275 - No Money, No Mission

So I would encourage, particularly those in the launch build phase and going into scale, do what you do better than anyone else. My job is to build amazing relationships with amazing people. And number two is what you focus on magnifies. Do not be a jack of all trades, master of none. What you focus on magnifies.

Hello, and welcome to the Remarkable CEO.

Podcast, a show dedicated to chiropractors who want to transform their job into a business so that they can have a.

Remarkable practice as part of a remarkable.

Life, not instead of one.

With your hosts, Dr. Pete Camiolo and Dr. Steven Fransen.

What's up, remarkables? Welcome to another episode of the Remarkable Circumstances CEO podcast. I'm Dr. Stephen Fransen.

And I'm Dr. Pete Camiolo.

And we are stoked for the conversation that we're going to be having here today. So you guys are going to get to meet some of our inside crew. We're going to invite you guys behind the curtain. We brought some of our peeps, some of the leaders of our personal financial teams, our personal advisors from the Ludaka Wealth Partners group. Now, these guys, this is literally. These are our advisors. So we're giving you guys access to these super high performers, really what we say in Boston, wicked smart people. So Dr. Pete and I are very excited because we work with them, both of us work with them. And so do a bunch of the other chiropractors inside of the Remarkable Practice, both corporate as well as our clients. So it's really exciting to bring these superheroes onto the call today and give you guys access to them. So help us just give a warm welcome to Paul Ludaka and Reem. Reem. I knew I was going to screw it up. Rashida.

I think I'm close. Ream. You just reamed to me. So welcome. You guys are so excited to have you here.

Thank you. It's a blessing to be here.

So we want to have a conversation today that I know that we're going to be proxy for all the chiropractors that are listening right now. We always feel like that whenever we have experts like yourselves on the line. So, like, what inquiring minds want to know, and specifically, it's chiropractic business owners want to know. We want to have this money conversation with you guys. So why don't you first, like, let me give you an opportunity just to describe yourselves, your business, your service, to create context for all of our listeners so that they can put their thinking caps on. And let's see if I can anticipate the questions. Dr. Pete and I are going to try to anticipate the questions that I know that they would ask. Why don't we start with you, Reem? Why don't you describe a bit yourself your background, your expertise, and a bit about your services.

Sure. First of all, I'm really honored to be here. And I'm definitely. It's been wonderful working with both of you. And I definitely look forward to working with even more people, more of your clients. I would say A lot of what we do really revolves around two things, education and service. Whenever we think about money, we think about investing. There isn't really enough education out there to really help us understand what we should and should not be doing. There are lots of really great fads, but they're just fads. We're trying to separate what's true from what's not. The other one is we're looking at this from a long term lens. We're not here to look at what's going to happen tomorrow or the next month or the next year. It's what is that plan for the next 5, 10, 15, 20 years? What is that going to look like? And extends beyond just you as the client. It also looks at your family, your spouse, your children. How are you going to create and generate generational wealth, not just income today?

Paul, I hate to do this to you, but you're gonna have to follow that. Why don't you do the same?

Story of my life, Dr. Steven. Hard to measure up.

I apologize. I should have let you go first.

Ladies first. Ream's the best. Yeah. So thank you again. Blessing and honor to be with you today. You know, we love to read. One of our core beliefs is the person you'll be in five years depends on only two things. The books you read and the people that you associate with. That's why we consider it such a blessing and honor to be associated with you and your families. You guys are awesome and really excited for today when we talk about books. One of our favorite books is Simon Sinek. Start with why. And so, Dr. Steven, Dr. Pete, you've heard my story. But my dad, biological father, was a drug and alcohol addiction. Left home when I was only 4. My mom remarried, stepfather was a horribly abusive, very toxic alcoholic. Slept in parks, in the back of pickup trucks, bounced around, ended up leaving home when I was 14. Why that's relevant to our conversation is I ended up moving in with my best friend and his mom. And I would come to find out that she was a financial planner for 38 years. And when I was 16, she asked me a question that literally changed the whole trajectory of my life. And I know you guys have heard this question a hundred times, but what percentage of Americans retire at age 65 with more than 40,000 a year of annual income? Do you guys remember what that number is?

I'm ashamed to say that I cannot remember what that number is, because I.

Know I've heard it before. Only 2%.

2%. That's right. That's right.

