Insights on Leadership, Growth and Selling Your Practice with Gary Thorne
Oct 04, 2024In this enlightening episode of the Wellness Center Creators podcast, hosts Anna Rudel and Kendall Hagensen sit down with Gary Thorne, founder of Elevate Practice Intelligence. With over two decades of experience in corporate healthcare, Gary brings a wealth of knowledge to the table, offering invaluable insights on leadership, practice growth, and preparing for a successful exit in the wellness industry.
The conversation kicks off with Gary identifying the top three competitive advantages for any practice. He emphasizes leadership as the cornerstone: "Always the first competitive advantage that I believe any business can have is leadership. Leadership from how the leader leads themselves, the importance of that high EQ, the high in-service attitude to the stewardship that goes along with being a great leader." This sets the tone for a discussion on how effective leadership drives team performance and organizational culture.
Gary delves into strategies for practice growth, highlighting the importance of understanding industry benchmarks and overcoming unconscious barriers to change. He advises practice owners to "know your community and the competitors in your community better than anyone else." This knowledge, he explains, is crucial for identifying growth opportunities and staying ahead in a competitive market.
The podcast takes an interesting turn when discussing the challenges of scaling a business. Gary introduces the concept of a "capabilities-driven strategy," encouraging practice owners to grow within their "middle lane" while being mindful of adjacent opportunities. This approach allows for sustainable growth while minimizing risk.
One of the most valuable segments of the episode focuses on preparing a practice for sale. Gary stresses the importance of long-term planning: "You, as a business owner, practice owner, have to have that two to three year runway to start planning your exit." He outlines key steps in this process, including normalizing operations, driving cash to the bottom line, and reducing the owner's involvement in day-to-day operations.
Gary shares a critical insight for practice valuation: "We can drive two times EBITda if we're given enough time. So if we can get a full 12 to 18 months working with a practice owner to remove them from the business, to make the business self-sufficient, without the full vigor of the practice owner, we can typically drive two times earnings over that last period."
The conversation also touches on the challenges specific to certain healthcare niches, such as acupuncture, where practice sales are often difficult. Gary provides practical advice on how to increase a practice's value and marketability, including managing labor costs and highlighting intangible assets.
Throughout the episode, Gary's expertise shines through, offering listeners a comprehensive overview of what it takes to succeed in the wellness industry. From start-up considerations to exit strategies, the discussion covers the entire lifecycle of a wellness practice.
The episode concludes with information about Elevate Practice Intelligence's services and resources, including e-books and industry benchmarks available to listeners.
This podcast is an essential listen for wellness center owners at any stage of their journey. Whether you're just starting out, looking to grow your practice, or planning for an eventual sale, Gary Thorne's insights provide a roadmap for success in the ever-evolving healthcare landscape.
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About Gary Thorne
As ELEVATE’s Founder, Gary Thorne has proven expertise in helping healthcare practices achieve strategic growth, operational excellence and sustained financial outcomes.
Passionate about solving operational issues, he offers transformative healthcare solutions that create shared value for both the practice owner and their clients.
Before founding ELEVATE, Gary spent the last 15 years as VP of Operations at a national healthcare company, where he oversaw a $125M+ portfolio of over 60 clinics, and outperformed the average healthcare practice EBITDA by 3x. Prior to that he was the owner of two successful physiotherapy practices.
Gary believes that when a business is struggling with poor cash flow, making more money is not the solution. Instead, Gary is dedicated to helping businesses optimize their net profit, while staying focused on creating amazing customer experiences.
Gary’s Website and Links
- Website (free resources): http://www.elevatemypractice.ca
- Facebook: https://www.facebook.com/marieyoungmedandmore
- Instagram: https://www.Instagram/ELEVATE_mypract/
About Anna Rudel
Anna Rudel, L. Ac is the owner and founder of Lokahi Acupuncture Clinic in San Jose California, founded in 2003. Anna is a master organizer and clinician, and as a Coach she specializes in working with Clinic Owners in the state of California, and Acupuncturists and Acupuncture Clinic Owners, or groups wanting to add Acupuncture worldwide, as well as teams that need support with employee retention and satisfaction. Born in the UK, Anna has traveled extensively in Asia and now has a thriving multi-practitioner clinic in the US!
Anna's Website and Links
- Website: https://lokahiacupuncture.com/
- Learn Group Coaching: https://www.wellnesscentercreators.com/group-coaching
- For info about Individual Coaching: https://www.wellnesscentercreators.com/individual-coaching
About Kendall Hagensen
Kendall is a Somatic Mental Health Therapist, Multidisciplinary Clinic Owner and Business Coach. She specializes in, and is passionate about, working with healthcare professionals to create the businesses of their dreams. Big goals always have a psychological component beneath the surface, so Kendall uses her background in Somatic Psychotherapy and EMDR Therapy mixed with Business Coaching tools to help clients develop a healthy relationship with their business and their strength as a leader.
As someone who lives with a chronic illness herself, Kendall feels that health happens best within community, which is why she takes a holistic, integrative, and collaborative wellness approach to her personal and professional life.
Kendall’s Web/Social Links