"How Do I Stop No-Shows?"

0:00Yes, sir. >> Hi, Alex. I'm Arya Semi. I'm a dentist. I have two offices. Okay. One of them I opened up six months ago. >> You don't do like ballet out of there, too, or like side hustle and pest control or something. Okay, got it. [laughter] >> Only on the weekends. >> Yeah. Yeah. >> Okay. My second office is a startup. It's doing great. Don't really need help on that. >> Okay. Um, my first office, it's a general office that I basically am transitioning it into an implant center.

0:30>> Cool. >> It does about $4.67 million a year. It's done that for the last two years. This year we're actually decreasing a little bit. Okay. >> I think it's because we had some problems with our call center. >> Yeah. >> Um, >> ideally I want to do $100 million in revenue. >> There's lots of implant centers that are doing that. So, I think it's very feasible. Clint Choice being the biggest one, biggest competitor. They sold for a billion dollars a few years ago.

0:54>> Um I think what's stopping me is we have high no-show rate in terms of our consoles and we have insufficient number of consoles >> now. Is that because we don't have enough leads? Maybe, maybe not. Or maybe the quality of leads. >> What's LTV to CAC? >> Um average ticket item is about 30 >> Yeah.

1:18>> $35,000. Mh. >> Um, it cost about $1,000 to acquire each consultation. >> Okay. What And then close rate is >> um for the patients that have money, it's about%. >> No, just total. What's the close rate? >> About 15 20%. >> Okay. So, call it time that show up. >> So, it's 6K to get a customer >> roughly. >> Yeah. >> And you make 30 to 35.

1:43>> Yeah. >> Okay. So, I mean, that's a business. What's the issue? >> Um, >> you just want it to be less. >> I don't say that. I'm just being honest. So, you just want it to be less. >> I want my profit to be higher. >> What's margin? >> And I and I want to do uh significantly more in revenue because once >> if I'm not hitting 350, you know, thousand 400,000, it's not a very profitable business. So, I don't fluctuations. You mean per month?

2:15>> Per month. Yeah. I mean, some months I'll make 150, even $200,000 in profit. Some months I'll lose $100,000. You know, >> wild fluctuation. >> Yeah. Well, you live you you you run a chunky business. >> Yeah. >> Right. Like 10 deals is two deals a week or three deals a week. >> Yeah. >> And that's your whole month. And the difference between two deals and three deals a week is whether you make money or you lose money. >> Yeah. >> Right. So, it's a game of big and small numbers.

2:40>> Um, which I'm familiar with. The currently what's your legion strategy? >> Probably about 75% meta and 15% 10 15% Google. >> Who runs it? An agency. >> Agency. I've been with them for about three years. Generally, they're giving me about 7x ROI. >> Not bad.

3:07>> I'll explain the issue. The biggest issue you have is with something that you can't control. >> That's a problem. >> Yeah. Right. So, like if we look at the big competitor that you're talking about. >> Yeah. >> I'm not sure, but I would wager that they control their acquisition. >> I bet. >> Yeah. And so, I think what you actually have right now is an education gap because if you're because like what business are you really in? You're not in the dentistry business. You're in the direct response and high ticket sales business.

3:41That's the business you're in. >> Yeah. >> But you're a high ticket salesperson that doesn't have Legion. >> So you're in the acquisition business, but you don't have acquisition in house. And so I think it's like to me it's a strategic issue. >> Yeah. >> Cuz like right now they're doing fine. There's nothing wrong with that. But if you really want like if you're like you will be able to if you became a master at it and you look at your own money do better than they will. >> For sure. >> I I tried it for the last eight months. >> Mhm.

4:07>> And you couldn't beat their numbers. lost a enormous amount of money. I mean, I probably, you know, I gave the guy $15$20,000 budget, paid him about five $6,000 a month. And >> Yeah. But you gave it to somebody else. That's what I'm saying. >> Oh, you're saying like me personally doing >> So, one of the hardest parts about uh physician, dentist, etc. businesses is that your local ability to make money because of the skill of dentistry and being a physician, surgeon, etc. is typically so high that the beginning skills of learning like marketing and building a landing page and all that stuff is below your pay grade, but at scale it's way above your pay grade. And so most physicians have a hard time taking that step down because they're like, I just want to go straight to business ownership and then they vendor out everything.

