liefs and attitudes. Good leaders can tear down Silo Cultures
and build up Purpose Cultures.
Everyone in the practice has a wonderful opportunity to
develop a purpose culture. This happens in two ways. First,
the owners must embody leadership in this regard. This
means that every day they show others in the practice how
accept the case recommendations or make life better. Secondly,
the practice leaders encourage anyone in the practice
to do the same.
More than ever today, we need to tear down Silo Cultures –
and we had plenty of reasons to tear them down in the past!
More than ever today, we need to build up Purpose Cultures
in their place.
principles of Purpose Culture in their visions, in their words,
in their attitudes, and in their actions.
Knowing YOUR Endgame.
(Continued from page 47)
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While you may not own as high of a percentage as you once
did, you’re using the buy-in of the associate doctors to grow
the practice, so you have a smaller piece of a much bigger pie,
and your income increases.
You have the access to capital because you have doctors that
are investing, and you can use that money to grow the practice.
You can decide to just be a manager, or you can continue
to practice and be a manager.
PROS: Eventually, you are out of the practice, and you have
taken your practice asset and converted it to cash. As you’re
getting to that point, you have ongoing passive income. You
have increasing income because the practice is growing.
CONS: The bigger this model gets, the more infrastructure
that you have to have. As you’re building this, your income
will probably drop a little bit as you’re helping doctors get
started with guarantees.
hard work (it’s why you see so many ‘groups’ stuck at 4 practices.)
You are practicing, and you are doing all the work to
keep the other three or four practices running. But when you
can get past 3-4, it becomes much easier because you learn
how to do it, you have experience, and you learn what you
need in the team.
The legacy model requires someone who is a charismatic
leader to hold this all together. This has to be someone who
is really good at connecting people, helping people care for
each other, and really keep it going. This can be a tough one.
growth) to model six (legacy.) In the legacy model, my one
practice is now 12 locations. Then I went to model two (buyout),
and sold all 12 of them. So you can see that all roads
tend to lead to the Buy-out Model. But, if it had just been
my single practice operating under a retire model and I sold
my practice, I would have sold it for 1% of what I eventually
earned.
It makes a difference how you set this up.
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