InTouch with Terri

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In this enlightening episode of 'In Touch with Terri,' host Terri Ross welcomes Victor Snyders, the entrepreneurial mastermind behind Skin Renewal in South Africa. Victor shares his incredible journey of transforming a small side hustle into a thriving empire of 20 clinics. He discusses the strategic frameworks and business principles that have fueled his success, emphasizing the indispensable value of lifelong learning. This episode dives deep into the nuances of scaling a practice, the importance of a unique selling proposition, and the role of emotional connections in consultations. Victor touches on critical themes such as the significance of defining the 'why,' 'what,' and 'who' in a business, drawing from over two decades of experience. With an impressive roster of topics, including people management, overcoming challenges, and maintaining business cohesiveness, Victor offers a treasure trove of insights that are essential for anyone looking to scale their aesthetic practice. As he states, "Don't ever be afraid to be wrong, to ask for help, or to say you don't know." Discover how Victor's commitment to fostering a strong organizational culture has led to impressive employee retention, and why investing in your people is paramount. This episode is not just a business case study but a masterclass in turning challenges into scaling opportunities, making it a must-listen for industry professionals.

Key Takeaways:

• Foundation Principles: Understand your business's 'why,' 'what,' and 'who' to create a strong foundation for growth.
• Unique Selling Proposition (USP): Determine what sets your business apart to achieve sustainable competitive advantage.
• Employee Investment: Treat your employees as your greatest asset and invest in their growth and development.
• Consultation Excellence: Shift the consultation focus to emotional connections to better serve and retain clients.
• Lifelong Learning: Stay open to new knowledge and don't shy away from seeking advice or acknowledging gaps in your expertise.

Notable Quotes:

• "We had to employ staff. We had no idea what kind of staff to employ. We really… decided to take off in an airplane, but the airplane didn't have wings."
• "Your single biggest asset in your business is not your equipment, it's not your patients, it's not your locations, it's not your brand, it's your people."
• "Don't ever be afraid to be wrong. Don't ever be afraid to ask for help, and don't ever be afraid to say, I don't know."
• "We decided that we would do everything in-house, and we focused on developing skills from people who understood our culture."
• "Investing in your people comes with a huge responsibility, but it's essential for growth and success in your business."

Resources:

Guest's Company: Skin Renewal South Africa https://www.skinrenewal.co.za

Books Mentioned: - 'Start With Why' by Simon Sinek - 'Blink' by Malcolm Gladwell Conferences Referenced: - Aesthetic Medicine World Congress (AMWC), Monaco - Paris MCAS - The Aesthetic Show, Las Vegas Business Tools: Zenoti software

Terri Ross welcomes special guest Dr. Johnny Franco to dive deep into a hot topic in aesthetic medicine: the integration of weight loss and wellness into med spas, a field where Dr. Franco has notably excelled. As a key opinion leader and expert plastic surgeon, Dr. Franco brings his extensive knowledge and successful experience, sharing how he has incorporated wellness, specifically weight loss programs, into his practice, transforming it substantially.

In this episode, listeners will learn about the transformative journey Dr. Franco experienced personally and professionally by incorporating weight loss solutions like GLP medications into his plastic surgery practice. The discussion covers the broader implications of this integration on patient satisfaction and business profitability, highlighting the trends in the aesthetic industry. Key insights are provided on the practical aspects and strategies for successfully implementing such programs in a med spa. Their conversation also previews an exciting collaboration between Terri Ross Consulting and Dr. Franco's initiative to help other practices replicate his success, showing how these changes can revolutionize the aesthetic medicine landscape.

Key Takeaways:

• Personal and Professional Integration: Dr. Franco shares his personal weight loss journey using GLP medications, which spurred his commitment to integrate weight loss and wellness into his practice.
• Strategic Implementation: Key strategies for incorporating weight loss programs include ensuring legal compliance, effective team education, and developing comprehensive treatment plans.
• Comprehensive Approach: Successful practices must dedicate effort, time, and resources to make wellness programs thrive, emphasizing the importance of a patient-focused consultation process.
• Innovative Programs: Dr. Franco's program, "Scaling Skinny to Sculpting," offers downloadable resources, educational videos, and customizable treatment plans to guide other practices in implementing similar solutions.
• Collaborative Growth: The collaboration between Dr. Franco and Terri Ross aims to provide extensive training and support for aesthetic practices, helping them grow by integrating wellness programs and optimizing patient care protocols.

