Will Power Podcast by Will Humphreys
Freedom isn’t just possible—it’s the point.
If you’re a healthcare leader or entrepreneur tired of burnout, constant busyness, and feeling stuck in your own success story… this podcast is your reset button.
Hosted by Will Humphreys—former physical therapist turned serial entrepreneur, speaker, and founder of Virtual Rockstar—The Will Power Podcast dives deep into what it really takes to build a business that serves your life, not the other way around.
Expect raw coaching moments, unfiltered conversations, and powerful lessons on leadership, business, and family—the real pillars of lasting freedom.
You’ll laugh, learn, and walk away ready to lead with love, live on purpose, and never give up your freedom.
Will Power Podcast by Will Humphreys
Stop Losing Talent! Learn the Radical Recruitment Strategy that Fuels Hyper-Growth with Will Humphreys
In this dynamic episode of the Will Power Podcast, host Will dives into a live coaching session that uncovers a radical recruitment strategy capable of solving the biggest constraint in your physical therapy practice: manpower.
Drawing on concepts from top business minds like Alex Hormozi and Elon Musk, Will shares a breakthrough idea to leverage your top talent for exponential growth. Forget expensive, low-yield job boards! Learn how to turn your current rockstars into passionate, highly-incentivized recruiters for a fraction of the cost of missed opportunity.
This session also explores the power of a growth mindset in overcoming the scarcity and "PTSD" that plagues many practice owners in the challenging healthcare industry.
Key Discussion Points:
- The Single Constraint: Understanding the one focus that matters most for explosive business growth.
- Onboarding & Team Alignment: Using the Working Genius Assessment to align new hires (like a new Executive Assistant/VA) with existing team strengths for a seamless transition.
- Recruitment as Marketing & Sales: Why finding top talent for your PT practice is fundamentally a marketing and sales challenge.
- The $20,000 Referral Bonus Tactic: A deep-dive into a non-traditional, high-value referral system that leverages Gross Profit to justify a massive bonus for existing and even past employees.
- Calculating the Cost of Missed Opportunity: Why practice owners must calculate lost revenue from unfilled positions to understand the true value of speed in hiring.
- Retention and Culture Win-Win: How this incentive system simultaneously boosts employee retention, fuels a positive company culture, and creates a path for leadership growth.
- Growth Mindset in Action: A candid discussion on breaking free from scarcity and limiting beliefs that hold back successful practice owners.
Join the conversation and discover how a mindset shift and a strategic investment can turn your toughest business problem into your greatest growth engine!
Virtual Rockstars specialize in helping support or replace all non-clinical roles.
Learn how a Virtual Rockstar can help scale your physical therapy practice.
Subscribe here to our completely free Stress-Free PT Newsletter for your weekly dose of joy.
Today's episode of the Willpower Podcast comes to you from a live coaching session. All right. Orit and Lori. Good morning. How are you?
SPEAKER_05:I'm good. It's crazy.
SPEAKER_00:Things are crazy, huh?
SPEAKER_05:Yeah. It's a little crazy. It's a little crazy. Onboarding an EA when you've never had an EA before.
SPEAKER_00:And yeah, I was gonna ask about that anyway, so I'm glad you bring it up. So what's that like so far?
SPEAKER_05:Um it's really good. It's really good. Um the working genius assessment is really a good tool. So we actually went over that today.
SPEAKER_00:Did you you implement that on your own, I'm guessing?
SPEAKER_05:That was from you guys from from uh the Rockstar Summit.
SPEAKER_00:Oh, okay, yeah. But we didn't like as a system put you in touch with the six working geniuses. You're just applying something from the summit. Because I was, I was, I'm learning from you. So again, so you're you did this. So how did that help you or not?
SPEAKER_05:Yeah, so um I I had filled that out a long time ago and she just filled it out. And so it was a great way if we would went through it together to talk about um what our strengths were, how you know, what are the things that we are really important to us and how do we function? And it's great because she's absolutely like like sort of lockstep fits in with me, in that I'm an inventor. And so it's very I'm not a wonder. Like you're a wonder, I'm not a wonder.
SPEAKER_00:I'm not. I'm an I'm an inventor galvanizer.
SPEAKER_05:Oh, really?
SPEAKER_00:Yeah. So are you? What are you?
SPEAKER_05:I'm an I have to pull it up. I'm an inventor dancer. Uh enabler.
SPEAKER_00:Enabler. Oh, that makes sense. That makes a lot of sense. Okay, good.
SPEAKER_05:So so I'm an inventor enabler, and she is a enabler tenacity.
SPEAKER_00:Yes.
SPEAKER_05:So we both are gonna be like telling each other how much we love each other and how much we appreciate each other. Which is great. But I'm also gonna be like, you know, I'm the person who's gonna come up with the ideas, and then she's gonna be like, I need all the details.
SPEAKER_00:Yeah.
SPEAKER_05:Right. So that was it was good because that's absolutely missing. Like, I'm not that, I'm not the detail, and I'm not a good like communicator. So she's gonna be the one to ask me like all the questions and say, okay, Ari, these are the things I need to be clear on before I go ahead and do the next pieces.
SPEAKER_02:So got it.
SPEAKER_05:Um yeah, so that's already like really good because it's better than somebody who just like takes off and then we're cleaning up messes.
SPEAKER_00:Um that's that is great. It sounds like, yeah, I see the gap because if she's tenacity, she'll get the job done as long as she's an A player and she's I'm sure she is if we hired her. But the idea being that you're you're like there's a gap around process creation. So she's she might have to ask you questions about it, but she's not gonna like, she's not that person who's probably gonna go like build the process, and you're not either. So, like you have the ideas for the like here's here's what I would love to see. And then she's like, Yeah, I can get that done. Just show me how, and you're like, Oh, let's figure that out. So that's gonna be the resistance point in the relationship is helping her understand what the steps are to get the thing done. But once you build it, very optimistic that she'll be able to run with it. So that's exciting. Where so how long have you had her now?
SPEAKER_05:This is day three.
SPEAKER_00:Okay, very early stages. How are you training her? Is she like just on a video all day, or is it just an hour a day or not at all? Like, what does that look like?
SPEAKER_05:So she's with Sarah and Dippitt four four hours out of the day doing marketing training right now.
SPEAKER_00:That's kind of nice.
SPEAKER_05:Yeah, that's that's really great. Um, she's meeting like she met with me this morning for an hour. Um, she met in the morning and the afternoon with me yesterday. So it's kind of we're kind of doing it on an as needed basis. So like I'm giving her something, like she's got a task list, and we also have a lot of like we have G we have email communication, we have um Slack communication. She's also um getting access to my emails that hasn't happened yet. So we're working on we're working on making sure he's access to all these things, but it's a little bit of like, hey, here's the thing, now go run with it, and then like let's she gives me an end-of-day report and um yeah, it's great. We were in the middle of some training yesterday two days ago, and she said, Ari, because she's already on my calendar, she's like, Ari, you have a meeting right now, and I was like, I don't like how to jump off and that's great.
SPEAKER_00:That's a good sign that she's keeping attention to detail, especially in her first few days. That's a really good sign that she's keeping her her head together around that. So, congratulations on that piece of it. I am as as someone who's piloting this program, I'm keeping very close tabs on you in that regard. So don't feel like you can't reach out to me at any point as well. You know, I'm very confident in our ability to get people. I'm very confident in serendipit, putting things together is going to be amazing. And I'm very mindful of pilots, as you know. Like to me, this is why I think if I've had success, it's been attributed to a couple of factors, one of them being careful attention to pilot programs. And when this takes off, then it'll be a lot of really cool value ads for everybody else. But you're you're in that stage of like figuring out. So don't feel like you can't polo me or like text me or call me and be like, hey, this is good, but it could be better, or I gotta stuck. Like, let's let's brainstorm together because you're helping me when you do.
SPEAKER_05:Okay. And I will. Um, I think that uh I already have some thoughts. Um, but I think what will be good is to see kind of what's the what's the outcome of the week.
SPEAKER_00:Yeah, yeah, yeah.
SPEAKER_05:Once she's done with all the training. Um, and I've kind of asked her, I've been like, how is it going? And she's saying it there's a lot, there's a lot of information. So we'll see.
SPEAKER_00:The Sarah Dippet training is pretty robust. I went through a big chunk of it, so I'm excited to see what that goes, how that goes. Uh Joe, aren't you doing something with Sarah and Dippitt as well? Hear me, you did, my friend.
SPEAKER_01:My mic off. Okay, now you can hear me. Yeah, yeah. I I uh yeah, you know, I met um I met Lex uh Alexis back in uh back in the uh conference in in March, and yeah, finally circling around to moving forward with that. So we're kind of in the early stages, though. We don't, yeah, but definitely uh looking forward to that.
SPEAKER_00:Um are you gonna are you hiring a VA to like take through that Vamped program or are you just hiring them for marketing?
SPEAKER_01:Uh the former, I believe, he has a plan to take through her thing. Yeah. Yeah. Uh yeah, yeah. That's that's actually what what I'm doing like right now.
SPEAKER_00:Awesome.
SPEAKER_01:Yeah.
