Linzy Bonham [00:00:01]:
Hello and welcome back to the podcast. Today’s guest is Leanne Wood. Leanne is a returning guest and she is the owner of Build you’d Private Practice. And today, Leanne and I get into selling your private practice. We talk about some of the emotional blocks that get in the way of thinking that you can sell your practice, which you might be noticing coming up for you right now as you’re listening. Like selling your practice. How is that even possible when you know as a therapist, we are our practice? When get into talking about that, the emotional blocks that get in the way of thinking about selling our practice. We talk about the money habits to put in place, whether or not you’re going to sell your private practice, but certainly that need to be in place if you’re ever going to sell down the road.
Linzy Bonham [00:00:41]:
And we talk about the benefits of setting up a business that is sellable. And part of the conversation today is talking about how you could actually sell a private practice, but also just the benefits of having a practice that is sellable itself, what makes a business sellable and how that is beneficial to us in business, regardless of whether or not we actually go on to sell. Very excited about this conversation with Leanne today. Coming at a very salient time for me where it just seems like lots of folks around me are selling businesses and I’m talking to my own students about selling businesses. Here is my conversation with Leanne Wood. Welcome to Money Skills for Therapists, the podcast that helps therapists and health practitioners in private practice go from money confusion and shame to calm clarity and confidence with their finances. If you’ve ever felt overwhelmed by numbers or avoided looking at your business money, you’re in the right place. I’m Linzy Bonham, therapist turned money coach and creator of Money Skills for Therapists.
Linzy Bonham [00:01:43]:
Before we jump in, check out my free on demand masterclass. You’ll find the link in the show notes or@moneynutsandbolts.com under masterclass. It’s the best first step to finally feeling empowered with money in your private practice. Let’s get started. So, Leanne, welcome back to the podcast.
Liane Wood [00:02:03]:
Thanks for having me.
Linzy Bonham [00:02:04]:
Yeah, I am excited to have you back and I’m really excited for what we’re going to chat about today. The topic of selling your practice has been coming up in my world a lot more lately. Like, I’m finding I’m having more students, especially my group practice students who, when we’re working through the finances, there’s also this question of, like, could they sell this if they wanted to Sell this. What would they even do? Like the idea that maybe this is something that actually could be passed on and isn’t just like theirs. I’m starting to notice around, and I also have a couple friends who’ve sold their businesses recently, which has been interesting to see them go through the process. So very, very salient for what’s happening in our universe right now. So I want to start by talking about, you know, what tends to get in the way for therapists, because this to me actually feels like a newer conversation that I’m having with people When I got into this space. 2018 is when I first started teaching.
Linzy Bonham [00:02:57]:
I didn’t really hear people talking about selling therapy practices, but I think it’s kind of coming into our consciousness now. So I’m curious, like, what do you notice are some of the roadblocks that people have to selling their practice? And maybe what has kept us from thinking about selling our practices is in the past. And how can they start to like, shift towards maybe thinking that they’re actually building something they could sell?
Liane Wood [00:03:20]:
Right. It’s such a powerful question. Right. And I think it really taps into the emotional side of money and your practice. And it’s so often overlooked, I think, especially in helping professions. And one of the, I think the biggest roadblocks that I see is an identity attachment because so many therapists are their practice. Right. Their name is their brand.
Liane Wood [00:03:48]:
Yeah. The name of their practice is their name. Right. So they are the ones that clients want to see and their entire practice revolves around them. And that makes the idea of selling a practice feel impossible or even disloyal to their clients. Yeah. Right. So, but there needs to be kind of a mindset shift because I, I believe that you can be a compassionate, heart centered therapist and a strategic practice owner at the same time.
Liane Wood [00:04:21]:
They’re not mutually exclusive. Building a practice that can thrive without you is an act of care for your future self, especially for your clients and for whoever carries the torch next. And so I think the shift really begins with recognizing that this, this practice is an asset that I’m building. It’s not just about me. It’s about the systems, the value I create, and the people I serve.
Linzy Bonham [00:04:51]:
Yes.
Liane Wood [00:04:52]:
I really think that that shift is foundational, whether you sell your practice or you don’t.
