Episode #218
How to Build a Practice That Doesn't Need You (Part 2: with Ernie Schmidt and Ken Urie)
Part 2: Making It Work In Part 1, Ken Urie and Ernie Schmidt talked about the mindset of stepping back. In Part 2, they get into the how: what it actually takes to hand over the day-to-day and trust someone else to run your practice. They dig into letting a leader make calls you wouldn't have made, why the businesses they built are structured so a single decision can't quietly sink the ship, and what they each looked for when choosing the person to replace them. Ken hired from within, Ernie hired from the outside, and both explain the trade-offs. They also get candid about selling versus staying, including why the private-equity payday a lot of owners imagine rarely pencils out the way they expect. Julie keeps the thread on the financial reality underneath it all: the stability and systems that let this work, and why trying it too early tends to go badly. If you missed Part 1, start there for the mindset. This one is the playbook. In this episode: How Ken and Ernie decide when to step in and when to let a leader run with it Why they say delegating too early, before stability and systems, is where owners get burned Hiring from within vs. from the outside, and what each of them looked for Selling vs. staying, and why the EBITDA/private-equity math often disappoints What their week actually looks like now as owners who've stepped back Resources mentioned in this episode: Connect with Ken Urie & Ernie Schmidt: Group Practice Success: https://www.grouppracticesuccess.com/ Profit First for Therapists: https://www.profitfirstfortherapists.com/ Work with my accounting firm, GreenOak Accounting: https://www.greenoakaccounting.com/consultation Subscribe to the newsletter: https://www.greenoakaccounting.com/subscribegoa This episode is educational only. Check anything financial with your own accountant, tax preparer, and attorney.
