Do You Know the Value of Your Practice?

As I type this, I’ve got one hand on the keyboard while the other is cradling a steaming latte, its rich aroma filling my home office. It’s been a busy week of consultations and strategic planning, and I’m already looking forward to my weekend bike ride under the sunny skies!

In today’s edition:

• 👑 Tips for embracing a ‘Cash is King’ mindset
• 🙅🏻 It’s never too early to start planning your exit
• ❌ Stop treating your practice like a hobby with Paul Wright
• 💲Reworking the profit equation: revenue minus profit = expenses
• 🍷 Grapes and Grub: Martin’s Lane Pinot Noir paired with a Miso Sesame Salmon

Enjoy the ride,

~Gary Thorne, Founder

_____

Cash Is King

• A fundamental principle for sustained growth and competitiveness.
• Maintain a cashflow forecast and monitor receivables closely.

Do You Have an Exit Strategy?

• If you don’t, all you own is your job… and a very expensive job at that.
• Don’t understand the rules of the Endgame?

Stop Treating Your Practice Like a Hobby

• As an owner, learn the secrets to running an actual healthcare business that makes money. 
• Running personal expenses through your practice might offer immediate tax savings, the long-term risks and potential legal implications make it a hazardous strategy.

Revenue – Profit = Expenses (the financial success mantra)

• A Buyer evaluates a practice on the maintainable earnings of a practice over the last three years.
• What to consider while cutting expenses?

_____

Weekend Fun

• Grapes and Grub – honouring my Ironman Canada playground and the wineries of the Okanagan.
  • Martin’s Lane 2021 Pinot Noir (Simes, DeHart, Naramata, Fritzi’s)
    • Spicy, Seductive, Elegant andPowerful
    • Burning tobacco, funk, black cherry and smoke
  • Misosesame salmon with cucumber salad

_____

What is ELEVATE?

Get to know ELEVATE Practice Intelligence and keep more of your hard earned $$$$. We maximize a practice owners’ ability to convert practice valuation into personal wealth.

Own more than just your job – at ELEVATE, we are passionate about eradicating entrepreneurial healthcare poverty across Canada.

Who is GT? 17 years as a corporate healthcare executive responsible for 60+ clinics, across multiple provinces, with a portfolio size >$125M. Ethos: good enough never is!

Talk with ELEVATE if you are interested to learn more about a profit first mentality and winning at cash flow management. Book Now >