Linzy Bonham [00:04:57]:
Right. Like that’s an important shift, no matter what, for folks listening. Because that identity piece, I find is so powerful as therapists. Like for so many years I felt like I was a therapist and I go to a party and then I was A therapist at a party, which is like, not, by the way, never be a therapist at a party, but it can become such a core identity for us. And so it’s like the business is where I. Where I am a therapist. But what I’m hearing from you is we need to think about our, our businesses more as, like, I own this business. This is a therapy practice that I practice within.
Linzy Bonham [00:05:29]:
But there you’re building like a container for that work to be done. Is that. Yeah. Is that a fair summary?
Liane Wood [00:05:35]:
Yeah. Yeah, you’re right there. Yeah.
Linzy Bonham [00:05:37]:
And you know, I’m hearing you talk about systems, and this is something that I think talk about with my students when we’re thinking about selling things. You’re talking about building out systems. What else is helpful for folks to think about when they’re, when they’re really sinking into the fact that, like, you are not the business? Like, what is the business then?
Liane Wood [00:05:54]:
Right. That. That becomes. That’s.
Linzy Bonham [00:05:56]:
Yeah.
Liane Wood [00:05:56]:
That’s a million dollar question. Right. What is this thing that I’m. That I’m building? And I think you actually said it really well just a moment ago, you know, when you said, you know, I’m a therapist, but when I’m at a party, I’m a therapist at a party, where recognizing that I’m a business owner, I own a therapy practice and I work as a therapist inside that practice. Right. And so really starting to mentally. Right. Separate those two there.
Liane Wood [00:06:25]:
I have a practice and I’m a therapist. And I’m a therapist who works inside this practice.
Linzy Bonham [00:06:32]:
Right.
Liane Wood [00:06:32]:
Yes. But, you know, really being able to distinguish the practice as separate from you.
Linzy Bonham [00:06:39]:
Yeah. This is something that you’ve built. And another framing that I hear on this sometimes that I’m thinking back to a conversation I had years ago on this podcast with Joe Sanic that sometimes too, our business were like, my business is my baby. Like, we have this real, like, kind of like gentle, tender ownership of it. But he was like, don’t think of your business as your baby because you might have to kill it.
Liane Wood [00:06:57]:
Right.
Linzy Bonham [00:06:57]:
So it’s like, also, I think the ways that we can really, like, develop these really emotionally enmeshed relationships.
Liane Wood [00:07:03]:
Yes.
Linzy Bonham [00:07:03]:
With our business. Yeah. Makes it hard to imagine that there is actually something here that could exist without you, but you are building something that has a structure to it and an ethos and a brand and a spirit and that somebody else could actually step into.
Liane Wood [00:07:18]:
Absolutely. Yeah.
Linzy Bonham [00:07:20]:
So for folks who are listening then, like, what kind of practical money habits can they start putting in place if they’re Thinking about selling their practice or even if they’re not, or even if they might sell it in years, or what should they be doing financially to be able to maybe sell down the road?
Liane Wood [00:07:37]:
Well, I think it starts with recognizing that great practices aren’t built overnight and neither are sellable ones. And so thinking about this ahead of time, because even if selling isn’t on your radar yet. Right. Creating solid financial habits now sets you up for more freedom and fewer headaches later. And so the first thing I would say is track your numbers. Right. So that means knowing what your monthly revenue expenses and profit are not just at tax time, but regularly. Right.
Liane Wood [00:08:13]:
Because if you can’t easily pull a profit loss report or explain your revenue streams to a potential buyer, that’s a red flag. Yeah. And then secondly, it’s really important to separate your personal and your business finances. There’s way too many therapists who have it all combined.
Linzy Bonham [00:08:32]:
I know, I know.
Liane Wood [00:08:34]:
And so, you know, have a proper business bank account. Pay yourself a consistent salary from that business bank account. Yes. Right. Set aside funds for taxes and reinvestment. It’s really, it’s not just about being organized with your finances. It’s really also about stepping into the CEO role of, of your practice. And then the last thing or the third thing I would say is to start diversifying your revenue in your practice.
