Turning Challenges into Opportunities: A Deep Dive into PT Advocacy and Professional Growth

WEBVTT0:00:27.954 --> 0:00:29.396Now we're for like a real morning show.0:00:29.417 --> 0:00:30.818We've got bumpers.0:00:30.939 --> 0:00:32.841We've got intros breakfast0:00:32.881 --> 0:00:33.984club PT in the morning.0:00:34.003 --> 0:00:34.845We've got intro music.0:00:35.618 --> 0:00:37.139i love that I'm the bacon on0:00:37.179 --> 0:00:38.679that picture I just saw me0:00:39.661 --> 0:00:40.360we were having this0:00:40.561 --> 0:00:42.042discussion this morning my0:00:42.101 --> 0:00:43.143kids teacher told them0:00:43.162 --> 0:00:45.444bacon was unhealthy I go0:00:45.624 --> 0:00:47.225opposite everything my0:00:47.265 --> 0:00:48.165teachers are trying to0:00:48.225 --> 0:00:50.567teach my kids I'm like who0:00:50.606 --> 0:00:51.747cares you don't need to0:00:51.787 --> 0:00:53.009know how to postulate that0:00:53.408 --> 0:00:54.670don't worry about it milk0:00:54.710 --> 0:00:55.750doesn't give you stronger0:00:55.811 --> 0:00:58.252bones exercise is important0:00:58.311 --> 0:00:59.953for brain health like we0:00:59.972 --> 0:01:01.753just we don't see eye to0:01:01.993 --> 0:01:04.156eye my teachers and my self0:01:04.962 --> 0:01:05.703Your kids' teachers?0:01:05.724 --> 0:01:06.683Do you have conversations?0:01:06.944 --> 0:01:08.364Are you involved in that?0:01:09.126 --> 0:01:11.808We're more involved, yeah.0:01:12.087 --> 0:01:13.108We're part of boosters.0:01:13.149 --> 0:01:14.188We do a lot of coaching.0:01:14.209 --> 0:01:15.670We're at the school three0:01:15.709 --> 0:01:16.790and four times a day.0:01:16.811 --> 0:01:19.072This is an elementary school,0:01:19.153 --> 0:01:19.893not the high school.0:01:20.233 --> 0:01:20.894Yeah.0:01:21.274 --> 0:01:22.055So, yeah.0:01:22.174 --> 0:01:24.096But, I mean, it is what it is, right?0:01:24.156 --> 0:01:24.936I love teachers.0:01:24.996 --> 0:01:26.097I appreciate teachers.0:01:26.177 --> 0:01:27.078I don't want to bash them.0:01:27.578 --> 0:01:28.259But there's a certain0:01:28.299 --> 0:01:29.540personality type that's0:01:29.560 --> 0:01:31.260drawn to elementary school0:01:31.340 --> 0:01:32.341teaching positions.0:01:32.361 --> 0:01:32.602I know.0:01:32.902 --> 0:01:34.563And it tends to be opposite0:01:34.603 --> 0:01:35.905of my personality type,0:01:35.944 --> 0:01:36.926but my kids need both0:01:36.965 --> 0:01:38.427personality types in their life.0:01:38.487 --> 0:01:39.368So I'm okay with it.0:01:39.588 --> 0:01:40.510You're not going to retire0:01:40.549 --> 0:01:42.070and become a elementary school.0:01:42.132 --> 0:01:44.033I should, if I really should,0:01:44.052 --> 0:01:45.135because kids need a0:01:45.894 --> 0:01:46.896different perspective.0:01:47.197 --> 0:01:47.337Yeah.0:01:48.105 --> 0:01:48.365All right.0:01:49.447 --> 0:01:50.246Well, good morning.0:01:51.367 --> 0:01:52.207I'll show you what I've got0:01:52.227 --> 0:01:53.289in the background, my shot.0:01:54.108 --> 0:01:55.329I don't travel light.0:01:57.031 --> 0:01:58.010These are my suitcases.0:01:59.251 --> 0:02:00.371None of those are clothing.0:02:00.793 --> 0:02:01.992Those are just hair products.0:02:02.373 --> 0:02:03.873Yeah, that's just hair products.0:02:04.715 --> 0:02:05.555Although someone did ask me0:02:05.575 --> 0:02:06.915the other day if I colored my hair,0:02:06.936 --> 0:02:09.697and I was like, no, but thank you.0:02:09.856 --> 0:02:11.897Because we're doing this on Tuesday.0:02:11.978 --> 0:02:12.919Usually we do it on Thursdays.0:02:12.998 --> 0:02:15.560I'm headed to our national conference,0:02:16.139 --> 0:02:16.300and...0:02:18.186 --> 0:02:19.067I was going to drive,0:02:19.667 --> 0:02:20.527but now I might take a0:02:20.587 --> 0:02:21.568snowmobile because we're0:02:21.588 --> 0:02:22.289getting some snow.0:02:22.330 --> 0:02:23.431But apparently not as bad as0:02:23.450 --> 0:02:24.632we originally thought, I guess,0:02:24.692 --> 0:02:25.193is the deal.0:02:25.293 --> 0:02:26.334This is not looking as bad.0:02:26.373 --> 0:02:27.694Although right now outside my house,0:02:27.735 --> 0:02:28.735we've got about a foot of snow.0:02:29.037 --> 0:02:30.018But it's light and fluffy,0:02:30.038 --> 0:02:30.877so I think we're going to be fine.0:02:32.560 --> 0:02:33.661Dave, how is it where you are?0:02:33.841 --> 0:02:34.562Yeah, how is it where you are?0:02:34.581 --> 0:02:35.081You're in the city.0:02:35.122 --> 0:02:35.582They're fine.0:02:36.204 --> 0:02:36.883Not bad.0:02:36.943 --> 0:02:38.825It's like maybe a dusting,0:02:38.885 --> 0:02:40.266like an inch or so.0:02:41.229 --> 0:02:41.528Really?0:02:41.669 --> 0:02:42.389That's so wild.0:02:42.409 --> 0:02:43.751We're 70 miles apart and0:02:43.790 --> 0:02:44.950I've got a foot of snow on0:02:44.971 --> 0:02:45.812my back deck right now.0:02:46.312 --> 0:02:46.532Wow.0:02:46.592 --> 0:02:47.272But you're, you know, you're,0:02:47.372 --> 0:02:48.653you're somewhat upstate, right?0:02:48.674 --> 0:02:49.514So you're close to the mountains.0:02:49.533 --> 0:02:50.335It makes sense.0:02:50.435 --> 0:02:51.695Depends on who you ask where0:02:51.776 --> 0:02:53.497upstate is a big thing in New York, Tony.0:02:53.516 --> 0:02:54.197You wouldn't really,0:02:54.296 --> 0:02:56.338it's where does upstate New York start?0:02:56.438 --> 0:02:56.519And,0:02:57.118 --> 0:02:57.899To people from the city,0:02:57.959 --> 0:02:58.919it starts where the Bronx0:02:59.000 --> 0:03:00.479ends and Westchester, New York begins.0:03:00.599 --> 0:03:02.621And to people from actual upstate,0:03:02.640 --> 0:03:04.461it's like, I mean, we touch Canada.0:03:04.600 --> 0:03:05.121You know what I mean?0:03:05.140 --> 0:03:06.102Like we touch Canada.0:03:06.542 --> 0:03:07.361We touch Vermont.0:03:07.521 --> 0:03:08.603Some people don't understand that.0:03:08.703 --> 0:03:10.983But the topic of discussion0:03:11.043 --> 0:03:12.243today was this.0:03:12.343 --> 0:03:13.063Tony, first of all,0:03:13.084 --> 0:03:13.843what do you think about my0:03:14.044 --> 0:03:15.284YouTube thumbnail design?0:03:15.344 --> 0:03:16.245It's getting there.0:03:16.305 --> 0:03:16.905I love it.0:03:17.564 --> 0:03:19.045So I sit down and this is like,0:03:19.545 --> 0:03:20.725this is something I blew0:03:20.925 --> 0:03:21.967off when I first started0:03:22.007 --> 0:03:23.947like doing stuff on YouTube seriously,0:03:23.967 --> 0:03:24.848which really was only like0:03:24.888 --> 0:03:25.668six to eight months ago.0:03:26.621 --> 0:03:28.943And the goal really is now,0:03:29.044 --> 0:03:30.085or my primary goal is like0:03:30.104 --> 0:03:31.145touching emotion, right?0:03:31.186 --> 0:03:33.048So like this guy is locked0:03:33.408 --> 0:03:34.449in and that is sort of the0:03:34.550 --> 0:03:35.991topic that we're going to discuss today.0:03:36.551 --> 0:03:37.713We're taking a topic and0:03:37.734 --> 0:03:38.413we're going to give people0:03:38.454 --> 0:03:39.836the option if they want to0:03:39.876 --> 0:03:40.776write in comments.0:03:41.717 --> 0:03:42.838We can do phone calls today,0:03:42.859 --> 0:03:43.460but it'll have to be on the0:03:43.479 --> 0:03:44.199speakerphone because my0:03:44.240 --> 0:03:45.420equipment is packed up in0:03:45.441 --> 0:03:46.201the boxes behind me.0:03:46.542 --> 0:03:48.062But you can drop in questions or comments,0:03:48.082 --> 0:03:49.525and you can do so anonymously.0:03:49.564 --> 0:03:50.604So I have no idea who we're0:03:50.625 --> 0:03:51.466talking about today.0:03:52.627 --> 0:03:53.527But how do we want to set0:03:53.568 --> 0:03:55.569this sort of question up0:03:55.650 --> 0:03:56.569for this person so they can0:03:56.590 --> 0:03:57.471get some advice without0:03:57.531 --> 0:03:58.391anybody knowing who they are?0:03:58.932 --> 0:04:00.454Yeah, so I, you know,0:04:00.533 --> 0:04:02.134we all get a lot of inbound0:04:02.534 --> 0:04:03.575and this is something that0:04:03.776 --> 0:04:05.697I dealt with as a practice owner.0:04:06.598 --> 0:04:07.919So somebody reaches out to me,0:04:08.679 --> 0:04:11.420they're in this kind of life phase.0:04:11.942 --> 0:04:13.383So let me lay the background.0:04:13.423 --> 0:04:15.984And then I specifically said,0:04:16.504 --> 0:04:17.564reach out to Dave Kittle,0:04:18.105 --> 0:04:20.507reach out to some others because,0:04:20.646 --> 0:04:20.927you know,0:04:21.067 --> 0:04:22.629let's see what their perspectives are.0:04:22.649 --> 0:04:23.249And then I was like, hey,0:04:23.288 --> 0:04:24.490I'm talking to Dave tomorrow.0:04:24.730 --> 0:04:25.690Let me share it myself.0:04:26.732 --> 0:04:27.331So here's the deal.0:04:27.653 --> 0:04:28.954This person has been a0:04:28.973 --> 0:04:30.776private practice owner for several years.0:04:31.136 --> 0:04:32.778They've built a relatively0:04:32.858 --> 0:04:33.899successful practice.0:04:34.360 --> 0:04:35.380And I say relatively0:04:35.440 --> 0:04:36.942successful because we'll talk numbers.0:04:37.043 --> 0:04:38.283I don't know their numbers,0:04:38.725 --> 0:04:40.086but I know they're not at0:04:40.125 --> 0:04:41.148the level that they need to0:04:41.208 --> 0:04:42.990be to really sell to a0:04:43.069 --> 0:04:44.471larger like private equity0:04:44.531 --> 0:04:45.271or anything like that.0:04:45.351 --> 0:04:46.312And that was my problem.0:04:46.934 --> 0:04:47.713So I'm going to kind of0:04:47.774 --> 0:04:49.894bring in some of my case history,0:04:50.274 --> 0:04:51.774real life, real numbers,0:04:51.915 --> 0:04:54.136and then we'll talk about this situation.0:04:54.696 --> 0:04:55.915So he's going through a life change,0:04:56.255 --> 0:04:58.416starting a family, growing a family,0:04:58.476 --> 0:04:58.976I should say.0:04:58.997 --> 0:05:01.016And this person is like,0:05:01.697 --> 0:05:03.197I can't deal with the stress.0:05:03.257 --> 0:05:04.798There's too many ups and downs.0:05:04.898 --> 0:05:06.319I don't know if I'm going to make payroll.0:05:06.399 --> 0:05:07.178I don't know what's going to0:05:07.218 --> 0:05:09.220happen in the next year, three years,0:05:09.259 --> 0:05:10.740five years, new baby coming.0:05:11.339 --> 0:05:14.103an existing child already, like my wife.0:05:14.824 --> 0:05:16.545It's too much for me to handle.0:05:16.565 --> 0:05:17.947I want to exit.0:05:18.007 --> 0:05:18.889I want to get out of this.0:05:19.009 --> 0:05:20.269I need something more stable.0:05:20.410 --> 0:05:22.211I want to be able to focus on my family.0:05:22.232 --> 0:05:24.774I want to set my priorities0:05:24.814 --> 0:05:25.475a little different.0:05:26.237 --> 0:05:28.038I was in exactly the same boat.0:05:28.098 --> 0:05:29.398When I started the physical0:05:29.418 --> 0:05:32.220therapy practice, 2002 officially,0:05:32.279 --> 0:05:36.322but really 2000, 2001, I was single.0:05:36.341 --> 0:05:38.302I was living in my mom's basement.0:05:38.403 --> 0:05:41.163I had no car payments, no mortgage,0:05:41.223 --> 0:05:42.944no family, no responsibilities.0:05:43.004 --> 0:05:44.324I could do anything I wanted to do,0:05:44.425 --> 0:05:46.045screw up anything I wanted to mess up,0:05:46.466 --> 0:05:47.326and I was totally fine.0:05:48.146 --> 0:05:51.470Now, fast forward, I had gotten married.0:05:51.610 --> 0:05:53.050We wanted to start a family.0:05:53.170 --> 0:05:54.112We knew we were going to0:05:54.172 --> 0:05:55.492change priorities from0:05:55.612 --> 0:05:57.353growing the business to0:05:57.514 --> 0:05:58.574being with our kids.0:05:58.754 --> 0:06:00.036And both my wife and I,0:06:00.096 --> 0:06:01.357that was our chief priority.0:06:01.437 --> 0:06:03.077We didn't want to be in the0:06:03.117 --> 0:06:05.139clinic from 7 a.m.0:06:05.199 --> 0:06:06.120to 7 p.m.0:06:06.240 --> 0:06:08.101when we had a small family starting.0:06:08.783 --> 0:06:10.764So we looked at selling and0:06:10.944 --> 0:06:12.545there was inbound coming.0:06:12.805 --> 0:06:13.846Somebody like Dave would0:06:13.906 --> 0:06:15.166reach out to me and be like, hey,0:06:15.206 --> 0:06:16.908you know, you ever think about selling?0:06:17.608 --> 0:06:18.829But we didn't have the revenue.0:06:19.069 --> 0:06:20.910We definitely didn't have the profit.0:06:21.209 --> 0:06:22.670At least at that time,0:06:22.690 --> 0:06:24.130we had to be at like two0:06:24.190 --> 0:06:25.632and a half million to five0:06:25.711 --> 0:06:27.291million EBITDA before0:06:27.372 --> 0:06:28.612anybody would even consider0:06:28.733 --> 0:06:29.892us on a larger scale.0:06:30.432 --> 0:06:30.954We weren't.0:06:31.014 --> 0:06:32.434We were like a million,0:06:32.473 --> 0:06:33.675million and a half in revenue.0:06:33.875 --> 0:06:35.235There was no way anybody was0:06:35.274 --> 0:06:35.875going to buy us.0:06:36.456 --> 0:06:37.295So that was like, all right,0:06:37.336 --> 0:06:38.355so I can't go private0:06:38.415 --> 0:06:40.177equity or that route.0:06:41.064 --> 0:06:42.264what are my other options?0:06:42.884 --> 0:06:44.285Obviously I could just close it,0:06:44.305 --> 0:06:45.564but I didn't want to do that.0:06:45.605 --> 0:06:47.146We had five clinic locations.0:06:47.185 --> 0:06:48.766We were in Florida and Ohio.0:06:49.367 --> 0:06:50.927I had contracts with third0:06:50.966 --> 0:06:52.108party payers that nobody0:06:52.168 --> 0:06:53.127else was able to get0:06:53.208 --> 0:06:55.588because the contracts had been shut down.0:06:56.348 --> 0:06:58.569So I'm like, well, I've got value here.0:06:59.509 --> 0:07:00.490I could either look0:07:00.750 --> 0:07:03.230internally or I could look0:07:03.490 --> 0:07:05.252at potentially a therapist0:07:05.312 --> 0:07:07.232who wants to get started,0:07:07.252 --> 0:07:08.932wants to go into ownership,0:07:09.584 --> 0:07:10.644They don't own already,0:07:10.764 --> 0:07:12.745but they're looking to buy.0:07:13.567 --> 0:07:16.447My concern with that is they0:07:16.487 --> 0:07:17.728don't have the experience0:07:17.767 --> 0:07:18.908of being a business owner.0:07:19.548 --> 0:07:20.588When a therapist has been a0:07:20.629 --> 0:07:21.769therapist and they're good0:07:21.810 --> 0:07:22.990at being a therapist,0:07:23.589 --> 0:07:25.711to step into a big0:07:25.790 --> 0:07:27.232commitment of buying and0:07:27.312 --> 0:07:28.271owning a business,0:07:28.732 --> 0:07:30.413you haven't developed those skills.0:07:30.653 --> 0:07:32.254You haven't done the reps.0:07:32.774 --> 0:07:34.995And so I would feel just so0:07:35.095 --> 0:07:37.355guilty selling a practice0:07:37.396 --> 0:07:38.716to a therapist who has no0:07:38.755 --> 0:07:40.096experience running a practice,0:07:40.416 --> 0:07:41.677especially a practice like0:07:41.877 --> 0:07:43.517ours that was big enough0:07:43.737 --> 0:07:45.819that it would be an expensive purchase,0:07:46.439 --> 0:07:47.720but didn't have the0:07:47.800 --> 0:07:49.100infrastructure like a0:07:49.199 --> 0:07:50.300Fortune 500 company.0:07:51.100 --> 0:07:51.500You know,0:07:51.581 --> 0:07:53.922so we went the route of we had a0:07:54.002 --> 0:07:54.781great team.0:07:55.262 --> 0:07:56.281They had been running the0:07:56.302 --> 0:07:57.322business themselves in0:07:57.362 --> 0:07:59.543Florida while we were in Ohio already.0:08:00.002 --> 0:08:01.543They knew all the warts.0:08:01.822 --> 0:08:02.843They knew all the bumps.0:08:02.884 --> 0:08:04.704They knew all the skeletons in the closet.0:08:04.723 --> 0:08:05.684They knew exactly what they0:08:05.723 --> 0:08:06.504were getting into.0:08:07.105 --> 0:08:08.365And so you guys have heard0:08:08.404 --> 0:08:09.165me say it before.0:08:09.204 --> 0:08:11.185We came to a three times0:08:11.386 --> 0:08:13.026multiple on net profit.0:08:13.886 --> 0:08:13.966Uh,0:08:14.065 --> 0:08:15.848I was faced with the decision that I0:08:15.889 --> 0:08:17.690needed to get out if I0:08:17.870 --> 0:08:20.112didn't sell to these guys, which, I mean,0:08:20.153 --> 0:08:22.074I'm so happy I did that0:08:22.156 --> 0:08:22.735they were just going to0:08:22.776 --> 0:08:24.197leave and do their own thing anyway.0:08:24.237 --> 0:08:25.158And then I'd have to find0:08:25.218 --> 0:08:28.021new staff and more time commitment.0:08:28.562 --> 0:08:29.624So we came to an agreement.0:08:30.475 --> 0:08:31.815They had financial backing.0:08:32.096 --> 0:08:32.996They bought me out.0:08:33.457 --> 0:08:34.698They have full ownership.0:08:34.739 --> 0:08:36.179They exploded the profits.0:08:36.220 --> 0:08:37.380They exploded the growth.0:08:37.421 --> 0:08:38.542They opened three new0:08:38.581 --> 0:08:40.764practices or practice locations,0:08:40.823 --> 0:08:42.546then grew to seven, I think right now.0:08:42.566 --> 0:08:44.706So it was amazing.0:08:44.726 --> 0:08:45.768It was amazing for all of us,0:08:45.908 --> 0:08:48.169but I do have some creative ideas0:08:48.890 --> 0:08:50.731For a therapist like the one0:08:50.792 --> 0:08:51.873who reached out to me,0:08:52.432 --> 0:08:54.315he does have two working0:08:54.394 --> 0:08:55.375physical therapists.0:08:55.796 --> 0:08:56.996He has a working physical0:08:57.057 --> 0:08:58.336therapist assistant,0:08:58.758 --> 0:08:59.378and he has an0:08:59.477 --> 0:09:00.818administrative person and a0:09:00.859 --> 0:09:01.720practice manager.0:09:02.100 --> 0:09:03.341So he does have some structure.0:09:03.760 --> 0:09:05.201He does have something that0:09:05.322 --> 0:09:07.844actually could sustain and go on its own.0:09:09.125 --> 0:09:11.385All of that being said, Dave,0:09:11.426 --> 0:09:12.746this is more in your world.0:09:12.807 --> 0:09:13.648What are you thinking?0:09:14.649 --> 0:09:15.730Well, so right off the bat,0:09:15.831 --> 0:09:16.971I don't know if things have changed,0:09:17.130 --> 0:09:18.772but there are definitely0:09:18.851 --> 0:09:21.533more buyers that are okay0:09:21.573 --> 0:09:22.794with acquiring or0:09:22.835 --> 0:09:24.155partnering with practices that are,0:09:24.296 --> 0:09:24.515you know,0:09:24.576 --> 0:09:25.596even a million in revenue and0:09:25.635 --> 0:09:26.476sometimes even less.0:09:26.517 --> 0:09:29.639Like I've heard of this guy, Donnie Arengi,0:09:29.678 --> 0:09:30.558I had on my show with0:09:30.599 --> 0:09:31.720MainStreetLobbyPartners.0:09:32.080 --> 0:09:33.461And they have like 14 or0:09:33.480 --> 0:09:34.260something locations.0:09:34.301 --> 0:09:35.522And he was saying like, yeah,0:09:35.542 --> 0:09:36.322we're interested in0:09:36.361 --> 0:09:38.182practices that are doing like, you know,0:09:38.182 --> 0:09:40.365500 to 750K in revenue.0:09:40.384 --> 0:09:41.705So even smaller, maybe, you know,0:09:41.745 --> 0:09:43.105like two therapists or0:09:43.186 --> 0:09:44.746three or two and a half or0:09:44.767 --> 0:09:45.307something like that.0:09:45.768 --> 0:09:47.028So hold on a second.0:09:47.067 --> 0:09:47.629So don't go.0:09:47.688 --> 0:09:48.428So this is like great0:09:48.448 --> 0:09:49.490because I don't know anything about this.0:09:50.210 --> 0:09:50.789Why now?0:09:50.889 --> 0:09:51.730Is this a shift?0:09:52.211 --> 0:09:52.870Why now?0:09:53.231 --> 0:09:54.351Is this like an option now0:09:54.371 --> 0:09:56.232that the revenue can be0:09:56.273 --> 0:09:57.374lower and people are still interested?0:09:58.018 --> 0:09:58.238I mean,0:09:58.378 --> 0:10:00.080maybe it depends on what's out0:10:00.100 --> 0:10:01.000there and what's available.0:10:01.139 --> 0:10:04.403It depends on the market and deal flow.0:10:06.043 --> 0:10:07.524Before, let's say, I mean,0:10:07.544 --> 0:10:09.025there's always been consolidation.0:10:09.106 --> 0:10:09.986There always is0:10:10.346 --> 0:10:11.567consolidation in every market.0:10:11.687 --> 0:10:13.809Every market is fragmented,0:10:13.830 --> 0:10:15.150all these service-based businesses.0:10:15.991 --> 0:10:17.873And so there's been more of0:10:17.893 --> 0:10:19.654the buyers buying up practices.0:10:19.754 --> 0:10:21.983I mean, it's been happening for 10, 15,0:10:21.983 --> 0:10:22.49620 years.0:10:22.517 --> 0:10:23.538I mean, it's been happening forever.0:10:24.357 --> 0:10:26.039Um, so now maybe it's just like,0:10:26.080 --> 0:10:27.601there's less of the chains0:10:27.642 --> 0:10:28.923that have three, five, seven,0:10:28.923 --> 0:10:29.76410 locations,0:10:30.004 --> 0:10:31.265but there's more of the onesies,0:10:31.326 --> 0:10:33.128more of the smaller locations.0:10:33.469 --> 0:10:33.769Got it.0:10:34.330 --> 0:10:34.549All right.0:10:34.590 --> 0:10:34.769So,0:10:35.029 --> 0:10:36.792so obviously let's go through the0:10:36.831 --> 0:10:37.352different ways.0:10:37.393 --> 0:10:38.553Cause the, the title of the episode,0:10:38.615 --> 0:10:39.655the thing we sort of teased0:10:39.716 --> 0:10:41.437was creative ways.0:10:41.577 --> 0:10:43.019So you could sell to someone,0:10:43.039 --> 0:10:44.520you can sell a big company, um,0:10:45.457 --> 0:10:45.677Tony,0:10:45.697 --> 0:10:47.578you talked about handing over the0:10:47.620 --> 0:10:49.081reins or selling internally0:10:49.120 --> 0:10:49.961to people who sort of0:10:50.120 --> 0:10:52.062already were under the hood already.0:10:52.722 --> 0:10:53.864What are the other different ways?0:10:53.923 --> 0:10:55.625Because if you look at a situation,0:10:55.644 --> 0:10:57.865there's only one solution.0:10:57.907 --> 0:10:59.047I think you're really myopic.0:10:59.167 --> 0:11:00.528I think right off the bat,0:11:00.548 --> 0:11:01.609there's a bunch of different ways.0:11:01.649 --> 0:11:02.669And then Dave brings in,0:11:03.250 --> 0:11:04.910there are companies that0:11:04.951 --> 0:11:07.373are willing to buy solo0:11:07.393 --> 0:11:08.754practices that have half a0:11:08.774 --> 0:11:09.715million dollars in revenue.0:11:09.735 --> 0:11:11.535So there are options.0:11:11.696 --> 0:11:12.475What are the different ways?0:11:12.515 --> 0:11:13.037What are the different0:11:13.076 --> 0:11:13.917creative things that people0:11:13.956 --> 0:11:14.557can think about?0:11:15.528 --> 0:11:16.250Something that I've been0:11:16.269 --> 0:11:19.032thinking more about is not selling,0:11:19.392 --> 0:11:19.631right?0:11:19.692 --> 0:11:21.692We see this wave that's coming.0:11:21.734 --> 0:11:23.195So all the baby boomers and0:11:23.294 --> 0:11:24.875all the guys like me,0:11:25.355 --> 0:11:26.376we're getting to the point0:11:26.437 --> 0:11:28.418where we've built these businesses.0:11:28.958 --> 0:11:30.320We're not gonna keep running0:11:30.360 --> 0:11:31.120these businesses.0:11:31.159 --> 0:11:32.301We're primary operators.0:11:32.341 --> 0:11:32.780In fact,0:11:33.282 --> 0:11:35.302another conversation we should have,0:11:35.864 --> 0:11:37.304I sat down this weekend,0:11:37.465 --> 0:11:39.285I talked to two other business owners,0:11:39.725 --> 0:11:41.347way bigger businesses than mine,0:11:41.388 --> 0:11:42.649but one was a plumber and0:11:42.769 --> 0:11:44.110one was in the printing business.0:11:44.909 --> 0:11:45.049Um,0:11:45.490 --> 0:11:47.169and it's so fascinating because it's0:11:47.210 --> 0:11:48.230exactly the same thing.0:11:48.711 --> 0:11:50.331Their husbands, their dads,0:11:50.811 --> 0:11:51.951they don't have kids that0:11:51.971 --> 0:11:53.451are going to take over their business.0:11:53.511 --> 0:11:55.851Their business is in the multiple millions,0:11:56.231 --> 0:11:57.251but still not really an0:11:57.312 --> 0:11:59.273acquisition target for anybody bigger.0:11:59.732 --> 0:12:01.173And so they're like, I don't know, this,0:12:01.332 --> 0:12:02.373this business is spitting0:12:02.413 --> 0:12:03.374out tons of cash.0:12:03.634 --> 0:12:05.033We have great lifestyles,0:12:05.573 --> 0:12:07.647but what's going to happen when I hit 60,0:12:07.647 --> 0:12:08.47570, 80,0:12:08.475 --> 0:12:09.855and I don't want to be the primary0:12:09.934 --> 0:12:10.294operator.0:12:10.835 --> 0:12:13.216So it's a big issue across all industry,0:12:13.296 --> 0:12:14.255not just PT.0:12:15.376 --> 0:12:18.298Honestly, I looked at this situation.0:12:18.317 --> 0:12:18.977I said, you know what?0:12:19.638 --> 0:12:22.139I wonder if you would go get a job,0:12:22.438 --> 0:12:23.399whether it's a clinical or0:12:23.458 --> 0:12:24.419non-clinical job,0:12:24.440 --> 0:12:25.940but you have this business.0:12:26.000 --> 0:12:27.081It sounds totally bizarre.0:12:27.520 --> 0:12:28.561You have this business.0:12:29.100 --> 0:12:30.081You go get a job.0:12:30.422 --> 0:12:31.642You get a job at 80 to 120,000 a year.0:12:34.423 --> 0:12:36.104You get a 40-hour work week.0:12:36.163 --> 0:12:37.264You get benefits.0:12:37.304 --> 0:12:38.424You get vacation.0:12:38.466 --> 0:12:40.046You get all of the luxuries0:12:40.086 --> 0:12:42.768that a W-2-1 employee gets.0:12:43.148 --> 0:12:45.048And you don't close your business.0:12:45.070 --> 0:12:46.770You just let it continue to operate.0:12:47.331 --> 0:12:48.412Like I know for myself,0:12:49.428 --> 0:12:51.230I will put a business on the back burner.0:12:51.530 --> 0:12:52.792Even if it's not making money,0:12:52.951 --> 0:12:54.572even if it's losing a little bit of money,0:12:55.052 --> 0:12:56.354I'll just park it somewhere.0:12:56.394 --> 0:12:57.936Let it continue to operate0:12:58.436 --> 0:12:59.317because I know at some0:12:59.397 --> 0:13:01.457point one day I might come back to it.0:13:01.518 --> 0:13:02.698I might do something with it.0:13:02.798 --> 0:13:03.960I don't need to sell it0:13:04.000 --> 0:13:04.660because if I sell it,0:13:04.681 --> 0:13:05.881I'm not going to get anything for it.0:13:06.322 --> 0:13:07.543I don't need to shut it down0:13:07.842 --> 0:13:09.004because it's doing okay.0:13:09.043 --> 0:13:10.404It's not doing great enough0:13:10.865 --> 0:13:12.626that I want it to be my primary focus,0:13:12.647 --> 0:13:13.988but it's also not doing bad0:13:14.067 --> 0:13:16.590enough that it has no future value.0:13:17.210 --> 0:13:19.091And so for this individual,0:13:19.110 --> 0:13:21.173I feel like they're already0:13:21.232 --> 0:13:22.773looking at get a job because I said, well,0:13:22.854 --> 0:13:24.134what happens if you do sell it?0:13:24.455 --> 0:13:25.615They're like, well, I'll get a job,0:13:25.695 --> 0:13:26.615something more stable,0:13:26.895 --> 0:13:28.037all the things that I just said.0:13:28.057 --> 0:13:28.876I was like,0:13:29.076 --> 0:13:30.278what if you just did that and0:13:30.398 --> 0:13:31.778didn't do anything with the business?0:13:31.818 --> 0:13:33.600Just let your staff keep running it.0:13:34.120 --> 0:13:35.681Let it continue to live.0:13:35.922 --> 0:13:37.462Put it on life support while0:13:37.503 --> 0:13:38.863you're focused on family0:13:38.903 --> 0:13:40.004and while you're focused on0:13:40.083 --> 0:13:41.284a stable income and doing0:13:41.304 --> 0:13:42.225the other stuff.0:13:42.885 --> 0:13:43.765What do you guys think about0:13:43.826 --> 0:13:44.466something like that?0:13:45.235 --> 0:13:45.916It doesn't make sense.0:13:45.936 --> 0:13:47.057I don't know if something's not adding up,0:13:47.076 --> 0:13:47.697but you were saying,0:13:48.076 --> 0:13:49.037I know we're not mentioning who it is.0:13:49.116 --> 0:13:49.778I don't even know who it is.0:13:49.957 --> 0:13:51.518But you said a rural clinic0:13:51.857 --> 0:13:53.778somewhere in the US and they have,0:13:53.839 --> 0:13:56.539you know, two PTs themselves.0:13:56.919 --> 0:13:58.059The owner is a third PT and0:13:58.080 --> 0:13:59.181then there's a PTA, correct?0:13:59.480 --> 0:13:59.701Correct.0:13:59.721 --> 0:14:00.681And then office people.0:14:01.321 --> 0:14:02.621And then office and admin staff.0:14:02.861 --> 0:14:05.643So I don't know, like...0:14:06.522 --> 0:14:07.163I guess they're all in0:14:07.182 --> 0:14:08.102network contracts and0:14:08.203 --> 0:14:09.244they're not doing well or0:14:09.284 --> 0:14:10.625they're not marketing well.0:14:10.645 --> 