Get the Most Out of PPS This Year
Ahead of the 2022 Private Practice Section conference, Paul shares what to expect from acquirers, questions to ask them, why to hold off on signing an NDA, and which sessions are worth attending.
Full transcript
Generated from the episode audio and lightly edited for readability.
Paul Martin here and I am so excited to talk to you today with my annual pre private practice section conference video to help guide you in making sure that you have the absolute and get the absolute most from this conference. It's only two weeks away and this year as you know in Aurora, Colorado at the Gaylord should be a phenomenal conference. So what are some of my predictions about this upcoming conference? Well, first and foremost in terms of the acquirers, they will all be there. These acquirers right now are moving fast and are literally laser focused on what they want.
And what they want is unique depending upon the acquirer, their stage of private equity, the geography that they may be most interested in. So my strong advice is while you have all these smart executives at the conference is take the opportunity to ask them how their strategy may have changed based on the current economic conditions that we are seeing in the United States right now. You know, there's absolutely no harm in you in having a conversation with them. Generally, talking about your business, your future plans, the strength of your staff, how you've attained market share in your market, and I think to be armed with some questions prior to meeting with them or prior to just seeing them and striking up a conversation, have some questions ready.
First question could be in addition to the economic conditions is Mr. Require. How would you describe your culture? And could you tell me a story that best shows me about what your culture is like or best describes what your culture what story best describes that culture or tell me about the most recent couple of acquisitions that you've done and what those owners are doing right now. And how do you as an acquirer once you have acquired a business or partnered with a business, how do you improve staff performance both clinically, operationally as well as from a customer perspective?
How do you improve that? And from a leadership perspective and great question for them is where do you see your company in five years? And be prepared to answer that question from them as well because I am sure they will be asking that question to you. And I implore you, do not get lured into signing an NDA or a confidentiality agreement and promising to send information at this time unless you are absolutely ready. And even so, keep in mind this industry has multiple acquirers for your business.
Multiple acquirers that could be the best match. And so the way in which you will get the best outcome if you want to take your business and you want to partner with a larger company is you want to confidentially put them all in the same starting line at the same time. And that's where you will absolutely get the best outcome. You know, I took a look at all of the presentations this year, and there are a lot of really good presentations, but a few really caught my eye to be especially relevant.
Now, look, we all strive for a great culture. It's something that we all yearn for. So, don't miss some, I think, fairly new speakers. On Thursday at 11:00 a.m., Bradley Cougar and Justin Kaine are going to be presenting creating legacy culture, how to improve longevity, team atmosphere, and team perspective. What a great topic. And I think that you will find those two speakers to be very thorough in terms of their description of how to do that with your company. You know, one of the best ways in order for you to protect market share as you see larger companies coming in as well as new competition from local companies is to grow.
So, don't miss Mike Osler and Brent Bednar's presentation, the keys to unlocking growth, overcoming predictable barriers faced by every owner. Real interesting and I think hopefully it will get you over that hump of being able to see your way to additional clinics. And finally, if you are wanting to explore the rehab M&A market anytime in the future, please do not miss my presentation on Friday at 10:30. It's called the surprising new strategy that is winning the best deals in 2022. I also welcome all of you to stop by our booth number 208, and have some conversations with professionals who are in this market every single day.
I am looking so forward to seeing all of you in two weeks in Aurora, Colorado at the 2022 private practice section annual conference. Take care. Click below if you want to have a conversation. Also, if you would like to meet with me at the conference, please click below and we will set up a meeting so that we can talk at the conference. Thanks and have a great day.
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