Liane Wood [00:09:04]:
Right. So that it’s not just one to one therapy, and you’re the only one providing therapy. Right. There’s so many ways that you can diversify your revenue streams. Whether it’s doing things like adding clinical supervision, doing group therapy or therapy intensives, creating digital products, or building an associate team. And I’m sure there’s more, but in this moment, those are the ones that are jumping to my mind.
Linzy Bonham [00:09:28]:
Right, but those are good ones.
Liane Wood [00:09:29]:
Yeah.
Linzy Bonham [00:09:29]:
Right.
Liane Wood [00:09:29]:
Like the more that your practice revenue isn’t tied only to your time in client sessions, the more attractive and the more sustainable your practice becomes.
Linzy Bonham [00:09:41]:
Right.
Liane Wood [00:09:41]:
And I think we really learned the, you know, the sustainable part through the pandemic. Guilty. Because before the pandemic, my practice relied on one to one therapy sessions happening with me. Right. And when the pandemic hit, and my practice was all in person as well, you know, I couldn’t do in person and there were no other revenue streams coming into my practice.
Linzy Bonham [00:10:01]:
Yes.
Liane Wood [00:10:01]:
Right. And so even from a sustainability perspective, having, you know, diversification in your revenue streams in your practice is a wise move, whether you’re selling or not.
Linzy Bonham [00:10:12]:
Yeah. I mean, it’s the sustainability piece. Like sustainability is a Word that I’ve started using a lot in the last couple years because the work can really be unsustainable too. You know, sometimes a business that looks great on paper, it’s like, oh, wow, this is a, you know, a solo practice and they’re bringing in $300,000 a year and like, wow, look how much money they’re making. But the work that it takes to actually generate that through purely one on one sessions. Also somebody else is probably not going to want to actually do that work, which makes it a not very attractive business to sell. Right. If you’re like, yeah, yeah, I make a ton of money.
Linzy Bonham [00:10:45]:
So I see 30 clients a week doing intensive trauma work and work back to back to back to back to back. Right. Like, that’s another interesting thing to think about when we think about our businesses is if somebody was gonna consider buying it from you, like, what job are they considering for themselves? Right. Or that they’re gonna hire somebody else into if, if they’re investing in the business. And is it actually a job that would be appealing to like literally anybody but you? Right, yeah, because it’s, it’s easy to build a business that’s really unsustainable. And another thing too that, you know, I think about when you talk about tracking the numbers, is tracking the numbers lets you see, like, is there actually profitability in this business?
Liane Wood [00:11:22]:
Yes.
Linzy Bonham [00:11:23]:
Right. Because from your experience and knowledge, like, what do buyers tend to be looking for? Like, what do folks find attractive when they’re looking to buy somebody else’s practice?
Liane Wood [00:11:34]:
Really great question. Right. I think first of all, they’re looking for potential. Like what’s the potential of this business or this practice that I’m looking at, is it profitable? Right. And it doesn’t have to be outrageously profitable for a buyer to consider it, but it does need to be making a profit and it does need to look like it’s sustainable if the present owner is there or not. You know, they’re looking at profitability and potential, but they’re also looking at can this carry forward without the present owner being involved. Like, can it survive?
Linzy Bonham [00:12:09]:
Yes.
Liane Wood [00:12:10]:
And so I think, you know, those would be the top three things that I would say potential buyers are looking for is the potential, the profit, and whether, you know, this can continue with a change of ownership.
Linzy Bonham [00:12:22]:
Right? Yes. And that, that last piece that you mentioned, you know, can it continue? I’m assuming diversification would be one of the things that would help your practice continue to be sustainable without you.
Liane Wood [00:12:33]:
Absolutely.
Linzy Bonham [00:12:33]:
What, what else helps to make a business Sustainable when the main person is stepped out. Like, if I’m, if I’m Linzy Bonham, mswrsw, which used to be my, my designation and I have my therapy practice, what can I do to make it so that it could go on without me? You know, when, when, as we talked about earlier, I’ve really, I’ve built the brand. The brand is my name. You know, my clients love me. They love the way that I work. For folks listening, like, yeah, what can you start to do to make it so that it is something that exists and can be sustained without your special traits? Like, you know, we all have our own special mix of stuff that, that makes us the therapists we are.