SPEAKER_00:Uh let me let me know how it goes. If you're cool with it, I'd like to uh tip pick your brain on that end of it, because although you're not going through us for a VA, I would really like to hear how it goes in the piling that uh information again. Very confident. I just you guys are my innermost peeps, so it's really useful to work together. And I'm not worried about having problems, I just know that there will be like there's going to be issues, and it's like I want to work through those together so that it's easier for you guys, and so we learn together, and then we can roll it out to other people. So man. Well, how have you been, Joe? It's been a minute.
SPEAKER_01:Yeah, my God, it's been like months, hasn't it? Um, yeah. Well, it's it's it's been challenging. Uh I I I lost three PTs in like two months. So I'm I'm in a rebuilding uh plan. And and I, you know, I that didn't blindside me, like they all kind of articulated that there would be reasons they would be leaving. Um, unfortunately, it all happened in a short period of time. So that really sucks. Yeah, yeah, it it it's it's a challenge for sure, but it it's also kind of like yeah, because it's like three of my three of four employee PTs, but it also, you know, it's probably an opportunity to say, okay, how do we retool? How do we, you know, what what really does the future look like and what's the best way to do it? Um, you know, this area is just incredibly difficult. I mean, I I even had that the local hospital come in and and I have contacts with their referral people and they're like, yeah, there's no PTs down here. We can't get PTs, expect more referrals. You know, it's just it's like a really, really hard place to recruit. Um, so anyway, and I'm and I'm exploring. I just got off the phone with a PT that I'm probably gonna hire remote. Um yeah, so I'm gonna get her doing remote, at least for a vowels and progresses, maybe follow-up. So, you know, again, I I just think in this market I gotta really change the way I'm looking at things. Um, as well as you know, conventional in-person. I yes, I definitely want to hire more, you know, actual live PTs in the building. But um, so so yeah, it it's it's been an interesting several months. But um, yeah. But awesome.
SPEAKER_00:Well, I'm sorry to hear that happen. Grateful that you're on the call. Um, I'll tell you guys, I had some really interesting trainings this week just to kind of kick things off a little bit because it's relative to recruiting and PTs, and that's the main point of our time together. Um, I've so I've I've been very, very honored to be selected to work with Alex Ramosi, if anyone knows who that is. By the way, his new book that just came out two weeks ago, because of my relationship with him, I can get unlimited. Well, there's there's a 4,000 copy limit, but I can give as many copies as a way if you guys are just willing to play shipping and handling on it. You want it. I'll send you guys a link. Um, this is the book. It's called$100 million. It's a hundred million, uh,$100 million money models, and it's phenomenal. Um, I've structured Virtual Rockstar completely based on his other two books. The$100 million offer and leads. The concept of this one is to build an offer so good that people feel stupid saying no. And this one's how to build and grow your audience. Um, we have 10 XR growth year over year using these policies where every coach has a different strength. Where Alex is super strong is he's really good at all the front end stuff. Marketing, sales, his he's got a lot, he's got lots. All the all the successful people kind of know a lot about everything, but they all have like a niche. His whole thing is marketing and sales. And yesterday, I was talking with him on Sunday, and then yesterday I was in a four hour training um with kind of this inner circle, and it was crazy because he was talking about there's always um, I'm gonna c I'm gonna cover a couple of concepts with you guys just because I think it's so valuable. One of them is this concept of constraint. In all of our companies, there's always one constraint that matters more than anything else. We use this term priority incorrectly. What we say is our priorities, plural. But the Greek origin of priority is one, one focus. So this is not just Alex or Mosey. I've seen this recently with Elon Musk, and there was um, you know, Mr. Wonderful from the Shark Tank was talking about Steve Jobs. He said, the best, most successful leaders, there's one really common trait that they all have, which is that they focus on the single most important constraint of their business as their primary and as much as possible, their only focus. And so we feel like we're spending so many plates because there's different hats that we wear, but at any given time, there's only one thing that matters. There's the most. And the way that we can be successful is that if we can focus our energy and leverage, I'll talk about leverage in a second, but when we can leverage against that constraint, that relieving that constraint is the quickest way to grow because it frees up a number of other lesser important constraints. So this concept of multiplicity, our ability to focus on the single most important constraint and using leverage to be able to free that up is how we break through and grow exponentially. And, you know, one big concept too is that we don't have to use this concept to be wealthy. We can use lots of lesser successful actions and still become wealthy and successful. There's so many different ways up the mountain, but the path that has the greatest results is this concept of singular constraint. Leverage is using people, knowledge, and tools like AI or whatever to help alleviate that constraint. So, a perfect example for all of you is that for many of you, at least, your primary constraint is probably a manpower constraint of recruiting, right? If you had unlimited PTs on a bench waiting to join your practice, would that be the most useful thing for you than anything else? I don't know. It may not be the case for all of you, but at least you're in this room because you consider it to be one of the top issues, if not the issue in your company. So, this concept, this concept of leveraging our resources to remove that constraint really spoke to me. I've heard it tons of times before. Mr. Wonderful said it like this that Steve Jobs was really good at focusing on the one thing that mattered most, and everything else was noise. He says the only person who does that perfectly is Elon Musk because of his autism. He can only hyperfocus on one thing at a time. So he knows what that constraint is. And that's why you see these guys and girls with like, you know, multiple billion dollar companies. And by the way, that's because that's all they have. But for even for us in our companies, what's that one constraint? Just something to think about. I'm learning the process from Alex directly on how to research another company and determine that constraint for them. I'm actually being trained on that, which is really cool because obviously he's teaching me so that I can do it for myself. But once I can do it for my companies, I'll be able to help others with this as well. Because it's not always clear what that main constraint is. Sometimes the loudest problem in our ear feels like it's the biggest constraint, but it's not always the main. The biggest constraint is truly the one that by so resolving will have the greatest impact across your company. Um, and so um I share all this. That's part of what I wanted to share. The second part I wanted to share was where Alex, again, in acquisition.com, I think is top of any industry is marketing and sales. He talked yesterday for a full hour about how manpower constraints recruiting is just marketing and sales. And he went through the process of what marketing and sales looks like, and it's identical for getting clients as it is for us to get team members. And here's where it's really funny, and I want you guys to hear this. He said, he goes, he he has worked with hundreds of industries. He is brilliant to work with all these industries, and he works with companies sub 1 million all the way up to like hundreds of millions. And so he was saying the the the hardest example he has ever seen, and I hesitate on saying this because I feel like it's gonna feed that voice in our head that limits us. But he said the hardest, the work, the most difficult situation he ever he's ever seen was a physical therapist trying to hire a PT. Guys, like he, you know, he doesn't even think of me as a PT, doesn't even know that I am a PT. He just knows as me as this virtual assistant company owner guy. There was no other PTs in that room. And he's like, and he gave the example of this woman, and he's like, man, he's like, that is just craziness. He's like, but he talked about how he helped her solve it though. And so I again, uh I think there's something to be said about that. So how did he help her? And I just wanted to share this one tactic. It may not be a solution for you guys, but it did expand. It was totally new for me. Not totally. It was an expansion on something that I've been teaching for a while in a way that I'd never thought of. So what he did was he did an analysis of what the revenue produced producing possibility of a physical therapist was. And he said, okay, so a one full-time physical therapist can produce X number of dollars, right? And that's gonna be a little bit different for all of us. All of us are gonna have a physical therapist revenue result, but we should figure that out. And maybe you already have, but like ultimately, if they see X number of visits per week and we should track what they're currently doing, and then we see how much revenue they bring in per year, um, and then we subtract their salary from that, that gives us something called the gross margin. It's not an actual margin, but it's it's a general margin of like what they bring in versus what they cost, right? And you want to include their benefits into that as well. So you look at that number, and then what he'll typically do is use that number as his budget to find a physical therapist. And so what he did with this lady, and I thought this was pretty amazing, is that you know, in the in the case of this lady, she had a couple of rock stars on the team, and you've heard, you know, we all talk about how we should get our people to help and stuff. And then you guys have heard me talk about referral bonuses, where it's like, yeah, let's do$2,000, but let's also make it a trip to like Hawaii instead of just giving them the money. What he did is he went to the he went to the team and said, Okay, so that that amount is like$25,000. He said, then so that delta between what they made and what they spent was like$25,000. And he went, so he went to the the team and he said, Hey, team, um, I'm gonna give you$25,000 if you find somebody.$25,000. That the bonus was$25,000. And I was like, that's there's no way that's that's doable. Like in my mind, I'm like, that's insanity, right? But then he structured it to where they got a chunk at clothes, they got, and there's like it was paid out over the life cycle of the new therapist, and it solved her problems. Just this one thing. And I again, I don't, I'm very mindful of any silver bullet, but his thought, his thought process around it is really the main point here is that we should be aware what the main constraint of our business is. And we before I get trained, let's just do the best we can on determining what that constraint is. And if it's recruiting, let's not be afraid of like doing something a little bit radical there. I what I what I do love about it is that again, that number may not be 25 grand for you guys. That might be a different number. But what I loved about it was that it was different. It incentivized an existing team member, which created retention, right? Like you're bonusing the the therapist to do something that actually grows the business more than anything else they could possibly do outside of hitting a bare minimum, you know, production standard. Like above and beyond is bring someone else into the team. Wouldn't you agree? And then you're incentivizing that person for income. Not the new, you're not paying some person who's hasn't proven themselves, you're paying the person who has. And that person feels rewarded. So you're retaining talent, which is recruiting insurance, retention is recruiting insurance. And then they're out there like evangelizing your business in a way that is so passionate that it produces more momentum. And so when that person comes on, they're coming on for the right reasons. They're not coming on, like the new hire's not coming on for this really crazy bonus, and they're not all about the money. They're just being marketed to better by someone who's proven themselves. And then this person shows up. And then they're like, so what happens to the culture? It it like it takes a bump up. So I haven't done this myself, but I will say I've put a lot of money into acquisition.com, a ton of money for to Alex. Um, it's only come back 10x for me. And he just he hasn't done something to me that has ever not been a successful action. So for him to have had the successful action with the physical therapist company really made me see the potential of like just me even seeing things differently in the recruiting space and what's possible. Because at the end of the day, as long as we're not losing money, and that's that's one of his his things, you could, you know, you can go offer a hundred thousand dollar referral bonus and then be out of business. So you have to measure it against what your company is able to do. But yeah, man, like from a cash flow perspective, 25,000 is a lot, but you pay a chunk at that when that person starts, and then over time that person gets that 25 grand. Well, while that money's going out to the therapist, the new therapist is making more money for us to pay for the bonus. And I just loved it. Orit.