0:14:12.027It doesn't make sense as to0:14:12.147 --> 0:14:15.149why this individual is not afloat.0:14:15.909 --> 0:14:16.951It feels like bar rescue.0:14:17.091 --> 0:14:18.393Like Dave's like sniffing.0:14:18.432 --> 0:14:21.455He's like, it's people, product, process,0:14:21.634 --> 0:14:21.755right?0:14:21.775 --> 0:14:21.995He's like,0:14:22.135 --> 0:14:23.517one of these things is not working right,0:14:24.038 --> 0:14:24.197right?0:14:24.258 --> 0:14:25.399And you got to figure out what it is.0:14:25.438 --> 0:14:26.539That's what a stress test is.0:14:27.212 --> 0:14:27.953I can tell you,0:14:28.033 --> 0:14:29.115I feel like I've been in0:14:29.296 --> 0:14:30.597his exact situation.0:14:30.938 --> 0:14:31.139Right.0:14:31.379 --> 0:14:33.243So my best thing is I'll0:14:33.283 --> 0:14:34.544share my experience.0:14:34.605 --> 0:14:36.927My experience is I would be0:14:36.967 --> 0:14:37.830a float like right now.0:14:38.110 --> 0:14:38.370You know,0:14:38.471 --> 0:14:40.714I'm not the primary person in the clinic.0:14:40.813 --> 0:14:42.176My clinic is running right now.0:14:42.616 --> 0:14:43.658I'm going to leave here at 930.0:14:44.038 --> 0:14:45.139I'm going to go do... I0:14:45.438 --> 0:14:46.440think I've got four or five0:14:46.460 --> 0:14:47.681evaluations today,0:14:47.701 --> 0:14:50.504a handful of evaluations tomorrow.0:14:50.604 --> 0:14:51.403I'll float in.0:14:51.524 --> 0:14:52.684I'll do those evals.0:14:52.804 --> 0:14:53.745I'll get back out.0:14:54.466 --> 0:14:55.628But it's like I'm not0:14:56.168 --> 0:14:57.528focused on the business0:14:57.609 --> 0:14:59.431enough to continue to grow it.0:14:59.711 --> 0:15:00.851I'm not focused on the0:15:00.892 --> 0:15:02.452business enough to really...0:15:03.214 --> 0:15:04.653care about it that much be0:15:04.693 --> 0:15:05.794passionate about it that0:15:05.855 --> 0:15:07.434much it's it's just there0:15:08.014 --> 0:15:09.456it's just again on life0:15:09.495 --> 0:15:11.697support uh so because of0:15:11.736 --> 0:15:12.716that I've got other0:15:12.736 --> 0:15:14.157priorities I'm focused on0:15:14.216 --> 0:15:14.898other things this0:15:14.957 --> 0:15:16.118individual might be focused0:15:16.177 --> 0:15:19.318on family but the idea is I0:15:19.359 --> 0:15:20.739think that's that's where0:15:20.798 --> 0:15:22.539this person probably is so0:15:22.559 --> 0:15:23.100if you're going to look at0:15:23.120 --> 0:15:24.279that from marcus limonis0:15:24.320 --> 0:15:25.480people product process it's0:15:25.520 --> 0:15:27.400a people thing he this was0:15:27.461 --> 0:15:28.841a great idea four years ago0:15:28.902 --> 0:15:30.062but his life changed or her0:15:30.081 --> 0:15:31.302life changed like that is0:15:31.523 --> 0:15:32.643valid and not a bad0:15:33.123 --> 0:15:34.004That is not a bad thing.0:15:35.384 --> 0:15:35.585Yeah.0:15:36.245 --> 0:15:39.548So for this practice owner,0:15:39.808 --> 0:15:40.990he wants to focus on – he's0:15:41.029 --> 0:15:42.471got the second child coming.0:15:43.131 --> 0:15:44.432He wants to focus more on family.0:15:44.452 --> 0:15:47.054I don't think he should – I mean,0:15:47.514 --> 0:15:48.735I don't think he should necessarily sell.0:15:48.777 --> 0:15:50.138I think maybe, like Tony said,0:15:50.538 --> 0:15:51.278talk to your team.0:15:51.458 --> 0:15:52.820Maybe someone on the – maybe0:15:52.860 --> 0:15:55.282one of the therapists either can –0:15:55.282 --> 0:15:57.445either has money or can get0:15:57.544 --> 0:16:00.568access to capital and buy in, you know,0:16:00.568 --> 0:16:01.75020, 30, 40, 50,0:16:01.750 --> 0:16:03.592something percent of the practice,0:16:03.953 --> 0:16:04.934you'll have to do like an0:16:04.995 --> 0:16:06.135internal evaluation of0:16:06.176 --> 0:16:07.337here's the value of the practice.0:16:07.658 --> 0:16:08.700Maybe you sell some of the0:16:08.740 --> 0:16:09.660equity to your team.0:16:10.081 --> 0:16:10.341Then...0:16:11.462 --> 0:16:13.244And you can maybe give away some, you know,0:16:13.484 --> 0:16:14.583free founders equity and0:16:14.604 --> 0:16:15.823then have them pay for0:16:16.403 --> 0:16:17.325additional equity or whatever.0:16:17.544 --> 0:16:19.245But then you can spend more0:16:19.284 --> 0:16:20.184time with your family.0:16:20.205 --> 0:16:20.926You can almost kind of do0:16:20.966 --> 0:16:22.385like the Tony Meritato role0:16:22.405 --> 0:16:23.405and kind of float in and out,0:16:23.426 --> 0:16:25.187but not be like, you know,0:16:25.386 --> 0:16:26.667chained and cuffed to the clinic.0:16:27.307 --> 0:16:28.668And then if your staff have0:16:28.707 --> 0:16:29.408some of the equity,0:16:30.048 --> 0:16:31.148they're going to obviously0:16:31.208 --> 0:16:33.068work like a partner, like a founder,0:16:33.149 --> 0:16:33.708co-founder,0:16:33.989 --> 0:16:34.688and they're going to have skin0:16:34.708 --> 0:16:35.830in the game and they're0:16:36.750 --> 0:16:37.269Typically,0:16:37.529 --> 0:16:38.551that would help the practice0:16:38.610 --> 0:16:39.711grow and be more stable.0:16:39.971 --> 0:16:41.652You can coach them a little bit, you know,0:16:41.673 --> 0:16:43.072get them some mentorship and coaching.0:16:43.153 --> 0:16:43.774If you're too busy,0:16:43.833 --> 0:16:44.614then you got to pay for0:16:45.014 --> 0:16:45.754them to get coaching and0:16:45.774 --> 0:16:47.375mentorship by Tony or somebody else.0:16:47.796 --> 0:16:48.735But then have some of your0:16:48.796 --> 0:16:50.517team members have equity in0:16:50.537 --> 0:16:52.638the practice that I would0:16:52.697 --> 0:16:54.038say arguably make it a0:16:54.078 --> 0:16:55.960little bit more independent of you.0:16:56.159 --> 0:16:56.360Right.0:16:56.908 --> 0:16:58.831There's a place that sells0:16:59.631 --> 0:17:00.913like wood sheds and sheds0:17:00.932 --> 0:17:01.955in the backyard and you can0:17:01.975 --> 0:17:03.316buy it straight up outright0:17:03.475 --> 0:17:06.619or you can rent to own, right?0:17:06.839 --> 0:17:09.001So I know dentists were big in this,0:17:09.462 --> 0:17:09.663right?0:17:09.702 --> 0:17:11.023Which is if I'm like a 50,0:17:11.023 --> 0:17:12.18560-year-old dentist,0:17:12.226 --> 0:17:13.086I'm looking for somebody0:17:13.126 --> 0:17:14.167who's just out of school0:17:14.807 --> 0:17:16.049and you're just going to work for me.0:17:16.410 --> 0:17:17.872And then over the years,0:17:18.031 --> 0:17:18.992I'm going to sort of dip.0:17:19.313 --> 0:17:20.713and you're going to sort of take over.0:17:21.253 --> 0:17:22.673But that's, it's built into the,0:17:22.773 --> 0:17:24.414it's baked into the cake from the start,0:17:24.615 --> 0:17:25.295which is like, yes,0:17:25.315 --> 0:17:26.415you're going to draw a salary.0:17:26.695 --> 0:17:27.455And then over time,0:17:27.476 --> 0:17:28.676the salary might reduce or0:17:28.717 --> 0:17:29.936maybe it'll stay the same or something.0:17:29.977 --> 0:17:31.278But now you're equity in this.0:17:31.738 --> 0:17:32.377And I can sort of,0:17:32.958 --> 0:17:34.538you pull that Homer Simpson gif, right?0:17:34.578 --> 0:17:35.259The Homer Simpson where0:17:35.278 --> 0:17:36.118Homer Simpson's in front of0:17:36.138 --> 0:17:37.539the bush and he just sort of fades back.0:17:38.240 --> 0:17:39.260And then nobody knows0:17:39.441 --> 0:17:40.540because that person that0:17:40.560 --> 0:17:42.382you brought in was sort of0:17:42.422 --> 0:17:43.501there and he's the new guy.0:17:43.521 --> 0:17:46.563And next thing you know, it's that fade in,0:17:46.583 --> 0:17:47.483fade out kind of idea.0:17:47.503 --> 0:17:47.844I mean, that's,0:17:48.644 --> 0:17:49.463That's a longer term.0:17:49.483 --> 0:17:50.124This person doesn't feel0:17:50.144 --> 0:17:50.625like they might not0:17:50.664 --> 0:17:51.484necessarily have that.0:17:51.525 --> 0:17:54.205But Tony's saying, why bury this thing?0:17:54.226 --> 0:17:55.425Why not just park it and do0:17:55.465 --> 0:17:56.965something else and let's0:17:57.046 --> 0:17:58.047see how the thing runs?0:17:58.846 --> 0:18:01.488So not to sound condescending,0:18:01.567 --> 0:18:02.327but I do think the0:18:02.387 --> 0:18:03.548listeners who are sitting0:18:03.587 --> 0:18:06.249in this seat right now are thinking,0:18:06.469 --> 0:18:07.409isn't that cute?0:18:07.910 --> 0:18:09.109Dave thinks that my0:18:09.170 --> 0:18:10.230employees want the0:18:10.269 --> 0:18:12.310responsibility of business ownership.0:18:13.218 --> 0:18:15.799I'm not saying you got to know your team.0:18:15.900 --> 0:18:17.101And there's probably one0:18:17.141 --> 0:18:20.002that has the interest of0:18:20.262 --> 0:18:21.943like maybe learning some operations.0:18:22.003 --> 0:18:23.404Maybe they do some pseudo0:18:23.464 --> 0:18:24.685clinic director roles or whatever.0:18:24.885 --> 0:18:25.247You're right.0:18:25.326 --> 0:18:26.386If they're all clinical and0:18:26.406 --> 0:18:27.827they have no leadership0:18:27.949 --> 0:18:29.730experience or no managerial experience,0:18:29.750 --> 0:18:31.151and they're not talking about, hey,0:18:31.191 --> 0:18:32.432we got to work on billable0:18:32.551 --> 0:18:33.752units and we got to work on0:18:33.792 --> 0:18:36.013getting cancellations lower0:18:36.074 --> 0:18:37.134and arrival rates higher.0:18:37.154 --> 0:18:38.695Like if they're not saying any of that,0:18:39.135 --> 0:18:39.656then yeah,0:18:39.737 --> 0:18:40.537you might not even have the0:18:40.576 --> 0:18:42.538right person on the bus for that.0:18:43.000 --> 0:18:46.642Yeah, I'll tell the viewers, same thing.0:18:46.682 --> 0:18:48.383So I was in that boat multiple times.0:18:48.563 --> 0:18:50.182I've had multiple team0:18:50.502 --> 0:18:52.324members that I'm like, man,0:18:52.364 --> 0:18:53.443you would be so good.0:18:53.503 --> 0:18:55.023Why don't you just come in0:18:55.023 --> 0:18:58.02520% equity and then you can buy it out.0:18:59.046 --> 0:19:00.346We looked at US Physical0:19:00.405 --> 0:19:02.146Therapy's model of limited0:19:02.186 --> 0:19:03.386partnership and how they0:19:03.426 --> 0:19:04.646work their percentages.0:19:05.106 --> 0:19:06.548We've tried multiple models0:19:06.728 --> 0:19:08.708over 22 plus years.0:19:09.308 --> 0:19:10.328And I can tell you that0:19:11.570 --> 0:19:13.752had one who actually did it0:19:13.893 --> 0:19:15.933obviously uh the rest of0:19:15.953 --> 0:19:17.194them now I've had other0:19:17.335 --> 0:19:19.217people that went on left me0:19:19.297 --> 0:19:21.157went on to be owners but0:19:21.357 --> 0:19:22.398none of those and they're0:19:22.419 --> 0:19:23.759successful owners but none0:19:23.799 --> 0:19:24.721of those people who have0:19:24.740 --> 0:19:27.002done that were ever either0:19:27.123 --> 0:19:28.763willing or interested in0:19:28.844 --> 0:19:30.625being an initial like0:19:31.145 --> 0:19:32.606limited partner and then or0:19:32.727 --> 0:19:33.728partner and then growing0:19:33.847 --> 0:19:35.068out into full ownership0:19:35.979 --> 0:19:37.539Maybe I didn't present it correctly.0:19:37.559 --> 0:19:38.339I don't know.0:19:38.559 --> 0:19:40.521But the best clinicians,0:19:40.582 --> 0:19:42.343the best team members, the best staff,0:19:43.563 --> 0:19:44.763none of them ever wanted to0:19:44.804 --> 0:19:46.224go that direction.0:19:47.025 --> 0:19:48.365And partly, I don't blame them.0:19:48.526 --> 0:19:49.046I mean, again,0:19:49.125 --> 0:19:50.426most of us go into PT0:19:50.446 --> 0:19:51.508because we want to help people,0:19:51.567 --> 0:19:52.847not because we want to run a business.0:19:53.288 --> 0:19:54.648There's a small sliver of us0:19:54.710 --> 0:19:56.810that find passion in actual0:19:56.871 --> 0:19:58.491business ownership and operation.0:19:59.412 --> 0:20:01.773Um, so I think again, for this individual,0:20:01.794 --> 0:20:03.435I said exactly what you said.0:20:03.675 --> 0:20:05.617I was like, look, just, you know,0:20:05.877 --> 0:20:07.138you can owner finance,0:20:07.660 --> 0:20:09.220see if they can come up with 10,0:20:09.220 --> 0:20:11.16320% that this way they have0:20:11.202 --> 0:20:12.143some skin in the game.0:20:12.723 --> 0:20:13.263But, um,0:20:14.266 --> 0:20:16.166I don't think that anyone on0:20:16.207 --> 0:20:17.487the team wants to do that.0:20:18.228 --> 0:20:21.368And I think with the rural status,0:20:21.489 --> 0:20:21.749you know,0:20:21.788 --> 0:20:23.509it's hard to bring in therapists0:20:23.750 --> 0:20:24.930that want to live in that0:20:25.049 --> 0:20:26.770area unless they grew up in that area.0:20:27.250 --> 0:20:28.611And now they want to come back home,0:20:29.011 --> 0:20:30.692which is kind of a possibility,0:20:30.751 --> 0:20:32.113but it's slim to none.0:20:33.093 --> 0:20:34.855Um, so, you know, it's a challenge.0:20:34.875 --> 0:20:37.238So that's where I said, well, if I go out,0:20:37.438 --> 0:20:39.079if I'm in his shoes and I0:20:39.119 --> 0:20:42.022go out and I get an 80 to0:20:42.022 --> 0:20:43.624$120,000 guaranteed income,0:20:44.484 --> 0:20:45.707now my business doesn't0:20:45.747 --> 0:20:47.067have to be profitable anymore.0:20:47.127 --> 0:20:47.608If anything,0:20:47.648 --> 0:20:48.650it could even lose a little0:20:48.690 --> 0:20:50.230money and I'd still be okay0:20:50.270 --> 0:20:51.231because I still have the0:20:51.272 --> 0:20:52.273value of that asset.0:20:52.973 --> 0:20:55.535So that when my kids are in high school,0:20:55.595 --> 0:20:56.855when my kids are older,0:20:56.875 --> 0:20:58.135I can come back to it.0:20:58.915 --> 0:21:00.156And that's what I'm doing right now.0:21:00.317 --> 0:21:01.557My two clinic locations,0:21:01.596 --> 0:21:02.717they don't do a fraction of0:21:02.757 --> 0:21:03.357what they should.0:21:03.857 --> 0:21:04.938But I know that one day I0:21:05.397 --> 0:21:06.598can always come back to it.0:21:06.999 --> 0:21:08.419I could always pour gas back0:21:08.519 --> 0:21:10.059on that fire as long as I0:21:10.119 --> 