Liane Wood [00:13:11]:
Yeah. I think a big part of it is your marketing. Right. Because if I step out of my practice, what happens to referrals? What happens to. Right. Like, are they, are they being referred to me personally or, you know, like, does that just dry up? Like, what’s your relationship like with your people who refer to your practice? Right, right. And so, you know, I, when I say relationship, yes. I’m talking about, you know, the personal connections that you have made in your practice to have referrals coming into your practice.
Liane Wood [00:13:42]:
And so looking at you as a practice owner, looking at, okay, if I was to step away from my practice, how could I transition my existing referral network.
Linzy Bonham [00:13:52]:
Right.
Liane Wood [00:13:52]:
To a new owner and would that be possible? How could I make sure that that is still successful? Also, you know, looking at, I mean, easier thing to transfer is if you have successful paid advertising happening. Right. And then, you know, that’s, you’ve already got, you’ve already worked out all the kinks to get that paid advertising, generating a really positive roas return on ad spend. Just if we don’t know what ROAS is.
Linzy Bonham [00:14:16]:
Yeah, good translating. Yeah.
Liane Wood [00:14:19]:
You know, making sure that there’s a positive ROAS happening and that with a couple of tweaks because of new ownership or whatever, that those ad campaigns can absolutely continue. So I think, you know, a big part of it is, you know, if I step out of the practice because I’m selling or I’m retiring or whatever and it’s going to continue on, are the referrals going to keep coming in?
Linzy Bonham [00:14:40]:
Yeah. Right. So if my whole referral network are, you know, my friends who I did my MSW with.
Liane Wood [00:14:45]:
Yeah.
Linzy Bonham [00:14:45]:
Probably not going to be great for the next person stepping in who does not have those relationships, like, I’m not really going to be able to transfer that trust fully because that’s a very kind of Individual and personal referral network there.
Liane Wood [00:14:57]:
Exactly.
Linzy Bonham [00:14:58]:
Yeah. Okay, so I’m hearing then that those more, maybe broader reaching marketing strategies, like having ads that are working or I think also, you know, I’m thinking too about maybe the benefits of having a practice that has. Has a name that’s not your name. So the practice name is known. Yeah. Can we talk about that for a bit? Because I think for a lot of us, the default is that our business is just our. Our name. I do see many students, if I think about in my money skills for therapists, where it’s solo practitioners, many folks do also have a business name.
Linzy Bonham [00:15:28]:
But can we talk about the, you know, having your name as your business versus having a business name? How. How important or how much of a difference do you think it makes if you’re thinking about selling?
Liane Wood [00:15:37]:
Well, if you’re thinking about selling, it makes a lot of difference.
Linzy Bonham [00:15:40]:
Right?
Liane Wood [00:15:40]:
Yes.
Linzy Bonham [00:15:41]:
Change it today.
Liane Wood [00:15:42]:
Right. And I think, you know what, as soon as you said that, what started rolling through my brain is I watched a little while ago the Martha Stewart story on Netflix.
Linzy Bonham [00:15:51]:
Okay, yes.
Liane Wood [00:15:52]:
You know, because her whole brand is her name. Yeah, right. Then her company went public, and now all of a sudden, she doesn’t own it. But it’s still her name being out there. And even though she’s not liking the direction it’s going, it’s still her name on it. And so I would encourage you, you know, I don’t think we’re all Martha Stewart’s. You know, where our name. Oh, yeah, I know my name is not as valuable.
Linzy Bonham [00:16:13]:
Oh, okay.
Liane Wood [00:16:14]:
Okay.
Linzy Bonham [00:16:14]:
Yeah, yeah. Maybe one day we’ll be there. Yeah, maybe.
Liane Wood [00:16:17]:
But it’s not today. But, you know, just kind of looking at like, does somebody want to buy Leanne Wood Therapy? No, probably not, because it’s too tied to me. And do I want to sell Leanne Wood Therapy and have no idea what the new owner is going to do to my personal name? Yes, yes, yes. Also be a business name. And so from the aspect of, you know, if you are looking at creating your practice in a way that you can sell it, I do not recommend using your personal name at all. You want something that somebody else is going to feel comfortable stepping into and, you know, the name is not tied to an individual person. Again, that also ties into the sustainability. Right.
