We Mean Business
November 3, 2008
I just saw an online episode of A&E’s TV show, We Mean Business featuring Cleveland Chiropractic College – LA graduate Dr. Lou Woelfel. The show is a typical “makeover” type show, but because it features a chiropractor, in particular a graduate of our college, it is very relevant for students who are close to graduating and planning their own practice strategies. It takes about 20 minutes to watch the three segments, so take a few minutes to have a look.
What I found interesting was Dr. Woelfel’s emotional attachment to the way the place looked. This is very common in all small businesses, where the business is an extension of the person who started it. When starting a business you have to rely on others’ opinions and be receptive to them.
Dr. Woelfel’s decision to join a practice management consultant group for $25,000/year when his business was struggling was a huge mistake. You could see that his consultants were clearly not doing anything for him for the money! The place looked awful and the business was poor. What was that money supposed to be paying his consultants for, exactly???
The show focused too much on how the place looked, but it is still important. His biggest mistake was using his mother’s mortgage as collateral for a business loan. Never, EVER compromise your home for a business. Businesses can open and close all the time, but you can’t go homeless trying to start a business.
Every student needs to see this and focus on the first segment, not the makeover.
November 16, 2008 at 5:59 pm
Great post, I did find it interesting that they chose to focus so much on the looks. I believe they stated that Dr. Lou was collecting over 30k per month. What I would have loved to have seen is where all that money was being spent. 2K per month on a consultant??? That is nuts.