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.