Eine Tierarztpraxis unabhängig vom Inhaber machen

0:02Unternehmer/Gast I feel like we get to be in this together. >> Hello. >> What's up, Hunter? >> Hey, >> how's it going? >> It's good. I I wasn't going to go to Shaw, so I appreciate that. >> We appreciate that. I feel ever so lucky. >> Well, I appreciate you helping me. So, >> no, we appreciate you, dude. Um, so tell us the animal hospital right now. My my curiosity is what's the goal with it right now? Do you want to scale it? Do you want to get more money per location?

0:30Alex Do you want to just make this location run on its own so that you can, you know, be with your family? Like, what's your goal with the business? >> Yeah, I mean, so I'm a little younger. I mean, I'm only 32, so like I figured I'm going to do this for a long time. Um, ideally, I would like to have more family time, but right now, like I'm actually kind of bored at the clinic. Like, we need a lot more patients to be seen. >> Um, and I would I'd like to help.

0:56>> By patients, you mean animals, right? Yeah. So, my animals. Yeah. So, I'd like to help the most amount of patients that I can while also making the most amount of money. >> Okay. And so, again, can you repeat your revenue and profit? >> 1 million. >> Yeah. So, th So, this year we'll be at 1 million. Um, last year we were at 700,000. The year before that was $4.99. So, we're growing. We're growing, but I feel like the jump this year has mostly just been due to my price increases more so than like actual new patients coming in.

1:28>> And what's uh where where you where do you reside? Where's your business located? >> Um we're north of Dallas in uh McKenna, Texas. >> Okay, that's a good location. >> Yeah, there's a lot of people. Tons of people. Tons of uh hospitals as well. >> Tons of bets. >> Tons of bets. >> Lots of pets. >> Okay. So, what did you do the years prior from essentially right now you want to see how do I grow faster and not be bored? >> I I want to I want to feel a little bit more fulfilled like where you know I'm making you know a good amount of money more than it is an associate but I want to do more. I want to build something very special. I want to help uh pets. I mean honestly I've always wanted to nationwide but I figured out how hard this was with my single location. So I kind of scaled back my vision a little bit after that.

2:12>> Oh let's not do that. Yeah, >> this is just a step, man. >> You're already Yeah. You've already got you've already put all the years into this. Like, I don't think that's unreasonable. >> Yeah. Um, so I, you know, whatever path would help me help more pets and again, obviously be a little bit better off financially and spend time with my family is where I want to go. But I'm fine, you know, sticking to it, seeing as many pets as I can myself um to not put myself in a bad spot to set that up for success.

2:42>> Okay. Okay. So, I have a couple questions. One, are you the primary, what you call your caregiver? >> Yes. So, I'm the only doctor. I have one receptionist and two technicians. >> And then how many days per week hours are you working? How many patients are you seeing? >> Um, so we see on average about 16 patients a day. Um, and that's Monday through Friday. Fridays are half days right now. >> Okay. So, how many hours do you work a day?

3:07>> Uh, it's it comes out to about 36, maybe 40. >> Okay. Um, next question. How Okay, so you have 16 patients per day. >> And then how do you get those patients? >> Most like well over 60% of it is absolutely referral, just word of mouth. People seem to be really happy with us, which is great. >> It just seems to like take a while for those people to come in unless they have an issue or they, you know, they get a reminder that they're due for something and then they remember us. M

3:41>> well how actively are you like how what kind of um cadence are you basically nurturing them on to like do you have them on a maintenance plan right now? >> So there there's no like membership plan. It's basically kind of like pay as you go. So, they come in, they pay they pay a consult fee, but we do have like reminders for core things like >> vaccines, uh, fecals, blood work, if their cat has like kidney disease, like reminders to come in for those checkups.

4:10>> But they're only sent out >> um two months before it's due. Um, two weeks before and then like two weeks after they've missed their appointment. That's all we do. >> I like that. >> All right. We have a plan. So, so there's a there's the 101 version and there's the 2011 version, right? So, the 101 version is something that we call BAM fam. All right? Which is book a meeting from a meeting, which that no one ever leaves without booking a meeting. So, let's say they're, you know, they they their kidney got fixed today. Great. Well, we're going to want to book the next meeting for 3 months from now or six months from now. So, you just look at the p the patient or the pet and you look at their file and you see which one of the next things that's due and then you just book that meeting. That is the requirement.