Liane Wood [00:17:00]:
Like, who wants to come to Leanne Wood Therapy when Leanne Wood isn’t there?
Linzy Bonham [00:17:04]:
Yes. It’s a little confusing. If folks contact, they’re like, okay, so can I work with Leanne? They’re like, oh, no, Leanne hasn’t been here for years.
Liane Wood [00:17:10]:
Years.
Linzy Bonham [00:17:11]:
Yeah. Yeah. Interesting. And it makes me think too about how law firms will change their names depending on partners too, you know, like, and then you’ll have these, these names that kind of rotate a little bit.
Liane Wood [00:17:21]:
And it’s okay, right? Like looking at the law firms that do that. Right. It’s okay to rebrand, to change the name, right?
Linzy Bonham [00:17:27]:
Yes.
Liane Wood [00:17:28]:
And so you could do that through an acquisition. Like, you know, if you sold your practice and the person who acquired it changed the name, you could do that. What I’m going to suggest is that, you know, you also need to think about how much change you’re putting your clients through. Right. And so, you know, a name change and a change of ownership, those are two changes at the same time.
Linzy Bonham [00:17:51]:
Right. It’s like, is it even the same thing anymore?
Liane Wood [00:17:53]:
Is it the same thing? Right. Whereas if you have a name that is easily transferable and you know, it’s just, it’s like, okay, it’s still, you know, ABC Therapy. There’s just a new person at the helm.
Linzy Bonham [00:18:04]:
Yes, right. And which is funny because everything else could be the same, you know, in terms of like, the systems that are built would still be transferred. But yeah, there is something really powerful about that, that name, continuity. So it’s like, oh, yeah, I used to see this person, ABC Therapy, and then they sold and now I’m still at ABC Therapy, but I see this other person. Even though it’s just a name, it does mean something. Again, it’s almost like the container you’re identifying, that you’ve stayed in the same container even if the person offering services has changed.
Liane Wood [00:18:34]:
Right.
Linzy Bonham [00:18:35]:
So what do you see as some of the financial and lifestyle benefits of building a practice that is, that is sellable? Even if you don’t plan to sell, why do you really advocate that folks should be thinking about making a business that is actually sellable? What is helpful about that?
Liane Wood [00:18:51]:
Oh, I love this question. Because preparing your practice to sell isn’t just about selling. Right. I think it’s really about creating options for yourself.
Linzy Bonham [00:19:02]:
Right.
Liane Wood [00:19:03]:
Because even if you never list your practice for sale, the act of making it sellable makes your practice more profitable, more sustainable and more enjoyable to run. Yes. From a financial standpoint, a sellable practice tends to have more stable revenue, cleaner systems and multiple revenue streams, all of which increase the day to day profitability. And then, you know, from a lifestyle perspective, it gives you freedom.
Linzy Bonham [00:19:33]:
Right.
Liane Wood [00:19:33]:
Freedom to step back when you need to, to take a vacation and know that things aren’t going to fall apart or you’re not going to like have zero income. It allows you to build a team or to delegate without constant micromanaging.
Linzy Bonham [00:19:47]:
Yes.
Liane Wood [00:19:47]:
And that’s the type of results that I help people create inside our scale your practice program. So the real benefit here is peace of mind. Right. Because you’re building something that can grow with you. It’ll support you and eventually be passed on or sold when you decide. And that’s really financial empowerment. And I think that’s what every therapist deserves.
Linzy Bonham [00:20:08]:
Absolutely. And I think that idea that you can sell your practice to, I personally find that quite exciting because often with therapy and other service based businesses, the road is like you kind of get to the end of the road and then you just kind of close the door, which I’m sure can be beautiful too in its own way. Sometimes you’re like, okay, we’re wrapping up an era, but being able to actually see where what you built continue to serve people and maybe serve the same folks that you were serving. Right. Because if you also find someone, a buyer who’s a great fit and still everything else about the practice is the same and like, you know, the buyer is values aligned. Yeah. There’s that continued legacy there of your business is still serving the community even though you’re not running it anymore, which is really powerful.