So I remember hearing that, thinking, that is tragic. 98% of the US population retires below the poverty line. But I also remember hearing that at 16, thinking, wow, that means someday, if I become a financial planner, I can help 98 out of 100 people that I meet. And that is why we do what we do.

Wow. Just awesome. So, Dr. B, we can play a little doubles tennis here as we go back and forth with these geniuses. And, you know, I would love to kick it off with just a quick anecdotal story, but also to maybe nudge ream into sharing some nuggets in this category because it was just so valuable to me and to my family. So as we were working with Ream, Camilla and I, my wife Camilla and I, we were doing our. Our monthly financial reporting meeting, and we made mention of the children. We were talking about the kids. And Reem, of course, was like, yeah, no, I'd be happy to jump on and give Sam some guidance, my son, who's in college. And, you know, she did that, and it was awesome. And he reported back that it was just amazing. And I was just so impressed that she had, you know, the willingness to do that. And I said, is there any chance if I were to organize all of the kids, like my siblings kids and like, our cousins and everything, if I could just organize, like, a webinar, I would love to be able to bless them with just like a. You know, could we. Could we seed the ideas that we just went over with Sam and Aman if we could just give them that jump start, right? That head start that none of us really got, you know, coming up out of the gates. We can put them not years, but decades ahead and teach them about the power of compounding, not just compounding interest, but compounding great habits. Right? So Ream, of course, was just, like, immediately, yes, we love doing that. I'm happy to do it as part of my purpose. And, you know, we organized it, and it goes without saying, it was spectacular. It was just so awesome to get everybody on there. My parents Showed up. She had three generations. She had three generations on this webinar and she just went to school. So, Reem, I just want to thank you and let you know how important that was. And just coming from this perspective of being a business owner, there are things as a parent that you should know. Right. So there, there are, there are mechanisms in place, there are strategies in place that you need to be able to exploit in the most positive way to set up your. Your family, you know, so that they can learn not just great habits, but they can take advantage of the time that they have to really build great wealth. I love what one of our other financial partners, Big Life Financial, loves to say, Justin Maxwell loves to say to go beyond this generational income consciousness to generational wealth building. Right. So, Reem, will you just share some of the nuggets, some of the big kind of sort of takeaways that I know everyone listening right now wants to know? They're all business owners. Many of them are parents who will be parents. And so many of the strategies, I think, are just kind of best kept secrets. That's a shame because it's a place where we can actually have influence over the future for ourselves and for our kids.

Absolutely. And I would say thank you for organizing it. I mean, I was really impressed that your parents were also there. And, you know, whenever we think about money and family, it's usually one of those topics that we never talk about with our kids. Not really. We talk about, you know, their budget, but we don't really talk about what they're supposed to do with it. And it's very difficult to open up these conversations. So having three generations on that call actually sharing some of their actual experience with investing was also super useful because then some of the ideas that time is one of their most valuable assets, especially for younger kids, that really resonated when grandma and grandpa were sharing some of their experience and how they could have done things differently had they known.

Yes.

So now it's no longer you being the parent, it's you saying, here's an opportunity for you to learn. And I have to say I was super impressed. You have a great bunch there. Whether it's your kids or your nieces and nephews. They have some really great ideas. I love the fact that your son has been reading, I would say, out of a whole bunch of different.

I hate using the word kids because they're not kids anymore. I don't view them that way, but he's definitely miles ahead of so many others that I've Spoken with over the last few months.

Yep. That was the reading challenge that Sam jumped all over that. And, you know, out of those 33 books, I think 14 or 15 of them were financial books.

So.

And it really shows. I. I was struggling with, you know. Oh, have you read this? Like, yes, I have. Like, I'm gonna think of something else now. But it really drives home the point that ultimately time, the time value of money is the most important aspect. And with them being 16, 18, 19, they have a lot more of it than you and I have. And for. For them to get to their goals, they don't actually need to do that much more. They just need to be consistent.

Good.

Amazing. It's amazing.

