What is a great way to move the dial from earning 100,000 to 500,000? What is the main challenge for maintaining a seven-figure practice? Can you act upon your desire for a change that is rooted in success and in your desires?
In this Seven Figure Practice Series podcast episode, Joe Sanok speaks with Laurie Groh on how to know when to expand.
Podcast Sponsor: Heard
Please don’t DIY your accounting! It’s like relying on a self-help book instead of getting much-needed therapy. There’s a reason accountants go through tons of schooling and grueling exams like we do. You shouldn’t be expected to know the things that they studied for years. They’re experts and can make the whole quarterly tax situation smooth, and honestly, with some planning, pretty painless.
You don’t want to be surprised by taxes or have the IRS breathing down your neck. And therapists ask me all the time where to find an accountant.
Heard is my go-to referral for therapists needing bookkeeping, tax preparation, payroll, and all the financial back office stuff. They even help therapists set up a bank account, form a business entity, and open a retirement plan.
They work exclusively with therapists and cost way less than the accountant I worked with for years.
The deadline to sign up for 2023 tax services with Heard is December 31, 2023! You can schedule a free consultation at joinheard.com/joe and get your first month for free with promo code JOE at checkout.
Meet Laurie Groh
Laurie is a level 2 RLT marriage counselor and the co-owner of Shoreside Therapies. Laurie works with individuals who want to improve their relationships — which includes not just marriages, but parent/child, friendship, and co-worker relations. Her typical clients include women who are business owners, perfectionists, and people learning to be more vulnerable. She’s married with 4 little kids, so she also likes working with moms who are trying to juggle it all!
In this Podcast
- Realizing a need for change
- Moving from 100,000 to 500,000
- Managing two practices
- The main challenge for maintaining a seven-figure practice
- Laurie’s advice to private practitioners
Realizing a need for change
Laurie had four therapists in her team after three years of slow growth and was still only going home with the same amount of money as she would’ve if she had been working solo. She knew that something needed to change.
Instead of deciding, “Okay, let’s just back down and do my own practice … with no therapists”, I doubled-down basically! (Laurie Groh)
They hired three more therapists. It was still scary since Laurie and her partner weren’t sure how it would look or how it would work, but they knew that they wanted to go for it.
That deciding factor is what spurred on the change, and then the subsequent success.
The real thing was deciding; “Do I want to be all in?” I loved the people I was working with so it wasn’t really about that, it was just [deciding], “Is this what I want to be doing with my time? Do I want to divide it up like that?” And after thinking a lot about it, I would say it probably took me six months or so to really wrap my head around the next step, and I decided, “Yes, this is what I want to do.” (Laurie Groh)
Moving from 100,000 to 500,000
One of the key aspects that led to Laurie’s success was being part of a Practice of the Practice Mastermind group.
I was part of that group for quite some time … the weekly accountability that was there and just constantly being told, “Do less!” started to sink in a little bit more and more as time went on, and I really do think that that was the main thing that helped me decide, “Okay, I have to have some additional help”. (Laurie Groh)
These groups and lessons helped Laurie to make the necessary changes and moves which ended up boosting her success and the profitability of the practice.
The income that Laurie was able to bring in through a combination of delegating and making space for herself to think on what needed to be done, she was able to purchase a large building for the private practice.
Managing two practices
Even though Laurie enjoyed the in-person space of having therapy, she was curious about having an online practice as well – or, at least a practice that is partly online.
There was enough separation with the online practice as well … The fact that I can go wherever to do counseling and to meet with my therapists, at some point I’m going to probably want to just do that … It was sort of like, “This is my future plan, and at some point I would love to be 100% virtual.” (Laurie Groh)
Because Laurie had experience in growing a practice before, she knew that it takes time. So, to start sooner rather than later, she began to lay down the foundations of her virtual practice after she and her husband had spoken through the business end of it, since they would still be a team overall.
The main challenge for maintaining a seven-figure practice
One of the biggest necessities that Laurie is always focusing on is how to take proper care of her therapists.
This is something that she’s always done as a business owner, but since the practice has grown so much, Laurie knows that a huge part of this success is due to the great work that her clinicians and therapists have done, and she wants them to feel appreciated.
I just really recognize and realize that the therapists are the reason that we’re doing well and keeping that in the forefront of my mind is really important, so that means spending more time thinking about what they might want, what they might need, offering more supervision [and more]. (Laurie Groh)
When you are intentionally growing, it is important to notice, thank, and appreciate those within your business that are helping you and it to grow successfully.
Laurie’s advice to private practitioners
Recognize that you can do this, it just takes time, effort, and consistency! If you continue to put the work in and network, over time, it will build upon itself and will benefit you in the long run. You’ve got this!
Sponsors Mentioned in this episode:
- The deadline to sign up for 2023 tax services with Heard is December 31, 2023! You can schedule a free consultation at joinheard.com/joeand get your first month for free with promo code JOE at checkout.
Visit practiceofthepractice.com/apply to sign up to work with one of POP’s consultants!
Useful links mentioned in this episode:
Email Joe at [email protected] to suggest guests for the show
Check out these additional resources:
Apply to work with us — a decision-making matrix for your next steps
Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners who are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
Thanks For Listening!
Feel free to leave a comment below or share the social media below!