4:54>> Okay, >> that's how it works. As simple as simple as that. Literally, no one leaves without already knowing when they're coming back. >> Okay, we can do that. >> Done. >> Okay. Yeah. I mean, we literally don't do that at all. We just I kind of I >> That'll probably double your business. I'm not even jo like that alone. >> Yeah. No, we don't we don't I just started sending like emails to our existing clients. I mean, we have about 2,000 clients right now, and I don't I don't do any I don't nurture them. They just kind of come in and that's how we make our money.

5:26>> So, is it primarily like you and the receptionists that run the business? >> Um, yeah. I mean, really, yeah, the texts just kind of help me go room to room. Um, but they I mean, we all kind of answer phones. Like, I'm still answering phones to be honest. Um, but yeah, it's mostly just us. I mean, I think the first focus is the profitability piece, getting more of them, coming back in and rebooking. >> I think the second piece is having the right people so that you could scale it in the future if you want to.

5:55>> But you would have to first get yourself out of this location, >> out of this location. >> Well, how are we going to increase cash flow, right? >> Increase cash flow. >> And then we say, okay, how do we bring in another practitioner? >> And then after that, we say, okay, >> if we can get ourselves out of this one, we can scale others. >> Okay, real quick. How much um how at capacity are you right now using you seeing all the pets?

6:18Alex >> Oh, I mean I I could easily do 1.5 myself if not I mean I'm going to be a little you know I probably closer to 1.8 million I would say myself >> but why are the margins so low? >> Um I'll be honest with you they were even worse last year. This is all from me increasing my prices. >> Like what are the costs? You have a secretary and you've got a you got an office.

6:45>> Yeah. I mean my rent seems to be a little high but it's not like killing us. >> What's your rent? >> Um we spend it's 8,500 a month. >> I mean it's a little high but okay fine. But like but but that's not that's not eating up >> for your staff. >> Uh so each staff member gets between 20 to $23 an hour. >> Okay. Well, then where's the cost coming from? That's a I mean, >> the other 40% clients that aren't referral, are you paying to get those ones?

7:12>> Yeah. Well, I am, but those I only spend $4,000 a month on ads right now. >> And where's the money going? >> Uh, I mean, we have we we have um profit. I mean, we have around, you know, if I pay myself a h 100,000, we have around 200,000 left over. I just I don't do anything with it. I don't know what to do with it.

7:35>> Okay. But you're running 30% margins figuratively, right? If we added in your owner pay. >> Yeah. Yeah. >> Still seems a little low. >> Okay. >> Given there's no like you're the one doing the service. That's the thing. >> What's the pricing is what you said you raised it already, but >> probably need to raise it again. >> Yeah. What what did you raise it from too? >> I I raised it. So like let's say you know my exams I really didn't raise my exams are $95.

8:02Um, but most of my other costs I raised them close to 100% and no one cared. No one said anything. So that tells me it probably I'm probably still too low. >> Yep. Have you >> But our average our average transaction like each each transaction is about 250. >> Yeah. So let me let me just give you this. So have you read Did you get my uh that email? It was a Mosy Minute email where I talked about pricing versus close rates. >> Yes.

8:29>> So I'm guessing your close rates are basically 100%. They're they're pretty good. Yeah. >> Right. So you like and you probably saw that if you're over 80% you've got like a triple. >> Yeah. >> Yeah. So I mean you you saw you saw a double and nothing changed. So that like that pricing guide is pretty accurate rule of thumb. And if you also doubled and still saw no change then the double still double or triple still remains.

8:50Alex So, you might be able to get to 250, you know, sorry, uh to to to $500, $600 per and you still probably have room there because right now we fix so like in order of operations, it's like let's fix pricing even though you didn't fix it. It's like we need to increase pricing still with the increased pricing. We need to bring somebody else in to buy you time with the extra person and now added capacity. Then you need to start emailing your list on a regular basis.