You know, one of our frameworks that we use, Dr. Stephen in our. In everything that we teach, our events, even our podcast, it's always heart, head, hands, feet. And I believe that this episode that we're doing and having this conversation with you, I already. I already am so caught up in it. It's such a beautiful thing. And I know there's going to lead to some hands and feet things, but I want to start with a heart. I want to get to the heart of the matter, to start, because at the end of the day, it does come back to that. And I want to share something that Paul, you and Reem shared with me and my wife Mary. And I'd just like for you to just unpack it for a minute maybe. And you have no idea what I'm about to say, but it's something you said to me. You said, money is useful as a servant. It's deadly as a master. You said, money is useful as a servant, deadly as a master. And that really made an impression on me. And I'd love for you to maybe start there.

Exposing maybe a little bit of your heart towards how you navigate, you know, finance, wealth building, coaching, guiding that your clients, people that you work with specifically. With that in mind, I'd love to. I'd love to hear some thoughts on that.

Well, thank you. One. You know, we love you, Dr. P. We love Dr. Steven. That is why we do what we do. And we often say that our clients work with us because they like us and they trust us, but they stay with us because we deliver real results and we have 99.9% client retention over time. So that's as you talk about. That's the heart, the head, the hands, and the feet. But Reams heard me say thousands of times, if I had to do this all over again, I would throw my finance degree away. And I would get a degree in psychology because it's proven that emotional or psychological decisions are 8 to 10 times more powerful than logical or rational ones. So we all lead with our heart. And I think that is so important because relationships are critical to this great journey called life. Now, it's funny, I wrote that down as ring was sharing. Money is useful as a servant. Deadly as a master. Number one topic in the Bible, money. God's chief rival, our chief idol. Number one reason for divorce in the United States of America, money. Number one reason for prescription medication in America, money. And one of the key lessons my mentor taught me was money is just dirty paper. It is a tool that we can utilize to one, glorify God, bless others, and accomplish our most important goals and objectives. So when you have that proper perspective and you're looking at as a tool, using it as a force for good, like Dr. P, we often say money doesn't change you. It makes you more of who you are. So if you are kind, you are thoughtful, you are generous with money, as you make more money, as you're more financially blessed, it compounds those wonderful behaviors. But if you are haphazard, irresponsible with money, greedy, that magnifies those bad behaviors as well. That's why you typically see most lottery winners, professional athletes, rock stars, actors. They're typically bankrupt within three to seven years because they have no. Asreen talked about that finding, that financial literacy, that education. They have no foundation, they have no base. We call that stewardship. And Dr. P, those who are faithful and little are faithful and much. So if you're a good person, kind, generous, with a little bit of money is that magnifies. Watch out.

Love it. All right, so we're talking to business owners, specifically chiropractic business owners. And you guys work with enough of us now, and there'll be many more coming your way. What are some of the blind spots that you see people show up with? Right? So, you know, we're dealing with doctors that are, you know, probably build doctors looking to scale or scale doctors that are looking to scale well, or even doctors that are scaling and are looking to exit. Right? So there is plenty of room for gaps in knowledge there and missteps, Right? So very often the missteps just come from either a limiting belief or a misunderstanding or just lacking knowledge. So I'd love for you guys to just maybe take a pass at it. I'd love to hear from both of you on that because I think that there's lots of fodder Here for conversation. Yeah.

So I'll start with the launch build and then into the scale. You know, I remember starting my career 26 years ago and I was doing everything. And then I saw two things that changed my life. One, I read Michael Gerber's book, the E Myth, the entrepreneurial myth. 90% of small businesses fail because the business owner tries to do it all. They become a jack of all trades, master of none. And I'm a big believer what you focus on magnifies. And I went to a million dollar roundtable conference which is the top 5% of professionals in our industry in the world. And they said that million dollar roundtable members spend half of their time or 50% of their time face to face with clients. But cord of the table three times MDRT production spends 55% of their time face to face with clients. While top of the table six times, MDRT spends 60% of their time face to face with clients. So I determined 25 and a half years ago, I have one job, to build amazing relationships with amazing people. And I'm going to find amazing people like Reem and Gio and Curtis and Jared, you know, Steve Jobs, that don't hire really smart people and tell them what to do. Partner with really smart people and do what they said. So on our team of 19, I unapologetically am the 18th smartest person. So one year after I started my practice, I was doing everything and I hired my first employee, Carrie Oliphant. So I went home, Dr. Steve, and I was so excited. I told my wife, I said, honey toots, we hired our first employee today and guess what her first question was.

How are we going to afford that?

Yeah, how are we going to pay for her? What are you going to pay her? And I said, we're going to pay her 36,000. And she said, well, honey, you barely made 50 last year. How are you going to pay her 36? And how are we going to live off of 14?