Resources:

• Dr. Johnny Franco Instagram
• Austin Plastic Surgery
• Scaling Skinny to Sculpting Program
• Terri Ross Consulting
• Plastic Surgery Untold Podcast

About the Guest(s):

Jeremy Lessaris: Jeremy Lessaris is a seasoned serial entrepreneur, investor, and former global marketing and communications executive. He is the founder and CEO of Payment Brokers, which is now Verifee, a fintech company leveraging AI to reduce costs. With over two decades of entrepreneurial experience, Jeremy has founded and led eight companies to successful exits. His vast expertise spans across SaaS, payments, and healthcare, and he has the distinct honor of ringing the bell at Nasdaq. Jeremy's insightful approach to business and dedication to helping small and medium-sized enterprises make him a revered figure in the industry.

Episode Summary:

In this episode of "In Touch with Terri" host Terri Ross dives deep into the intricacies of credit card processing fees with Jeremy Lessaris, founder and CEO of Payment Brokers, now Verifee. The conversation focuses on how aesthetic practices can significantly reduce their credit card processing fees without changing their current systems. Jeremy brings his extensive experience in the fintech industry to the table, explaining the various nuances, hidden costs, and the predatory nature of the credit card processing industry.

Jeremy underscores the complexity and intentional obfuscation of credit card statements, sharing how his company, Verifi, uses sophisticated AI and machine learning technologies to help businesses navigate and minimize these costs. The discussion also touches on the unethical pricing strategies adopted by many processing companies and software vendors, and Jeremy provides actionable advice on how businesses can save money immediately. This episode is a must-listen for practice owners seeking to optimize their financial operations and boost profitability.

Key Takeaways:

• Understanding Hidden Fees in Credit Card Processing: Jeremy explains the complicated fee structures and hidden costs that processors and banks impose on businesses.
• AI and Machine Learning in Cost Reduction: Verifi uses advanced technology to analyze and reduce credit card processing fees for businesses without requiring system changes.
• The Impact of Predatory Pricing: Jeremy shares insights into how some software vendors exploit their clients by embedding excessive fees into their contracts.
• Actionable Steps for Immediate Savings: Practical tips, like eliminating paper statement fees, and leveraging Verifi's resources to ensure you are not overpaying on processing fees.
• Partnering for Better Outcomes: The importance of partnerships in identifying and rectifying excessive charges and ensuring ongoing savings.

Resources:

• Schedule a Discovery Call with Terri Ross Consulting: https://api.leadconnectorhq.com/widget/form/i5OJmtQXow3BbQzVGfrn

• Verifee Website: Payment Brokers

Terri Ross is a renowned consultant specializing in the business side of aesthetics. With over 20 years in aesthetic medicine, Terri has an impressive portfolio that ranges from leading sales teams in Fortune 500 companies to owning a medical spa and starting a SAS platform. She has proven her expertise by consulting for twelve years, writing training courses, and dedicating her career to helping businesses grow, scale, and sell. Notably, Terri emphasizes her strength in sales training and working with businesses to achieve their full potential.

Episode Summary:

In this insightful episode of the podcast, Terri Ross of Terri Ross Consulting addresses the critical mistakes commonly made by aesthetic practice owners and providers, focusing on the business aspects that often go overlooked in this crowded and competitive industry. She shares her wealth of knowledge and experience to guide listeners through the intricacies of running a successful practice.

Terri dives into the importance of not attempting to tackle every challenge alone and the vital need for tracking, systems, and consistency in business operations. She emphasizes that being busy shouldn't be confused with being profitable and that investing in expertise and proper resources can lead to substantial growth and financial freedom. By bringing attention to common pitfalls like price matching and succumbing to the allure of the "shiny new object," Terri provides clear solutions to enhance the business acumen of those in the aesthetic space.

Key Takeaways:

• Don't Do It Alone: Outsourcing to experts can save time, money, and improve sustainability, especially during growth.

• Data-Driven Decisions: Tracking KPIs and benchmarks is essential for understanding profitability versus just being busy.

• Consistency is Critical: A consistent approach to marketing and operations builds client trust and brand reliability.

• Avoid Shiny New Object Syndrome: Assess new opportunities critically to ensure they align with your business goals and financial capacity.

• Training Elevates Teams: Ongoing team training translates into better service, sales, and overall practice success.

Notable Quotes:

• "Time is our only non-renewable resource, right? We only have 24 hours in a day."

• "Busy does not mean that it equals profits. And there's a big difference between being busy and being profitable."

• "Consistency is key... Quality information on a consistent basis is going to help you."

• "Data doesn't lie. It's unemotional, it's factual, it is your compass, it is your navigation system."

