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| Dear Friend,
[Today, I’m waxing philosophical. If you want to wax along with me, then keep on reading. If not, then please scroll down the page.]
This post, an annual classic, was originally written and published on September 5, 2016, Labor Day in the U.S.
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Originally proposed by union leaders, Labor Day commemorates American workers. Just as unions have mostly outlived their usefulness to all but union leaders, Labor Day has become a day for barbecues, family gatherings, and just plain old fun.
Some claim that there is a thing called “work-life balance.” My opinion is that we have only one life (I’m not betting on reincarnation) and that work is an essential part of it. It’s a main driver in why we’re here. Work gives us a purpose in life.
I’ve often heard people say things akin to “I have four years left,” in reference to the time until they “retire.” I shake my head in wonder, both because it seems to me as if they’re talking about a prison sentence (i.e., four years until parole) and because it seems as if they believe that work is getting in the way of some idealistic “life” that hasn’t yet begun.
I’m certainly not advocating that you work, work, work and have no fun, for what is life without fun. I believe that we should approach work and non-work as building blocks for your day. You not only have to work smarter (do the right thing) but there’s no getting around the fact that you also have to work harder.
I can almost guaranty that your competitors are not just sitting around the pool today, they’re also doing some thinking about how they can snatch away your opportunities. Even if I’m wrong and they’re all floating around on inner tubes, it’s even more of a reason for you to outwork them into the ground.
I took some time off this morning. Now I’m about to get back to work preparing for a meeting. After all, it’s Labor Day. |
| | | Business Life in the Time of Coronavirus Mini-Series
The coronavirus crisis caused a short term economic crisis for many medical groups. Our mini-series shows you the way out. Plus, many of the concepts discussed are applicable during both good times and bad.
[If you haven't already seen them, follow this link to watch our entire series.] |
| | Watch Tuesday's video here, or just keep reading below for a revised, more polished version:
I’ve been thinking about the concept of due diligence, but not in the normal context. Let me explain.
Normally when you hear the term due diligence, what it means to business people is the investigation, the checking things out, that occurs after a deal is made in principle. For example, it could be the due diligence conducted after entering into a nonbinding letter of intent. Or, it could be due diligence conducted during a time period set out in a definitive agreement.
What it basically involves is an investigation, a checking of facts, to make sure the representations by the other side of the deal are indeed true, and that the facts underlying the transaction or deal are true.
There’s another way of thinking about due diligence, and that is as a process which should take place, an investigation type process, before you even think of doing a deal with someone. In other words, what do you really know about them? What do you know about the other kinds of deals they’ve done? What do you know about the executives of the other entity?
There are multiple reasons to take this step.
Certainly, it’s to get some feeling for whom you’re dealing with. Second, it’s getting some understanding if these are the kind of people you want to deal with at all. Third, it’s gaining some leverage to use, in other words some information you can use to your own benefit, about their position, their other business issues, personal issues, and so on, that might be played in terms of the way you’re going to negotiate.
I’m not in any way suggesting you use the information to blackmail or extort. What I’m suggesting is that knowing, for example, that a company is being sued by a bank on an unpaid note is important information if that same company is attempting to sell something to you. It may drastically affect the price that they’re willing to take.
These are things that really shouldn’t wait until after you’ve entered into a letter of intent or, big mistake, once you've entered into a binding agreement. You should be thinking about this up front.
This concept holds true no matter the size of the deal, whether we’re talking about an employment contract or an acquisition or merger.
Obviously, the extent that you’re willing to enter into pre-deal due diligence efforts is contingent upon how big and how important the deal is. You’re certainly not going to spend hundreds of thousands of dollars to check out the other side in connection with a deal that’s only worth $100,000. But some level of due diligence is essential even if the deal is worth $1,000. Don't be penny wise and pound foolish in vetting the facts up front.
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| | How to Deploy the Secret Sauce of Opportunistic Strategy
Webinar On Demand
They say that COVID-19 has changed the world, creating the "new normal." Many of your colleagues and many hospital administrators are running scared.
Others, leaders like you, know that crisis means opportunity.
Let me provide you with the strategic tools and insights that you need in order to seize opportunities, whether they’re in the context of your current business relationships, the expansion of your business activities, or the creation of new ventures.
You will learn:
•Defense as a defective default: It’s necessary, but not sufficient.
•Exploiting weakness: Drop the guilt and identify opportunity.