Well, guess what happened to our revenue and production after high and carry, it tripled. So guess what I did. I hired a second employee and then our production doubled again. And as they say, the rest is history. So I would encourage particularly those in the launch build phase and going into scale, do what you do better than anyone else. My job is to build amazing relationships with amazing people. And number two is what you focus on magnifies. Do not be a jack of all trades, master of none. What you focus on magnifies.

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Thoughts? Reem, I know you spend at least 60% of your time face to face with clients. What are you hearing coming out of the chiropractic space? Where are the gaps?

Absolutely. The thing that comes to mind is delegation. Paul talks about delegating and adding to your team, but I would say it's not just your internal team, it's also your advisors.

One thing that we often see with physicians and chiropractors are within that group as well is because they think, and I don't want to sound condescending, that they're very intelligent, very smart, that they can do everything. It's like yes, probably you can. You can dedicate yourself and the time to do it. But there are certain aspects of your life, such as investing, they should not really dedicate yourself to find someone else who does that day in, day out and get them to do that for you. And therefore you can focus on what you do best. So that's usually one of the pitfalls we see some of our clients go through is they think they can do it all, not just in their business, but also in their portfolios.

I went through that season. I'm sure we all have. I can remember thinking that I was wicked smart and that was really dumb.

So my own rule of thumb is I, we, Camille and I look at seven categories of life and I just always want to be optimizing. I always want to be growing and getting better, right? So that constant, never ending improvement, that Kaizen spirit. So I always ask two questions. What proven program am I following? And who is the mentor or coach that I'm paying to hold me accountable? Those two questions for all seven categories always. And I honestly, at this point I get really anxious or get really jumpy if I don't have a proven system that I'm following to optimize. And who am I paying to be my mentor or my coach to hold me accountable and make sure I'm doing what I'm supposed to be doing.

Dr. Pete, first of all, you know, it's just so much wisdom just shared here on this, on this meeting. And I think I'm going to, I want to double click on something because, you know, you talk about launching and building. I know that some of our listeners to this podcast are in that season, in that stage of their career where they're launching a building. And it's one of the most helpful things. And one of the things that I know one of my mentors early on shared with me was, you know, I paid my staff a little bit more than, you know, maybe what the, the going wage was in that time because I expected to have higher levels of talent coming on board and was willing to invest in them with the expectation that there would be, you know, more of a return on the investment. Dr. Stephen, you and I talk about on, in this podcast all the time. If you're a listener regularly, you know, we talk about the highest investment and best use of your time is always going to be investing in your people. One of those things is training with your team. Can you talk a little bit about that as well? I'd love to hear from you. You built obviously a large business scale, that business. Can you talk about the value of training people? Just because since you, you hit on that on the team piece, I just want to, I want to emphasize that more even. But coming from a non, you're not in the Cairo space, right? You're in the, in the financial world. So can you talk about the power and the importance of training, not just getting great people, but training and investing in those people. Love to hear what you have on that.

Yeah. Best investment you can make. We have a bunch of we believe statements, and our original we believe statement is surround yourself with good people and great things happen. And so a few things just, you know, going back to that proven process, we adopt philosophies like the best plan is the one that works and best idea wins. It doesn't have to be Dr. Steven's idea. It doesn't have to be Dr. Pete's idea. Best idea wins. And then mentoring and coaching. One of my all time favorite quotes is Ralph Waldo Emerson. He says, every person I meet is in some way my superior and I can learn something from them. My license plate is Proverbs 27:17. It says, as iron sharpens iron, so one man sharpens another. So we want to surround ourselves with people that are better than us, like these listeners. You know, they don't have to listen for more than seven seconds to realize who the smartest person on this podcast is. And it's not me. And so Ream is infinitely better at so many things than I am. And that's what makes our team so great. Like Ronald Reagan used to say, trust but verify. And so I've had the opportunity over 26 years to build amazing relationships with amazing people. And Reem comes in and she verifies that trust and confidence is well placed. She takes all the noise, all the data in the market, all the technical analysis, and says, guys, here's why we are the best team for you and your family. And you guys know me, I'm a big football fan. Lou Holtz used to say, you know, what makes a great football coach, great players, what makes great financial planning firm, a great team and great clients. And we have been blessed with the two greatest, greatest clients and greatest team on the planet.