0:21:11.520keep an ember lit.0:21:12.080 --> 0:21:13.161It doesn't have to be a0:21:13.221 --> 0:21:15.422raging inferno right now, you know,0:21:15.461 --> 0:21:16.721and I can put my time into0:21:16.761 --> 0:21:18.303the other things that I want to do.0:21:18.942 --> 0:21:21.744So that's my advice to this individual.0:21:21.765 --> 0:21:23.826And I'm sure this person's watching.0:21:24.346 --> 0:21:25.488I would seriously consider0:21:25.567 --> 0:21:26.428not shutting it down,0:21:26.508 --> 0:21:27.969not even selling it unless0:21:28.250 --> 0:21:29.650like a unicorn comes along0:21:29.691 --> 0:21:31.192and it's a perfect scenario.0:21:31.832 --> 0:21:32.251Instead,0:21:32.271 --> 0:21:34.334I would just let it continue to operate.0:21:34.614 --> 0:21:35.994I would get a full time job0:21:36.515 --> 0:21:37.915and then I would use that0:21:38.016 --> 0:21:39.497to provide me the lifestyle0:21:39.537 --> 0:21:40.298that I'm looking for.0:21:41.708 --> 0:21:44.209Another different route for0:21:44.229 --> 0:21:46.390this would be he goes and0:21:46.410 --> 0:21:47.170finds another job.0:21:47.650 --> 0:21:49.191He gets a, not us,0:21:49.230 --> 0:21:50.250we're not brokers or advisors,0:21:50.290 --> 0:21:50.990but you get a broker0:21:51.010 --> 0:21:53.132advisor or your lawyer, your accountant,0:21:53.152 --> 0:21:53.451whoever.0:21:54.011 --> 0:21:54.873You get one of those0:21:54.913 --> 0:21:56.752individuals to cold message0:21:56.813 --> 0:21:57.833or send a letter or an0:21:57.874 --> 0:22:02.015email or whatever to USPH, Athletico, ATI,0:22:02.055 --> 0:22:03.694who are the other buyers, wherever, rural,0:22:03.755 --> 0:22:04.056I don't know.0:22:05.576 --> 0:22:06.657Those are, you know, NovaCare,0:22:06.678 --> 0:22:07.439Select Medical, whatever,0:22:07.459 --> 0:22:08.980like any of those top four or whatever.0:22:09.442 --> 0:22:10.824You get one of your broker, advisor,0:22:10.864 --> 0:22:11.625lawyer, accountant, whatever,0:22:11.665 --> 0:22:12.707to send a cold email,0:22:12.767 --> 0:22:15.270cold letter or whatever to them and say,0:22:15.310 --> 0:22:17.253hey, this is so-and-so at this, you know,0:22:17.314 --> 0:22:19.616this location we are0:22:19.718 --> 0:22:20.858currently speaking with.0:22:21.905 --> 0:22:22.926potential buyers.0:22:23.446 --> 0:22:24.887And it's almost like, you know, Hey,0:22:24.907 --> 0:22:25.647we're letting you know,0:22:25.667 --> 0:22:26.969in case you want to throw a0:22:27.009 --> 0:22:28.970bid in and your hat in the ring,0:22:29.250 --> 0:22:30.131that's another way to kind0:22:30.151 --> 0:22:32.412of drum up interest at the same,0:22:32.451 --> 0:22:33.432like if you're truly,0:22:33.551 --> 0:22:34.813truly wanting to get out0:22:35.093 --> 0:22:35.993and this is not for you and0:22:36.013 --> 0:22:36.933you have no one to take over,0:22:36.973 --> 0:22:37.934you have no one to buy in.0:22:38.974 --> 0:22:40.215That's another way to kind of get a,0:22:40.796 --> 0:22:41.477almost like you want to0:22:41.517 --> 0:22:44.178have like a blind bidding war and say,0:22:44.218 --> 0:22:44.557Hey, we're,0:22:44.679 --> 0:22:45.778we're collecting bids over the0:22:45.838 --> 0:22:47.039next two to three or four0:22:47.059 --> 0:22:48.461or whatever weeks at this date.0:22:49.260 --> 0:22:50.060we're gonna you know look at0:22:50.101 --> 0:22:51.301the the highest bids or the0:22:51.561 --> 0:22:52.461or the I'm sorry not the0:22:52.481 --> 0:22:53.563highest bid they'll say0:22:54.123 --> 0:22:54.903we're looking for the best0:22:54.942 --> 0:22:55.983opportunity which basically0:22:56.003 --> 0:22:57.183means like the most amount0:22:57.203 --> 0:22:58.044of money or the best you0:22:58.064 --> 0:22:59.325know terms or whatever but0:22:59.345 --> 0:23:00.045they'll say you know we're0:23:00.065 --> 0:23:00.805looking for the best0:23:00.865 --> 0:23:02.365opportunity here and that's0:23:02.405 --> 0:23:03.425another way to get more0:23:03.506 --> 0:23:04.426interest from potential0:23:04.467 --> 0:23:06.166buyers if there's no way of0:23:06.247 --> 0:23:07.188selling some equity and0:23:07.288 --> 0:23:08.048retaining the practice0:23:08.665 --> 0:23:09.326Blind date, man.0:23:10.488 --> 0:23:13.152I forget the term.0:23:13.392 --> 0:23:14.413There's a Jewish term,0:23:14.453 --> 0:23:15.494like the woman who sets up0:23:15.555 --> 0:23:16.737all the couples in the neighborhood.0:23:16.797 --> 0:23:18.378Matchmaking.0:23:19.039 --> 0:23:19.520Matchmaking,0:23:19.540 --> 0:23:20.821but there's a Jewish term that0:23:20.842 --> 0:23:22.003the word just sounds like.0:23:22.263 --> 0:23:23.164It's like an onomatopoeia,0:23:23.204 --> 0:23:24.686like the word sounds like the thing.0:23:25.448 --> 0:23:26.788It's putting the feelers out there.0:23:26.828 --> 0:23:28.631Listen, we're not in panic mode, right?0:23:28.671 --> 0:23:30.511Like we don't need this right now, but Hey,0:23:30.592 --> 0:23:30.852maybe,0:23:31.192 --> 0:23:32.413maybe that little itty bitty0:23:32.453 --> 0:23:33.934practice wasn't on the radar,0:23:34.414 --> 0:23:35.496but that area of the0:23:35.556 --> 0:23:37.096country might've been on0:23:37.116 --> 0:23:39.159the expansion map in a year0:23:39.219 --> 0:23:40.078or three or five.0:23:40.138 --> 0:23:40.900And now it's okay.0:23:41.599 --> 0:23:42.320It's not a cold.0:23:42.421 --> 0:23:42.681I mean,0:23:43.402 --> 0:23:44.843it's not a cold outreach now0:23:44.863 --> 0:23:46.023because that person was on0:23:46.064 --> 0:23:47.244our radar three years ago0:23:47.265 --> 0:23:47.805and they're still, Oh,0:23:47.825 --> 0:23:48.665they're still in business.0:23:48.786 --> 0:23:49.165Okay.0:23:49.185 --> 0:23:49.666All right.0:23:49.707 --> 0:23:49.967Got it.0:23:51.118 --> 0:23:51.920Is the word Yenta's?0:23:52.500 --> 0:23:53.342Yenta, that's it.0:23:53.422 --> 0:23:54.804Yeah, the Yenta of the neighborhood.0:23:54.884 --> 0:23:55.724I had to Google it.0:23:56.786 --> 0:23:58.048You know, this is what, like,0:23:58.067 --> 0:24:00.81080s and 90s sitcoms have taught me is,0:24:00.851 --> 0:24:01.832like, all these little, like,0:24:01.932 --> 0:24:02.712stereotypes.0:24:02.772 --> 0:24:03.815Like, that's what it gave me.0:24:03.875 --> 0:24:05.236Like, that's why I knew what a Yenta was.0:24:05.276 --> 0:24:07.239I have no idea what 80s or0:24:07.439 --> 0:24:08.38090s sitcom brought me that,0:24:08.400 --> 0:24:08.941but that was it.0:24:10.375 --> 0:24:11.596All right, so let's change gears.0:24:11.636 --> 0:24:13.837So, Jimmy, you're heading to Boston.0:24:14.198 --> 0:24:15.218Yeah, heading to Boston.0:24:15.258 --> 0:24:16.838We're doing APTA CSM.0:24:18.078 --> 0:24:19.440I like this conference.0:24:19.619 --> 0:24:20.980Some people don't like conferences,0:24:21.000 --> 0:24:21.661and that's okay.0:24:22.500 --> 0:24:23.342This is the largest0:24:23.382 --> 0:24:24.682gathering of PTs on the planet,0:24:24.781 --> 0:24:25.362which is good.0:24:26.002 --> 0:24:27.282And also, if you don't like it,0:24:27.323 --> 0:24:27.864it's not good.0:24:28.824 --> 0:24:30.644I've been to, I don't know,0:24:30.644 --> 0:24:31.26511 of these things.0:24:31.285 --> 0:24:32.125I've been to a bunch because0:24:32.184 --> 0:24:33.986I'm a group kind of guy.0:24:34.006 --> 0:24:35.547This is my Super Bowl, right,0:24:35.826 --> 0:24:36.606which just happened.0:24:37.407 --> 0:24:37.567And...0:24:38.734 --> 0:24:39.01618,000 PTs is a lot.0:24:41.615 --> 0:24:44.538But as we share YouTube and podcast data,0:24:44.897 --> 0:24:46.259I tell people all the time,0:24:46.298 --> 0:24:47.078if you're not going,0:24:47.480 --> 0:24:49.340it's not a deal breaker, right?0:24:49.361 --> 0:24:50.500You're going to miss something,0:24:50.621 --> 0:24:51.922but not necessarily everything.0:24:51.961 --> 0:24:53.222So if it's for you, it's for you.0:24:53.542 --> 0:24:54.284I would always say like,0:24:54.384 --> 0:24:55.744try it out or a state0:24:55.765 --> 0:24:58.066chapter conference or, you know,0:24:58.086 --> 0:24:59.166APTA has got a couple of0:24:59.186 --> 0:25:01.188different smaller conferences, right?0:25:01.208 --> 0:25:02.167This is the biggest one in the world.0:25:02.848 --> 0:25:07.432I look at this from a purely selfish angle,0:25:07.491 --> 0:25:07.652right?0:25:07.672 --> 0:25:09.113Because that's how we look at the world.0:25:09.173 --> 0:25:10.473So for me, I'm going to do like,0:25:10.473 --> 0:25:13.90025 podcast episodes in three0:25:13.920 --> 0:25:16.122days or 27 podcast episodes0:25:16.142 --> 0:25:17.042in three days.0:25:17.403 --> 0:25:18.403Plus everybody who,0:25:18.624 --> 0:25:19.625like some people who walk by,0:25:19.644 --> 0:25:20.546they're like, oh my gosh,0:25:20.605 --> 0:25:21.567do you have 15 minutes?0:25:22.027 --> 0:25:23.588So I do a lot of those, right?0:25:23.709 --> 0:25:24.829Unprepared off the cuff.0:25:25.611 --> 0:25:29.634I started by just showing up at people's0:25:30.734 --> 0:25:32.537um booths or parties I would0:25:32.596 --> 0:25:33.357literally walk around with0:25:33.397 --> 0:25:34.619my pelican case and bring0:25:34.640 --> 0:25:35.621my microphone to parties0:25:36.201 --> 0:25:37.442take 20 minutes to set up0:25:37.502 --> 0:25:38.564do the interview break down0:25:38.604 --> 0:25:39.545and leave and I would just0:25:39.565 --> 0:25:40.486be the like the roaming0:25:40.506 --> 0:25:42.107gnome and now I think I've0:25:42.127 --> 0:25:43.388gotten smarter where I stay0:25:43.429 --> 0:25:44.450still and the guests come0:25:44.470 --> 0:25:46.692to me so I'm lucky enough0:25:46.712 --> 0:25:48.013to pair up with one of my0:25:48.094 --> 0:25:49.715show sponsors ati so I'll0:25:49.736 --> 0:25:51.017be at booth 50 22 there's like0:25:53.609 --> 0:25:54.330Hundreds of booths.0:25:54.431 --> 0:25:56.472It's Central Park in this thing.0:25:56.873 --> 0:25:58.034So I'm doing the I stand0:25:58.074 --> 0:25:59.255still model and I do a0:25:59.275 --> 0:26:00.076bunch of interviews.0:26:00.497 --> 0:26:02.699I'm also, maybe Tony will like this,0:26:02.778 --> 0:26:04.559is I'm doing as people walk by,0:26:04.640 --> 0:26:05.641if I don't have 15 minutes0:26:05.760 --> 0:26:06.342or maybe they don't have a0:26:06.382 --> 0:26:07.502topic they want to talk about,0:26:07.603 --> 0:26:09.023I'm just doing 60 second interviews.0:26:09.625 --> 0:26:11.185pt episodes and that's the0:26:11.205 --> 0:26:12.365same 12 questions or0:26:12.385 --> 0:26:13.747whatever for every person0:26:14.166 --> 0:26:15.327in 60 seconds and then I0:26:15.428 --> 0:26:16.488edit up cut it up put some0:26:16.508 --> 0:26:17.689music make it nice and fast0:26:18.068 --> 0:26:19.589so that's a way for for for0:26:19.609 --> 0:26:20.430me to interact with people0:26:20.450 --> 0:26:22.691so I'm excited um I do0:26:22.711 --> 0:26:23.612stuff with the I gotta give0:26:23.632 --> 0:26:24.731a nod to the foundation for0:26:24.771 --> 0:26:25.833physical therapy research0:26:26.032 --> 0:26:26.853which is a non-profit0:26:26.873 --> 0:26:28.094organization that raises0:26:28.134 --> 0:26:29.554money for pt research and0:26:29.574 --> 0:26:30.454then gives money away0:26:31.255 --> 0:26:32.316So I do a bunch of stuff for0:26:32.355 --> 0:26:32.936them out there.0:26:33.057 --> 0:26:35.019And then AOPT,0:26:35.059 --> 0:26:36.060the Academy of Orthopedic0:26:36.080 --> 0:26:38.923Physical Therapy, they're 50 years old.0:26:39.005 --> 0:26:39.885So they're doing their 50th0:26:39.905 --> 0:26:40.666anniversary party.0:26:41.207 --> 0:26:42.489And I'm helping them throw a party there.0:26:42.588 --> 0:26:44.131So I'm not going to sleep for three days,0:26:44.211 --> 0:26:44.991but I am packed.0:26:45.573 --> 0:26:46.554And we're going to Boston,0:26:47.875 --> 0:26:48.957rain or shine or snow.0:26:49.477 --> 0:26:50.458So I'm headed out there tomorrow.0:26:51.058 --> 0:26:52.160are you doing all of your0:26:52.240 --> 0:26:53.240podcasts and interviews at0:26:53.299 --> 0:26:54.401that one particular booth0:26:54.441 --> 0:26:55.261you're talking about are0:26:55.281 --> 0:26:55.741you gonna be at like0:26:55.781 --> 0:26:56.702different locations just so0:26:56.762 --> 0:26:57.462folks know where to find0:26:57.502 --> 0:26:59.203you 50 22 yeah I used to0:26:59.263 --> 0:27:00.005run around like a chicken0:27:00.025 --> 0:27:00.724with my head cut off0:27:00.765 --> 0:27:01.705because I was like I have0:27:01.766 --> 0:27:03.027to do this and I have to do0:27:03.047 --> 0:27:03.666that and then I just0:27:03.747 --> 0:27:04.607reversed it and I was like0:27:04.708 --> 0:27:06.409I'm still and you come to0:27:06.469 --> 0:27:07.308me you know who cared0:27:07.528 --> 0:27:08.130nobody everybody's like0:27:08.150 --> 0:27:10.010okay like I thought I had0:27:10.050 --> 0:27:11.030to do all the things and0:27:11.050 --> 0:27:11.872then I just was like this0:27:11.932 --> 0:27:13.673is killing me and now I0:27:13.692 --> 0:27:15.013just stand still and you're0:27:15.054 --> 0:27:16.335on the bingo card I heard0:27:17.133 --> 0:27:17.512Yeah.0:27:17.614 --> 0:27:19.496So there's a Twitter account called like,0:27:19.536 --> 0:27:22.118it's like at fake PT stats or something.0:27:22.239 --> 0:27:22.980And it's like cute.0:27:23.000 --> 0:27:24.280Like they just put out like funny,0:27:24.500 --> 0:27:26.202you know, like one liner stuff.0:27:26.604 --> 0:27:27.104Meme stuff.0:27:27.124 --> 0:27:27.384Yeah.0:27:27.403 --> 0:27:27.865Like, you know,0:27:27.865 --> 0:27:30.68876% of PTs wear a polo shirt and that,0:27:31.148 --> 0:27:33.431that tracks on this live stream.0:27:33.451 --> 0:27:33.550Yeah.0:27:34.672 --> 0:27:35.093That's 33%.0:27:35.532 --> 0:27:36.953But they just throw random0:27:36.973 --> 0:27:37.615things like that out.0:27:37.734 --> 0:27:38.996I don't even know who runs it.0:27:39.056 --> 0:27:39.915I just interact with them0:27:39.935 --> 0:27:40.757because I think every once0:27:40.777 --> 0:27:41.857in