SPEAKER_05:So I just want to make sure I've got the numbers right. I don't I don't think this is too crazy an idea. I actually think it's it makes a lot of sense. Um so just so let's assume. So I have some real numbers, right? I have a PT who makes who is generating$280,000 in a year. Um their salary was was 81 something, not including benefits. So maybe it's closer to I don't know.
SPEAKER_00:100, 105, something like that.
SPEAKER_05:With benefits and benefits includes, I'm assuming, PTO and all of that. Okay. So that means it's 280 minus 105.
SPEAKER_00:Let's do some real numbers. Let's actually walk through this together. Or we let's let's take this as a workshop for just five minutes and look walk through it together so that we can really identify what these numbers could mean.
SPEAKER_05:Because I'd rather spend this money than indeed.
SPEAKER_00:Heck yeah, man. Like that if every dime, if it if it's a successful action, every dime would go towards solving the problem and solving a future problem, which is the other person leaving, which is retention, right? Like you're you're uh it's called a double triple dip. You're involving in in one when you're investing in the right constraint, usually it solves other constraints in parallel and allows you to scale. So let's just play with numbers. These don't have to be your exact numbers, but 80,000 might be a fair number to start with benefits. Let's just call it an even 100K. So that's how much you're paying. Let's just say that in general, we're paying a therapist about$100,000 a year with benefits. And then this is where it's going to vary greatly state by state. So what's your average reimbursement per visit, REIT?
SPEAKER_05:Uh, we're at$135.
SPEAKER_00:You get paid$135 a visit. Um, guys, I wanted to say I've I've officially decided I'm moving to Washington and I'm starting a PT.
SPEAKER_05:And we're not the biggest, right? Because Alaska's bigger than Alaska gets more, Oregon gets more.
SPEAKER_00:Oh man.
SPEAKER_05:That's so we dropped we've dropped lowest paying insurances.
SPEAKER_00:You've been very courageous.
SPEAKER_05:We're 45 minutes. They're billing four to five units of visit, sometimes three, but the next the next drop will be Medicare. So we're working on we're working on getting slowly out of network. Um but yeah, so that but yes, we're at 135 working with timber and just billing appropriately in the clinic. So yeah.
SPEAKER_00:Love it. Let's go off of your numbers. Everyone else kind of just follow through on your own side. So$135 a visit. And then what would you say a a a team physical therapist is is gonna see on average per week? Not expected. What do you think they're actually seeing per week?
SPEAKER_05:Uh yeah. So they're they're actually seeing, so they can see 50, they're actually seeing probably 40. So they're we're at like 80 to 85 percent productivity. So let's let's go low and say 80 percent. So they can see 50, 50 times 0.8. Um, 50 times 0.8 is 40 visits. So let's say 40 visits.
SPEAKER_00:Okay, perfect. So 40 visits, and then you see$135 a visit, right? So let's do the math on that, and we're just gonna we're not gonna include vacations on this just because we've already kind of considered that on the salary side, but 40 uh so 40 per week times 52 weeks is 2080 visits per year times 135. So they are revenue producing 280,000 and 800 per year. So I think I misspoke earlier. I said that the delta was the budget, it's not a budget, it's a percentage of that budget. So for example, um your gross profit off of one therapist is$180,000. Um, do you guys please do not feel like this is an insult if you guys already know the answer? But I really, if you don't know the answer, please let me know. Do you guys know what gross profit is compared to profit?
SPEAKER_05:Is it just the straight revenue?
SPEAKER_00:So yeah, gross profit. So profit is your income after expenses. So we think of like net profit as profit, and so your net margin is the percentage of your total income after expenses divided by your um your uh excuse me, it's your total income divided by your total expenses, right? So you get that percentage. So when it comes to your gross profit, you're looking at your um total income as a company minus your main for in our case, it would be your people. So like same with me. So for my gross profit for virtual rock star is my total income minus the cost of my VAs and my team. I still have other expenses, but that's kind of a it's like my it's like a really like cut and dry, easy way to see after your main expense what your profit is. So in your case, it's 1, uh 1800 eight 180,800. And then we want to take a percentage of that. And I don't remember the exact percentage. I can look that up on the video because I got it recorded. But um I mean, 10% of that is 19,000 almost. I think it was 10%. I think the margin that he gave was 10%. So even if we did 15%, that would take you about 25,000. And that must be what it is. It's somewhere in that range. I think I think the therapist, he didn't walk through the numbers, but the therapist he was referring to, I know it was a 10% uh number he used, and it was closer to 25,000. So that their therapist was probably seeing above 50 visits a week or so. So yeah, just think about the possibilities of that. I mean, it's and it's one of those where, like again, he didn't break down the exact way he did it, and I can find out when I see him in September, but I'm pretty sure it was like 50% up front at close. You know, at 90 days, it's another 50% of the remaining, and then at a year, the rest of the 50%, or even I think it was six months maybe. So in that person's first go, there's you know, they're getting the money. And just like this idea of like 20 grand versus going to Indeed or just something to think about. Yeah. Joe, thoughts on that?
SPEAKER_01:Sorry, I had a multitask. Sorry, I muted you. Um, yeah, well, as we were talking, I was thinking through that. I mean, I I it's a great idea. However, wouldn't isn't there an error in logic here? Like, I mean I mean, you have to think of, okay, if my therapists bring in roughly 20,000 a month, I pay them roughly 9,000 with benefits a month, that leaves$11,000. But out of that$11,000, you would have to really look at that. Uh you would you would have to once you really oh no, maybe that's where I'm here. Okay, I was gonna look at that as well. What a what what's my actual you know, net profit? What's my actual profit? That'd be only 20% of that for me. So there's not a lot left there. But I guess it does get confusing with the logic because it's like, okay, you're taking that 11, but you're turning it back into an expense to pay the bonus. But then once that bonus is paid out, you're you're you're you're kind of in the black. So I mean, I I guess no, that totally does make sense to me. Although if you look at it that way, you know, you you're kind of sacrificing the first couple months of you know, true net profit if you look at that. But yeah, after a couple months, then if that bonus obligation's paid off, you're you're actually then, you know, doing that. So um I don't know if I made any sense whatsoever. But oh, you did.
SPEAKER_00:Here's a couple things that you said that I think we need to hit upon. Number one, the thought that you got a little like in the weeds on is a really good point, which is that you still have to be profitable. If your company is currently losing money, net profit is zero or negative. This isn't a good point. Tactic. This isn't like, unless you have some sort of reserve. Because at the end of the day, like this whole idea of using gross profit to help measure this, there's an assumption that you have some baseline profitability there. And that's that's a that's another constraint. That's a different constraint. Going back to the one constraint, then it's like, well, no, it's not, it's not more people, it's something else. That's more of an administrative piece. Maybe we need to drop our lowest paying insurance. Maybe we're paying one person too much. Like there's all these things. But when we're talking about just this being the key the main constraint, there's there's obviously going to be some profitability. So to your point, yes. And that's why I think from a cash, there's two things involved here. The other thing you said I want to highlight is anytime we make a change in our business, there is an estimated impact on our income. So even from a recruiting perspective, there is a dip, and you can estimate that between 15 and 20% of your general income as you invest in these elements. You guys have been so much in the weeds of like subsidizing that with extra hours that you don't really see it as that, because you know your margins start staying pretty, pretty flat. But when we're if we're completely outside of the business and we're just investing, when we bring in a therapist, there's additional expenses, there's a ramp up period, there's a 15 to 20% dip there, at least in that sector of income. So again, those are two, I just want to validate those two points. But the difference being is that if this works, having the speed of being able to hire as needed, there's a there's a tilting, there's a pivot point when we have enough people and then we're hiring for growth or to free us up versus survive. When we're hiring to survive, it's a very different experience than when we're hiring for expansion or to be freed up. Because there's enough profit, there's enough redundancy. So that's the uh pivot point, tipping point is what I'm trying to say. That's the tipping point, is when we have enough people and enough profits to where these little hires, these this little dip occur, they're not even felt because there's momentum. So yeah, I think this will be an interesting idea for you guys to play in. It was brand new. I just learned it yesterday. And I just thought, man, that back in the day, yeah, for sure I would have done that. I would have loved an opportunity to give 20 grand to an existing rock star who, frankly, I'm looking for ways to incentivize them anyway. Why not incentivize them on solving my main constraints as a company? Mind blown. Haven't seen it done in PT directly, but uh maybe one of you guys will do it for us.