9:15And from this point going forward, you institute Bam Fam as a way of life. No one leaves the office without knowing when they come back in. If you just do that, you're good. >> Okay, >> cool. >> Yeah. No, I like that plan. I'm I'm gonna sweat a little bit about the price increase again, but I'll do it because you told me to. >> Dude, the worst case they say no, man. >> I And that's what I expected everyone to say no last time and no one cared. >> No one cares, dude. It's their kids. Don't worry about it. >> Yeah. >> Yeah. I don't think you should worry about it. Also, McKenna, Texas is pretty good in terms of average income and such. It's on the higher end. So,

9:45>> yeah. Yeah. people. I mean, people spend what I consider a large amount of money on their pets, which is great. You know, it allows me to practice the gold standard, which I like doing. I don't try to play the lowcost game, but maybe unintentionally I am a little bit lower cost. Like, people do make comments that, oh, you're cheaper than so and so, don't >> Yeah. You don't want to You don't want to be known for that. >> No, I don't. >> No, you're in a service business, man. Like, service businesses, especially with humans, it's like you pretty much only have one play, which is build a brand and continue to charge more. Like if you think about a meta concept of service businesses in general, your prices should really only go go one way.

10:18And you can measure how much you've succeeded as a service business by how high your prices are. Because if you succeed as a service business and you do a good job long enough, then you will always have more demand than you have supply. And if that is the case, then you continue to raise your price. And so that then reinforces the brand, which bring better people who spend more and you do a good job. You get a better reputation, which reinforces the brand. And so that's the virtuous brand and pricing loop. And so you can measure how advanced you are as a business owner by the prices you're able to charge because of how good you are at the service.

10:48>> I feel like you're really good and it's just a literally a matter of like self-esteem. Totally. And confidence. >> Just charge more, man. >> No, it it is I I struggle with it because I never want, you know, people to feel like I'm taking advantage, but like I I do consider us to be top quality. Like people love us. >> You're not taking advantage. You only go ahead. Go ahead. Go ahead. >> You take the money and then you invest it in getting better talent, >> better equipment. better training. Like we talked about this yesterday, me and Chiron, but like that's how the flywheel works. If you want to have a high quality business, you have to make a lot of profit because if you don't, then you can't invest to have that high quality business,

11:22Alex >> right? And that and I and I do I have started to understand that the only way for me to help more pets and do what I want is to be profitable and continue to grow. >> Yes. If you want to go national, you need Yeah. You need to have Yeah. If you if it's interesting because it's it's almost counterintuitive cuz like the people who really need to raise their prices the most are like your type of person. They're the usually the ones that are like the most hesitant. Yeah. It's the Leila's, right? Like when I met Laya, I'll just say just so you feel a little better about this. Like this is totally learnable and this is this is a this is a perspective on the world. And when I met Ila, she was like, I just want everyone to be healthy. Because she was we were in fitness, right? She's like, I just want to help everyone. And I was like, don't you think you'd be able to help more people if you actually made a profit? And I would just say that our life is a living testimony of that.

12:06>> Yeah, absolutely. >> We couldn't make this content unless we had businesses that make money. We wouldn't have time. We wouldn't have the resources. >> Yeah. Okay. >> Cool. >> Well, I can do I can do all these things. Yeah. Absolutely. >> Well, you got you have the four-part plan. We're going to increase prices with the extra cash flow, hire somebody with the extra time that you get back from that person. you're going to nurture the leads and put a basically the the fast cash uh playbook. We have the cash calendar system in there. That plus the LTV playbook will be the two things that I'd want you to focus on to install in the business as the first two things.

12:40>> And then after that um and bam fam is like you can do that tomorrow like that that's not like an option like do that tomorrow. So those are the three actions and then bam fam is just like assumed. Okay. >> Okay. Yeah. No, I I can do that. I appreciate it. >> Rock and roll, dude. And the pricing uh the pricing playbook will help you just kind of with some of the messaging around how to raise the price. Cool. >> Yeah, I'm excited to get that. I appreciate it. >> You bet, man. >> Thank you for doing the hard work. I had uh 18 pets growing up, so I love animals.

13:06>> Yeah, that's crazy. I I have about 18 right now. You You and my wife would get along well. >> Great, man. I'm happy to hear it. >> All right, rock and roll. Thanks, man. >> Okay. >> Thank you for donating books. All right. See you. Bye. Bye.