Interview with Dr. Don Reno (Fuel Series)
Dr. Don Reno is the Director of a patient-centered integrated wellness facility in suburban Detroit. He has been a key leader with the Michigan Association of Chiropractors (MAC), previously serving as President and Chairman of the Board. Currently, he serves as the Chairperson of the Government Affairs Workgroup for the Chiropractic Future Strategic Plan (http://www.chiropracticfuture.org). He joins us for an interview to discuss the steps he has taken and steps he wishes he would have taken to improve the overall value of his practice in suburban Detroit.
Transcript:
Marc:
I hope you’re having a great day. Today. I’ve got with us, Dr. Don Reno, who is out of Michigan, Sterling Heights, Michigan, exactly. He has served with the Michigan Association of Chiropractors, he has served as their president, as their Chairman of their board. Is that right, Doctor?
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Dr. Reno:
This is true.
Marc:
Yes. So he has fulfilled a ton of different key roles for Michigan. Additionally, currently, he is serving as the Government Affairs Workgroup Leader for the Chiropractic Future Strategic Plan, which is the National Strategic Plan that was really born and developed by the profession itself, I encourage you to check that out. But today, we’re going to be talking about Dr. Reno, let’s talk about the steps that you’re taking in your practice to ensure that when you make that decision, ultimately to retire or sell your practice, the practice actually has good value, and is appropriately positioned for that sale. If that works for you. Give us some ideas, what are some steps that you’ve taken in your practice, to position your practice?
Dr. Reno:
Well, I’m a fan of the number seven. So I came up with seven ideas a number of years ago as to how I could value my practice, and make it an attractive business. And not necessarily an attractive practice, per se. So I know, in our earlier discussions a few weeks back, we talked about this subject. And I think that it’s important to be a member of your community. And it’s never too late. If you’re an individual who puts the key in the front door, locks it up, and goes home and you’re not really involved in let’s say you live in a remote area, it’s important for you to be what I say the joiner and supporting other businesses in the area. So we’ve been a joiner, we’ve been a regular member of our chamber of commerce, on multiple levels, we’ve been at the larger side of the chamber, but especially more so in the intimate surroundings with small business groups. So those are resources that have costs, but the return on investment is great with the Chamber of Commerce, and we kind of opened up I opened my practice in 1987. There were a number of businesses that were in the area that also opened up at the same time. Amazingly, most of them are still there in business. So we’re talking 35 years ago, we made friendships, you know, we had social life, we made friends with other health care providers in the area of dental practice, medical practices in the area. So we do know, other entities, and we share the same challenges as those businesses. So those two characters are important.
Marc:
I assume when you say not just member, but I assume you’re participating in the events that they hold in the community as well, right?
Dr. Reno:
Absolutely. Yeah, as a matter of fact, we’ve got a large party-like atmosphere going on in our community this week. And if you want to, you can volunteer, it’s called Sterling Fest and brings in rock bands, music, carnival atmosphere. And it’s also a place to be seen and rub elbows with people in the community. So we’ll be we’ll be doing some of that today. Or this coming weekend, I should say,
Marc:
Great. What are some of the things that you’ve done? That you feel like, hey, this, this was a key part of making sure that that the practice has continual value?
Dr. Reno:
Well, we established a social media image, I think, we didn’t hire a social media expert, but I think hiring a branding expert, nowadays is the way to go. We started out before branding was a major emphasis. So I encourage practices here in Michigan that consult with us at the MAC to hire someone at low costs for branding, and you’ll be recognized as that I’m near a transition in my career. As a result of the branding that I did in the community, there’s a group practice that has five clinics that have now actually approached us and we’re in talks to transition our practice into their group. The reason why they felt comfortable was they looked at the branding, they saw the branding, they know the practice model, and they feel comfortable with cooperating with us through a transition and an acquisition.
Marc:
An interesting starting point for that actually may even be something simple is Donald Miller’s book, Story Brand, right? And that would give potentially at least an opportunity for doctors to be able to say, Okay, what does this look like or what might it look like? How do I get it off the ground and then, you know, your suggestion, I think is, is also incredibly wise, which is, you know, there are those that help with your branding. And that would help.
Dr. Reno:
Yeah. I would say the other thing to take a look at too. And I was sharing with Marc before we started the call about some statistics, I came out of the state of Illinois, in relation to the transition of family businesses. And there is the 30:13:3 – and each stands for a percentage, and the declining percentages as you go through three generations of transition in the family business 30% of the businesses survive. And let’s quantify survival, survival isn’t just the passing of the business, does that business make it to the next generation? So if your members are going to pass on the family legacy, you need to take a very strong look at what that’s going to look like if you want this awesome legacy you’ve created in this huge value of the business, and how that’s going to bless the few the future generations in your family. So the 30:13:3, gives me goosebumps, to see that some businesses just fall off the vine so very, very quickly. And if you’re not going to have a family legacy, such as myself, I don’t, we don’t have children. So I’m not passing it on to my children, to take a look if you’re going to pass it on to a corporate entity. Or if you’re going to pass it on to an associate who’s currently in your practice, set them up for a win and get them involved in the community.