I love that you guys throw around maxims so regularly. Sorry to interrupt dream, but it's. It's something that I think we're probably pretty well known for. So, Paul, I do appreciate that about you. Reem, go ahead. I didn't mean to interrupt you.

No, I'd like to add to that. It's more about developing a team of specialists. Make sure that everyone you know in every role is really the best that they can be. But the other thing I would say when, when I look at our clients, I look at them as being part of our team. We have access to so many different entrepreneurs, so many Skilled individuals in so many industries, we field feedback and information from them. We ask them for questions. What are you seeing in your business? How are things developing for you? What difficulties do you have? And that also helps us create this additional network that we can then filter through and help others around us.

That's right.

That's right.

And I think the idea of team needs to be expanded beyond just your internal team.

Yeah, that internal, external team dynamic. You're what we call remarkable experts that we surround ourselves with. You know, when we look at just from a financial perspective, you know, people, you.

You.

They'd be hard pressed to like, well, I guess I have my bookkeeper. Yeah. And then your. And your accountant. Yeah. And maybe a tax attorney.

O. Okay.

Yeah. And do you have a cfo? Do you have a cfo, or do. Do you have a tax strategist? Do you have a broker? Do you have a financial planner? Like, who's your. Who's the quarterback of that whole team of people and getting them communicating with each other, making sure that you have visibility, that there, there is a connectivity, there's a visibility, there's an accountability across those experts. Like, as soon as you don't. As soon as you make the ascension from thinking that you've got all these sort of contracted or subcontracted experts that are expenses to you, but rather you're building this outsourced, fractional team of experts. It's, It's. It's. It's likened to, like, creating a family office. Right. So it's like, it almost felt like those. Those sort of things were out of reach. Unless you're very intentional about, like, what the way we've done is. We've built. We've built our financial dream team. We've built a professional dream team. And you guys are on that team. Right. So when I say we, I'm talking about Camila and I, this is a very personal call for us, is like, you guys are quarterbacking our financial team of experts. Right. So, you know, and. And to us, it's. It's amazing how that brings such peace of mind that there isn't this disjointed group of people that bill us every month for a service that feels like they should be related and communicating and knowing each other, what have you. But we've really cobbled together quite a team of experts that forms a team that knows each other, that communicate with each other. And, you know, that seems to be an obvious thing, except that when you ask people, does your bookkeeper talk to your accountant? Does your accountant Talk to your financial planner. Does your financial planner know your accountant? Like. Like, there. There needs to be that level of communication, because one plus one plus one will equal 111. You know, if you do this right.

And I would probably add. Sorry, I'd probably add one other thing. You know, Dr. Steven, if you go back 20 years, was your professional team the same team that you have today? And how have they changed? Because as you've scaled, built and scaled your business, you've also had to seek out the different team members to actually help you that have the correct or the needed advice at that time.

That's right. People are with you for a reason and for a season. And God is good, and he's in charge, wants you to make all of your big mistakes in a small room, and then he gives you a bigger room. And we just keep moving into these bigger rooms. And it's awesome to know that we've got people like you with us in those rooms. So I just want to encourage everybody, as you're listening right now, it's time to ask yourself those questions, like, do you have your dream team assembled? And who is on that dream team? And as what Paul was just alluding to, it's about having the right people in the right seats, doing the right work, the right way.

When. Dr. Steven, a few things with that. Number one, we believe that mastery lives on a mountaintop of mistakes. So we always say we. We don't fail. We either succeed or we learn. And we learn a lot. And so mastru lives on a mountaintop of mistakes. Then you think about that dream team. We have our board of advisors meeting this Thursday, arguably one of the most important meetings we have all year. Dr. Mark Mao, my dear friend and client for over 20 years, has been on that board. And the whole heart behind Proverbs 11:14 is in the multitude of counselors, there is victory. And, you know, we joke. You know, we're in Omaha, Nebraska. Do you know what Warren Buffett always says is the key to any successful relationship? Relationship stumped me again.

And I love Warren.

Yeah, well, most people say trust or communication, which I. I agree with. And I'll come back to that. Warren Buffett jokes, low expectations.

That's right.

