably 11:41 this with me, so I would have probably 11:41 this with me, so I would have probably prevent I would have been prevented from 11:43 prevent I would have been prevented from 11:43 prevent I would have been prevented from making several large mistakes that I've 11:45 making several large mistakes that I've 11:45 making several large mistakes that I've made in the past. So. 11:47 made in the past. So. 11:47 made in the past. So. >> Yeah, I think there are let's put it 11:49 >> Yeah, I think there are let's put it 11:49 >> Yeah, I think there are let's put it this way, a lot of shiny new toys in the 11:51 this way, a lot of shiny new toys in the 11:51 this way, a lot of shiny new toys in the world of medicine as far as these ways 11:54 world of medicine as far as these ways 11:54 world of medicine as far as these ways to create additional revenue streams and 11:55 to create additional revenue streams and 11:55 to create additional revenue streams and I really think that's where your deep 11:57 I really think that's where your deep 11:57 I really think that's where your deep insights and experiences is invaluable 11:59 insights and experiences is invaluable 11:59 insights and experiences is invaluable to 12:00 to 12:00 to to caution and say yes, you know, but in 12:02 to caution and say yes, you know, but in 12:02 to caution and say yes, you know, but in in the right time. 12:04 in the right time. 12:04 in the right time. >> Absolutely. I mean, I know I have shiny 12:06 >> Absolutely. I mean, I know I have shiny 12:06 >> Absolutely. I mean, I know I have shiny object syndrome. I actually told my 12:08 object syndrome. I actually told my 12:08 object syndrome. I actually told my office manager at one point, I said, 12:09 office manager at one point, I said, 12:09 office manager at one point, I said, "When I come to you with this shiny new 12:11 "When I come to you with this shiny new 12:11 "When I come to you with this shiny new idea, I was like, you have to just shut 12:13 idea, I was like, you have to just shut 12:13 idea, I was like, you have to just shut it down." 12:16 it down." 12:16 it down." >> Just stop this for me, please. 12:17 >> Just stop this for me, please. 12:17 >> Just stop this for me, please. >> Yes, please. Just just tell me to stop. 12:20 >> Yes, please. Just just tell me to stop. 12:20 >> Yes, please. Just just tell me to stop. So, I know how this is because I'm 12:21 So, I know how this is because I'm 12:22 So, I know how this is because I'm exactly that person, but you know, I've 12:24 exactly that person, but you know, I've 12:24 exactly that person, but you know, I've I've learned things from making plenty 12:26 I've learned things from making plenty 12:26 I've learned things from making plenty of mistakes along the way and now I can 12:27 of mistakes along the way and now I can 12:27 of mistakes along the way and now I can apply them to help other people and 12:29 apply them to help other people and 12:29 apply them to help other people and prevent them from making the same 12:31 prevent them from making the same 12:31 prevent them from making the same mistakes if we can. So, well, thank you 12:33 mistakes if we can. So, well, thank you 12:33 mistakes if we can. So, well, thank you Wes for joining us today. It was a great 12:35 Wes for joining us today. It was a great 12:35 Wes for joining us today. It was a great conversation and we're going to keep 12:36 conversation and we're going to keep 12:36 conversation and we're going to keep sharing these kind of things that we're 12:39 sharing these kind of things that we're 12:39 sharing these kind of things that we're working on along the way, so just follow 12:41 working on along the way, so just follow 12:41 working on along the way, so just follow us and you know, keep an eye out for the 12:43 us and you know, keep an eye out for the 12:43 us and you know, keep an eye out for the Wealth Wednesdays. We're going to be 12:44 Wealth Wednesdays. We're going to be 12:44 Wealth Wednesdays. We're going to be doing these every two weeks. We'll see 12:46 doing these every two weeks. We'll see 12:46 doing these every two weeks. We'll see how that goes and maybe we'll start 12:47 how that goes and maybe we'll start 12:47 how that goes and maybe we'll start doing them more. We'll see. 12:49 doing them more. We'll see. 12:50 doing them more. We'll see. All right, everybody. Thanks so much for 12:51 All right, everybody. Thanks so much for 12:51 All right, everybody. Thanks so much for watching and you guys have a great 12:52 watching and you guys have a great 12:52 watching and you guys have a great Wednesday. 12:53 Wednesday. 12:54 Wednesday. Bye.
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