Episode 130: How To Build & Sell A Thriving Group Practice [featuring Dan King]

If you're a group practice owner, the thought of selling your business has undoubtedly crossed your mind more than you'd probably like to admit. During this episode of the All Things Private Practice Podcast, I talk with Dan King of Fireside Strategic about how to create and cultivate a group practice that you can scale and grow.Dan and I both emphasize the importance of cultivating a cohesive culture and how to ensure that you sell your business to someone who will keep things intact.Some important takeaways were:How to increase employee morale and employee retention. The better you treat your staff, the more likely it is that they remain loyal to the group and are much more invested in the outcomes.How you should look at your business as an asset, and how to ensure that you have an exit strategy, instead of just packing up shop and all of your hard work.How to prioritize people over profit, and why this leadership style leads to increases in profits across the board, ensuring a win-win for employers and employees.More about Dan:Dan King is the founder of Fireside Strategic. He has an unusual background at the intersection of law, psychology, and investing. He began his career in corporate law at one of the world's largest law firms, focusing on mergers and acquisitions. Following a rapidly growing interest in entrepreneurship, he next moved to the Shark Tank TV show working for one of the investors draft contracts, do due diligence on deals, and helping the companies grow post-investment. He noticed many of the companies struggled to grow due to leadership, team, and psychological challenges and that he was drawn to those challlenges more than legal challenges. So he left law and went back to school to study org psych. He built a few companies before starting Fireside, a private equity firm in mental health. Fireside's focus is culture, acquiring and growing practices by treating clinicians like gold.Dan focuses on selling a psychology group practice, improving group practices, creating exceptional culture in a group practice, and highlighting why mental health matters.Fireside Strategic is looking to buy 400k EBITDA and up practices.LinkedIn: linkedin.com/in/danmking Website: firesidestrategic.com–––––––––––––––––––––🎙️Listen to more episodes of the All Things Private Practice Podcast🎙️Spotify🎙️Apple🎙️YouTube Music▶️ YouTube✈️ Learn about Retreats🗨️ Join the free Empowered Escape FB Community–––––––––––––––––––––Thanks to Our Sponsors: The Receptionist for iPad!✨ The Receptionist for iPadThanks to The Receptionist for iPad for sponsoring this episode.The Receptionist for iPad is a HIPAA-ready digital check-in system that eliminates the need to walk back and forth from your office to the waiting room to see if your next appointment has arrived. Clients or patients can check in for their appointments, and you'll be immediately notified by text, email, or your preferred channel. Break free from interruptions and make the most of your time, because it is valuable. Start a free 14-day trial of the Receptionist for iPad by going to thereceptionist.com/privatepractice. Make sure to start your trial with that link to get your first month free if you decide to sign up.Free Gifts for Our Listeners✨ Free Podcasting WorkbookGet a practical podcasting workbook for therapists considering starting a podcast, created by Patrick Casale, host of the podcasts All Things Private Practice and Divergent Conversations.You'll get a practical structure for therapists who want to start a podcast but don’t want to rush, perform, or build something they can’t sustain.Grab your free copy of the Podcasting Workbook: atppod.com/free-podcasting-workbook✨ Move Beyond Private Practice As A Neurodivergent EntrepreneurMove Beyond Private Practice As A Neurodivergent Entrepreneur is a FREE 5-part mini-course designed for therapists who want sustainable financial independence beyond one-on-one work.Access your free mini-course here: atppod.com/move-beyond-private-practice-freeMentioned in this episode:The Receptionist for iPad The Receptionist for iPad is a HIPAA-ready digital check-in system that eliminates the need to walk back and forth from your office to the waiting room to see if your next appointment has arrived. Clients or patients can check in for their appointments, and you'll be immediately notified by text, email, or your preferred channel. Break free from interruptions and make the most of your time, because it is valuable. Start a free 14-day trial of the Receptionist for iPad by going to https://thereceptionist.com/privatepractice. Make sure to start your trial with that link to get your first month free if you decide to sign up.