a while they throw out cool stuff.0:27:42.458 --> 0:27:44.038And they put out like a big0:27:44.138 --> 0:27:45.601bingo card of all the0:27:45.641 --> 0:27:46.480things that are0:27:46.661 --> 0:27:48.643stereotypical or that you should do.0:27:48.722 --> 0:27:49.584And yeah,0:27:49.604 --> 0:27:50.743take a selfie with me was on the0:27:50.784 --> 0:27:51.224bingo card.0:27:51.345 --> 0:27:51.865I mean,0:27:52.365 --> 0:27:53.606I honestly had no idea who runs0:27:53.626 --> 0:27:54.047that account.0:27:54.086 --> 0:27:55.167So I have no idea why I'm on0:27:55.188 --> 0:27:55.688the bingo card,0:27:55.708 --> 0:27:56.449but I'm on the bingo card.0:27:57.068 --> 0:27:57.368Nice.0:27:57.528 --> 0:27:58.849And then aside from you0:27:58.890 --> 0:28:00.270doing the interviews and stuff,0:28:01.051 --> 0:28:01.853what are you,0:28:02.073 --> 0:28:04.515are you going to go to any of the,0:28:04.894 --> 0:28:06.536the speakers or anything0:28:06.596 --> 0:28:07.997you want to see and engage with?0:28:08.257 --> 0:28:09.137If you looked at my schedule,0:28:09.157 --> 0:28:09.798it looks like someone0:28:09.858 --> 0:28:11.599spilled a box of Crayola crayons on it.0:28:11.680 --> 0:28:14.382So I will go to some, I am presenting too.0:28:14.402 --> 0:28:16.002I'm presenting Thursday,0:28:16.242 --> 0:28:17.443the happy hour session,0:28:17.463 --> 0:28:18.825the last session of the day, Thursday,0:28:18.865 --> 0:28:19.425three to five.0:28:20.205 --> 0:28:21.165in and this is how I'm0:28:21.205 --> 0:28:22.166telling people the name of0:28:22.186 --> 0:28:23.386the room is Carlton so it's0:28:23.426 --> 0:28:24.647like the Carlton I'm in the0:28:24.667 --> 0:28:25.907Carlton three to five on0:28:25.968 --> 0:28:28.528Thursday BYOB I don't know0:28:28.568 --> 0:28:29.569if you can do that but no0:28:29.609 --> 0:28:30.390one has said you can't do0:28:30.430 --> 0:28:31.990that but my presentation is0:28:32.030 --> 0:28:32.891science isn't finished0:28:32.931 --> 0:28:34.551until it's understood and0:28:34.592 --> 0:28:35.451it's in the section in the0:28:35.471 --> 0:28:37.011academy of research which0:28:37.073 --> 0:28:37.712is essentially like all0:28:37.873 --> 0:28:39.492right you spend a year of0:28:39.532 --> 0:28:40.594your life doing research0:28:40.634 --> 0:28:41.433and then it gets published0:28:41.453 --> 0:28:43.454in a journal and you're like and I'm done0:28:44.365 --> 0:28:46.708And I'm like, actually, you're not.0:28:47.228 --> 0:28:48.709So I'm going to start my0:28:48.788 --> 0:28:50.270session off by by doing0:28:50.391 --> 0:28:51.431football play by play.0:28:52.211 --> 0:28:52.811And it's going to be the0:28:52.873 --> 0:28:54.113Bunsen burners versus the0:28:54.133 --> 0:28:55.153pseudoscience quacks.0:28:55.213 --> 0:28:56.015And I'm going to do play by0:28:56.055 --> 0:28:57.836play of this fictitious football game.0:28:58.497 --> 0:28:59.557And it's a two minute drill,0:28:59.698 --> 0:29:00.577just like a game we might0:29:00.597 --> 0:29:01.318have had the other day.0:29:01.959 --> 0:29:03.259And the Bunsen burners pro0:29:03.299 --> 0:29:04.902signs are charging down the field.0:29:04.981 --> 0:29:06.083All they have to do is score0:29:06.123 --> 0:29:07.663to beat the pseudoscience quacks.0:29:08.263 --> 0:29:09.884And at the 17-yard line with0:29:09.884 --> 0:29:12.40512 seconds left, they take a knee.0:29:12.727 --> 0:29:13.547And everybody in the stadium0:29:13.567 --> 0:29:14.287is so confused.0:29:14.307 --> 0:29:15.107What happened?0:29:15.528 --> 0:29:16.528You received the kick.0:29:16.548 --> 0:29:17.409You got the grant.0:29:17.469 --> 0:29:18.690You did the science of the0:29:18.730 --> 0:29:20.411running plays and the pass plays.0:29:20.431 --> 0:29:21.351And you got all the way to the 17.0:29:22.652 --> 0:29:23.632Why did you take a knee?0:29:23.912 --> 0:29:24.653Because they thought their0:29:24.692 --> 0:29:26.034job was to get published.0:29:26.193 --> 0:29:27.934At the 17-yard line, you get published.0:29:28.394 --> 0:29:28.755And I'm like,0:29:28.795 --> 0:29:30.915but the end zone is about understanding.0:29:30.976 --> 0:29:31.977And you're not done yet.0:29:32.797 --> 0:29:34.019that's the bad news the good0:29:34.058 --> 0:29:34.759news is I'm going to show0:29:34.779 --> 0:29:35.942you 15 different ways for0:29:35.981 --> 0:29:36.823under 100 bucks to0:29:37.003 --> 0:29:37.924communicate your science0:29:38.486 --> 0:29:39.788and isn't that the point so0:29:39.827 --> 0:29:41.109that's kind of why I don't0:29:41.170 --> 0:29:42.271belong in the academy of0:29:42.332 --> 0:29:43.432research but why I'm in the0:29:43.472 --> 0:29:45.135academy of research giving a presentation0:29:46.166 --> 0:29:46.727I love that.0:29:46.747 --> 0:29:48.208I think that is so important.0:29:48.907 --> 0:29:50.067I talk to people all the0:29:50.087 --> 0:29:53.309time and they're amazing at what they do,0:29:53.950 --> 0:29:54.690but then I'm like,0:29:54.910 --> 0:29:55.851how do you get people to0:29:55.891 --> 0:29:56.951know about what you do?0:29:57.230 --> 0:29:58.751And they have nothing.0:29:58.951 --> 0:30:00.592They don't get out on social media.0:30:00.632 --> 0:30:01.653They don't record video.0:30:01.692 --> 0:30:02.553They don't do podcasts.0:30:02.573 --> 0:30:03.452You don't do anything.0:30:04.074 --> 0:30:04.453And I'm like,0:30:04.493 --> 0:30:06.314you built this amazing asset0:30:06.354 --> 0:30:07.154and then you don't do0:30:07.355 --> 0:30:08.434anything to push it out0:30:08.474 --> 0:30:09.315there and help people0:30:09.375 --> 0:30:10.455understand what you've done.0:30:11.222 --> 0:30:11.502Yeah,0:30:11.563 --> 0:30:13.163so that's why I wanted to – and I0:30:13.223 --> 0:30:13.984actually asked a couple0:30:14.045 --> 0:30:14.924researchers who I'm friends0:30:14.964 --> 0:30:16.465with because in the – I was0:30:16.486 --> 0:30:17.987trying to make this like Casey at the Bat,0:30:18.247 --> 0:30:18.387right?0:30:18.407 --> 0:30:19.667We've all heard of Casey at the Bat,0:30:19.708 --> 0:30:21.249like no joy in Mudville.0:30:21.789 --> 0:30:22.490And I don't want to – I0:30:22.509 --> 0:30:23.590didn't want it to be a downer.0:30:23.750 --> 0:30:24.932Originally I had – and I0:30:24.951 --> 0:30:26.452have fake player names and everything.0:30:26.472 --> 0:30:27.232I have formations.0:30:27.933 --> 0:30:29.034I didn't want it to be like0:30:29.074 --> 0:30:30.634an interception and then0:30:30.855 --> 0:30:32.836the Bunsen Burners lose to the Quacks,0:30:32.896 --> 0:30:33.057right,0:30:33.076 --> 0:30:34.538with a pick six or something like that.0:30:35.117 --> 0:30:36.739So we decided taking a knee0:30:36.778 --> 0:30:38.380was more like –0:30:38.380 --> 0:30:40.262in line with like you, you had the,0:30:40.462 --> 0:30:41.183why didn't you throw a0:30:41.223 --> 0:30:42.184couple of strikes to the end zone?0:30:42.204 --> 0:30:43.287Why didn't you take a shot at it?0:30:44.048 --> 0:30:45.169I think most of the time0:30:46.109 --> 0:30:47.332scientists or people in0:30:47.372 --> 0:30:48.413research don't feel like that.0:30:48.473 --> 0:30:49.914It's not their, it's not their area.0:30:49.955 --> 0:30:50.695It's not their turf.0:30:50.757 --> 0:30:51.076And I'm like,0:30:51.136 --> 0:30:52.459it is a hundred percent your turf.0:30:52.959 --> 0:30:54.060You're probably the only0:30:54.101 --> 0:30:54.981person who's going to do it.0:30:55.702 --> 0:30:56.403The journals,0:30:56.423 --> 0:30:57.045I'm not going to knock0:30:57.085 --> 0:30:57.925journals here or anything,0:30:57.945 --> 0:30:59.208but their job is to publish stuff,0:30:59.268 --> 0:30:59.989and then they just look for0:31:00.009 --> 0:31:01.150the next thing to publish.0:31:01.210 --> 0:31:02.971They're not going to run around.0:31:03.272 --> 0:31:04.193No one's going to sing your0:31:04.314 --> 0:31:06.376research's praises as accurately,0:31:06.537 --> 0:31:08.219as loudly, as frequently.0:31:09.160 --> 0:31:09.941You need to understand,0:31:09.980 --> 0:31:11.963if you want this to spread, you're it.0:31:13.436 --> 0:31:13.596Um,0:31:13.978 --> 0:31:15.858so that's my presentation in a nutshell.0:31:15.878 --> 0:31:17.280You don't even have to come like that's it,0:31:17.340 --> 0:31:18.902but I'm going to give examples, examples,0:31:18.961 --> 0:31:19.442examples.0:31:19.823 --> 0:31:21.003So the last topic for today,0:31:21.023 --> 0:31:21.684I wanted to talk about,0:31:21.724 --> 0:31:22.285this is something that0:31:22.325 --> 0:31:24.606popped up on the interwebs radar,0:31:25.387 --> 0:31:28.691and this is lifetime fitness.0:31:29.151 --> 0:31:30.092So this is a petition I've0:31:30.112 --> 0:31:31.493got on the stream right now, right?0:31:31.534 --> 0:31:33.434So lifetime fitness is,0:31:33.454 --> 0:31:34.596I don't even know how big they are.0:31:34.655 --> 0:31:35.656Do you guys know how big they are?0:31:35.676 --> 0:31:36.678They're just a series.0:31:36.698 --> 0:31:37.358They're a gym, right?0:31:38.202 --> 0:31:38.603They're pretty big.0:31:38.623 --> 0:31:39.624They're pretty large.0:31:39.644 --> 0:31:40.263They're huge.0:31:40.324 --> 0:31:42.205They're a publicly traded company.0:31:42.346 --> 0:31:44.086I mean, way, way bigger.0:31:44.126 --> 0:31:44.406Yeah.0:31:44.467 --> 0:31:44.748Okay.0:31:44.768 --> 0:31:46.689So if you look at the graphic here, right,0:31:47.088 --> 0:31:48.609they're not where I live or anything,0:31:48.670 --> 0:31:49.651but Lifetime Fitness,0:31:49.730 --> 0:31:50.912big company apparently.0:31:51.531 --> 0:31:53.753And they started marketing0:31:54.054 --> 0:31:57.195this logo on the screen, which is DPT,0:31:57.316 --> 0:31:59.156which sounds like the0:31:59.176 --> 0:32:01.638degree a lot of us got, right?0:32:01.679 --> 0:32:02.559DPT, right?0:32:02.640 --> 0:32:03.780But they are calling it0:32:03.861 --> 0:32:05.842dynamic personal training, right?0:32:06.092 --> 0:32:09.996Now, this is misleading to the public,0:32:10.056 --> 0:32:10.316right?0:32:11.136 --> 0:32:12.198That's what people will say.0:32:12.798 --> 0:32:12.917Now,0:32:12.999 --> 0:32:15.381here's where you get into some issues.0:32:16.060 --> 0:32:17.742And this is as far as I understand,0:32:18.063 --> 0:32:19.605call the APTA because they0:32:19.644 --> 0:32:21.666have people who can give you specifics.0:32:22.047 --> 0:32:23.087This is state by state.0:32:23.588 --> 0:32:24.990This is where we live in one country,0:32:25.289 --> 0:32:27.412but we live in 50 different fiefdoms,0:32:27.412 --> 0:32:29.09450 different states, plus DC,0:32:29.134 --> 0:32:29.874plus Puerto Rico.0:32:30.555 --> 0:32:31.395where the rules are0:32:31.435 --> 0:32:32.576different man just there's0:32:32.596 --> 0:32:33.897an invisible line somewhere0:32:33.917 --> 0:32:34.877and you cross it and now0:32:34.917 --> 0:32:36.038you can or can't do that0:32:36.078 --> 0:32:37.119thing you could 10 steps0:32:37.180 --> 0:32:40.663back so there is like title protection0:32:41.811 --> 0:32:45.353And these are meant to protect degrees,0:32:45.472 --> 0:32:46.432intellectual property,0:32:46.472 --> 0:32:47.594or the rights to do things.0:32:47.913 --> 0:32:50.394But these vary state to state.0:32:50.473 --> 0:32:51.575And these are very gray.0:32:52.174 --> 0:32:53.234And even if they're not gray,0:32:53.275 --> 0:32:54.255even if it's black and white,0:32:54.355 --> 0:32:55.576you still got to take them to court.0:32:55.895 --> 0:32:57.115And that requires money and0:32:57.175 --> 0:32:58.195time and effort.0:32:58.936 --> 0:33:01.176So my two cents is this.0:33:01.656 --> 0:33:02.218Number one,0:33:02.377 --> 0:33:04.538Lifetime Fitness with a $2.660:33:04.538 --> 0:33:05.798billion market cap.0:33:05.817 --> 0:33:07.239So I guess they're kind of a big company,0:33:07.278 --> 0:33:07.479Jimmy.0:33:08.549 --> 0:33:10.071They know exactly what they're doing.0:33:10.332 --> 0:33:11.673This is not an accident.0:33:11.854 --> 0:33:14.056They have 11 D lawyers long0:33:14.096 --> 0:33:16.278before they ever put a DPP0:33:16.318 --> 0:33:17.861on a t-shirt and slap it on a trainer.0:33:17.881 --> 0:33:19.461They know exactly what they're doing.0:33:19.883 --> 0:33:21.203This is not by accident.0:33:21.585 --> 0:33:22.405And they are going to ride0:33:22.445 --> 0:33:24.048this wave as long as it is0:33:24.087 --> 0:33:25.849allowed until someone steps up.0:33:26.009 --> 0:33:26.891And that's why the thing0:33:26.911 --> 0:33:27.852that I put on the screen is,0:33:28.132 --> 0:33:29.532is great in my opinion right0:33:29.732 --> 0:33:32.493it is a petition to stop0:33:32.513 --> 0:33:33.394this thing right it's a0:33:33.414 --> 0:33:34.434petition to say hey don't0:33:34.474 --> 0:33:36.135do it anymore which is fine0:33:36.517 --> 0:33:37.517and I a hundred I'm gonna0:33:37.537 --> 0:33:38.458look in the camera and the0:33:38.478 --> 0:33:40.798microphone I 100 support0:33:40.838 --> 0:33:43.059doing this but now I'm0:33:43.079 --> 0:33:43.779going to go another way and0:33:43.799 --> 0:33:44.500I want to hear your thoughts0:33:47.361 --> 0:33:48.182I know that Tony probably0:33:48.201 --> 0:33:49.402doesn't really care that much about it.0:33:50.042 --> 0:33:50.823Listen, first of all,0:33:51.042 --> 0:33:52.064the market cap is interesting.0:33:52.104 --> 0:33:53.265I didn't know it was that big.0:33:53.285 --> 0:33:54.265And then I just had to look up,0:33:54.525 --> 0:33:56.346as we're talking, USPH,0:33:56.365 --> 0:33:57.247which is one of the bigger0:33:57.326 --> 0:33:58.407publicly traded physical0:33:58.428 --> 0:33:59.567therapy companies.0:33:59.827 --> 0:34:02.289And that's like $1.45 billion.0:34:02.450 --> 0:34:03.170I didn't even realize0:34:03.210 --> 0:34:04.191Lifetime Fitness is even0:34:04.250 --> 0:34:05.612larger than one of our0:34:05.652 --> 0:34:06.853biggest acquirers that has0:34:06.853 --> 0:34:08.693900 plus locations.0:34:09.094 --> 