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0:00I run a clinic that's does mostly telehealth and part of it is in-person a highly technical procedure called TMS for depression. >> Okay. >> We do about 3.5 in revenues our eighth year. I started right after residency. I would like to be about 5 million in revenue and what's stopping me is first of all the in-person procedure is a highly technical procedure requires a lot of training and not a lot of other referral sources know about it. >> Right.

0:26>> of people are depressed but nobody really think people think it's ECT or you're getting it electroconvulsive therapy. It's covered by insurance. We take all insurances. >> Mhm. >> So my for that it's finding referral sources, getting trust from clinicians who want to refer or direct to consumer marketing. >> Mhm. >> And then for the telehealth portion retention of clinicians who often quit and finding patients. So um it's very hard to hire a nurse practitioner even who makes $190,000, $180,000.

0:56By the way, great career, a lot of money right out of school. But when they leave we are devastated cuz they have hundreds of patients and we have to hire again really fast. So that's limiting our growth just off top of my head. >> Okay. So what's stopping me is you would like more patients, not sure what source to get them from. You do have some issues where if staff leaves that limits your supply. And you want to grow by 30%.

1:23>> Yes. >> Okay. So right now can you handle more customers or not? >> Yes. >> Okay. How many more customers can you handle? >> It's a balancing act between >> more customers? >> Yeah, balancing act between like I'm hiring two or three new clinicians a year. >> Okay. >> We can never fill them and then they get angry and they want they're like I had I signed up for full-time. You're only giving me half-time and we won't pay you per hour. So the way we compensate needs to probably be thought out.

1:48>> Okay. >> Yeah. >> You know, I'm not I'm not um I don't [clears throat] have any MPs that work for me. But I would probably try and ask like, "What do you want?" Like what would what would what would make this opportunity compelling enough for you to stay because we want to just continue to invest in you. It makes it difficult for us to do that if we're not sure if the investment walks out the door within 12 months. Now that being said, someone stays 5 years you won. You know what I mean? Like you had you had a pretty good pretty good stay.

2:19Um so you are demand constrained. So it's basically you need to get more patients. If you get more patients you can fill up the MPs. If you can fill up the MPs they'll be happy they're more likely to stay because they actually have a full roster and they're making as much money as they want. Yeah. Okay, so we have a demand constraint just from a focus perspective. Okay. So if you're demand constrained then you said you alluded to earlier we can do you know there's you know there's an affiliate path that's one way which is you can find other providers who send you send you business but you're seeing a lot of them don't know what you do.

2:49Obviously could solve that with education and outreach. We could do direct to consumer. The question is >> The thing is is that we do Google and Facebook ads currently. >> Yeah. The I mean I like direct to consumer personally just cuz most people in that space suck at advertising so it's like not that hard. Um but the reason so something of this is I'm going to go like underneath of your question to something that I think will be more valuable for you which is you have the Harvard medical etc. background and you're probably very bright guy.

3:21You have to take how you advertise down 100 [ __ ] levels. >> [snorts] >> Um I'm being super real with you. There's a reason that I run every single piece of copy through Hemingway and I get it you know below fifth grade ideally below third grade reading level because if someone has to pause when you say a word you've lost them. Because you're already on to the next word and they're like what did that other word say? And then they're trying to think like what does this mean? They're not listening to what they're they're trying to decode rather than just immediately absorb. And so I'm the more I've been doing this the more I'm an advocate of clear over clever.

3:53>> Mhm. >> And for your marketing you said not your marketing for for for the business you said it's highly technical, it's very advanced, it's hard to train people up on this thing, it's hard to explain how this works, insurance covers it. If I'm If I'm the consumer, I care about sad face go happy face. >> Mhm. >> Right? And I care about insurance covers. >> Mhm. >> you say I'm Harvard medical doctor, I tell you you sad face, I can make you happy face and insurance covers it and it's more effective than talky talk, I'd be like [ __ ] yeah.

4:25>> [laughter] >> Right? >> Yeah. >> And I think honestly that's probably what's missing in the advertising and sales process, which is you need to strip away everything that you currently say that's medical and just speak to what the avatar, you know, the customer who is depressed with the meet them where they're at. And I think that if you if you can advertise in that way, any of these channels will work, but I do think that if I were if I were you swapping places, I'd probably go the ad channel personally.

4:52>> Okay. How about telehealth? Is there something different there? >> No, same same. >> Yeah. >> Yeah, I would say local is if I had to pick like what's the easiest button, local services that are high ticket is like like it's hard to lose money. >> Okay. >> Because you have because in person you have so much less sophistication in a local market and local competitors. And so it's like if you if you study the stuff that we do when we're competing on a global level and you put it in, you know, Kentucky, you crush everyone. It's like not even close.

5:21Like you just drop a pin on the map, you say okay, you know, 25-mi radius and like you're just competing against everybody in the 25-mi radius. You're probably the only Harvard guy who's doing this in the 25-mi radius. So, you literally >> Boston unfortunately, so I have MGH Brigham >> Yeah. >> Whatever. >> [ __ ] it. It doesn't matter. >> [laughter] >> I stand by my original statement. It but like but the thing is is here's the good news is that the thing that makes you great, right? You're very smart, did the medical stuff, all that, is actually is going to be everyone else's weak point, right? Cuz all of them you probably know this, all of them have massive egos, and all of them are like, "Well, every If they can't understand me, then they're too dumb to be my patient." It's like, "Yeah, and you'll just be poor."

5:59Whatever. So, if as long as you can just basically quiet that part of, you know, your brain and turn on the how do I make this as simple as possible so they understand it, you'll still crush them. And then they'll be upset and assume you're doing something wrong or you have somehow uh made money in a way that they would not prefer. >> That's right. >> And so, I will translate cuz you will start advertising, and the more of my stuff that you, you know, you go through it, they work with us on it, um the better it will work and the more they will hate you because you're doing something that they don't do. And then they're just going to decide that morally they're superior to you because you've lowered yourself uh to advertise your business.

6:37Just as a prep. >> Thank you so much. >> [laughter] >> Thank you. >> You bet. By the way, if you ever get like hateful comments, the easiest translation in the world is um "You live your life in a way that I would not prefer." It's just the easiest thing like that's how I've gotten over many, many, many, many negative comments like, "I can't believe it's He lives his life in a way I would not prefer." Okay. You can live your life whatever way you want. >> If you're a business owner and you are not growing as fast as you like, I'd like to give you a free gift. So, my team and I put together the 100 million dollar scaling road map, 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. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page, you can book a call with my team, and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas, and we'll do this in person, live.