Under promise over deliver. But everybody always says trust in communication. And I think that is so important. It goes back to, people do business with us because they like us and they trust us, but they stay with us because we deliver. And you talked about the importance of your advisory team, your dream team, communicating. And so often, like we look At Ideal Team Player by Patrick Lencioni. He talks about the three key attributes of an ideal team player is humble, hungry, and smart. Well, I agree with those three things. But do you know what I think is the most important quality of a team player? Reliability.

Way more important. Nobody talks about that. I know if I ask Ream to do something, it's done. I know if I ask Curtis and Jerry to do something, it is done. And how do you put a price tag on reliability that also comes back to trust and communication. And so many relationships fail because either they lack trust or poor communication.

Good. I want to talk about something also that Paul, you and Reem talk about. You spoke on it a little bit here today, but I want to unpack it a little bit more. And that is, you know, this concept of stewardship, because you. You say that it's never a revenue problem, it's a stewardship problem. Can you unpack that a little bit? Just because as. As again, the doctors that are listening are scaling, walking through the four seasons of their career. I think it's important to just take hold of that truth. And I'll have to just unpack that a little bit as well.

Thank you. Yeah. I'll speak to it from one a spiritual context than also a secular. So the Bible says, he who is faithful and little is faithful and much, and that is stewardship. If somebody can be faithful with a little bit of capital, a little bit of resources, a little bit of relationships, then you magnify that. However, again, if you're haphazard and interresponsible with those things, who's going to trust you with the real riches? And so I think that is all about stewardship, because when we work with people, they always say, well, if I just made more money, I would give more. Well, Proverbs 39 says, Give from the first fruit of your labor, not your last. And Acts 20:35 says, it's more blessed to give than it is to receive. So people always say, if I just made more money, I would save more, I would give more, I would be more generous. But that is untrue because of something called Parkinson's Law. Do you guys know what Parkinson's Law is? The more you make, the more you spend. The more you make, the more you spend. So two key things when it comes to planning. One is debt. Proverbs 22:7 says, Beware, the borrower is the slave to the lender. So we want to try to get our clients below a 50% liability ratio as quickly as possible, ideally below 25. Do you guys know what the average liability ratio in the United states is? Almost 90%. It's awful. People are over. We're a consumer culture. Number two is saving. Warren Buffett himself, who he just quoted, said the habit of saving is more powerful than the skill of investing. That is the world's greatest investor saying, the habit of saving is better than what I can do. So ream. And I always say, whether you make 50 grand a year or 5 million a year, save 20% of your income and you'll never worry about money. You guys know what the average savings rate in the United States is?

Less than 1%, isn't it?

Yeah, it's about 3. It's, it's tragic. 3. But sadly, the average American spends 110% of their income when you look at debt and leverage. So that's really. Dr. P. When we think about stewardship, it's, it's those things, being faithful. Little are you being faithful in much Are you being generous? You know, we have two pretty easy core principles. Love God, love people. And it's amazing how simple life becomes when you do those two things.

Our pastor has one slide that shows up every week, and I, I, I write it down every time I see it.

I love it.

God sets the vision, your generosity sets the pace. I love the spirit of that. You know, when we talk about first fruits and second fruits, of course, being saving and then third fruits is that's when you can go and increase your lifestyle. And I think everybody needs to hear that just from the very beginning, right? So because as you go through the seasons, the cash flow increases, right? There's a lot of money moving around, but cash flow covers a lot of sins, right? So when you see that particle movement of inflows and outflows and you don't have good stewardship. And I think a basis of good stewardship is the heart and the intention, but the practicality of it is in the reporting systems and meeting rhythms, right? So you need to have visibility and accountability. So we're just big advocates of making sure that when we talk about trust but verify, so much of that is about the reporting systems that are in place. You can't manage what you don't measure, right? So, and, you know, if it's not written down, it doesn't exist. All these, these, these aren't just memes that you see on Instagram, right? So what you focus on grows. How do you control the focus? Make sure you have meeting rhythms that you make the agreement that this is what we're going to look at, we're going to focus on these numbers with real intention around, you know, goals and, and milestones and, and guardrails, backstops, etc. It's just so important to have the, those meeting rhythms. And how important is it, guys, to have a touchstone, a touch point, you know, an objective third party who keeps things unemotional and who is unapologetic about holding you accountable to doing the things that we know we're supposed to do. Right. So it's not as much about telling you what to do as it is to telling you not to do. Like most of us need a stop doing list, not a start doing list. Reem, I appreciate that about you. You know, you always come in up over the top, super objective and I appreciate how you do act as guardrails so Camilla doesn't feel like I always say, Camilla's not my break, she's the guardrails. Because if it were all up to me, we'd have a lot of cool stuff, some great stories and we'd be broke between you, you guys have us surrounded, so to speak. Speak to that. Like, how important is it that you have somebody else who's keeping it objective?