0:34:10.914Novocare Select is probably0:34:10.954 --> 0:34:11.434a little bit bigger.0:34:11.454 --> 0:34:12.175I think they're closer to0:34:12.215 --> 0:34:13.597like 1,000 or more locations.0:34:13.697 --> 0:34:13.916But-0:34:15.056 --> 0:34:15.217Yeah,0:34:15.237 --> 0:34:17.478it's going to be tough to change that0:34:17.657 --> 0:34:19.518of a mammoth of a company.0:34:20.559 --> 0:34:21.338Yeah, they got money.0:34:21.539 --> 0:34:22.599They know what they're doing.0:34:23.998 --> 0:34:25.280No, I don't think it's right.0:34:25.559 --> 0:34:28.380I do like the response and0:34:28.840 --> 0:34:29.621therapists are signing a0:34:29.661 --> 0:34:30.320petition or whatever.0:34:30.561 --> 0:34:31.420Will that actually work?0:34:31.481 --> 0:34:31.800Of course,0:34:31.860 --> 0:34:32.782Tony's going to chime in here0:34:32.822 --> 0:34:33.322and probably say no.0:34:34.382 --> 0:34:36.063Um, but you know, we,0:34:36.123 --> 0:34:37.045we just need to be better0:34:37.065 --> 0:34:37.585at the end of the day.0:34:37.605 --> 0:34:38.726We need to be better with like,0:34:39.045 --> 0:34:40.628with content videos, all that,0:34:40.668 --> 0:34:41.387just marketing.0:34:42.068 --> 0:34:42.789Um, you know,0:34:42.929 --> 0:34:44.170that I think is the best way0:34:44.210 --> 0:34:45.652to really truly fight it on0:34:45.672 --> 0:34:46.733the ground with every0:34:46.773 --> 0:34:48.034practice putting out, I mean,0:34:48.054 --> 0:34:49.954there's amazing practices on Instagram,0:34:50.014 --> 0:34:51.416colleagues of mine all over the country,0:34:51.456 --> 0:34:53.498putting out videos and content, uh,0:34:53.938 --> 0:34:55.099patient facing, you know,0:34:55.119 --> 0:34:56.260consumer facing content.0:34:56.920 --> 0:34:57.961Uh, I do like the response.0:34:57.981 --> 0:34:58.181I mean,0:34:58.362 --> 0:34:59.684I think the response is better than0:34:59.764 --> 0:35:00.304no response.0:35:00.344 --> 0:35:01.085I think the, yeah.0:35:01.525 --> 0:35:02.789should be doing more or can0:35:02.809 --> 0:35:03.632be doing more or whatever.0:35:04.393 --> 0:35:05.898I'm curious to hear what0:35:05.998 --> 0:35:06.880exactly Tony's going to say.0:35:07.657 --> 0:35:09.097Yeah, of course.0:35:09.217 --> 0:35:10.898I mean, I don't think it matters,0:35:11.117 --> 0:35:14.780but I will say there's, there's gosh,0:35:14.880 --> 0:35:15.139there's,0:35:15.320 --> 0:35:16.141it seems like there was a0:35:16.240 --> 0:35:18.280Shakespeare saying I could0:35:18.320 --> 0:35:20.121bring in here and I don't know what it is,0:35:20.141 --> 0:35:23.244but basically you never, Jimmy,0:35:23.264 --> 0:35:24.103you're going to know this.0:35:24.184 --> 0:35:24.864It's something like you0:35:24.884 --> 0:35:26.284never let an opportunity,0:35:26.965 --> 0:35:27.684you never miss an0:35:27.744 --> 0:35:29.106opportunity or something like that.0:35:29.726 --> 0:35:30.987I would say there's no value0:35:31.067 --> 0:35:32.567in trying to fight lifetime0:35:32.626 --> 0:35:33.427fitness on this.0:35:34.088 --> 0:35:35.409I would argue they don't know.0:35:35.489 --> 0:35:36.250They don't care.0:35:36.289 --> 0:35:36.909It doesn't matter.0:35:36.929 --> 0:35:37.690It's three letters.0:35:37.951 --> 0:35:39.172I understand there are state0:35:39.192 --> 0:35:40.532practice acts that protect0:35:40.572 --> 0:35:41.494those three letters.0:35:42.894 --> 0:35:43.755I know there's state0:35:43.775 --> 0:35:45.536practice acts that protect two letters,0:35:45.637 --> 0:35:47.458the P and the T. I don't0:35:47.498 --> 0:35:49.000know about the D in front of it.0:35:49.795 --> 0:35:51.135I go back to, you know,0:35:51.476 --> 0:35:52.836once there are certain0:35:52.856 --> 0:35:53.956things you can trademark,0:35:53.996 --> 0:35:55.438there are certain things you can do.0:35:55.538 --> 0:35:56.918But the reality is the0:35:56.978 --> 0:35:58.579opportunity here isn't in0:35:58.699 --> 0:35:59.920fighting lifetime.0:35:59.981 --> 0:36:01.041Who cares about lifetime?0:36:01.521 --> 0:36:02.983It's in rallying the troops.0:36:03.463 --> 0:36:04.744It's in taking this and0:36:04.784 --> 0:36:05.784getting the profession,0:36:05.844 --> 0:36:07.746getting the base excited to be like, ah,0:36:07.806 --> 0:36:08.865there was a common enemy.0:36:09.206 --> 0:36:10.487We have to fight against this.0:36:10.547 --> 0:36:11.807We have to bring ourselves0:36:11.847 --> 0:36:13.268together and we have to do more.0:36:14.148 --> 0:36:16.349Um, I do think there's some value in that,0:36:16.650 --> 0:36:19.570you know, so from a political perspective,0:36:19.610 --> 0:36:20.690I think you could leverage0:36:20.751 --> 0:36:22.271this to get people excited,0:36:22.990 --> 0:36:25.152but to actually fight them to,0:36:25.251 --> 0:36:27.251to hire attorneys, to worry about that.0:36:27.311 --> 0:36:28.512I don't think any of it matters.0:36:29.353 --> 0:36:30.913Um, so that, that's where I stand.0:36:31.052 --> 0:36:33.574I'm just like the amount of effort again,0:36:33.853 --> 0:36:35.634cause I took heat on this being like,0:36:35.673 --> 0:36:36.994you should be all for this0:36:37.034 --> 0:36:38.235because this is our future.0:36:38.255 --> 0:36:39.255And I'm like, I am,0:36:39.394 --> 0:36:41.195but where are you when this0:36:41.356 --> 0:36:42.195isn't happening?0:36:42.876 --> 0:36:44.117So this is the psychological0:36:44.197 --> 0:36:46.697theory of loss aversion, which is like,0:36:46.818 --> 0:36:46.998I mean,0:36:47.018 --> 0:36:48.418they've studied this in humans and0:36:48.539 --> 0:36:48.918monkeys.0:36:48.958 --> 0:36:51.199Like it is apparent that we0:36:51.280 --> 0:36:53.300would rather not lose a0:36:53.340 --> 0:36:56.023dollar than make $2, right?0:36:56.043 --> 0:36:57.023And I'm paraphrasing there,0:36:57.043 --> 0:36:57.623but you get the idea.0:36:57.643 --> 0:36:58.043It's like,0:36:58.184 --> 0:36:59.445I have something and now I'm0:36:59.545 --> 0:37:01.905super fired up about not losing it.0:37:01.925 --> 0:37:04.666This is why life insurance, they sell the,0:37:04.967 --> 0:37:06.668they use this opportunity.0:37:07.268 --> 0:37:09.550Where, when this is over and it will be,0:37:10.494 --> 0:37:11.876either by a judge or the0:37:11.956 --> 0:37:12.876lifetime fitness will just0:37:12.996 --> 0:37:14.536move on and use a different term.0:37:15.197 --> 0:37:16.117It's not going to matter.0:37:16.577 --> 0:37:17.559It's just not like the0:37:17.719 --> 0:37:19.300average person has no idea what Pete,0:37:19.420 --> 0:37:20.260like we say all the time,0:37:20.300 --> 0:37:21.041they don't know what PT is.0:37:21.061 --> 0:37:22.081Nevermind a DPT.0:37:22.501 --> 0:37:23.181They don't know.0:37:24.081 --> 0:37:26.123So why are we not yelling,0:37:26.463 --> 0:37:27.925or I should say storytelling,0:37:28.164 --> 0:37:29.246when the sun is shining and0:37:29.266 --> 0:37:31.586there isn't a $2.66 billion0:37:31.626 --> 0:37:34.268company trying to use our0:37:34.349 --> 0:37:36.630letters that don't, to the average person,0:37:37.110 --> 0:37:38.512mean nothing.0:37:38.672 --> 0:37:39.913They mean nothing.0:37:39.972 --> 0:37:41.534So tell stories.0:37:42.635 --> 0:37:44.356I'm going to use this in my presentation.0:37:44.376 --> 0:37:45.697Have you guys ever heard of Peso?0:37:47.599 --> 0:37:49.942$2.6 billion for Lifetime Fitness.0:37:50.322 --> 0:37:52.143I'd say don't argue over dollars,0:37:52.344 --> 0:37:53.304argue over pesos.0:37:53.784 --> 0:37:57.427And peso is problem, agitation, solution,0:37:57.967 --> 0:37:58.389outcome.0:37:58.969 --> 0:38:00.891If you're like, I'm a small practice owner,0:38:00.911 --> 0:38:02.052I have no idea how to market.0:38:02.411 --> 0:38:03.914If you had one tool,0:38:04.253 --> 0:38:05.074it's those four letters.0:38:06.416 --> 0:38:08.998Problem, do you have a leaky sink?0:38:09.813 --> 0:38:10.333If you don't,0:38:10.534 --> 0:38:11.275I'm not going to pay attention.0:38:11.295 --> 0:38:13.117But if you do, you're like, okay, yeah,0:38:13.416 --> 0:38:13.898or I might.0:38:13.958 --> 0:38:14.759I just bought a house,0:38:14.798 --> 0:38:15.619so I'm paying attention to0:38:15.719 --> 0:38:16.460freaking everything.0:38:16.740 --> 0:38:17.222Problem.0:38:17.242 --> 0:38:18.202Do you have a leaky sink?0:38:18.342 --> 0:38:18.943Agitation.0:38:19.385 --> 0:38:19.985Leaking water,0:38:20.025 --> 0:38:21.086you might never know about it,0:38:21.106 --> 0:38:22.047and it could cause water0:38:22.088 --> 0:38:23.268damage that you'll never see,0:38:23.289 --> 0:38:24.650but it'll cost you thousands.0:38:25.030 --> 0:38:25.831That's an agitation.0:38:25.851 --> 0:38:26.612That's salt in the wound.0:38:26.934 --> 0:38:27.414Solution.0:38:29.371 --> 0:38:31.472A $35 plumbing analysis will0:38:31.512 --> 0:38:32.452come in and will check all0:38:32.472 --> 0:38:34.074your pipes before winter0:38:34.114 --> 0:38:36.094starts to make sure you0:38:36.175 --> 0:38:38.275don't get any damage outcome.0:38:38.576 --> 0:38:39.936And you'll never, ever be,0:38:40.157 --> 0:38:41.016you'll never wake up in the0:38:41.036 --> 0:38:41.637middle of the night0:38:41.958 --> 0:38:43.259wondering if your pipes are burst.0:38:43.679 --> 0:38:44.159Peso.0:38:44.559 --> 0:38:45.480Don't fight dollars.0:38:45.579 --> 0:38:46.079Use pesos.0:38:46.159 --> 0:38:47.039P-A-S-O.0:38:47.521 --> 0:38:48.641We're worried about lifetime0:38:48.681 --> 0:38:49.702fitness using DPT.0:38:51.172 --> 0:38:52.132But what are we doing to0:38:52.253 --> 0:38:54.034gain people's attention?0:38:54.054 --> 0:38:55.275We're just saying, don't do this.0:38:55.396 --> 0:38:56.056Don't do this.0:38:56.117 --> 0:38:57.057They're not really us.0:38:57.579 --> 0:38:58.119What are we?0:38:58.458 --> 0:38:59.581We are fighting the wrong0:38:59.701 --> 0:39:00.842end of this stick.0:39:01.001 --> 0:39:02.003Tony, what was the actual quote?0:39:02.023 --> 0:39:03.164It wasn't Shakespeare, it was Churchill.0:39:03.445 --> 0:39:04.985Yeah, Winston Churchill said,0:39:05.065 --> 0:39:06.987never let a good crisis go to waste.0:39:07.188 --> 0:39:07.648Great.0:39:07.909 --> 0:39:09.371This could be one of those0:39:09.471 --> 0:39:11.353opportunities to rally the troops.0:39:12.596 --> 0:39:12.876Agreed.0:39:13.536 --> 0:39:15.137Again, I think everybody who's doing it,0:39:15.219 --> 0:39:16.139I have no doubt you're0:39:16.159 --> 0:39:17.780doing it in the spirit of0:39:18.382 --> 0:39:20.023making sure communication is clear.0:39:20.043 --> 0:39:20.764Oh, look at that.0:39:20.804 --> 0:39:22.945There's a nice little tie0:39:23.005 --> 0:39:24.166over from my science0:39:24.186 --> 0:39:25.188communication presentation.0:39:25.489 --> 0:39:26.289This is great.0:39:26.670 --> 0:39:28.170And I would push back and say, yes.0:39:29.132 --> 0:39:30.652And in six months or eight0:39:30.693 --> 0:39:32.054months or 12 months when this is over,0:39:32.594 --> 0:39:33.634what are you going to do about it?0:39:33.793 --> 0:39:35.375Where's this wave going to ride?0:39:35.394 --> 0:39:36.235Because a lot of people,0:39:36.275 --> 0:39:37.956if you look at this thing,0:39:37.996 --> 0:39:39.556they've raised money.0:39:39.757 --> 0:39:40.757I'm like, where's this money?0:39:41.177 --> 0:39:42.137And I looked and I couldn't0:39:42.157 --> 0:39:42.998really tell where the money0:39:43.057 --> 0:39:44.139was going on this,0:39:44.818 --> 0:39:46.320but there was like 11 grand0:39:46.360 --> 0:39:47.400or something like that raised.0:39:47.460 --> 0:39:49.420I'm guessing lawyers, I guess.0:39:49.521 --> 0:39:50.762I don't know, or something like that.0:39:50.782 --> 0:39:52.163What is that?0:39:52.182 --> 0:39:54.182Is that like a Kickstarter?0:39:54.222 --> 0:39:55.284I know it's not Kickstarter,0:39:55.324 --> 0:39:56.344but I've never seen it.0:39:56.443 --> 0:39:57.005It's change.org.0:39:59.322 --> 0:40:01.083So they're asking for money, right?0:40:01.425 --> 0:40:03.887So it's not requested, but this, I believe,0:40:03.927 --> 0:40:06.068was signed out of the APTA.0:40:06.088 --> 0:40:06.208Yeah,0:40:06.289 --> 0:40:08.250APTA Colorado was calling on Lifetime0:40:08.289 --> 0:40:08.690Fitness.0:40:09.251 --> 0:40:09.490Yeah,0:40:09.510 --> 0:40:12.233so they're using... To pay a lawyer0:40:12.313 --> 0:40:13.735to draft a cease and desist0:40:13.755 --> 0:40:14.375letter or what?0:40:15.275 --> 0:40:15.737I don't know.0:40:15.757 --> 0:40:16.476I don't know.0:40:16.496 --> 0:40:17.418I don't know.0:40:17.438 --> 0:40:20.019I think there's a marketing guy...0:40:21.416 --> 0:40:24.079at Lifetime Fitness sitting at his desk.0:40:24.239 --> 0:40:25.442He's probably smoking cigars0:40:25.501 --> 0:40:26.603and he's sitting like this going,0:40:26.663 --> 0:40:27.503told you it would work.0:40:27.523 --> 0:40:29.005They're going to do our marketing for us.0:40:29.585 --> 0:40:31.608What if we bring in physicians, right?0:40:31.648 --> 0:40:33.110Let's just say, you know, MDs.0:40:34.050 --> 0:40:35.733More of the public does know about MD.0:40:35.793 --> 0:40:37.534I think you guys would agree with that.0:40:37.934 --> 0:40:38.856And let's say there was a0:40:38.916 --> 0:40:40.338physical therapy practice or a0:40:40.538 --> 0:40:42.840personal training gym in like Maryland.0:40:43.159 --> 0:40:44.840And the name was like, you know,0:40:45.222 --> 0:40:48.443specialists of MD or MD specialists.0:40:48.483 --> 0:40:49.605And then they would be like, no, no, no.0:40:49.764 --> 0:40:51.126MD means Maryland because0:40:51.186 --> 0:40:51.806we're in Maryland.0:40:52.226 --> 0:40:54.007And then the, and the, the AMA,0:40:54.027 --> 0:40:54.909the American medical0:40:54.929 --> 0:40:56.010association or whoever0:40:56.389 --> 0:40:57.510comes in and they're like, no, no,0:40:57.550 --> 0:40:58.351you're trying to, you know,0:40:58.371 --> 0:40:59.413misrepresent or whatever.0:40:59.432 --> 0:41:00.693And these physical0:41:00.713 --> 0:41:01.514therapists are