SPEAKER_03:Hey, Will um question on that. Do you say that they're paying that out in a year or over longer?
SPEAKER_00:Alex, I know what Alex said. I just I disagreed with that that he did it within the first 90 days. And I was like, let's make it six months.
SPEAKER_03:Well, because we I mean, because if you have someone that leaves and you just paid all that out, unless that was I could see that not like if you're paying 20,000, if we're doing like over three years or five years, yeah, then I could see that, but I mean, and you know, we have someone leave unexpectedly at eight months, you pay that out. That's gonna be I don't know how many times you can keep paying that out.
SPEAKER_00:There's some assumptions there that we're gonna address. Uh Arite, I think, was already on that mindset. Go ahead.
SPEAKER_05:Yeah. So my my as you're saying that, Christy, I'm thinking that I'm kind of I would handle it the same way that I handle paying. I I have unlimited con ed, but if somebody wants a you know, a big con ed course, like a$5,000, you know, certification course, then I'm saying, well, then this is in agreement with you staying for two years. Otherwise, you have to pay me that, you know, it gets prorated back to me. So I would kind of do the same thing. I would look at it as, hey, here's a$20,000. I'm gonna do a$20,000 bonus to whoever brings in the next PT that stays with us for at least two years and pay you out. So you get$10,000 the first year,$10,000 the second year, as long as they've stayed for two years. So it's a$10,000 bump to their base salary over the course of a year. Um and I I I think I would do probably something like that. Like I'd say, okay, you're gonna get a$20,000 bonus, they're gonna stay for two years at least. You're gonna make your money no matter what in that time period, um, or more than that, right? Maybe it's$30,000, but you're gonna pay it out over two years, and that other person has to stay for two years.
SPEAKER_00:Another thought, too, Christy, on this is thank you, Auri. Another thought too is that I think what we're forgetting is that we're changing how we're recruiting so dramatically that we're applying an old problem to a new circumstance. So, what I mean by that is what we're used to doing is trying the best to find the most aligned people the best we can, but we end up kind of going to like money or circumstance to get that done. Not saying that's how we usually do it, but it is an influence for us. And so as a result of that, you've all had P you all have PTSD on people jumping on and leaving. So it's hard not to make the new thing look like the old thing when it has the same name called physical therapist, but watch this. There are two major differences that make this a completely separate opportunity that I again would just recommend a pilot for before we we just launch is like our new official way of doing business. And I love the idea of doing that. It's like, hey, the first person I'm piloting this. The first and only person who brings me a new person to hire that matches our values is getting 20 grand. Like again, it's just it's just very exciting, very easy to promote. But here are the two differences. The first is that you have hopefully a much better fit because it's coming from a rock star. You are circumventing the main reason we haven't been successful outside of scarcity of PTs, is that how do we find the best aligned? Well, again, you have to the only way this program works is if you have people that you would like to clone. If you have people you'd like to clone, this I believe is the primary and it's your main constraint. I believe this pilot is the single most important thing to consider right now. Because you're having them do the next best thing from cloning themselves, which is aggressively go to their industry, and they're gonna pick people they want to work with who already know, like, and trust them, right? Which it builds in connection and retention automatically, right? So you have that. The second component is speed. That's what we're we're solving for in this case, hopefully. So here's here's a better way of asking it. Christy, if you piloted this program and within three weeks you found someone that you loved in three weeks, would would that outweigh some of the possibility of them leaving in eight months?
SPEAKER_03:Yeah, that no, that's a good point. Um definitely I think you'd still have to prorate it, but yeah.
SPEAKER_00:I would be careful on prorating it. I see, I I guys, I think that's a scary, I think that's a scarcity mindset. I'm just gonna call it out. I think if you delay the bonus too long, it's not gonna feel like the bonus.
SPEAKER_03:Well, not like the whole bonus, but uh you give a portion.
SPEAKER_00:I again I think you my opinion would be 50% of front, uh, and then half of that at 90 days and half of that at six months. I think within the six month period, I think it still connects.
SPEAKER_05:Yeah, no, I see that. I completely see the the shift, and you're right, because we're all focused on and coming from this place of of uh fear and PTSD. And I completely, completely see that. And I'm I understand and I'm like, yes, I can see that you'd have to pay it out fairly quickly because that keeps the excitement piece also going for the person who's just done that work, versus I can see how if I were to pay that out over a couple of years, they're gonna forget.
SPEAKER_00:Yeah, it won't end what they're gonna because they think and remember your PTs, no matter how scarcity we get, they're worse. So a PT is like that's why no one in physical therapy wants to be paid off of revenue, even though we could all make a lot more money together, is that PTs feel like a salary is safe. So it's like, no, I'd rather have a really high salary and then not work very hard versus be incentivized. So, like if we say 10,000 up front and 10,000 uh in two years, they're gonna hear 10,000 now, maybe 2,000. Maybe those maybe there's more later versus 10,000. Like, remember, our goal is to create something so exciting that it shifts the needle. And I wouldn't do I wouldn't do more than one pilot. I mean, I wouldn't do more than one pilot, but my word, I think what we're forgetting to is this thing called cash flow. When we have cash flow, like again, speed is where if this doesn't change speed, it's not worth it. And I again, this might be a horrible uh concept for you individually if that's not the main constraint for you. But if it's your main constraint and you have enough funds to pilot the idea, even if it didn't work, I would say this is less expensive than a lot of other things you could try. But it goes back to cash flow and speed. If we can solve the speed, let's say we get someone, if it takes us normally six months to hire someone and we get them in two months, and they are someone that is like a friend of someone we love, the probability, not the guaranteed, but the probability of them being a bearer fit is super high. But more important than that is that I don't think you're calculating the lost revenue of having an extra therapist for those additional four months that you didn't have a therapist. Think of it like that. Yeah, it takes, let's take it, let's say this person comes on and guess what? They're average. They're not as big of a rock star as that person, but let's say they're average and they take a month to get to full capacity. So it's three months from the time that you start this pilot before this person is hitting full production, and then they're hitting production for three months. You're not, you guys are we're not, we are not calculating the lost revenue of those three months. How much is that? Let's look at it. Let's look at it together. So let's go back to that analogy in Orrit's case.
SPEAKER_01:4,000 bucks in profit.
SPEAKER_00:How much?
SPEAKER_01:Oh, sorry. I'm I'm not muted. Well, yeah, I was flipping around in my head as you were doing that. Like for me, it's really simple math. If I each PT brings about 20 a month, my margin's about 20, that's$4,000 that I actually have in profit. So in that case, you could throw that all back into this bonus program. And then in my case, I'd break even in five months, you know, if you paid it out over five months. So, like, that's to me the super simple math way to look at that.
SPEAKER_00:I love that.
SPEAKER_01:And that's fine, right. I mean, sure, in a sense, you would literally be breaking even on that PT for that first five months. However, after that, then you're enjoying the full profit to your bottom line. So, I mean, I think you could almost bust it down that simple or do a hybrid and say, yeah, maybe we stretch it out over six or eight. Maybe that's not too long, like two years. Um, so yeah, I mean, but but it's hard to swallow, like, oh, I'm not making any additional profit for five months off this PT. But that's how that's how I guess most people's number would roughly work out unless you're uh hitting 35% margins or something, which I think it's hard to sustain in our business, but maybe I'm just a loser there, but I don't know.
SPEAKER_00:No, no, no, no, no. You're great. Don't say that. I just think, look, at the end of the day, I want to go back to the original calculation here because um what you're saying is great. I we we we find ourselves kind of drifting into the space of like, let's spread it out, let's keep it concise. Because again, here's the thing I want you to look at. If the pilot works, and again, this is the big if, if you incentivize and it and it increases cash flow and speed, we are going to make up the$20,000 immediately. Not like, not immediately, I should say, but within a six-month period, within that same six-month period. So I did the math for 12 weeks, 40 visits a week for Orit at$135 a visit. Here's how much gross income she would be bringing in$64,800. That new therapist in those three months, if it takes you normally six months to hire a new therapist, and this new program shortens it by three months. And again, I'm guessing that's being conserved. I'm guessing it takes you more than six months to fill a position. But if it's six months and you bring it down to three months, that's$64,800 of gross income. You are still paying that therapist. So what is that$100,000 for those three? Let's say with benefits and everything, it's$100,000. Well, um, that's$8,800 a month,$8,16,24. Let's say$26, just to be even, or just to be for quick math. You are bringing in gross profit,$38,800. I guarantee that's actually closer per individual that you're hiring. That's closer to your actual profit per person because all your current team members are absorbing all of your normal other expenses, like the front desk, your yeah.
SPEAKER_01:So, like right, it's just another expense. So you're right. No, the way I'm thinking about it is wrong. It's just simply another expense. So you would actually make that up in two months in my model, because in two months, I would get 22 more in gross. And you're right, you just throw that, that's just a straight expense, and that you're just washing that expense. And and then essentially, I I would do that in less than, you know, like I would do that in about seven weeks. It would technically like your your gross that you're just throwing back into an expense by paying the bonus would would be your wash point, and from there you're you're back to normal. Um so yeah, I was totally looking at it wrong, I think, if that makes any sense. No, you're it was based on gross. You got to look at it as gross, yeah.
