#181: Before You Sell Your MedSpa: What 75% Of Owners Learned Too Late

Cameron discusses the essential mindset and strategies for practice owners in the medical aesthetics field. He emphasizes the importance of maximizing time, intentional leadership, and the need for a disciplined morning routine. He also highlights the significance of working on the business rather than in it, understanding key performance indicators (KPIs), and the role of effective leadership in achieving success. The conversation concludes with a call to action for practice owners to embrace their entrepreneurial identity and focus on growth.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Maximize your time to deliver value to clients.Mindset is crucial for success in practice ownership.Vulnerabilities should be viewed as opportunities for growth.Intentional leadership drives enterprise growth.Focus on signal, not noise, in business operations.Establish a disciplined morning routine for success.Work on your business, not just in it.Understand and track your KPIs for better decision-making.Leadership is a daily commitment, not just a title.Every successful entrepreneur has a coach or mentor.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Nate Collins, founder of Wealth Strategies of Raymond James and Certified Exit Planning Advisor (CEPA), and they discuss the complexities and emotional challenges of selling a business, particularly in the medical aesthetics field. They explore the motivations behind selling, the emotional aftermath, and the importance of planning for life after the sale. Nate shares his personal experiences and insights on the necessity of having a supportive team of advisors to navigate the exit process successfully. The conversation emphasizes the significance of pursuing personal wellbeing and finding purpose beyond financial success, ultimately guiding entrepreneurs to prepare for a fulfilling life post-exit.Exit Planning webinar on November 5: https://www.raymondjames.com/founderwealthstrategies/events/exit-planning-novListen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Selling a business can lead to emotional challenges and regrets.Financial independence does not guarantee personal fulfillment.It's crucial to have a plan for life after selling a business.Building a supportive team of advisors is essential for a successful exit.Pursuing personal wellbeing should start before the exit, not after.Finding purpose beyond financial success is vital for happiness.Many entrepreneurs feel lost after selling their business.Proper exit planning can prevent selling under duress.A successful exit requires aligning personal and business goals.Entrepreneurs should prioritize their health and community involvement.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Matt Melnick, the Founder of Thinnr, along with Brandon Morton, the director of partnerships, and they discuss the intersection of medical aesthetics and weight loss. They explore the growing demand for weight loss solutions, the importance of sustainable practices, and the role of technology in enhancing patient experiences. The conversation highlights the Thinnr app, which provides personalized support and accountability, and the product line is designed to aid in weight loss. The episode emphasizes the need for a holistic approach to weight management and the critical role of providers in guiding patients through their journeys.The company link is here: https://medicalmillionaire.thinnrweightloss.com/Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Thinnr combines aesthetics and wellness for effective weight loss solutions.The weight loss industry is projected to grow significantly in the coming years.Sustainable weight loss requires lifestyle changes, not just medication.Providers play a crucial role in guiding patients through their weight loss journeys.Patient experience is key to retaining clients in a competitive market.The Thinnr app offers personalized support and accountability for users.Education on nutrition is essential for long-term weight management.The product line includes FDA-approved medications and supplements for weight loss.Technology can enhance patient-provider interactions and improve outcomes.A holistic approach to weight loss is necessary for lasting results.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron emphasizes the critical importance of having an intentional admin day for practice owners. He discusses how this day should be dedicated to working on the business rather than in it, focusing on growth strategies, analyzing business processes, and evaluating marketing efforts. He highlights the need for standard operating procedures, financial awareness, and transitioning from a technician mindset to a CEO mindset. He provides actionable steps for maximizing admin days and stresses the importance of building a strong front desk team and enhancing client experience.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Your admin day is the most important day of the week.This is your business growth engine.Every hour you spend working on your business saves you 10 hours.The real mistake skipping admin day equals skipping scalability.Growth creates complexity and only intentional strategy simplifies it.Protect one day, your business depends on it.The top 10% of owners never treat admin day as optional.You need to be managing reviews weekly.Are you still operating like a technician?Your admin day is your growth day, your wealth building day.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Jennifer Hartley, founder of Skin Synthesis, who shares her journey from critical care nursing to establishing her own aesthetics practice. They discuss the challenges of launching a business during the pandemic, the importance of continuous education, networking, and the philosophy behind her practice that focuses on natural results and building long-term relationships with patients. Jennifer also reflects on humbling moments in her practice and the significance of honesty and boundaries in patient care, as well as the role of technology in enhancing patient experiences.Cameron and Jennifer talk about the importance of building strong patient relationships, elevating treatment planning, and the significance of legal compliance in aesthetic practices. They emphasize the need for intentional learning at conferences and prioritizing patient care over profits,. The dialogue highlights the balance between business acumen and patient-centered care in the medical aesthetics industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Jennifer transitioned from critical care to aesthetics to help people live well.The hustle of entrepreneurship requires grit and dedication.Investing in education is crucial for success in aesthetics.Networking is essential for support and growth in the industry.Skin Synthesis focuses on natural results and long-term patient relationships.Humbling moments in aesthetics can be profoundly impactful.Honesty and setting boundaries with patients is vital.Technology plays a significant role in enhancing patient communication.The pandemic presented unique challenges for launching a business.Confidence restoration is a key aspect of aesthetic practice. Building relationships is key to patient loyalty.Follow-up communication enhances patient retention.Elevating treatment plans can improve patient experience.Intentional learning at conferences leads to actionable insights.Legal compliance is crucial for aesthetic practices.Prioritizing patient care can lead to long-term success.Investing in team training is essential for growth.Understanding financials is important but shouldn't overshadow patient care.Accreditation can raise industry standards.Continuous passion for aesthetic medicine is vital for success.