4:55>> Yeah. >> Yeah. I've done this before. Um, and so [laughter] I'm just saying that that that becomes the like you are you are in the marketing and sales business and I'm guessing you have an outsource call center and >> inhouse. >> It's in house. Great. You have at least that part. >> We tried external call center last month. Disaster. [laughter] >> Total disaster. Um, so you you do the sales

5:21>> 75% no show. >> You do the sales in house, correct? You close in house. >> Yeah. You do the scheduling in house. >> Yeah, >> we just need to get this part in house. That's strategically what has to happen in the business for you to hit your goals. >> Just said differently and one of the ways that I think about from a strategy perspective is we take this to the natural end of you doing $100 million a year. Is there any world where you're relying on one agency to do that? >> No. >> Right. And so if you know that's where it's going to end up then the p that you lost money. Well, you paid some other guy. But like this is a game. It's not that hard to learn. So think about it this way. that agency that you were paying, how big is the agency?

5:59>> Pretty big. I mean, they they're doing some serious numbers. I think they have 150 clients, about three $4,000 per client. >> Yeah. Um, so two two frames for that. Number one is that if they have, you know, call it 30 40 employees, they have some account rep who's assigned to your account and they onboarded them in like a week or two and taught them how to run your ads. I'm one of his OG clients. So, he's the guy that runs that that company is actually my my rep. >> Your homie. >> Yeah.

6:26>> Yeah. >> Yeah. He's he's a friend of mine, too. >> Yeah. Of course. Yeah. Make money together. Great way to make friends. Um it still is it's it is the like you have reached a limit of your ability to generate leads >> and you don't know how to generate leads. And so, the options that you have are keep paying agencies without the perspective from which to make a judgment because you don't know. >> Mhm. >> Right. You just have to believe pitches and hope. >> Yeah.

6:50>> Or you learn enough to be become dangerous andor you like you want to learn enough to become dangerous so that you can go to the like that guy even though he's a buddy of yours and recruit the person now he's the one running your account but you would recruit the top top guy who's running your ads and say hey instead of having 30 people want to just do one and do it with me and scale it up >> and I'll give you a tiny slice. >> Yeah. >> That becomes more interesting proposition. But you only know if he's full of [ __ ] if you know. >> Yeah. And this is why I'm such a big advocate of vertical stack entrepreneurship. Like the best entrepreneurs that I know in my life all are clouds of dirt.

7:23>> Like vertical integration. >> Yeah. Like I can run ads and write copy and build landing pages. I can also make strategic decisions >> where you will encounter this is for everybody not just you. But like you will you will get stuck if you are missing pieces and you will stay stuck until you either get lucky or learn. I guess the challenge is

7:47>> doing the surgeries, making the video content myself, which I have hundreds of videos. >> Yeah. >> As well as posting and now managing the whole marketing as well. I mean, >> yeah, >> it's a lot. >> So, we would be looking at that and say which of those things is the least valuable that you're doing because this is the constraint which I would argue is the most valuable thing you could be doing but art. So, is there time that you can take out of the chair? That's one option.

8:15And then there's every other thing besides marketing that you're doing. >> Yeah. >> But if you want to scale this, you're not going to be in the chair. >> I see. >> Right. Like you're not going to 100 million in the chair. >> True. >> Get out of the chair. >> Yeah. But like right now you're going to encounter like you're at a point where you will you're like this is more of a common theme today interestingly. like um a lot of you guys are at at a risk point which is like you cannot do more of what you're currently doing because you've you've encountered either an ignorance wall or just like an actual wall of time and so you have to make some bet in one direction and when you make bets you also have likelihood of losing and I think you just have to see that as a feature of business not a bug

8:58>> like one of a mentor of mine um said this to me uh he said to make a billion dollars you have to lose hundred million on my on my way. [snorts] >> Right. And so yeah, [laughter] you're putting your time in. Yeah. So, and to lose and to to make 100 million, you got to lose 10. Not because you want to, but it's like you basically pay down ignorance. >> Yeah. >> That's the tuition. And so, I think you just have to be comfortable with that. Like right now, the things you need to learn, you need to learn marketing and you have to get a model that allows you to bring another dentist in so they can be in the chair so you can focus full time on acquisition.

9:30>> So, learn marketing, cut back on chair time, >> scale. >> Yeah. If you're a business owner and you're not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it in these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no matter what you're struggling with, someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free.

10:13free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstrain the business and you're trying to scale, we'd love to help you out on the thank you page. You can just book a call with my team and we will look into business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person …