SPEAKER_00:We're not calculating this. Is one of the things that we do when we're starting to think proactively, is we're we start calculating the the cost of missed opportunity.
SPEAKER_01:When we start calculating the cost of missed opportunity, it's you never have the 11,000 a month to play with, so all you're doing is putting that right back into the bonus because you got the PT. So the way I was looking at it is completely wrong. No, it I get you now. You got to look at it as gross. If you're bringing in another 20 minus their salary, that number is your gross that you would have never had. So why not throw it back to the bonus person and you're break even in less than two months? Most practices would be break even in less than two months, or my guess would or read with her reimbursement, is probably much higher margin. So she she'd break even in about five five weeks. No, come on. If I was at 135, I'd be I'd be rocking a solid 35% margin.
SPEAKER_05:Yeah, I'm not, and that's I'm perfectly happy to share my.
SPEAKER_01:But either way, you're probably still two months break-even, would be my guess. Like most practices would be two months break-even on this. You should think of it in gross, it's all about gross.
SPEAKER_00:It is so powerful because a couple of things. Number one, no one else is thinking this way. No, and and you guys all understand why, because it feels like another tactic versus a complete mindset shift. When we start calculating the cost of missed opportunity, we start expanding our understanding of what we can invest in. Um, I feel like sharing some personal stories with you guys, but I'm hesitant because I think it's going to make you think I'm crazy because it's in the same vein. But I will tell you, that's why we're growing so fast at Virtual Rockstar, is because gratefully I'm around people. I make sure I'm around people who challenge the way I think. Um, because my tendency is to go into scarcity mindset. It's just an normal instinctive, protective, deep brain instinct is to say, well, what's the minimum? What can I expect as a minimum? We don't think, what is the loss of me achieving more than average because I am more than average? What's that delta for me expecting minimum versus what I know I probably could? So, as you guys are out there piloting this idea, first of all, no one's thinking of it. So it's great. And it's very customized to you. If everyone in the industry started doing this, I guess it would eventually cause a problem with this new approach. But I mean, we're far from that. Number two, here's the thing I keep, I want I want you guys to really see about this is that you are getting an opportunity to incentivize one of your main rock stars to stay. Like they're all talking about how they can't make money. Well, you know, with low reimbursement, what can you do? You go find another rock star, and I'll increase your salary by 40, 30 to 40 percent for that year in that same year. Oh, I think they can find all sorts of creative ways that they'll just, I mean, we could have team meetings like, you know, guys, this new program's been great. We're we're installing it permanently in our our practice. We are going to pay you$20,000 for every PT that you guys find. That's how we found Sharon. Sharon, how you like it here? I love it. Yeah, Sharon loves it. Sharon, this has been so great. We want you to make$20,000 this next year above your salary. The industry is thinking differently than us. We think in abundance and we want the abundance to go to you guys. So as you guys solve our primary problem, which is finding great rock stars, because there's just not that many PTs relative to companies out there, we're gonna do it differently. Instead of investing in rockstar recruiter, instead of investing in Indeed, we're gonna invest in you because you deserve it. We just need your help. So let's do a brainstorm strategy. Hey, Mike, how did you find Sharon? Oh, I went through my network and da-da-da. Could you teach a masterclass next Wednesday? Absolutely. By the way, if all four of you guys find rock stars, we're gonna pay you all$20,000. And you could, because now you have the cash flow analysis to show you how you can and what that's gonna look like. And then you start, then you start solving other problems which are so fun. Okay, well, we're gonna hit capacity here pretty soon. What are we gonna do when we hit capacity? We're running, well, we're running a 30% margin now. So um who here wants to be a leader, guys. I I I met with a guy, I had lunch and dinner and went to a game with one of my clients here in Arizona who does he works with Virtual Rockstar. They're they're on their like 15th hire. They have this guy is expanding like crazy in the Pede's space, which from a profit perspective makes outpatient adult ortho look like a gold mine. Peds one-on-one for an hour. He is opening up his teens of locations, and he this is how he operates. Everything he does, he doesn't do this exact program, but everything he does for expansion is reinvesting into his people. He doesn't open a location until he helps identify people within his company who are born to be leaders, who want it more than anything. And then he's over time built the playbooks. You get to a certain tipping point where like expansion is easy. My easiest location, the easiest thing I've ever done in my my PT business was open my fourth location. That was the easiest thing I'd ever done. I had the policies, I had the products, I had the area, we had the person. It was all internal. I just approved what the leadership team was doing. And I remember one month later going, I don't even remember. I can't believe we opened a clinic a month ago and it's already profitable. And they're all happy. This is how we so I just want you to realize like I feel sometimes like A, we think it's always like this for everyone, or B, it's only those of us who think that we're losers. Like, like other people are greater than us. They're not greater than us. They've just done a little bit differently, they've done think a little bit differently and done a little of these things that eventually caught momentum. Once they catch momentum, we all look like geniuses, Joe.
SPEAKER_01:Yeah, can I just because now I get it? It gross, this is a no-brainer. This this is less than two months break even. So I didn't take notes. Can you tell me what is exactly advised? The the parameters are they do have to stay for some period of time, correct?
SPEAKER_00:Here's yeah, can I can I just like for my benefit and for this recording, kind of stay step through it like step by step?
SPEAKER_01:Yeah, because I really want to understand like exactly what the details are because I'm on board now. I get it. It's yeah.
SPEAKER_00:So again, we're piloting this. Yeah, but this is the suggestion. If this program solves all of your recruiting, we're gonna do some fun things with this and we'll change our discussions into like how to grow and expand. We won't even talk about this anymore. I'd love, I'd love it if like this was the silver bullet. I'm mindful that there's other components to recruiting, but this could be a real big boost for us. So step one is to go through your metrics and determine how much an employee makes for you per year in terms of income, gross income, total, you multiply their their actual visit scene per week times the number of actual reimbursements per visit you get. So for most people, that's between 70 and 130, right? Um, so$130 per visit. So once you get that number, then you want to add about 15% for benefits. For most of us, it's gonna be somewhere around the six-figure range. That total. Um, I'm sorry, I screwed things up.
SPEAKER_01:Yeah, not add, yeah.
SPEAKER_00:I jump, I jumped step. So I'm back to step one. You're still figuring out what their income is. So you get that number. So you multiply then that your average reimbursement per visit times the actual number of visits seen per year. That's your gross income. Now step two, sorry, that's what I jumped to. Now we're gonna talk about how much they cost you per year. That's their salary. Then you multiply about 15% above that to get their total expense to you. This is your gross expense to them. You're not considering you know your rent or any of the cost of the support team. So you get that gross income by subtracting the total income minus their their expense, which is about$100,000 for most of us. It'll be some for most of us, it'll be between$90 and$120 guaranteed. That number, then you want to look at 10 to 20% of that number as your budget for your bonus. And so for most of us, again, that's gonna be somewhere between like$17,000 and$27,000. That's the money we take to our team. And I would say that we roll this out powerfully. So step four is rolling it out to the team. I think we have a sit-down with our best people. Guys, we're piloting this program. We have put so much time, money, and energy into recruiting, and we still believe in brand. We're still gonna do our social media, we're still gonna go to universities. We don't stop those actions. Like we still do that, but we're rolling this out to see um how we can invest in our most important asset, which is you. We believe that rock stars are gonna hang out with other rock stars, and we believe a thousand or two thousand dollar bonus isn't gonna move the needle for you because it wouldn't do it for me. What so, how much money do you think would move the needle? And kind of let them have a discussion. Let's, I don't know, 5,000, 7,000. Let them they're not gonna go to 20 grand. They they would think that's insane and just go, we are gonna pay you 20,000, whatever that number is,$20,000 when you bring another rock star in. And you might be wondering, where's this money coming from? Well, that concerned me too. Because it's not like we've got$20,000 sitting around, but here's what we know that you know, Mike, you're a rock star. If you found another Mike, the time it would take for us to normally find someone like him is gonna be a three to four times the cost and length. We're gonna make that money up by Mike coming in here, hopefully shortly, like within as soon as you can bring him on. And by the time he's productive, we'll that there will be extra money in our business that that new therapist is generating that we're gonna give to you for finding them. I'm glad I said that out loud because I think that's a really important thing for the team to see is how that connects. Because they're bringing, and by the way, this is our way of like finding another way for you to make more money. We we are trying to find a way to grow you. This is our commitment to you. And we realize we can kill multiple birds with one stone. We can find better people through the great people we already have and use that improved profitability to give you the money we would have given to recruiters or wasted time not being profitable. All that, we're gonna give that to you as an energy boost. How would you guys like a 30 to 40% bump in your income this year? Here's the only thing, guys. It's not paid out all at once, but we also didn't want to drag it out. We want you to feel it as close together as possible. So we're gonna do it where you get half of that up front. So 10 grand the day they start, 10 grand in cash in your pocket. I'm gonna write you a check. We're gonna present it in a team meeting. Mike, found Sharon,$10,000 check, you know, whatever. Then you're gonna get half of the remaining amount,$5,000 three months later, and half that. And the last$5,000 you get at six months. So you're getting it all together as quickly as you can do that.
SPEAKER_01:Yeah, or we wait, repeat that last two times.
SPEAKER_00:Sorry. I don't know what I just said.
SPEAKER_01:You're talking fast. Step two is pay another five in three months.
