Increase Profits in Your Health Business – Marketing for Health Professionals

How I Lost $1 Million Dollars in 24 Hours

Over the last few weeks there has been a lot of discussion on this blog about the idea of health professionals developing a business that they can eventually sell – some of the comments have been negative and some positive – but that’s OK.

This topic did make me begin to question why I am so passionate about helping health professionals build a sellable business – while also delivering excellent health services to their clients.

It did not take me long to see the big turning point in my business outlook – the day I lost a great health business and over $1 million in future profits through no fault of my own.

Nearly 15 years ago I had a great health business running happily inside a popular fitness centre in Sydney – everything was running smoothly – lots of clients – a great location – plenty of cash in the bank – and we had just signed a lease renewal.

Little did I know my life was about to change – big time.

The first sniff of trouble came via a phone call late one Thursday night from a loyal patient and friend to say that the gym owner had not paid his rent for three months and was in trouble.

On arrival at the clinic the next day – the rumours had proven true – so by 6pm the next evening – I had hired a truck and packed all movable clinic items into it.

The managers told me I was over-reacting to the news – and did not need to get the truck.

A large health chain was going to take over the gym and it would be business as usual on Monday morning with new owners pending – and they suggested I unpack the truck and come back on Monday to “business as usual”.

I said to them “That’s great – I will bring everything back on Monday morning if the doors are open – but I am not willing to take that chance”.

Sure enough – the deal with the big chain fell through – and the doors to the gym (and to my great health business) never opened again.

Any of my equipment that was left inside the clinic that night (that I could not get into the truck) – effectively became part of the bankruptcy proceedings and was lost to me forever.

I had just spent the last 5 years of my life building a successful business – only to see it close before my eyes in less than 24 hours.

The yearly projected profits multiplied by the new lease term effectively meant that I had just lost over $1 million dollars in less than 24 hours.

And some people wonder why I am so passionate about health businesses succeeding and delivering great value to their owners.

I learnt many lessons in business that day – that will stay with me forever – as I am sure you can understand.

This knowledge – along with the information I have gained from constant reading, formal business education, seminars, mentors and coaches is why I am able to deliver excellent education content to my seminar attendees and private coaching clients.

I hope to be able to share some of this knowledge and the lessons I learnt about business development in my upcoming seminar series:

“What is Your Health Business Worth – Buying, Selling and Increasing the Value of Any Health Business”?

The seminar series starts in Sydney next Thursday November 10th 2011 , followed by Brisbane on Tuesday November 15th, Melbourne on Wednesday November 16th, Newcastle on Tuesday November 22nd and finally to Canberra on Saturday November 26th.

In this seminar I will give you a full description of my “Million Dollars in 24 Hours” event and the business lessons all health professionals MUST know to prevent this and other business tragedies happening to you.

Full details and bookings for the seminar can be found at:

www.healthbusinessprofits.com/valueseminar2011

This presentation (and the 2 Bonus Seminars) are essential for all current or future health business owners looking to develop a future for themselves and their families in health care.

Don’t make the same mistakes I made.

I also welcome your comments on this topic.

Paul Wright

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