trying to0:41:01.554 --> 0:41:03.416look like MD medical doctors,0:41:03.556 --> 0:41:04.637or these personal trainers0:41:04.697 --> 0:41:06.237are trying to act like they're doing some,0:41:06.637 --> 0:41:07.719you know, holistic, you0:41:07.838 --> 0:41:08.940health and wellness, whatever.0:41:09.059 --> 0:41:10.039And they're going to say,0:41:11.159 --> 0:41:12.021let's say hypothetically,0:41:12.041 --> 0:41:12.880they have branding like, oh,0:41:12.900 --> 0:41:14.561we're like the future of health care or,0:41:14.661 --> 0:41:14.882you know,0:41:15.021 --> 0:41:16.463there's more therapists talking about,0:41:16.742 --> 0:41:18.523you know, training is health care and,0:41:18.583 --> 0:41:20.445you know, and, you know,0:41:20.565 --> 0:41:21.945like kettlebells are health care.0:41:21.965 --> 0:41:22.786There's all this stuff now,0:41:22.846 --> 0:41:23.525all this different stuff.0:41:23.925 --> 0:41:25.387So what would the AMA do?0:41:25.487 --> 0:41:27.307They would come in exactly like this.0:41:27.347 --> 0:41:28.588So maybe it's like the APTA0:41:28.608 --> 0:41:29.510just kind of taking a page0:41:29.550 --> 0:41:31.451out of the AMA's book or the, you know,0:41:31.490 --> 0:41:33.532the, the physician profession.0:41:34.132 --> 0:41:34.793That is definitely,0:41:35.014 --> 0:41:35.833I think that's definitely0:41:35.893 --> 0:41:37.155what they would do in terms0:41:37.195 --> 0:41:37.894of after that.0:41:37.974 --> 0:41:39.436And, you know, effectiveness, I don't know,0:41:39.896 --> 0:41:40.757but I, you know,0:41:40.916 --> 0:41:42.398I guess you have to do something,0:41:42.418 --> 0:41:43.438you have to put up something.0:41:44.300 --> 0:41:46.041And I do like Tony's clarification of,0:41:46.121 --> 0:41:46.380yeah,0:41:46.501 --> 0:41:48.583it is a good way to kind of rally0:41:48.603 --> 0:41:50.623the troops and kind of get like the,0:41:50.784 --> 0:41:52.764you know, the belief and have like a,0:41:52.784 --> 0:41:53.626like a combined vision.0:41:54.648 --> 0:41:55.871Yeah, I would say great,0:41:55.911 --> 0:41:57.476but what are you going to do later?0:41:57.516 --> 0:41:58.297This is a 1% problem,0:41:58.559 --> 0:42:00.844and we're penny-wise pound foolish,0:42:01.005 --> 0:42:01.467in my opinion.0:42:02.295 --> 0:42:03.335Kind of related,0:42:03.476 --> 0:42:05.217but I looked this up0:42:05.237 --> 0:42:08.960because it triggered a memory for me.0:42:08.960 --> 0:42:10.7402022 California nurse practitioner,0:42:10.760 --> 0:42:12.561I won't mention the name,0:42:12.722 --> 0:42:14.802was fined nearly $20,0000:42:14.802 --> 0:42:16.525for illegally presenting0:42:16.565 --> 0:42:19.487herself as a physician, calling herself,0:42:19.626 --> 0:42:19.947quote,0:42:20.206 --> 0:42:22.728doctor on social media with patients,0:42:23.309 --> 0:42:25.010according to a February 6th0:42:25.630 --> 0:42:26.652report on Medscape.0:42:27.472 --> 0:42:29.954So, I mean, there is something out there,0:42:29.994 --> 0:42:33.197but I'm pretty sure that was, again,0:42:33.257 --> 0:42:35.197violation of the State Practice Act.0:42:35.739 --> 0:42:37.679But look, I mean, how many of us,0:42:37.739 --> 0:42:39.442so this is a nurse practitioner.0:42:41.362 --> 0:42:44.505DNP is the initials after her name.0:42:45.572 --> 0:42:46.432So, you know,0:42:46.713 --> 0:42:47.893I brought this up multiple0:42:47.914 --> 0:42:49.574times in our professional groups.0:42:49.655 --> 0:42:51.315I'm like, all right, we're going by DPT.0:42:51.416 --> 0:42:52.996I see physical therapists0:42:53.016 --> 0:42:54.277calling themselves doctor0:42:54.478 --> 0:42:56.480using the nomenclature of doctor.0:42:56.539 --> 0:42:58.141I understand it's an0:42:58.360 --> 0:43:00.161educational classification.0:43:00.621 --> 0:43:01.603They're not trying to0:43:01.702 --> 0:43:03.523represent medical doctor.0:43:04.105 --> 0:43:06.266But this was a $20,000 fine.0:43:06.306 --> 0:43:07.606I think this would be a case0:43:07.947 --> 0:43:09.429of somebody somewhere0:43:10.048 --> 0:43:11.010wanted to make a point.0:43:11.650 --> 0:43:12.911Wanted to turn the screw0:43:12.951 --> 0:43:14.391just a little bit to say, hey,0:43:14.431 --> 0:43:16.251you're starting to tread on our turf.0:43:16.931 --> 0:43:17.552And, you know,0:43:18.152 --> 0:43:20.514this this is what came out of it.0:43:21.034 --> 0:43:22.235Well, you guys remember this story?0:43:22.255 --> 0:43:23.936No, I don't remember the story,0:43:23.976 --> 0:43:25.596but physicians definitely0:43:25.615 --> 0:43:27.436do not like the DNP.0:43:27.516 --> 0:43:30.117The practitioners have become, you know,0:43:30.398 --> 0:43:32.739and want to be, you know, called doctor.0:43:32.900 --> 0:43:33.519I do know that.0:43:34.969 --> 0:43:36.269This is about money.0:43:36.771 --> 0:43:38.331This is everything we just talked about.0:43:38.632 --> 0:43:39.313Doesn't seem like it's0:43:39.353 --> 0:43:40.815related to the first part of the episode.0:43:40.835 --> 0:43:41.554It's all about money.0:43:41.815 --> 0:43:42.496This is about money.0:43:42.896 --> 0:43:44.117This is about you can't do0:43:44.177 --> 0:43:45.699this because if you do this,0:43:46.699 --> 0:43:47.961if you get a little more of0:43:47.981 --> 0:43:49.583the slice of pie, I get less pie.0:43:50.184 --> 0:43:51.144And I'm not down with that.0:43:51.585 --> 0:43:53.646So I'll send my lawyers0:43:53.887 --> 0:43:54.668versus your lawyers.0:43:54.788 --> 0:43:55.688And do you know who sits0:43:55.728 --> 0:43:56.789back with the biggest cigar0:43:56.829 --> 0:43:57.331in the office?0:43:57.630 --> 0:43:57.951Lawyers.0:43:58.411 --> 0:43:58.811For sure.0:43:59.092 --> 0:43:59.393They win.0:44:00.757 --> 0:44:00.998Yeah.0:44:01.358 --> 0:44:02.259So where do I think this0:44:02.278 --> 0:44:03.099will go prediction?0:44:03.280 --> 0:44:04.641I think this little petition0:44:05.222 --> 0:44:07.503will grow and grow because of just,0:44:07.744 --> 0:44:08.664it just, that's how it works.0:44:08.925 --> 0:44:10.045It's just going to be around long enough.0:44:10.106 --> 0:44:10.485And people,0:44:10.505 --> 0:44:12.907I'm seeing people find out about this now,0:44:12.927 --> 0:44:14.088and this has been going on for months.0:44:14.510 --> 0:44:14.690Right.0:44:14.710 --> 0:44:15.250And they're like this,0:44:15.369 --> 0:44:16.610we need to rally around0:44:16.630 --> 0:44:17.612this loss aversion.0:44:18.492 --> 0:44:19.313Even when you're aware of it,0:44:19.333 --> 0:44:20.594you're still susceptible to it.0:44:21.155 --> 0:44:22.516And eventually lifetime0:44:22.896 --> 0:44:23.697fitness will move on.0:44:23.856 --> 0:44:24.858And that marketing guy will0:44:24.878 --> 0:44:26.119have been promoted twice.0:44:26.139 --> 0:44:26.699Yeah.0:44:27.130 --> 0:44:27.329Right.0:44:27.829 --> 0:44:28.849And he knew what he was doing was,0:44:28.869 --> 0:44:30.311I knew exactly what he was0:44:30.331 --> 0:44:31.271doing right or wrong from0:44:31.311 --> 0:44:31.851his point of view.0:44:32.130 --> 0:44:33.251He did something because his0:44:33.271 --> 0:44:34.952job is to get attention, good, bad,0:44:34.992 --> 0:44:36.132or otherwise he got it.0:44:36.331 --> 0:44:36.492Right.0:44:36.711 --> 0:44:37.293From our point of view,0:44:37.333 --> 0:44:40.052it's bad from their point of view is like,0:44:40.152 --> 0:44:41.574well, it's not illegal until someone says,0:44:41.614 --> 0:44:42.213don't do it.0:44:42.373 --> 0:44:42.614Right.0:44:43.393 --> 0:44:45.074So I think this will go away in 12 months.0:44:45.775 --> 0:44:47.235How about this perspective?0:44:47.375 --> 0:44:47.635Okay.0:44:48.054 --> 0:44:50.175Lifetime fitness over the last, let's say,0:44:50.235 --> 0:44:50.615I don't know when,0:44:50.735 --> 0:44:52.876I don't know when they started using DPT,0:44:53.175 --> 0:44:54.077but let's say in the last0:44:54.317 --> 0:44:55.036three to five years,0:44:55.757 --> 0:44:56.757People at Lifetime Fitness,0:44:56.777 --> 0:44:57.699they go on Instagram,0:44:57.719 --> 0:44:58.320they're looking at all0:44:58.360 --> 0:44:59.201these physical therapists0:44:59.240 --> 0:45:00.603across the country using kettlebells,0:45:00.682 --> 0:45:03.065barbells, saying movement is medicine.0:45:03.166 --> 0:45:04.206And, you know,0:45:04.266 --> 0:45:05.429they're basically like a lot0:45:05.449 --> 0:45:07.331of these physical therapists, you know,0:45:07.351 --> 0:45:08.572they want to use, like Tony says,0:45:08.592 --> 0:45:09.193like they want to use0:45:09.233 --> 0:45:10.275therapeutic activity and0:45:10.335 --> 0:45:12.336Therix and exercise as treatment,0:45:12.376 --> 0:45:13.217which we know is great.0:45:13.978 --> 0:45:15.320from the lifetime fitness perspective,0:45:15.679 --> 0:45:16.900they might have a scarcity mindset.0:45:17.141 --> 0:45:17.260Hey,0:45:17.280 --> 0:45:18.382look at all these physical therapists0:45:18.742 --> 0:45:20.202kind of coming into our turf.0:45:20.603 --> 0:45:22.123We thought physical therapy was like,0:45:22.385 --> 0:45:22.664you know,0:45:22.804 --> 0:45:24.905e-stim and ultrasound and some0:45:24.945 --> 0:45:26.186hands-on treatment and whatever.0:45:26.507 --> 0:45:27.708So maybe they're like, hey,0:45:28.548 --> 0:45:30.090we have some scarcity mindset.0:45:30.409 --> 0:45:32.210We need to show that we are0:45:32.610 --> 0:45:33.652different or better or whatever,0:45:33.711 --> 0:45:34.373because these physical0:45:34.393 --> 0:45:35.353therapists are doing all0:45:35.373 --> 0:45:36.273this exercise stuff.0:45:36.373 --> 0:45:37.375And maybe that's going to0:45:37.414 --> 0:45:38.655take away from our market share.0:45:38.675 --> 0:45:39.295What do you guys think of that?0:45:39.974 --> 0:45:40.114Yep.0:45:40.333 --> 0:45:42.916This was discussed in a different topic,0:45:42.976 --> 0:45:44.597but similar the other day.0:45:44.978 --> 0:45:45.778Someone tagged me in it.0:45:45.818 --> 0:45:46.780I get tagged in stuff.0:45:46.840 --> 0:45:47.780I'm sure you guys do too,0:45:47.800 --> 0:45:49.581because they want people to chime in.0:45:49.601 --> 0:45:50.083And I'm okay.0:45:50.103 --> 0:45:51.244That's what social media is about.0:45:51.923 --> 0:45:53.425And I could find the exact0:45:53.525 --> 0:45:54.567tweet thread that was going on.0:45:54.606 --> 0:45:55.608But the idea was,0:45:57.048 --> 0:45:58.610a personal trainer should0:45:58.809 --> 0:46:00.211never be able to prescribe0:46:00.271 --> 0:46:01.793exercise to treat pain.0:46:01.952 --> 0:46:02.713And again, I'm paraphrasing.0:46:03.074 --> 0:46:04.135That's not a quote.0:46:04.155 --> 0:46:06.157And I replied back like,0:46:08.402 --> 0:46:09.864Explain how exercise is0:46:10.324 --> 0:46:11.664proprietary or treating0:46:11.704 --> 0:46:13.367pain is proprietary.0:46:13.407 --> 0:46:16.309Like what we offer is insight,0:46:16.690 --> 0:46:18.932but I think people do get0:46:18.992 --> 0:46:21.014this mindset of this is ours.0:46:21.235 --> 0:46:21.615Again,0:46:21.635 --> 0:46:23.958now we're the lifetime fitness of0:46:23.998 --> 0:46:25.619this situation using what0:46:25.659 --> 0:46:26.521Dave just talked about too,0:46:26.561 --> 0:46:27.601which is scarcity mindset,0:46:27.641 --> 0:46:28.402which goes hand in hand0:46:28.422 --> 0:46:29.123with loss aversion.0:46:29.923 --> 0:46:30.103Well,0:46:30.164 --> 0:46:32.465you can't prescribe and prescribe as0:46:32.505 --> 0:46:33.344a medical term.0:46:33.364 --> 0:46:35.346And I'm like, you guys, you got to, I mean,0:46:35.905 --> 0:46:36.606what are we doing here?0:46:37.266 --> 0:46:38.847So they were saying personal0:46:38.907 --> 0:46:40.067trainer versus a physical0:46:40.086 --> 0:46:41.768therapist could never prescribe it,0:46:41.827 --> 0:46:42.407should never be able to0:46:42.427 --> 0:46:43.447prescribe an exercise to0:46:43.507 --> 0:46:45.548specifically target pain to which I,0:46:45.889 --> 0:46:46.048I mean,0:46:46.068 --> 0:46:46.849if you want to win one of these0:46:46.909 --> 0:46:47.909arguments on social media,0:46:47.929 --> 0:46:49.349it's just respond with questions.0:46:49.889 --> 0:46:51.190So which exercise ever0:46:51.670 --> 0:46:52.971specifically targets pain?0:46:54.451 --> 0:46:56.351So this is the exact same thing,0:46:56.391 --> 0:46:57.293but now we're sort of0:46:57.333 --> 0:46:58.753looked at like the bad guy in this.0:46:59.275 --> 0:46:59.875In my opinion,0:46:59.894 --> 0:47:02.817we become the lifetime0:47:02.876 --> 0:47:04.438fitness of that situation, in my opinion.0:47:05.679 --> 0:47:07.420So I wonder too,0:47:07.840 --> 0:47:09.161I'm trying to find the numbers.0:47:09.222 --> 0:47:10.202They're out here.0:47:10.822 --> 0:47:11.824It's likely hundreds of0:47:11.864 --> 0:47:12.704millions of dollars.0:47:13.364 --> 0:47:14.425Think about the budget that0:47:14.465 --> 0:47:16.266Lifetime Fitness puts into0:47:16.367 --> 0:47:17.427their marketing campaigns.0:47:18.054 --> 0:47:20.195Think about them paying to0:47:20.275 --> 0:47:22.755plaster DPT everywhere0:47:23.295 --> 0:47:24.496while they're promoting0:47:24.795 --> 0:47:25.777personal training.0:47:26.297 --> 0:47:29.077They're still paying to promote DPT.0:47:29.717 --> 0:47:30.476Now, of course,0:47:30.536 --> 0:47:32.277we know that many consumers0:47:32.318 --> 0:47:33.438who are going to physical0:47:33.478 --> 0:47:35.057therapy want to use their insurance.0:47:35.077 --> 0:47:37.518So even if a consumer thinks, oh,0:47:37.679 --> 0:47:40.298I'm going to go to a lifetime fitness DPT,0:47:40.358 --> 0:47:40.960they get there,0:47:41.019 --> 0:47:42.940they realize I can't use my insurance.0:47:43.518 --> 0:47:44.278They're going to go to the0:47:44.338 --> 0:47:46.320next DPT who takes their insurance.0:47:46.340 --> 0:47:46.820Who's that?0:47:47.260 --> 0:47:48.420That's a physical therapist.0:47:48.960 --> 0:47:49.780You know, when I,0:47:50.201 --> 0:47:51.481and I've mentioned this before,0:47:51.581 --> 0:47:53.063like