SPEAKER_00:Yeah, the payout. My recommended sequence on this, I realize this is just my opinion. I I like 50% on their day that that person starts. Got it. I missed it$10,000. And I'm gonna PR the crap out of that. I am going to have that person stand up, make everyone's check.
SPEAKER_01:You want one of those big checks?
SPEAKER_00:Yes, I would totally do that. You would like make it such a I mean, you're spending the money, why not make a big freaking deal out of it?
SPEAKER_01:Have like a party around it. Yeah, totally, totally. Yep.
SPEAKER_00:And you could even do fun little variations of this where it's like, we'll give you, we'll give you, um, we'll give you, you know,$20,000,$10,000 up front,$5,000 after 90 days, and$5,000 after they hit six months. Or we'll give you$10,000 up front,$5,000 after 90 days, and then a week paid trip to Hawaii for you and your wife. You know, that kind of way, like you could, you could mix and match these things to see what gets better traction. But then, yeah, I mean, step five is the person starts and you celebrate it. Look, worst case scenario, it doesn't work. And like someone brings on a trashy person. Sorry, that was wrong. They bring on a poorly aligned fit, a trashy person. Silly well, silly will just garbage. All people are all people are special and children of God. So anyway, that they bring in someone who's a poor fit, then like, okay, like I in the time it takes that person, look, you're still interviewing the person, you're still validate, you're not gonna you're not gonna hire a train wreck. You know what I mean? Like, if this person comes on and they're super special, I'm making Hurry laugh. If you're bringing them on and you're and you're still gonna validate them, it's like, well, you know, he you dropped the F bomb in the interview, so we didn't hire him. I'm sorry. But like if they but your rock stars aren't gonna here's the thing, it's built-in quality assurance. They're high, they're they're finding people, and you know they're gonna think, do I wanna work with this person? Or do you think they're excited to be like, oh, I get to work with this person and make 20 grand? That's what's gonna, that's what's gonna light them up. It's like you get to pick the rock star. Now they still have to go through our vetting process, but we're betting that if you're excited about them, that they're probably gonna be way better than us finding someone cold that we're meeting for the first time.
SPEAKER_05:Are we um this is just a this is just a technical question. Can we give them that money as cash, or does it need to go through payroll and taxes and all that?
SPEAKER_00:Your CPA would say that. Yeah, your CPA is gonna say do that for sure. Okay.
SPEAKER_04:I thought that's what I figured. I was just making sure. So we give them the$10,000 check, the big check, but then we say taxes.
SPEAKER_01:Gross income.
SPEAKER_04:This is this is gross income before don't say a thing.
SPEAKER_01:It's just like their paycheck. They should, you know, but hey, I sidetracked you again. Well, I still didn't get step two because I sidetracked you like like what is the suggested payout for the additional ten thousand dollars you now owe them?
SPEAKER_00:Uh 5,000 at 90 days, 5,000 at 90 days.
SPEAKER_01:Okay, sorry, that's what I want.
SPEAKER_00:And then 5,000 at six months. I believe Alex had half up front, half at 90. And I I think I think I do like the idea of like just a cat, it's a it's a small pivot. I don't think that moves the needle very much for them at all. If I knew I was getting 20 grand over six months and 10 up front, I don't think six months feels like a long time. I feel like that feels I'm like, yeah, that makes sense. And and by the way, because it's a healthcare insurance-based practice for most of us, that's the reasoning. It's like, yeah, when they start, it's gonna take them 30 days to ramp up, and then it takes us 30 days to make the money. So you'll get we're still front loading it as much as we can afford to, but by the time they actually start making revenue, you're getting, you're basically getting all of their revenue out in their first two months of business of working for you. So it's a it's a really fun idea. It's just different, and that's what we do here. We pilot different ideas. I, you know, we talked about this whole overseas thing. I still talk to lawyers, by the way, from time to time. I met a guy two years ago, two weeks ago, who specializes in doing that for healthcare companies. And I walked him through the physical therapy thing, and we got we got to the same dead end of like the amount of money and time it's gonna take just to get someone to to Hawaii to even pass the boards is like the barrier. So I think this is a little bit more exciting because it's growth mindset, but it's like again, it it it checks a couple of really big boxes. If I was an employee and I got to be called the hero for finding someone who's already someone I love that I get to work with, and it increases my salary for that year by. By 30 to 40 percent. I don't know if anyone can even compete with that crap, man. Like that's that's insanity. You know, we have to do a good job on our end of like spelling it out for them so they don't, you know, you have to like look what you did. You're a hero. You're you just increased your salary by 38%. We celebrated you on stage with a check that I would recommend Aurete that you still write the check and you know make it big if you can, but then just tell your CP on the back end and let him or her kind of go through and figure that out. Because they want you to go through payroll because all these reasons, but you can backtrack that stuff too. You know. Anyway, Orit.
SPEAKER_05:No, I was just gonna say, like, if if if some if I was that employee, right, and I worked in that company and I did that one year, I would try and replicate that as many years as possible. Oh my gosh.
SPEAKER_00:Absolutely.
SPEAKER_04:So I'm just saying.
SPEAKER_00:I I would say this too, like that would be fun. It's like once we get to a certain level of profitability, you can start stacking these in a fun way. If you found if you find a third person and the other two people are still on the team, we're gonna do the same$20,000 bonus and a three-day pass to Disney for your family. Like there's just ways, because then it's like no-brainer. If they've if one person can prove they can bring people on and they stay on, are you really upset about the additional three,$3,000 at that point? Like, there's so many fun ways to make it just like so exciting that they feel stupid not doing it for us.
SPEAKER_05:Yeah, or we so you said something incredibly important, and I think this is something that would be worth having a conversation about at some point, whether the team here agrees or not, is addressing how our mindsets are limiting our ability to do the great work that you know you know we're capable of. So you talked about thinking in abundance, and I'm like, I read an entire post this morning that was so flippin' depressing um about just the ROI with uh you know PTs coming into our field. And it was like, well, I'm like, I don't know why I thought I could make a business. Like it was just like a super duper duper downer. And then this is like followed up with coming onto this call, and you're like, we can rock this world. And I'm just like, you know, I think that so much of what you're talking about is mindset shift. And I I, you know, there's a lot of noise for us as owners, and I think that that's what's I mean, that's what's keeping us from doing the great work. And like you've got this guy who's, you know, kicking it, knocking it out of the park in pediatrics, and then, you know, Joe and I, and I know Christy and Lori too, like we've all been like tearing our hair out with trying to, and we're all incredible owners. So it's like, what are we, what is it that our what's our brain holding us back from? And I love this, I love this example because I think it's huge, because it's really it's a shift, and that's that's what has to happen is we all have to shift.
SPEAKER_00:I love that. That was that couldn't be better said. I just I do want to correct one thing though, which is that I think there was kind of an acknowledgement of like, hey, we're not thinking big. You guys are the big thinkers. Like, um, I think what happens is it's an or there's an organic comparison of stories that I share, like this pediatric guy that I'm using as a a demo, not as a comparison. And the demo is what's possible, but it's not about that because what you guys are doing by being here on a Wednesday morning for the group call is a reflection of how you think differently, how you guys have been successful or REIT. I mean, you're expanding in multiple locations, you're growing, you've got all these, you know, you have so many successful things. Joe, he feels bad because he's had a little attrition, but he's running a 20% margin and he's still not working. I was well, we'll find out looking at zero at best right now, but you know, yes, but you've but you've but you're but you're in business and successful at that. Remember, guys, if anyone asks you how business is going and you're in business, you say it's going great because you're in business in the most challenging objectively in healthcare and maybe all industries of well, I bet the yellow pages are a harder business at this point, but like in healthcare, you guys are in the hardest niche of all of these different niches. But here's what's powerful about it is that you don't even realize it because you're like Atlas pushing against the rock or whatever. You're getting so strong. So I think to my I think that's a whole different day for us to talk about growth mindset, and we can all share how we get into growth mindsets and our own shares. I think that'd be great. I just want to quick quickly download a couple of observations on that, which is that when we are just really measuring our own progress, that's how we stay in it. This isn't me, this is um Benjamin Hardy from Gap in the Gain. When we consistently every day, they've done this in studies, drop down our wins for the day at the end of the day, we program our subconscious to go in a growth mindset. We we pers we we subconsciously like simmer in whatever our last thing is that we see, which for me is usually some some sort of TikTok of someone getting hit in the privates. But if we, if if what we did instead was put down our our wins for the day, then our subconscious programs that and then we wake up thinking and seeing things a little bit differently. The challenge is that you guys are still in this like period of business where there's a lot of plate spinning and you don't have that tilting point hit yet to where you have that openings freedom, but all of you are right there. And how do I know? Because you're on the call. The vast majority of our$40 billion industry is single location mom paws that are literally treating full-time. That's 50% of the$40 billion industry of physical therapy. So if you're listening to podcasts and you're going to coaching groups and you're spending time going to events, you are. That's that's why those things are so important, right? So as you guys are doing that, just remember it's less about like becoming something you're not and recognizing that you're already there and just not giving up. Because all it takes is that next, all you need is that one tipping point for you guys. And then all of a sudden you it'll be hard for you to not be in the growth mindset because you'll have all this space and money. So we'll talk about that. But Rit, that'd be a really fun meeting next time is for all of us to talk about what do we do to get in a growth mindset? What are some of the, what are some of the like limiting beliefs that we have about our businesses? And we could just share those. And I think a fun discussion on that would be transformative. Joe.
