What Happens When a Huge Life Change Impacts Your Thriving Business? You Open Another One! 

Of course, it’s not really THAT easy. But it’s how the cards played out for Dr. Hester Potts, a Canadian entrepreneur and chiropractor living abroad. I interviewed Hester for my latest episode of “I’m a Millionaire. So Now What?” because as much as I like to talk about wealth (and the growing of same!), if you don’t have your health, you won’t have your wealth.

Hester, in the true spirit of Self-Made Nation, took what might have looked to many as an impossible choice – and instead turned it into an opportunity for expansion.

Her parents being British, she was able to study and live in Britain. Eventually, she built up a thriving chiropractic clinic. She got married. And she started a family. The irony lies in what brought her back to Canada.

Her British husband was offered a job in Canada. Boom! Now what?

She was faced with an almost impossible choice. Give up her life’s dream? Or stay in business from across the pond.

Fast forward a few years, and she’s now running TWO clinics - one just outside Ottawa, and one in Newcastle upon Tyne in England. Oh, just a side note to cement how brave she is – she ventured out on her own and opened her first clinic during the 2007/2008 depression! Classic entrepreneurial spirit!

When Faced with an Impossible Business Decision, Press Pause (if you can!)

But how do you begin contemplating shuttering this amazing business you’ve created? While the prospect of returning to your roots and being around family again is certainly alluring, especially when you’re starting a family, how can you square closing up what has become a money machine? It’s creating cash flow – and whichever way you slice it – close up or sell – that’s cash that won’t be flowing into your pockets any longer. *sad face*

Thankfully, Hester had a chance to press pause. Just a bit. She had already been partially out of the practice on maternity leave and had backfilled her absences with other chiropractors. When she began working again, naturally some of her old clients had moved on, so suddenly she had a bit of breathing room.

Create a Business that Can Run Without You – Even When You’re Still Around

Hester admits that at first it was a bit of a sting, not having scads of old clients welcoming her back (I mean, who among us wouldn’t feel that sting…?– but she also realized something vitally important, that would ultimately be a key part of her decision making,

“It made me realize that I set up a practice with really great systems and it doesn't matter who clients see. As long as they're coming in and receiving care at a great standard, one that I had set up from the start! I guess that made me realize that I didn't actually have to physically be the one in there. It was still running, and it was still profitable.”

Not always easy to see yourself as ever so slightly superfluous, but should the need ever arise in our own lives, I think anyone of us would rather the business survived!

It didn’t take long after returning to Canada before Hester felt the itch again and ended up opening her second clinic. Today, she owns and operates two healthy chiropractic clinics, on opposite sides of the ocean.

Dealing with Covid-19 as a Clinic Owner

In what some people would see as a bit of a cruel twist of fate, enter Covid-19. With companies are still locked down and so many people are hunched over desks and kitchen tables trying to work from home, wrecking spines and shoulders in the process, people are in need of chiropractic treatments more than ever.

But, with social distancing, and a field as (literally) “hands on” as chiropractic medicine, that’s not possible, and both clinics have felt the impact of Covid-19.

I asked her what steps she’s taken as a business owner to adapt and pivot to provide as much help as possible to her clients (and staff!), without risking anyone’s health, “[When I started in business] I spent a lot of time putting in systems and procedures with clients, to have longevity and to create a loyal client base. So, I’ve found it very important to keep in touch over the phone with our everyone. Checking in on them. We've kept appointments (in the book for later) and in my UK office we're doing zoom workshops for our clients, to help with exercising at home and just giving some tips.”

She’s also a huge believer in always having three or four months or extra cash on hand, in case of emergencies just like this one.

“As a business owner, you should keep three months of your business-running expenses and three months of personal living expenses in an account that you don't touch! I mean, as a chiropractor, if you go skiing and you break your wrist, you're out, you can't see clients, and you never know what's around the corner… Once we get out on the other side, let’s assume we get out on the other side, whatever business you're in, you make it through, and then you start to put a plan in place to build that up for yourself [again], so that the next time there's something, whatever that something is going to be, you're going to have that cushion.”

Great advice. And yes, let’s all assume we’ll get out on the other side. The alternative is not very appealing! :D

I would also LOVE to share YOUR story. If you’re interested, drop me a line.

“I’m a Millionaire. So Now What?” is brought to you by Double to Sell - Canada's Premier Invitation-ONLY workshop for business owners wanting a cash-rich exit in 10 years or less. For more information, or to register, please visit the “Double to Sell” website.