•Flat line negotiation is fatal: Understand its myths and limitations.
•Negotiation reality: Learn to identify and deploy on multiple planes to affect the outcome.
•Maneuver: Harness the power of maneuver, both in overall strategy and in specific negotiation strategy.
Others see a crisis and freeze in fear. Learn how to see the opportunities and obtain the tools to increase your odds of obtaining them.
The price to attend is $479. The cost of not attending is astronomical. |
| | | Wednesday - Do You Know the Power of Questions? - Medical Group Minute
Watch the video here, or just keep reading below for a slightly polished transcript:
It was a Sunday. I was buying ties.
“Phone number, please?”
Those were the first words spoken by the saleswoman. A question.
I had checked my compulsion at the door like an umbrella, so I responded with a question of my own: “Why would I give you my phone number?” She launched into an explanation of their marketing program.
I asked her how many people give up their information. “Nearly everyone.”
Questions are far more powerful than statements. We’re programmed to answer them. Not always of course. I had resisted when asked for my phone number.
Questions elicit a strong, innate compulsion to provide a response. They gather information. They’re fuel for conversations. Not only do they pass the communication baton to the listener, the right type of question removes the hard edge of assumption.
How do you use them in your business? In negotiations? In your everyday activities?
Are you simply stating your position or are you questioning your way forward? Are you compelled to state what’s on your mind, or are you taking advantage of someone else’s compulsion to provide you with valuable information?
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| | | Listen to the podcast here, or just keep reading for the transcript.
Let’s talk about a key element in getting what you want out of a deal: Controlling the contract.
When you control the contract, you are controlling the discussion and you are framing the issues.
In order to gain that control in any deal, you must be the party that presents the first draft of the document.
Oh, I hear someone out there moaning that it’s expensive. Yes, it is expensive. But the point is that it’s going to be a lot more expensive for you in the long run when the other side take control over the deal by paying their lawyer the $5,000, $10,000 or even $25,000 that it takes to document the deal.
There’s something psychological that comes into play when someone presents a proposed agreement. The other side almost always believes that they must negotiate against it, that is, against the terms within that document, the document that you, if you were smart, had prepared.
You want the other side to be negotiating against what you want. You want to be the one who frames it. So, frame the issues, control the discussion, control the documents, control the deal that you’re trying to get.
Don’t be penny-wise and freaking ton stupid. |
| | | Calibrate Your Compass
Read our exclusive RedPaper to guide you through this evolving situation.
The coronavirus crisis caused a short-term economic crisis for many medical groups. Our RedPaper shows you the way out. Plus, many of the concepts discussed are applicable during both good times and bad.
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| | Help Us Help You With Helpful Content
What tailored content would you most like to see during this
time? How can we focus on solutions to your most pressing strategic concerns?
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| | | | We all hear, and most of us say, that the pace of change in healthcare is quickening. That means that the pace of required decision-making is increasing, too. Unless, that is, you want to take the “default” route. That’s the one is which you let someone else make the decisions that impact you; you’re just along for the ride. Of course, playing a bit part in scripting your own future isn’t the smart route to stardom. But despite your own best intentions, perhaps it’s your medical group’s governance structure that’s holding you back.
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| In fact, it’s very likely that the problem is systemic. The Medical Group Governance Matrix introduces a simple four-quadrant diagnostic tool to help you find out. It then shows you how to use that tool to build your better, more profitable future. Get your free copy Free.
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| | | | Whenever you're ready, here are 4 ways I can help you and your business:
1. Download a copy of The Success Prescription. My book, The Success Prescription provides you with a framework for thinking about your success. Download a copy of The Success Prescription here.
2. Be a guest on “Wisdom. Applied. Podcast.” Although most of my podcasts involve me addressing an important point for your success, I’m always looking for guests who’d like to be interviewed about their personal and professional achievements and the lessons learned. Email me if you’re interested in participating.
3. Book me to speak to your group or organization. I’ve spoken at dozens of medical group, healthcare organization, university-sponsored, and private events on many topics such as The Impending Death of Hospitals, the strategic use of OIG Advisory Opinions, medical group governance, and succeeding at negotiations. For more information about a custom presentation for you, drop us a line.
4. If You’re Not Yet a Client, Engage Me to Represent You. If you’re interested in increasing your profit and managing your risk of loss, email me to connect directly. |
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