It's absolutely important. You know, going back to the whole idea of stewardship, a part of my, my role goal is making sure that we have parameters that we're working within, we have expectations and you know, it's a little bit like diet and exercise. You know, we all know we want to lose weight, but which of the two are you willing to, to work on? And if you left your own devices, how sincere are you going to be with going to the gym X number of times and eating X amount of calories? Someone needs to go back to you and say, well, hang on a second. You said you'll do X, but reality is you did not. That's what you want to do about it. That's right. And we would look at it the same way with financial plans. We do put a plan together and we say our objective was to save X. Where we're going to dedicate X, Y and Z to these endeavors. Have we done that? And if we haven't, why not? And have that regular check in every, you know, every quarter, every six months. The other thought that I had, also within this concept of stewardship and generational wealth, when wherever we're thinking about the assets that you would have created and grew over time, you then want to pass on to the next generation, how sure are you going to be that they're going to really look after it and continue to grow it. And this is part of why we actively try to speak with the next generation and, and see, that gives us a really good idea. Do we have some potential problems with the next generation we need to be aware of? Do we need to make other choices, other decisions with that and give that as a feedback back to you, Dr. Steven, or to Dr. Pete, say, well, you know, you've got two great kids over here. A third one, well, I think we need to be a little bit more concerned. We need to work on them, trying to make sure that we get rid of some of these, these not so great habits.

To that point. We always say boundaries are healthy. You know, fire is beautiful in a fireplace, but it is dangerous out in an open forest. So boundaries are healthy. Working within constraints. So Reem and I are always trying to help clients see that from a financial perspective. Liquidity. We want you to have three to 12 months of cash on hand for emergencies. And opportunities. We want to optimize cash disability income, protect your most important asset. We've paid 27 death claims in the last 26 years. Our clients have always said two things. We never thought it would happen to us. And I wish I had more savings. We talked about average American saving 3%, spending 110. Whether you make 50 grand or 5 million, save 20% of your income. Debt ratios, borrowers a slave to the lender. We want your liability ratio below 50%, ideally below 25. National average is almost 90. So those are constraints. Those are boundaries that are healthy. And we, we think that working within those constraints lead to better outcomes. And Dr. Steen, I appreciate your humility, but you have an amazing heart's desire for what's best for you and your family. And those are the best people to partner with, because then we just come along and we just help you get aligned. Like, these are the things that are most important. So how do we help you get there? This is your journey. This is your life. We're just here as a resource. We provide wisdom to provide direction. And that comes through two things. We always say relationships are based on two things, time and communication. So the more time we spend together, the more we communicate, the more alignment, the better relationship that we'll have. And then that last point, when you talk about accountability, another one of my favorite proverbs is, wounds from a friend are better than kisses from an enemy. So Reem and I will tell you what you need to hear, not what you want to hear. Like, my wife always jokes, you know, does this Dress, make me look fat.

We want to tell you what you need to hear, not what you want to hear.

Well, we have a maxim around here that says all the better results live on the other side of greater accountability. Yeah. So, you know, at the end of the day, that's really what we, you know, I think almost all of us know what to do. Right. So it's, you know, should I have the bowl of blueberries or the blueberry muffin? Really? Is that really the question? Right. So it's understanding that there's a level of accountability. Man, this has been amazing. We could talk all day. And I know that if our listeners have questions and they're like, man, I really wish you asked that. Put them in the show notes, guys. We're, like, super connected to these guys. We spend a lot of time with them. We communicate with them a lot. Right. So time and communication is key. And that same goes for you guys with us. So drop your questions in the show notes. You can put them down in the show notes in the YouTube channel as well, and we're happy to address them and double back and then pass them on to these two geniuses. Dr. Pete, I don't know about you, but my belly's full. This is just great stuff. Are there any closing comments or you want to put a bow on it from either one of you guys? And then I'd love to just ask you, you know, if somebody wants to learn more about how to get connected with you guys, you know, how do they find you? How. Of course they can ask us. But I think it's a great opportunity to get you guys connected to more chiropractors, because as we know to be true, here is what the world needs now is chiropractic, and what chiropractic needs right now is more successful chiropractors. So you guys have been such a key to our success.

