advantages of using external consultants

A Great Business Lesson from Celebrity Apprentice – Don’t Make This Mistake

As many of you know – I am a big fan of the TV show The Apprentice
and more recently – Celebrity Apprentice.

I enjoy watching teams work out issues and the dynamics that
different personality types create in a group setting.

I am also a huge fan of the Boss on Australian Celebrity Apprentice
Mark Bouris – founder of Wizard Home Loans and Yellow Brick Road
financial services (what a great name for a financial services

I have also just finished reading one of Mark’s books – “What it
Takes – How to Work in Business“.

A great read by the way – but take note – Mark’s business success
formula is based very heavily on hard work – so it is not for the
faint hearted.

One very important business lesson all health business owners need
to learn from Mark – is related to your exit strategy.

Mark always begins his analysis of a potential business idea by
answering the question :

What is my exit strategy and can I profitably build and sell this
business in 3 to 5 years so I can cash in and move to the next

This is a very different strategy to how most health professionals
approach their current or new health businesses.

Most of us see our business as a 10 to 20 year investment – and
even worse – rarely think about the exit strategy or ensuring the
business is worth something to a potential buyer in the future.

This is a classic example of thinking about your business in terms
of “current bank” and not thinking at all about “future bank“.

I see this over and over in health businesses – where the new owner
has named the business after themselves – eg “John Smith
Chiropractic” – or when a health business owner opens a new clinic
inside a medical centre.

In both these examples – the enthusiastic health business owner has
not really thought about their exit strategy or building equity in
the business.

They are happy to work for a wage as they have essentially created
a job for themselves.

It is hard enough to find a buyer for some health businesses – let
alone finding another chiropractor named John Smith – ha ha.

So please learn from what Mark teaches and only go into a new
business if you have a definite exit strategy.

Remember – you may never want to sell your business – but you still
need to be treating it and building it – as if you do.

As one of my mentors once told me:

You never know when you will want to sell and you never know when
you will want to buy“.

If you are interested in more serious business topics like this –
and would like to know how I was able to leverage my businesses for
a great sale – then make sure you register for my one day –
Ultimate Health Business Masterminds“.

These events are limited to 10 (Ten) health business owners at each
event – and one of the topics we are certain to cover is the area
of buying and selling health businesses.

You can find out more about these events at:
I wish you well in your health business.

Paul Wright