• "People will spend 30% more for what they perceive as value."

Resources:

• Terri Ross mentions The Big Leap by Gay Hendricks, particularly the four zones of function within.

• 4S Summit, a sales and business mastery boot camp https://www.4ssummit.com

About the Guest(s):

Julie Acarregui is a distinguished figure in the aesthetic industry, known for her role as the founder and medical director of Pure Medical Spa, which has expanded to operate across three locations in Idaho. Julie comes with a deep clinical background as a Registered Nurse Anesthetist since 1996, holding a Master's degree in anesthesia from the University of Texas Health Sciences and priding herself on a ten-year tenure as an army veteran. She has paved her way to become a nationally renowned aesthetic cosmetic injector and is recognized as the number one Sculptra injector in Idaho. Additionally, Julie takes on the responsibility of being a national trainer for Galderma Aesthetic Injector Network (GAIN).

Episode Summary:

In this insightful episode of 'In Touch with Terri,' host Terri Ross invites the accomplished Julie Acarregui to delve into her personal journey within the dynamic world of medical aesthetics. Starting with a heartfelt introduction, Terri sets the scene for an episode rich with entrepreneurial spirit, resilience, and expert knowledge.

From Julie's initial steps towards creating a reputable med spa during an economic downturn to proficiently managing multiple locations with finesse, the episode offers a treasure trove of wisdom for anyone in the aesthetic space. Julie shares her transformation from a clinical provider to a business maven, her strategic decision-making processes, and the vital role of consistent learning, collaboration, and adaptation in achieving business success. Listen as they discuss overcoming business challenges, executing comprehensive team training, and the pivotal restructuring of their compensation model to fuel exponential growth.

Key Takeaways:

• Julie Acarregui's transition from direct client care to focusing on business operations was essential for scaling her med spa locations.
• Proper compensation models and consistent training are key to maintaining a motivated and proficient team.
• Investing in significant business changes, like adopting new software and consulting services, can lead to substantial growth and improved team performance.
• Building a standardized consultation process enhances customer experience and significantly increases sales and package deals.
• Continual learning and willingness to embrace challenging transformations are foundational to lasting entrepreneurial success in the aesthetic industry.

Notable Quotes:

1. "That consistency and then... setting KPIs for every single team member... inspect what you expect."
2. "I am just huge on continuing education. I don't think we can ever stop learning."
3. "Bigger is not always better... Taking on too much debt [and] keeping bad employees too long... those were things that I had to come to."
4. "My why has always been about my clients and my team."
5. "We are all doing consultations exactly the same way because I can't say that that was the way it was happening before."

Resources:

• Julie Acarregui's Instagram: @beautybyjulie.a
• Julie's Email: [email protected]

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

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In this insightful episode of "In Touch with Terri," host Terri Ross shares her "zone of genius" with listeners, focusing on the top five habits of the most successful salespeople. Engaging and knowledgeable, Terri reframes the concept of salesmanship within the medical aesthetic practice as an activity rooted in service and education, not just transactions. She taps into her extensive experience to deliver actionable strategies that transform how practices can approach sales, client relationships, and growth.

Terri discusses the importance of creating lasting relationships, staying ahead of industry trends, being persuasive, maintaining a resilient mindset, and holding oneself accountable. She emphasizes the significance of continuous learning and adaptability in the ever-evolving field of medical aesthetics. With a combination of personal anecdotes and professional guidance, this episode offers valuable insights, whether you're at the front desk or managing an entire practice.

Key Takeaways:

• Relationship Building: Establishing and nurturing profound relationships with clients is fundamental to successful sales in medical aesthetics.
• Continuous Innovation: Staying informed about industry trends and constantly evolving one's approach is key to staying competitive.
• Persuasive Education: A salesperson's ability to educate and influence client decisions is rooted in a firm belief in their offerings and the quality of care provided.
• Resiliency: A resilient mindset is crucial to overcome the challenges of rejection and adapt to learning opportunities.
• Accountability: Setting SMART goals and measuring performance against KPIs can significantly impact a practice's success.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.

In this captivating episode of In Touch with Terri, Terri Ross, delves into the increasingly pertinent subject of preparing to sell an aesthetic practice. Drawing on her wealth of experience and expertise, Terri outlines the essential strategies and considerations for owners looking to create a successful exit plan for their business. With a focus on positioning practices to attract and satisfy the rigorous requirements of private equity investors, this episode is packed with actionable advice.