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Danielle Hayden, CEO and founder of Kickstart Accounting, and they discuss the critical aspects of financial management for medical aesthetics practice owners. They explore the importance of understanding business structures, effective marketing strategies, and the necessity of regular financial analysis. Danielle emphasizes the need for proper bookkeeping, the implications of choosing between LLC and S-Corp structures, and the significance of smart financial practices to ensure sustainable growth and profitability. The conversation highlights the importance of data-driven decision-making and preparing for potential business opportunities and challenges. Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Finances are essential for success in the medical aesthetics industry.Bookkeeping is crucial for building a budget and financial strategy.Practice owners should avoid the comparison game and focus on their own growth.Understanding where to spend money is vital for business health.Marketing spend should be evaluated regularly to align with business goals.Business owners must review their financials monthly for informed decision-making.Choosing the right business structure can impact tax liabilities and personal liability.Paying yourself a reasonable salary is important for financial health.Avoid unnecessary spending that doesn't contribute to business growth.Data-driven decisions can lead to better business outcomes and profitability.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Mel Abraham, a CPA and author, and they discuss the importance of financial literacy and building a 'money machine' for financial freedom. They talk about the journey of balancing work and family, the significance of quality time over earnings, and the strategies for creating passive income streams. Mel shares his personal experiences, including his battle with cancer, and how it shaped his perspective on financial planning and service to others. The conversation emphasizes the need for financial education, the power of time in wealth building, and the importance of making conscious financial decisions.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Financial freedom requires understanding and managing money effectively.Quality time with family is more valuable than earnings.Building a money machine is essential for financial independence.Investing early and consistently can lead to significant wealth over time.Financial literacy should be taught to children from a young age.Passive income allows for more freedom and choice in life.The first $100,000 is the hardest to achieve in wealth building.It's important to separate your self-worth from your earnings.Financial struggles are often symptoms of past decisions, not just money issues.Service to others can be a fulfilling way to use your financial knowledge.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Dr. Marcia A. Harris, a pioneering OBGYN who shares her inspiring journey in the healthcare industry, and they discuss her challenges as a woman in a male-dominated field, the importance of personalized patient care, and her transition to wellness and restoration after experiencing burnout. She emphasizes the critical role of hormones and nutrition in overall health and wellness, advocating for a proactive approach to healthcare that focuses on prevention rather than just treatment. Dr. Harris's mission is to empower individuals, especially women, to take charge of their health and well-being.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Dr. Marcia A. Harris shares her inspiring journey in healthcare.The importance of personalized care in medical practice.Raising prices can enhance perceived value and patient flow.Self-care is crucial for healthcare providers to avoid burnout.A life-changing health crisis can lead to transformative changes.The Wellness Restoration Center focuses on preventive care.Hormones play a critical role in overall health and wellness.Nutrition is often overlooked in traditional medical training.Women often face unique challenges in healthcare professions.Building trust with patients is essential for long-term success.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Portland Face Doctor, Dr. Peter Vila, and they discuss Dr. Vila's journey of acquiring and rebuilding a practice. Despite initial challenges, including a team exodus and negotiation complexities, he successfully rebuilt the team and expanded services. Dr. Vila emphasizes the importance of transparency, education, and trust in patient interactions. He highlights the financial nuances between surgical and non-surgical services, noting that younger patients often opt for financing.Cameron and Dr. Vila emphasize the importance of transitioning from a technician mindset to a business-oriented one, highlighting the value of attending conferences, networking, and continuous learning in the field of facial plastic surgery. They discuss the benefits of collaboration among plastic surgeons and the necessity of understanding business aspects, which are often overlooked in medical education. They also share business knowledge and the challenges of balancing innovation with practical business decisions, stressing the significance of networking, attending conferences, and maintaining a strong online presence to grow a practice.Listen In!Thank you for listening to this episode of Medical Millionaire!Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Nelly Johansson, aka Nelly Gal, owner of LiveVibrant Wellness And Aesthetics, and they discuss her journey from Cuba to owning a thriving practice in Florida. Despite growing up without basic amenities, Nelly emphasizes the importance of resilience and purpose and details her strategy for patient acquisition, including leveraging Groupon and Facebook marketing. Her practice, Live Vibrant Med Spa, generated over $150,000 monthly with one full-time provider. She outlines her future plans, including a digital health academy for women over 35. They also highlight the significance of building relationships and providing personalized treatment plans.Listen In!Thank you for listening to this episode of Medical Millionaire!Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/