SPEAKER_01:Just I just thought I'd add something, and I I hope this is as beneficial to someone besides me. Um, well, there's only like yeah, there's only like five of us on this call. But you know, again, further breaking down that like even if that PT only stays for 30 days, and if they do five visits a day, you would make your gross up, you know, minus the the expense to you could look at the credentialing costs and that garbage if you had any. But but like literally, they're gonna do a a visit every other slot for a month, even if they're not working out, probably. And then it's gonna be like, okay, you didn't work out. But literally, if they did a five visits a day, the math in my practice would say I would actually I would make up for the gross that I just paid out that initial 10 to that therapist who got them. So it's almost like you can't lose. You you really can't lose on that if you think of it that unless they like walk in and work a day and quit, and then you're still paying the, you know, like what are the odds of that happening? But anyway, that's just an aside.
SPEAKER_00:Worst case scenario, you've invested in your top people who are not gonna go anywhere.
SPEAKER_01:Like that money.
SPEAKER_00:So yeah, it's that's an insurance policy that the person that you like the most is going nowhere because you've actually like that's the what I think I love about this. If you go invest a ton of money in Indeed, some someone gets a trip to Hawaii that you don't even know. When you put$10,000 and because it's not gonna work every time, even if it is a good program. There are gonna be outliers. We're dealing with people, so there's gonna be the occasion of like someone get hit by a bus. Like that could happen. You're not gonna go back and say, Hey, I'm sorry that Sharon got hit by a bus. I need my$10,000 back, Mike. Yeah, like you're not gonna do that, but Mike's got that bonus, and I mean, you're you're investing in your people to think differently. Here's the tertiary benefit we haven't mentioned yet. If we're doing this, yeah, we're gonna tell the team, but then we're making our entire company like all about it. Meaning, hey guys, I've decided that our business on the outside looks like we're all about pain science, for example. We're an outpatient therapy clinic for pain science. Internally, what we are is an incubator to make the best therapists in the world. And it starts with like soft skills. We can train the hard skills, as you guys know. The soft skills, we don't train amazing personalities or work ethic. That is gonna come from people you already know because you wouldn't be the way you are unless you knew people who were like that. So we're investing in you guys. So not only does that person get$20,000, but we're gonna help each other all do it. Because if all of you guys found someone, we would just open more locations, we'd have leadership opportunities. And what do we say at virtual rockstar or rockstar recruiter guys? The number one reason why people leave is because they don't see a future in the business. So now you're investing in a path for them to see a future in them because they're helping actually build it, which is also our main constraint. So then I would, again, make my company all about that and say, once a month, we're gonna get together for an hour over lunch on me, and we're gonna talk about how things are going and finding people. Because I want all of you to increase your salary this year by 30. That's the reason why. I want all of you guys to get a 30% raise. You feeling it? A 30% raise this year. So we're gonna help each other all get a 30% raise because this is the ultimate win, win, win, win. Four wins. The company wins, you win, the new therapist wins, more patients get helped. Win, win, win, win. We all win. This is the identity, and no one in the industry is doing this, guys. That's why we're gonna be we're already the best. We're just not not as impactful as we want to be. And you guys deserve to be grown the way that we're investing in it. Uh uh Joe.
SPEAKER_01:May I ask one more thing around this concept? Because since I just lost two good people, and honestly, my third PT is not the avatar, to put it nicely, personality-wise. Um, great skill set, but he's he's terrible in every other way. Um do you see any downside that I'm not seeing to offering um really the three PTs that left? Well, one's still there, he's got two more weeks left, three more weeks, um, offering them that bonus. Now they're not part of your organization anymore, yet they found you that person, and they could maybe find you another one.
SPEAKER_00:Um, mic drop, Joe's thinking of big time, Ari.
SPEAKER_05:Yeah, it's funny. I was thinking the same thing, Joe, because I have a PT who's about to leave and flat out rock star.
SPEAKER_02:Right.
SPEAKER_05:And also, she has said to me that she would she doesn't see this as the end that she anticipates coming back. So if her outgoing is a$20,000 check and she's found her replacement and she comes back because she sees that's still part of the game. I mean, that's I think that's there's nothing wrong with that. I think that's fantastic.
SPEAKER_00:I think we're thinking in a growth mindset now. Because because why wouldn't we do that? And how fun and think let's let's add to that. Let's like improv a scene, right? Improvisers, it's like yes and. So Joe just came out with this new addition to this great idea that Alex Ramosy came up with. I'm just the vessel to communicate it. So Joe now brings it in as like, what if we did this for existing rock stars that used to work for us? Yeah, what else could we do? Well, I'll tell you a benefit. When we reach out to them and say, hey man, I was just wondering if you could use$20,000. I'm sorry, what? Yeah. Instead of giving it to a stupid recruiter, I would love to give it to someone that I know, love, and trust. What is that doing to that person? It gives us a reason to reach out to our network, which is always the bigger solution for all of our recruiting, is having a powerful network of people who know, love, and trust us. So we go out there and we say, hey, listen, I believe that you would rock stars hang out with rock stars. You were one of my favorite people. Oh, thanks, Joe. That means a lot to me. And you're like, Yeah, I know. That's why I want to call you. And then they all that affinity goes up between the two of you. And then it's like, hey, by the way, we're gonna have this team call on Wednesday at this time. Would you like to be on it? We're gonna we're we're all just gonna be sharing best strategies of how we can find people so that everyone can make that 20,000 bucks. I mean, maybe that's not a good fit because they're used to being the company and that might be weird, but what if? And then it's like, then my thought went, well, shoot, if we could do that with past people, who are the connectors that we know? Who are people that just have bigger networks? I might like there's a guy I know at one of the universities who's a good friend of mine, and he's he's tried to help me when I had my PT practice. If I had a business now and I said, hey, Mike, let's not use a different name. Hey, Steve. Steve, you know, you're the director of students at you know, AT Stills University. Um, I just was wondering if you could use$20,000. What do you mean? Let me tell you. Well, that might maybe there's a conflict of interest there. I'm starting to realize there could be problems with that with a student and a teacher. But why couldn't that happen if you guys are friends with uh someone who owns a podcast in physical therapy or someone who's an influencer of sorts? I mean, honestly, if you guys told me that you would give me$20,000, I'm already talking with these students at AT Stills. As much as I'd like to think I'd be thinking of you anyway, it is gonna change how I think. Do you know what I mean? I'm gonna be like vetting people. And if I find someone, normally I would send them your way. But like, there's a different power and intentionality that I would be thinking of. And like, I'm not trying to ask you guys to give me the bonus, but like if four of you asked me, I'd be like, okay, a million dollars. Every time I'm talking to students, I'm like, who here wants to move to Colorado? I need to see your hands right now. Like it'd be a totally different tone. So just building on Joe's idea, the idea of how we can leverage, because 20,000 is enough to care. That's enough for me to go. I'm sorry, what are you doing? And then by the way, how do I think about you? What are my thoughts about you? Alex talked about this yesterday. Alex Ramosi said, when we start raising our prices and we start charging more, people start actually recognizing the value, not just arbitrarily, but like if you're barely breaking even, if you raise your prices to have at least some padding in your profit margin, people are going to experience you as a higher quality product. So if you're out there saying we're giving a$20,000 bonus, the employees, whoever we reach out to on the outside, I mean, I if I was a PT that used to work for you, I'd be going, like, crap, why did I leave? Right? And then it just kind of grows from there. Joe, that was brilliant.
SPEAKER_01:Well, thanks. You know, in in uh it's also thinking like, okay, I'm just sitting here thinking, I I still keep in touch with like six, seven people I graduated PT school with like 23 years ago or whatever. Why wouldn't I why wouldn't I tell them? Why wouldn't I tell them what you just said? I'd rather give you 20K than a recruiter. You send me someone, I'll give you 20k. Like, why wouldn't you do that?
SPEAKER_00:Why wouldn't you put a post online? Why wouldn't you like you know, um Yeah, where do you stop with the I don't think you want to like hit cold PTs with it?
SPEAKER_01:Maybe you do, but you don't want to find someone on LinkedIn and be like, I'll give you 20K if you send me someone. But but if you know them, like and you trust them, then why wouldn't you do that?