Terri highlights the importance of understanding key financial indicators such as EBITDA, patient conversion rates, and revenue targets that appeal to potential buyers. She also stresses the value of a well-trained, productive team and operational excellence as critical factors that influence the attractiveness of an aesthetic practice to investors. Throughout the episode, Terri interweaves fundamental business principles, such as understanding the unique value proposition, with insights into industry benchmarks and growth opportunities.

Key Takeaways:

• Financial Preparation: Aesthetic practice owners should aim for a top-line revenue of at least $2 million and an adjusted EBITDA of $500,000 to appeal to private equity investors.
• Operation Analysis: Practices must be under substantial scrutiny, focusing on staff utilization, patient load, conversion rates, service diversification, and provider concentration.
• Team Structure: A strong, diversified team showcases a business's sustainability and is crucial for due diligence by private equity.
• Forward Planning: Owners should prepare for an exit strategy at least five years in advance, with a solid team including a CPA, legal team, and operational support.
• Data-Driven Decisions: Grasping industry benchmarks and using KPIs to make informed business decisions is imperative for growth and attracting investment.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.

About The Guest(s): Dr. Shitel Patel is a double board-certified plastic surgeon and the owner and founder of Lift Plastic Surgery in Houston. He is also the owner and founder of Advital, a business intelligence CRM for aesthetic medicine and a medical lead management system.

Episode: Summary: Dr. Shitel Patel discusses the importance of embracing AI and technology in the aesthetic medicine industry. He shares his journey as a plastic surgeon and the challenges he faced in building his practice. Dr. Patel explains how Advital, his software company, helps practices improve their marketing, communication, and patient journey. He emphasizes the need for accountability and process in running a successful practice and highlights the power of AI in lead management and conversion. Dr. Patel also discusses the future of AI in the industry and the importance of continuous improvement and adaptation.

Key Takeaways:

- Embrace AI and technology to improve marketing, communication, and patient journey.

- Accountability and process are essential for running a successful practice.

- AI can help manage leads, improve response times, and automate follow-ups.

- The fortune is in the follow-up; consistent and meaningful communication with patients is crucial.

- The successful practice has a well-defined process for consultations, pre- and post-operative care.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.

About The Guest(s): Dan Schacter is the CEO of Cosmetic Physician Partners (CPP), one of the largest partnerships of med spas and plastic surgery practices in the nation. With over 30 locations, CPP's leadership team has built one of Canada's largest and highest-rated MedSpa networks, Victoria Park. Dan brings a data-driven approach to the industry and focuses on the importance of culture and people in running successful clinics. Summary: In this episode, Terri Ross interviews Dan Schacter, the CEO of Cosmetic Physician Partners (CPP), about the process of selling a med spa or plastic surgery practice. Dan shares insights on when the right time to sell might be, the factors that affect valuation, and the importance of culture and people in running a successful clinic. He also provides tips for preparing for a sale and finding the right partner. Key Takeaways:

• The right time to sell a practice depends on factors such as whether you're still having fun, if your business is still growing, and if you've prepared yourself for the sale.
• Valuation is determined by factors such as EBITDA (earnings before interest, tax, depreciation, and amortization) and the multiple applied to it.
• Factors that can increase valuation include having multiple providers, being located in a growing region, and having a higher percentage of med spa revenue.
• It's important to get your financials in order and clean up any accounting issues before a sale.
• Communication and community are key to running a successful clinic, and it's important to find a partner who values these aspects.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.

Summary: In this episode, Terri Ross shares seven valuable lessons she has learned throughout her entrepreneurial journey in the aesthetic space. She emphasizes the importance of adaptability, resilience, positive team culture, networking, continuous learning, time management, and work-life balance. Terri's personal experiences and insights provide valuable guidance for entrepreneurs and professionals in the industry.

Key Takeaways:

• Lesson 1: Adaptability is crucial for success as an entrepreneur, as it allows you to navigate changing circumstances and market conditions.
• Lesson 2: Resilience is paramount to overcome challenges and setbacks, and it is essential to maintain a deep belief in yourself and your purpose.
• Lesson 3: Establishing a positive team culture is vital for building a successful organization, and it requires effective leadership, communication, and recognition of team members' contributions.
• Lesson 4: Networking is essential for professional growth and can open doors to new opportunities and partnerships.
• Lesson 5: Continuous learning is key to staying informed, acquiring new skills, and adapting to the evolving business landscape.
• Lesson 6: Time management is crucial for balancing work and personal life, and effective time blocking can enhance productivity and create more freedom.
• Lesson 7: Work-life balance is essential for personal well-being and maintaining meaningful relationships, and it is important to prioritize self-care and quality time with loved ones.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.