Liane Wood [00:20:52]:
It is, it is. And I, you know, I think often too about just how much time, energy and effort it takes to build a thriving therapy practice. And it makes my heart sad when I see therapists, you know, just, just close their doors. I’m like that, you know, how much work it takes, how much time and effort it takes to make that thriving practice.
Linzy Bonham [00:21:14]:
Yeah.
Liane Wood [00:21:14]:
And we’re just closing the doors, understanding that there are other therapists out there who don’t want to do all that work to create a practice from scratch and to start from scratch and will gladly, you know, come up with financial arrangements to acquire a practice that is already thriving that they can step into and be making money from day one.
Linzy Bonham [00:21:36]:
Yes.
Liane Wood [00:21:37]:
There’s so many creative ways to finance and structure a deal for an acquisition that, you know, doesn’t put you in such financial hardship that like, it’s really workable. So, and then as a seller, you just need to be flexible. Right. In terms of like what payment can look like, what, you know, how it might be structured and those types of things.
Linzy Bonham [00:21:57]:
And I find too with selling, what I’ve observed from, from having actually a few friends, if I think about it, selling businesses recently is I feel like there there’s kind of a formal market for selling businesses and that’s where for probably like larger businesses that are like, you know, 2 million plus kind of more that range where maybe you’re working with a broker, it’s all very formalized. You get like a formal audit done. Your EBITDA is calculated, which is like the profitability of the business, you know, and then that is circulated to people who are already looking to buy businesses. Like, there is this formal market for selling. Then there’s also the market of just like there is a colleague in the community that you love and you’re ready to close the doors and they’re thriving and would love to step into that practice. And usually that, you know, that second type of sale is much less lucrative.
Liane Wood [00:22:43]:
Right.
Linzy Bonham [00:22:43]:
Like, they’re probably not going to pay you a million dollars for your business. But I’ve also seen that that can feel really good and values aligned to know that somebody’s stepping into your business who, like, really gets the folks that you serve and, you know, is going to just run your business with so much love and thoughtfulness. And so, yeah, that’s been my observation of the two different types. And I think the type that you’re talking about is probably more the second type where it’s like, yeah, like it can be quite collaborative and creative the way that we transfer business to somebody else.
Liane Wood [00:23:12]:
Absolutely. And I mean, to your point, yes. It could be a colleague in the same city. It’s. It could be somebody on your team.
Linzy Bonham [00:23:18]:
Yes. Which I personally love that idea. It’s not always going to be possible, but certainly when I think about, you know, my group practice folks, where sometimes they might have somebody who’s kind of their clinical lead, who’s been there for 10 years and like, absolutely gets the business and is already on the inside, that’s a great person to transfer ownership of the business to. And that can be done gradually as well.
Liane Wood [00:23:40]:
Right.
Linzy Bonham [00:23:41]:
Of like, you know, starting to gradually move them into that role. So I do think there’s maybe more flexibility and options there than folks tend to imagine. It might not be as scary of a process as folks can imagine on their worst days, you know.
Liane Wood [00:23:54]:
Absolutely. And I think, you know, if we think about anything that we do for the first time, you know, the first time you bought a house, the first time you bought a car. Right. Those are scary things because we don’t quite know the process and how it’s going to work. Once you’ve bought a few cars and sold a few cars, you’re like, oh, yes, no, Big deal.
Linzy Bonham [00:24:08]:
Yeah, exactly. Yes.
Liane Wood [00:24:10]:
Honestly, it’s kind of the same with businesses. Like, I have bought and sold business, like, multiple businesses at this point. So it doesn’t feel scary.
Linzy Bonham [00:24:18]:
Right. Because, you know, you know what you’re walking into, you know, what all is involved, which I admire personally. I’m, you know, like, this is an area that I’m starting to feel a little bit of, like, interest and curiosity for folks listening. I’m not going anywhere in this business, just so you know, but just starting to think about business skills because I think, too, for. For some of us in the therapist space who get the entrepreneur bug and discover that we actually love that side of. Of the work to. Or maybe even more than the therapy work, eventually those business skills can also transfer to other industries.
Liane Wood [00:24:51]:
Absolutely.