Marc:
What else have you seen anything you’ve seen? Or even this doc, if you want to talk about things that you’ve looked at? And said, I wish I would have. Are there any? Whichever direction you want to go on that?
Dr. Reno:
I think to some degree, I wish I had paid a little bit more attention to the 10 – 15 year window of the changes in the social media world, dedicated somebody a little bit more to that. I think that is a huge value. It seems like social media, you know, gotta brush off from the people who were born in the 50s, and 60s such as myself, but it still really rules a lot of businesses in healthcare especially. So I wish I had invested more in that. Probably a little bit more investment in the time with the medical profession, per se. I know. Chiro’s, a lot of times are hesitant in, you know, addressing and telling the story to the medical profession. But look what happened with COVID. I know that if I had invested a little bit more, I believe those offices are now filled with the people who should be in the chiropractic practices, and not in the medical world. They are the individuals who are getting prescriptions for mood-altering aches and pains. You name it, that’s all related to stress. And now the human beings that are in our population can’t adjust to that. So I would say a little more intimate relationship with some of the medical folks in my community.
Marc:
Yeah, that’s good, too. So I want to touch on something, you brought it up a couple a couple of times, but surrounding social media and your marketing, if you will, I think there’s sometimes a concept that what happens is our doctors say, Okay, well, I’ve got all the new patients right now, I’m really not going to accept new patients, I can back off on my marketing. And I think that that can also be a trap. Because we look at the marketing really, for today. And forget that actually your marketing and your branding and your social media presence, and all of that lend itself to a stronger business overall. And ultimately, you don’t want to really back off during those times, maybe you modify how you do it, or the messaging, or if you will, the call to action. But at the end of the day, whatever you do, don’t pull back completely, even though you feel like you can because it will damage your brand, it will damage the overall value of the practice. I mean, does that make sense? I mean, am I right on that and in what you’ve seen in the research?
Dr. Reno:
Yeah, I think that’s 100% True. You know, the question is, and I know, I get questions regularly about what’s the value of my practice, can you help me evaluate my practice? Not being a professional evaluator? I do know that your practice is whatever someone’s willing to pay for it. I do know that. And if you have done your due diligence on your practice, you’re going to wonder who’s going to come along. I’m highly suggestive of the fact that there’s always a buyer for something if it’s a practice or not. So if you’ve done some due diligence in your area, and you can begin to put some of the strong points of what you have built into your practice, should you go to a listing or some type of practice broker you at least have this appearance that you know your practice intimately. Then they can align you with the people who are looking for someone that fits your profile. So get a pen and paper out, put your practice on paper. Now, if you haven’t done it to this point.
Marc:
Yeah, perfect. Any other home run tactics are things that you would have, you know, our doctors here in Illinois, take a look at that you’ve seen or met, these are can’t miss opportunities.
Dr. Reno:
You’re not supposed to ask about home runs, because I’m a Detroit Tigers fan, and they hit the least number of home runs, in all of Major League Baseball. So with that statistic in mind, I would say education, you know, it’s never too late to fill in the blanks on what you don’t know. If you’re not the interested in part interested party in growing this practice, you know, if you’re five years out from leaving, or seven years out, if you think that your practice value is going to go up with the same things you’ve done in your prior 20, 25, or 30 years, you’re kind of fooling yourself, you have to upgrade your level of knowledge and relationship to value in your practice making it attractive and don’t ever put it to the curb at a lower value than it shouldn’t be out because there is a party who’s interested in your practice, whatever it is.
Marc:
So normally, I would ask you, how do you want to leave us but really, I love what you just said there, I think that’s really important. And I want our doctors to remember that, that it does, your practice has value. And if you take some time now, in your practice, even if you’re 30 years away from retirement, you begin to position it today. For that, I think they’re better off, and at the end of the day, always remember that there is value, as long as you’ve given it the appropriate attention and aren’t trying to sell it by tomorrow. It has value and I really want to leave him with that. That was a really strong point. But I will ask anyway, anything you want to leave our doctors with?
Dr. Reno:
I would say look for resources. I’ve got a couple that I think I know that your association is an amazingly strong association. You have internal resources and legal support. I always say I only play an attorney on a night-time television show. I’m not an attorney, go to Marc for the the resources that you need in the legal world. I’m always available, and if you found some of the information here, helpful, Marc can provide some contact information, I’m always happy to answer any questions that they might have.
Marc:
Well, Doc, thank you so much. Love this time. Thank you for contributing. And really thank you I mentioned at the beginning, that you’re incredible service and valuable service to the Michigan Association of Chiropractors. I know the MAC has loved your leadership. In fact, I think you’re doing some ongoing efforts and work with them through Medicare and through Americare. Also, I want to thank you for your incredible leadership in regards to the Chiropractic Future Strategic Plan, that has been unbelievable. Your workgroup is doing amazing work and it’s under your leadership. So, thank you a ton and we will catch you next week. Thank you, Dr. Don Reno.
Dr. Reno:
Thank you.