Awesome. Thank you. Reem, do you have anything to share?

I'll let you go first, seeing I did at the beginning.

Okay, well, a couple things I think a lot about preparation. We always talk about measure twice, dice cut once. And Abraham Lincoln said, if he gave me five hours to chop down a cherry tree, I'd spend four hours sharpening this off. And so developing your skills, the education, the resources, I think that's so critical. And back to, you know, some of the common mistakes we see with chiropractors. Never confuse a busy practice with a successful business. And a lot of chiropractors, a lot of financial planners, a lot of entrepreneurs, they confuse activity with achievement, activity does not translate always to achievement or accomplishment. So make sure you're moving those big rocks and focusing on the right things, because again, what you focus on magnifies. And I'm excited. Reem and I are actually scheduled to speak at the UAC conference in September. So one, we'd love to see you and all the listeners there. Opportunity to meet all of you. And then you can find us@ladakawealthpartners.com but just super grateful for our time together today and just really grateful for you and you guys in our lives.

And for me, I would say build out your team. Really focus on investing on your team, both internal and external. Make sure you have the right people who hold you accountable, will tell you what you need to hear, even if you might not like it. It's necessary if you want to get moved forwards and for sure reach out to us. We would love it if Dr. Peter and Dr. Steven would host us again. So make sure you send out a whole bunch of requests, not just.

We'Re here to. We're here to serve.

She is the smartest person in the room, no doubt.

But yes, we would love to connect with you. We love to teach. Teach. We love to educate, we love to serve. And anything we can do, we can all learn from each other and do better.

Just awesome. All right, guys, we thank you so much. What a blessing today was on behalf of Dr. Pete, myself, and all the remarkable CEOs listening and chiropractic, right? So we, we know that we're in the business of saving lives. And when business is good, everybody wins. So thank you for helping us. Help more people. Help more people. God bless.

Awesome. God bless you.

Thank you.

Hey, Doc, Steven Fransen here. If you're like me, you know that we're in the business of saving lives. And when business is good, everybody wins. That's the good news. But here's the bad news. Most chiropractors don't own a business at all. They own a job. It's a job they love, but it's a job. And far too often it feels like that job owns them. Is this true for you? Do you want own a business or a job? Have you built and do you run your practice on brute force? Does it rely fully on your time, your effort? A pound of your flesh? Are you responsible for all growth, for all new patient generation? How about new patient conversions? Is it all up to you? How about patient care and delivery? Are you a sole practitioner? An owner, operator who owns the practice but is also the only one that is head down and bum up taking care of all the patients is revenue generation or collections all up to you. Let me ask you the most telling question Doc. What would happen if you took 90 days off? What breaks in my experience, most on purpose chiropractors do not lay awake at night worrying about their practice. They worry about their business. Let's slay that dragon. The Remarkable Workable CEO Program has helped hundreds of chiropractors just like you turn the job that they love into the business that they've always wanted. Are you ready to run and build your practice on leverage instead of brute force? Do you want to create the scalability and durability that will allow you to make a bigger impact and a bigger income? What would it mean to grow your practice, increase your productivity and your profitability? Do you want to get your time freedom back? Are you ready to turn turn your pirate ship into a battleship? If this sounds like you, then the remarkable CEO program is for you. Just last year, 53 of our remarkable clients received the Seven Figure Club Award, meaning they hit the million dollar mark for the first time or their next million dollar level, be it 2 million, 3 million, 10 million, up to 36 million and growing now. Doc, is it crazy to imagine that your practice could be next? Click the link below and learn how to apply for the next cohort of the Remarkable CEO Program. We look forward to working closely with you and creating the business that supports your remarkable life, not competes with it.

Thanks for listening to this episode of the Remarkable CEO Podcast. Remember, what the world needs now is chiropractic. And what chiropractic needs now is more successful chiropractors. If you like this podcast, please subscribe, share with a friend and leave us a review. And if you'd like to connect with us personally, direct message us on Facebook, LinkedIn or Instagram. Now go and be Remarkable.

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