Linzy Bonham [00:24:51]:
And I’ve started a business mastermind with some Canadian business owners. Not that I’ve started, but I’ve joined a business mastermind that already exists with female Canadian business owners. And they run all kinds of businesses. Right. They run mediation businesses, yoga studios, like. And it’s fun and interesting to be with folks in other industries and learn about how they think and the neat things that they’ve accomplished in these other spaces, but using the same entrepreneurial skills that we develop when we build successful therapy practices.
Liane Wood [00:25:19]:
Right.
Linzy Bonham [00:25:20]:
Leanne, thank you. This has been informative, inspiring to, you know, think about the options there. And for folks listening, I hope that this has planted some seeds for you that selling your business is even a possibility.
Liane Wood [00:25:31]:
Right.
Linzy Bonham [00:25:32]:
Or maybe buying a business is a possibility too. For some folks listening, maybe that makes sense for where you are in business. What I’m hearing from you is that could be somebody that you already know or somebody you’re already working for or with, that you could transfer this great thing that’s been built. So, Leanne, for folks who want to learn more about you, get further into your world, where can they find you?
Liane Wood [00:25:53]:
Yeah, my website is buildyourprivatepractice ca. We’re also on Instagram buildyour Private Practice, and we have a free Facebook group. If you search Build, you’d private practice, you’ll find us in the group section on Facebook.
Linzy Bonham [00:26:07]:
And to clarify, is that business for Canadians? Canadians and Americans? Who’s in that group?
Liane Wood [00:26:12]:
It’s mostly Canadians, but we also have some American friends in there as well, and we welcome them.
Linzy Bonham [00:26:17]:
Beautiful. Thank you so much for joining me today, Leanne.
Liane Wood [00:26:19]:
Thank you for having me. It’s been a pleasure.
Linzy Bonham [00:26:34]:
I so enjoy this conversation with Leanne today. It’s a great reminder that our Businesses are not who we are. You are not your business. I am not my business. Our businesses are something bigger. Our businesses are the container in which services can be delivered, but they are not us. So taking the time to think about your business and what it actually is outside of you, have you built up consistent systems? Do you have clear ways that you do things every time? That makes it also consistent for your clients. It’s also just great for our clients too, to be dealing with a business that has consistent practices, where there’s clear SOPs, where they know what to expect, where they understand how things work.
Linzy Bonham [00:27:16]:
That is also part of building a business is that there is clarity in the processes in place. That’s great for you. You don’t have to think about how to do something in a fresh way every time you do it. But it’s also great for the folks that we serve that they can know what to expect. And that’s a lot of what businesses are about. If I think about fast food businesses as an example, where you know there’s many of a certain chain, part of what’s great about going into a chain when you’re on a road trip is you know what to expect. You know a brand means something. You know when you go into a Tim Hortons, what’s going to be on the menu and you know what you like and you know how the process works of ordering and you know how long you’re going to wait.
Linzy Bonham [00:27:57]:
All those things make a business and the individual folks who work in the business and deliver that service are part of what makes it happen. But also they could step away and somebody else could step in and it would still be a good consistent experience. Of course, you know, if they’re great employees, which we always are going to be looking for great folks to replace ourselves. So definitely food for thought from Leanne. So appreciate her bringing this topic to the podcast today. If you are interested in working with me, there are two ways to do that. I have our course for solo practice owners, Money Skills for Therapists, and I have our course for group practice, Money Skills for Group Practice Owners. So to learn about those courses you can just head to my website and click on courses.
Linzy Bonham [00:28:38]:
Click on the course that makes the most sense for you in the drop down menu or I will also put links in the show notes for you to learn more about each of those courses and see if you want to get my support in getting your business finances really working for you whether it’s at that solo level or whether it’s in group practice. Thanks so much for joining me today. I’m Linzy Bonham, therapist turned money coach and creator of Money Skills for Therapists. If you’re ready to go from money confusion and shame to feeling clear and empowered, my Free On Demand Masterclass is the best place to start. You’ll learn my four step framework to get first, your private practice finances finally working for you. Register today using the link in the show notes or go to moneynutsandbolts.com under masterclass. I look forward to supporting you.