if I was opening a0:47:53.143 --> 0:47:54.242physical therapy clinic and0:47:54.262 --> 0:47:55.583I didn't have the marketing budget,0:47:55.663 --> 0:47:56.543I would open across the0:47:56.583 --> 0:47:57.884street from a hospital0:47:57.983 --> 0:47:59.485owned clinic because I know0:47:59.525 --> 0:48:00.744that hospital owned clinic0:48:00.804 --> 0:48:02.226would pay for all the marketing,0:48:02.266 --> 0:48:03.646would get the consumers there,0:48:03.706 --> 0:48:04.626but then they'd have a three,0:48:04.686 --> 0:48:06.027four or five week wait list.0:48:06.507 --> 0:48:07.648So those consumers who0:48:07.668 --> 0:48:08.668wanted therapy would then0:48:08.708 --> 0:48:09.889go across the street to me0:48:09.949 --> 0:48:11.228where I could get them in the same day.0:48:11.728 --> 0:48:13.150I could take in a walk-in appointment.0:48:13.550 --> 0:48:14.672So I would leverage their0:48:14.731 --> 0:48:16.534marketing budget to grow my0:48:16.614 --> 0:48:17.996business when I didn't have0:48:18.036 --> 0:48:18.856the money to do it.0:48:19.478 --> 0:48:21.059I absolutely think...0:48:21.963 --> 0:48:24.224I'd be like, hey, Lifetime Fitness,0:48:24.264 --> 0:48:25.465here's a fruit basket.0:48:25.746 --> 0:48:26.806Thank you so much.0:48:27.206 --> 0:48:28.467Continue to promote0:48:28.907 --> 0:48:30.588marketing the DPT because0:48:30.909 --> 0:48:32.289we're all going to benefit from it.0:48:32.730 --> 0:48:34.251And like Jimmy said, or Dave,0:48:34.291 --> 0:48:36.092I don't remember who said it, you know,0:48:36.773 --> 0:48:37.474I'm an outpatient0:48:37.534 --> 0:48:39.494orthopedic exercise-based therapist.0:48:39.614 --> 0:48:41.235I love seeing them doing the0:48:41.275 --> 0:48:42.217things that they're doing0:48:42.257 --> 0:48:43.197because that's what I want0:48:43.257 --> 0:48:44.918my patients doing anyway.0:48:45.679 --> 0:48:47.019So I would look at,0:48:47.320 --> 0:48:48.521there's the silver lining.0:48:48.922 --> 0:48:49.242Judo.0:48:50.193 --> 0:48:51.735Judo, I've never practiced judo.0:48:52.795 --> 0:48:55.336You use your opponent's0:48:55.476 --> 0:48:56.916energy against them, right?0:48:57.077 --> 0:48:59.378I cannot – this I think I0:48:59.458 --> 0:49:00.858benefited because I ran a0:49:00.958 --> 0:49:03.960radio station which grossed $5 million,0:49:04.240 --> 0:49:04.960right?0:49:05.001 --> 0:49:06.282The radio station grossed $50:49:06.282 --> 0:49:06.981million a year.0:49:07.182 --> 0:49:08.362And our advertising budget0:49:08.463 --> 0:49:09.603for the radio station was $0.0:49:09.603 --> 0:49:11.824And you're like, what do you mean?0:49:11.885 --> 0:49:13.365And I was taught early in radio –0:49:14.306 --> 0:49:15.427Your advertising budget is0:49:15.487 --> 0:49:17.007the fact that you have a six-person staff,0:49:17.288 --> 0:49:18.949a van outside that's always full of gas,0:49:19.068 --> 0:49:20.608and a big antenna on top of0:49:20.648 --> 0:49:21.630your roof that you can say0:49:21.650 --> 0:49:22.610whatever you want and the0:49:22.771 --> 0:49:24.492opportunity for people to hear it.0:49:25.472 --> 0:49:25.632Now,0:49:26.632 --> 0:49:28.594if my competition started to mention me,0:49:29.614 --> 0:49:30.775I would play with it.0:49:31.621 --> 0:49:33.041If I was the little guy, I, of course,0:49:33.061 --> 0:49:33.963would mention the big guy.0:49:34.402 --> 0:49:35.664That's what Lifetime Fitness is doing.0:49:35.923 --> 0:49:38.184They're a $2.6 billion company.0:49:38.525 --> 0:49:40.226But the PT profession as a whole,0:49:40.387 --> 0:49:41.306I'm guessing number-wise,0:49:41.648 --> 0:49:42.387is larger than that.0:49:42.889 --> 0:49:43.869They're the little guy in0:49:43.889 --> 0:49:45.670this situation because we're divided.0:49:46.190 --> 0:49:46.371Right.0:49:46.630 --> 0:49:48.452So they are the little guy poking Goliath.0:49:48.532 --> 0:49:49.452And you know what we're doing?0:49:49.793 --> 0:49:50.954Exactly what the meeting0:49:50.994 --> 0:49:52.355said they would in Lifetime Fitness.0:49:52.375 --> 0:49:53.695We're doing exactly the playbook.0:49:53.715 --> 0:49:53.916We're like,0:49:54.175 --> 0:49:55.036they're going to get all pissed0:49:55.097 --> 0:49:55.677off because we're going to0:49:55.697 --> 0:49:56.398poke their ego.0:49:56.418 --> 0:49:57.318They poked an emotion.0:49:57.677 --> 0:49:59.400We tried to steal half a slice of pie.0:49:59.420 --> 0:50:00.679And then they're going to come after us.0:50:01.800 --> 0:50:02.541They're going to bang the0:50:02.581 --> 0:50:04.242drum louder than we were, right?0:50:04.443 --> 0:50:05.784So if you're the big guy,0:50:06.023 --> 0:50:07.985you never mention the little guy, ever.0:50:08.304 --> 0:50:10.106You never punch down.0:50:10.246 --> 0:50:10.827Never punch down.0:50:11.007 --> 0:50:11.947We had radio stations in0:50:11.967 --> 0:50:14.148Poughkeepsie here come online,0:50:14.248 --> 0:50:15.590and we were an alt-rock station,0:50:15.789 --> 0:50:17.090and they would be faceless.0:50:17.130 --> 0:50:18.291This is back in the 90s.0:50:18.472 --> 0:50:19.512They would just be automated0:50:19.612 --> 0:50:21.494running promos about us,0:50:21.574 --> 0:50:22.635taking shots about the0:50:22.715 --> 0:50:24.556station and us by name.0:50:24.635 --> 0:50:26.358And I'm 22 years old going, oh,0:50:26.418 --> 0:50:27.438I can't wait till I get on the air.0:50:27.458 --> 0:50:28.478I'm going to tear these guys apart.0:50:28.498 --> 0:50:31.161My boss goes, you're going to say nothing.0:50:31.701 --> 0:50:32.460You're never going to0:50:32.501 --> 0:50:33.681mention them by name.0:50:34.061 --> 0:50:34.882You're never even going to0:50:34.961 --> 0:50:36.481innuendo that you ever heard it.0:50:36.902 --> 0:50:37.782And then I realized,0:50:38.302 --> 0:50:39.123act like you've been there.0:50:39.262 --> 0:50:39.983Act like you can't.0:50:40.043 --> 0:50:40.543What's that?0:50:40.784 --> 0:50:41.744Never heard of them, right?0:50:42.143 --> 0:50:42.824This is like a great0:50:43.264 --> 0:50:45.844postgame presser for a football team,0:50:45.885 --> 0:50:46.105right?0:50:46.664 --> 0:50:49.246So-and-so said this to you about Tom Brady,0:50:49.405 --> 0:50:50.246Tom, on Twitter.0:50:50.985 --> 0:50:51.186Never.0:50:51.206 --> 0:50:53.427I have no idea what you're talking about.0:50:54.126 --> 0:50:55.188That burns them more.0:50:55.768 --> 0:50:57.329We are doing exactly the playbook.0:50:57.369 --> 0:50:58.952If I were in charge of the PT profession,0:50:58.992 --> 0:50:59.753which no one's ever going0:50:59.773 --> 0:51:00.233to be in charge of a0:51:00.253 --> 0:51:01.173professor and we're too fractured.0:51:01.554 --> 0:51:02.275But if I were in charge,0:51:02.295 --> 0:51:04.416I would say our response is0:51:04.518 --> 0:51:06.039do it in private and quiet.0:51:06.259 --> 0:51:08.461But our public response is nothing,0:51:09.322 --> 0:51:09.682nothing.0:51:12.501 --> 0:51:13.101Sounds good to me.0:51:13.121 --> 0:51:13.802All right.0:51:13.963 --> 0:51:14.704Parting shots today.0:51:14.744 --> 0:51:15.585We got nine minutes left.0:51:15.625 --> 0:51:16.144Parting shot.0:51:16.164 --> 0:51:16.786What do you guys want to0:51:16.826 --> 0:51:19.088leave with the audience today?0:51:19.108 --> 0:51:20.469Oh, Valentine's Day.0:51:20.489 --> 0:51:21.711We didn't even mention love at all.0:51:21.811 --> 0:51:22.572Not really a love show.0:51:22.992 --> 0:51:23.673But what do you guys want to0:51:23.693 --> 0:51:24.355leave with people today?0:51:24.394 --> 0:51:25.135What's your parting shot?0:51:25.735 --> 0:51:25.976Dave.0:51:27.012 --> 0:51:27.452Yeah, I mean,0:51:27.532 --> 0:51:29.253with the clinic exits and the options,0:51:29.273 --> 0:51:29.434I mean,0:51:29.474 --> 0:51:30.474there's plenty of options out there.0:51:30.494 --> 0:51:31.494I think that practice owner0:51:31.554 --> 0:51:33.416is doing at least initially0:51:33.436 --> 0:51:34.076some of the right things,0:51:34.135 --> 0:51:35.416reaching out to folks like Tony,0:51:35.436 --> 0:51:36.896kind of getting some ideas out there.0:51:37.757 --> 0:51:38.777What are their options?0:51:38.838 --> 0:51:39.818But there's always options.0:51:39.858 --> 0:51:40.998It doesn't matter, again, if you're 500,0:51:40.998 --> 0:51:41.759750K in revenue or more.0:51:43.840 --> 0:51:45.340There's always going to be some interest.0:51:45.382 --> 0:51:46.643Maybe it's I don't know,0:51:46.722 --> 0:51:47.724maybe it's therapists or0:51:47.983 --> 0:51:49.746someone else like nearby in0:51:49.786 --> 0:51:52.068another rural town,0:51:52.347 --> 0:51:55.291somewhat nearby or maybe a state away.0:51:56.012 --> 0:51:57.032But there's options to0:51:57.092 --> 0:51:58.293either sell some of your practice,0:51:58.773 --> 0:52:00.996sell all of it, go find a job or not.0:52:01.115 --> 0:52:02.077Like there's plenty of0:52:02.177 --> 0:52:03.838options and hopefully we0:52:03.878 --> 0:52:04.880gave them a little bit of clarity.0:52:05.320 --> 0:52:05.601I think.0:52:06.240 --> 0:52:08.862I think I still fall into this trap,0:52:08.902 --> 0:52:10.141which is like, talk about it.0:52:10.242 --> 0:52:12.163Don't keep quiet about it.0:52:12.543 --> 0:52:12.782And you know,0:52:12.802 --> 0:52:14.123it doesn't mean broadcast it everywhere,0:52:14.164 --> 0:52:15.744but like do sort of what0:52:15.764 --> 0:52:16.925the person did with Tony,0:52:16.945 --> 0:52:17.965which is because there0:52:17.985 --> 0:52:19.045might be an idea that's0:52:19.166 --> 0:52:20.925super simple that you0:52:20.945 --> 0:52:22.246didn't think of that could0:52:22.327 --> 0:52:23.666change your whole outlook.0:52:23.686 --> 0:52:24.507Because you're like, well,0:52:24.547 --> 0:52:25.188sell or keep it.0:52:25.347 --> 0:52:27.307And it's like, there's 50 other options.0:52:27.807 --> 0:52:28.949I fall into this trap as well.0:52:28.969 --> 0:52:29.469It's like, man,0:52:29.509 --> 0:52:31.789we have access to a lot of information.0:52:32.599 --> 0:52:33.360And I also,0:52:33.460 --> 0:52:34.760I always go to the root of all of it,0:52:34.860 --> 0:52:35.181people.0:52:35.681 --> 0:52:38.501Connect with people and just, again,0:52:38.521 --> 0:52:39.242I think we talked about0:52:39.262 --> 0:52:40.402this before we hit the live stream.0:52:40.722 --> 0:52:41.782We think everybody's paying0:52:41.822 --> 0:52:42.583attention to us and0:52:42.603 --> 0:52:43.543watching our every move.0:52:43.983 --> 0:52:44.402Oh my gosh,0:52:44.422 --> 0:52:46.304I got a spot of mustard on my0:52:46.344 --> 0:52:47.423shirt and everybody's going to notice.0:52:47.704 --> 0:52:48.364The average person doesn't0:52:48.385 --> 0:52:49.005know you're in the room.0:52:50.144 --> 0:52:51.965So talk about it because you're not,0:52:52.005 --> 0:52:52.346there's no,0:52:52.505 --> 0:52:53.286there's not necessarily a0:52:53.326 --> 0:52:54.585spotlight on you, right?0:52:54.606 --> 0:52:55.646So I think that's great advice, Dave.0:52:55.746 --> 0:52:56.427Tony, what do you got?0:52:57.021 --> 0:52:57.702Parting shot.0:52:57.802 --> 0:52:59.882Never let a good crisis go to waste.0:53:00.043 --> 0:53:00.322I mean,0:53:00.422 --> 0:53:02.382take advantage of the opportunities,0:53:02.402 --> 0:53:03.342the attention.0:53:03.402 --> 0:53:04.304That's what it brings.0:53:04.384 --> 0:53:05.224It brings attention.0:53:05.244 --> 0:53:06.083And then you can leverage0:53:06.143 --> 0:53:08.085that to achieve the outcome0:53:08.144 --> 0:53:09.224that's best for everybody.0:53:09.844 --> 0:53:10.144Yeah.0:53:10.525 --> 0:53:10.945I'll, I'll,0:53:11.065 --> 0:53:12.606I'll sort of reiterate and just say judo,0:53:12.666 --> 0:53:12.905right?0:53:12.965 --> 0:53:13.806Like, you know, take,0:53:13.945 --> 0:53:14.565take what they're going to0:53:14.606 --> 0:53:15.746give you and use it against them,0:53:16.106 --> 0:53:16.987but don't punch down.0:53:17.067 --> 0:53:17.467I like that.0:53:17.507 --> 0:53:18.567Don't put like, what are we doing?0:53:18.586 --> 0:53:19.467We're punching down.0:53:19.626 --> 0:53:20.887We're giving them credit now.0:53:21.268 --> 0:53:21.887Now they're legit.0:53:21.927 --> 0:53:22.027Yeah.0:53:23.094 --> 0:53:23.516Because again,0:53:23.516 --> 0:53:25.336$2.66 billion for lifetime0:53:25.376 --> 0:53:26.277fitness is a big deal,0:53:27.039 --> 0:53:28.159not compared to all of us.0:53:28.320 --> 0:53:28.940What are we doing?0:53:29.061 --> 0:53:29.800What are we doing?0:53:30.001 --> 0:53:31.061This baffles me.0:53:31.081 --> 0:53:31.722And I was trying to explain0:53:31.742 --> 0:53:32.724this to a student yesterday0:53:33.043 --> 0:53:34.925without trying to sound like I was saying,0:53:35.385 --> 0:53:36.047don't worry about it.0:53:36.106 --> 0:53:36.887It's not a big deal.0:53:37.327 --> 0:53:38.509It is, but not this way.0:53:38.628 --> 0:53:39.389And what are we going to do0:53:39.409 --> 0:53:40.490when this battle is over?0:53:40.510 --> 0:53:41.692Because another one's going to come.0:53:42.315 --> 0:53:43.275What are we going to do then?0:53:43.635 --> 0:53:44.976Why yell when they're screaming?0:53:45.077 --> 0:53:46.577So I'll hopefully I'll see0:53:46.617 --> 0:53:47.797some of you guys at CSM and0:53:47.838 --> 0:53:48.659we will return with our0:53:48.699 --> 0:53:50.559regularly scheduled program.0:53:50.579 --> 0:53:53.601Same bat channel, same bat time next week.0:53:53.641 --> 0:53:54.262I'll give a little,0:53:54.342 --> 0:53:55.463I'll give a quick recap.0:53:55.603 --> 0:53:56.643Maybe I'll do like the, the,0:53:56.784 --> 0:53:58.065the best I'll look,0:53:58.224 --> 0:53:58.824I'll be able to look out0:53:58.844 --> 0:53:59.565for business stuff.0:53:59.905 --> 0:54:01.146Who's given away the best pens.0:54:01.286 --> 0:54:02.788Who's given away the best stress balls.0:54:03.628 --> 0:54:04.108They say the best0:54:04.148 --> 0:54:05.489conversations happen at a happy hour.0:54:05.528 --> 0:54:06.329Thanks for coming to ours.