SPEAKER_00:Joe, you're hitting upon listen, the whole point of Rockstar Recruiter, I've said this before maybe a hundred times now. The core solution of Rockstar Recruiter is building a network of people that know, like, and trust us that are wanting to join our team, that we stay, we stay in connection with. That's why we do all the things that we do from initial outreach to maintaining those relationships. When uh Adam Robin, who's part of the PT Owners Club, I coached him for a year and a half on recruiting. He was one of the first people on the first day to say recruiting is hard. I was like, okay, let's start there. Let's shift that mindset, right? He now, he had, he just hired seven physical therapists, I think, in the last like six months. And um, I was on a podcast with him and I was like, all right, man. I didn't want to like bring up that I coached him because I didn't want to have that kind of feeling that there was a that we weren't equals. But I just said, How'd you do it? He goes, Well, I have this large network of people. I just said as soon as two people quit, I sent around and I text everyone that it was that I'm already in touch with all the time, said, Hey, I've got two openings. Do you know somebody who's looking for it? And he said he texted like dozens of people that he's already in touch with. And not only did he fill those two slots, but he hired five more. So the power, so that's the that's the core impact. What this one tactic is helping us see is how exciting it would be to reach out and share it with somebody because it doesn't feel like an ask at that point. And by the way, we're the incentive is actually pushing the right behavior because you're not saying, hey, I'm I'm gonna give$20,000 to the first person who joins. That feels like a sale and an ask. That's a totally different part of the brain. The proven method of getting a referral is do you know someone who's looking for this great opportunity? No one's gonna feel threatened by that, but there's no motivation for them to really try until you add a$20,000 tag to it. Then it's like, and then you can again, it's kind of how you bring it up. If you're close to the person, like Joe, you said people you know in your industry. Like if you're good friends to people in your group, you the more personal you make it, the more successful it is. Hey, Sharon, I just need to talk to you for five minutes on the phone. Sharon, hey, listen, I have this new crazy incentive. And I thought of you as one of the first people I just wanted to share it with. Because I can't do this all day long with everybody. You create some scarcity to it. I'm gonna give$20,000 to the next to the next rock star in my closest of networks. I'm not doing this to cold outreach. I'm doing this for people I know, love, and trust. And I love and trust you, by the way. If you know anyone who's looking for a job who I end up hiring, I'll give you$20,000. Joe, how can you afford it? Well, I don't know how I can afford not to, which by the way, is the actual answer to this question. I don't know how I can afford not to do this. And then you put that out there and you and just it gives you a reason. And by the way, worst case scenario, they don't think of anyone, but they're like, whoa. Number one, Joe cares, uh cares and likes me. It's a reason to reach out to them. Number two, they think more of you because you're out there doing something no one else is doing, and Joe must be killing it because he's willing to pay 20 grand. I think more of Joe. And then, yeah, that's the worst case scenario. That's the worst case by reaching out to people. So it makes it exciting to reach out because you're doing them a favor, you're building your brand, you're serving. It's cool. Yeah, this was a good idea. I thought about bringing it after I heard it, but I had no idea how great it would be after this group took a good idea and made it awesome. That's that's growth mindset in action, is how you guys just chewed on it. And even though Lori and Christy haven't said much, their energy has absolutely shaped this for sure. Absolutely. Well, guys, that was a quick call. I didn't ask how anyone's doing or what they're working on. We've got 10 minutes. I think for the last few minutes, I just want to say this. Um, Joe, since he hasn't been on the call, I have been working behind the scenes on the evolution of Rockstar Recruiter. So we are pivoting Rockstar Recruiter into something new. I'm spending a lot of time on that today. I don't know when I'm gonna release it. It's gonna be, it's not top priority for me to reshape this. I'm just not gonna stop doing these calls until it's done. And then I am going to pivot this into something so amazing. I'm not exaggerating. I wish I could share this with you guys. But I'll put it, I'll put it like this the acquisition.com team is helping me build this next version of Rockstar Recruiter out. And um, the me the reason we're we're gonna still do this, there will, I will make some money on it, but you'll be shocked at what I'm gonna do. Anyway, it's you'll you'll get you're just gonna laugh and go, well, how is he gonna make money? There will be, it's it's an I'm turning this into an entry-level point for people. I am gonna be scaling it up. Joe, everyone else knows this. I am gonna be scaling it up. I don't know where that's gonna look totally, but I have help on what that's gonna be. But we are gonna create map more and more value for you guys. It's all gonna be about like providing more networking, gonna be more connected to like information and updated, uh, updated tactics like we talked about today. It's gonna be all these things, and then um it's gonna grow from there. So I want this to be kind of my service. And then I will tell you, Joe, we are going to be using parts of these recordings as material for my social media and so on. So obviously, like we are going to edit anything out that is personal, like anything you said about your team, or mentioning her money and that kind of stuff. Like, we wouldn't have those things in there. But that's part of the reason I can still do this, is that my brand, as it grows, we just hit 10,000 script subscribers on YouTube. Hooray! Like, as we're growing that brand, it's gonna be this is this is why it's useful for me, is because I can talk at a at a camera or I can work with people I love. And honestly, you guys make me better than I really am. And so I love that. And by the way, and I and you pointed this out last time, for those, and I'm not opening this call for everybody, the calls are gonna be different. The calls, I'm keeping you guys in that innermost circle because you've been with me before. But you guys, we're gonna edit this material and give it to you for your brand. So, like Joe's whole spiel, like, why wouldn't I reach out to other people and those kinds of things? Like, we could create a little short video that he could post on his social media and talk about like so as we work together, we're gonna grow each other's brands, which will help recruiting on a big scale and and all that. So I'll let you guys know what that is down the road, but that is it on the updates. Any questions on that, Joe?
SPEAKER_01:Yeah, I I am super curious to know more because yeah, again, I haven't been on a call in months and I know you said there was things coming, and so yeah, I I guess I I I don't do good with suspense.
SPEAKER_00:So I guess uh it's only gonna be a value add. It's only gonna make things better.
SPEAKER_01:If you can divulge details uh as it goes, I'd appreciate it. But um yeah, I'd I'd like to know where, yeah, what you know what I could plan for using essentially and how I can, you know.
SPEAKER_00:Yes. So a couple things. Actually, I am gonna share screen and give you guys a little bit more because I realize I can.
SPEAKER_01:Um, I'm not saying you had to do it now. I'm just saying it will I want to. We've got like five minutes. Well, what are we talking about?
SPEAKER_00:I've got so much going on on my end. Like, if I can like get a little bit more information to you guys, the better. Because like the only group I have to spend time really communicating this to existingly are the people on this call and the few who aren't, who typically are. I haven't been promoting this program for two years because of the because of Virtual Rockstar's incredible growth. So for us, um, here's a couple things. The first is that we are going to be way more school focused. So, school is that online program that um I believe you're all in, but I haven't done much with for a long time. Right now it's called Free You Up. It might keep the same name, it might change the name. Right now, we kind of put this as like, oh, let's just do a school program. Alex Ramosy and another guy founded school. Um, I am getting personally trained on how to how to use school in a way that's way more useful. And I am a part of a school group uh called the acquisition scale advisory group. This is this is a this is a very small group of people. I'm the smallest guy in the room. Most of those people have companies above 30 million. So we are in there with the founders of school learning how to use this to create value for you, for you guys. I'm in it every day for at least an hour. But essentially what we're gonna be doing is this is going to be think of this as like Think Ific, where we had the course, plus the most intimate Facebook group, plus a catch-all for everything we're gonna do on steroids. So we are going to start posting like differently, and it's gonna be contribution-based. You guys are gonna contribute as well, some good ideas. Um, there'll be rewards. There's a leaderboard. So as you guys level up, there'll be unlocks for other courses, other freebies, other informations that you can get access to that are gonna make you want to keep sharing. And then as people keep sharing, the value of the group keeps going up. We are going to centralize everything on this calendar. Every call from Rockstar Recruiter, every call, every event we do for Rockstar Summit, anything we do, anything we do is gonna be linked. There will be buttons here you can click and open up the links. So you'll you never have to worry about like, where is it? You can click a button, add it to your calendar. So that's great if you want to stick with that. But there's always this central place, it's not an email once a week, it's gonna be all here for you. And then in the classroom is where we are really excited. This is where we're gonna be pro uh creating all sorts of really fun content. Some of it will be paid, some of it will be free, some of it will depend on where you are in the business, uh, in this in this growth. Because again, my vision for the community is to get from 131 into the thousands. Like, I want this to be tens of thousands. And there's ways to control it to where it's not just a bunch of crap in here. Like you have to earn the ability to even post, like there's some things there, but then like for you guys, we're gonna have Roxo Recruiter in here. There's gonna be other new things we're gonna add into here that other people are gonna have to pay for. And so that's kind of the whole like general outline of it. But there's there's a lot of there's a lot more I'm not sharing about it in terms of what this is gonna be. But I I will say that we're gonna have the big thing, Joe, is we're gonna have the calls every two weeks as currently constituted. Um, we're gonna have everything kind of centralized into school, but we're gonna be continuing to add value to where this becomes a very special uh thing. So community school will be where everyone meets, but there'll be sections of school where there'll be groups of elite connections and things that we're gonna build into that. And you guys are always gonna be just in in whatever I'm doing. So that's it. I'll give you more details as we go, but we're currently building that out. It's gonna take me at least another month or so. Guys, I appreciate you. Have a great rest of your day. Thank you for a wonderful time. We'll see you at our next call. I think it's gonna be it's the second week of September. It's the second Wednesday, second and fourth Wednesdays of every month. Yeah, Orit.
SPEAKER_05:I will not be at that one.
SPEAKER_00:Um, actually, that's a really good point. With my crazy schedule, I need to see if I have any conflicts. I do have a conflict. I have a rain tree conference on the 24th of September. Um, so Arit, if you're in town, if you wouldn't mind running that, that'd be great.
SPEAKER_05:Um, otherwise 24th, the 24th should be fine. I just won't be at the 10th.
SPEAKER_00:Perfect, perfect. And honestly, why don't we save the 24th to talk about growth mindset? We'll see. We'll talk, we'll figure it out. I don't want to. We're still on for the 10th, are we saying? Yeah, but next month, the second and fourth land on the 10th and 24th. Got it. All right, you guys. Have a great rest of your day. Thank you so much. We'll see you next time. Thanks, you too.
SPEAKER_01:Yeah, thanks.
