Dr. Frank is 62. He owns a practice with revenue in the millions. He’s made investments in real estate and other businesses, many of which have gone bust; he “owns” two homes. He’s always had nice cars (usually leased). Everyone knows Frank; he belongs to two country clubs and eats out often. He maintains a high profile “moneyed” persona. He’s made millions…and spent every dime and then some. He’s chased get rich-quick-schemes. He’s been a philanderer. He’s always looking to save money, whether through hard negotiations or outright arrogance. His employees have long ago lost respect for him. His family is in shambles. Vendors avoid his calls. When push comes to shove, Frank will throw anyone “under the bus” to protect his assets and his lifestyle. Now, on the cusp of retirement, Frank is about to go bankrupt.
Dr. Sam is 52. He owns a very successful practice that generates over $400,000 per year in net cash flow. He sees patients three days a week. He plays golf as often as he wants and travels several weeks each year on vacations with his wife. He owns his own building. He’s a leader in his community and is sought for his wisdom. He hires the very best people, pays them well and acknowledges their worth. Always searching for and sharing new ideas, Sam has forged relationships far and wide. He has outstanding vendor relationships and sits on the board of one of his suppliers. He’s a successful stock-trader and works at his hobby daily. Sam loans money to those in need and donates to area causes anonymously. Sam has a very nice nest egg and is debt free.
What’s the difference between Frank and Sam? They’re both O.D.s; operating in similar communities and are even graduates of the same school. But, like the kid in the proverbial candy store, Frank is all about what’s in front of him. Frank has an insatiable appetite for “more.” Frank is about “stuff.” His value system is determined by the Joneses…as in “keeping up.” If you're between Frank and a goal, you’re going to get stepped on. It’s all about Frank. And after years of playing his game, the chickens are coming home to roost. Time’s run out for Frank; he will likely retire a broke and broken man.
Sam, on the other hand, has always been concerned about others. Knowing that it’s his staff that makes the difference, Sam has for years paid his team for 40 hours when they only work 38. He maintains a health and retirement plan for his employees; they receive bonuses based on performance. Sam gives before receiving. He pays himself with what’s left over from operating a successful business. He works hard and has fun. Sam will retire by age 60 (he could actually retire now) with all that he needs.
I’ve observed this same story on multiple occasions. The reason for Frank’s challenges is pretty simple, in my opinion. You see, Frank doesn’t know who he is. He has no value system. His got lost long ago in his quest for “more.” Sam, on the other hand, clearly knows who he is and what he values.
The long-term success of your practice will more largely be dependent on your value system then it will be on anything else. As the saying goes, “you can’t fool mother nature.” Before you even think about opening or acquiring your own practice (indeed, before you walk out the door today) ask yourself some important questions. Who am I? What do I stand for? What do I want out of life? How will I define my success? What responsibilities do I have to others?
Why are you on this planet and who do you wish to be? It’s not your business that’s your primary concern; it’s you. And without a clear destination in mind; without melding your personal values with your business interests, your business will not provide all that it could.
Your value system shouldn’t be taken for granted. The exercise of clearly defining your values should be job #1 and is likely long overdue. Some 30 years ago, I solicited the assistance of a friend to help me to clarify my values. We spoke at length about my views of trust, social responsibility, teamwork, ideas, etc. The result was a series of short statements that summarize what I believe. For example:
“Life is a banquet of possibilities. Seek and discover them. Feast upon them.”
“We are all members of the same team; within our family; our community; our society; within humanity. We will succeed only as the team succeeds. It’s a big responsibility”
“People deserve our trust. What we sow we reap tenfold.”
My “maxims” have guided my personal and business dealings for my entire entrepreneurial life. They are mine; not adopted from some book; but from an exploration of my beliefs at the ripe age of 27. They are the touchstone against which I measure every act and action. They now reside in both my conscience and subconscious mind. And in those times when I’ve gotten upside down and backwards, as we all do from time to time, it’s evident that it was because I wandered from my core values.
We can’t live a perfect life nor should we try. Who is to say what perfect is? But I have observed that those who lead extraordinary lives; who are fulfilled and for whom luck always seems to be on their side; these are people who clearly know who they are; what they stand for; and what they want out of life. They’re open to the possibilities that arise because they clearly know which of those possibilities are aligned with their values. They make decisions with greater ease. They don’t waste time.
Take the time, now, to define your values. It’s a worthwhile exercise. Make your life…“your life; you can’t buy it in a box and it’s not returnable for credit. To be safe (no disrespect to those who believe otherwise), you’ve got one shot at it. Don’t leave your value system up to chance.
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