Carrying the Weight of Ownership

Let's talk about what it's really like to be a chiropractic practice owner.

In a recent episode of Million Dollar Chiro, Dr. Mary Frances Duncan, along with her executive assistant Kelsey, delves into the challenges and responsibilities that come with owning a chiropractic practice. The episode, titled "Carrying the Weight of Ownership," offers a raw and insightful look into what it truly means to be a business owner in the chiropractic world. While many chiropractors dream of opening their own clinic, the reality of ownership brings with it financial, personal, and emotional responsibilities that few are fully prepared for. Dr. Duncan shares her personal experiences as a business owner, discussing how to balance patient care with the demands of running a successful clinic and the importance of managing stress for long-term success.

The Unique Challenges of Practice Ownership

Dr. Duncan begins by outlining the challenges of being a chiropractic clinic owner, which are far different from those encountered in chiropractic school or while working as an associate chiropractor. Owning a clinic means carrying the weight of the business, including managing finances, paying staff, and ensuring that the business remains profitable. This means that everyone else gets paid before you do. You’re not just responsible for yourself anymore—you’re responsible for your team, your patients, and the overall success of the clinic.

“When you open your own practice, you’re carrying the weight of the clinic on your shoulders. You’re responsible for the livelihood of your employees, and that’s a responsibility you can’t take lightly,” Dr. Duncan notes during the episode. She emphasizes that this weight can be overwhelming at times, especially when coupled with the stress of providing patient care.

Owning a clinic, she says, is a marathon, not a sprint. There will be tough days, and success is not immediate. Success in this business means surviving over a sustained period and knowing that the first 5-10 years will not have a great work-life balance. The first few years may involve financial and personal sacrifices, but with dedication and perseverance, the rewards can be immense.

Balancing Care with Business Management

One of the most difficult aspects of practice ownership is managing the balance between being a clinician as well as a business manager. As a chiropractor, your passion lies in helping patients heal, but as a clinic owner, you also have to ensure that the business is running smoothly.

“You have to delegate the business tasks and focus on what you do best—taking care of your patients,” Dr. Duncan advises. However, delegation doesn’t mean detachment. You need to keep a pulse on the financial health of the clinic, the performance of your staff, and the overall direction of the business. But knowing when and how to delegate allows you to focus on your strengths while still running a successful clinic.

Dr. Duncan shares that one key to balancing care and management is understanding that burnout is not an option for business owners. “As a practice owner, you don’t get the luxury to ‘burn out,’” she says. This is because your responsibilities don’t stop when the day ends. If something goes wrong in the business, it falls on your shoulders. However, this doesn’t mean that stress should be ignored. You have to find ways to effectively manage your stress so you can be a sturdy leader for your practice.

Managing Stress and Avoiding Burnout

Owning a chiropractic practice can be incredibly rewarding, but it also comes with significant stress. Dr. Duncan highlights the importance of stress management for business owners, stating, “You can’t run away from stress and anxiety—they will follow you.” Stress and anxiety are natural parts of running a business, but they must be managed effectively.

Throughout the episode, she offers strategies for dealing with stress, emphasizing the need to be proactive about mental health. Regular exercise, taking care of your body, setting boundaries, and seeking support from your state chiropractic association are just a few of the ways she suggests managing stress.

Dr. Duncan also emphasizes the importance of setting a positive example for your team. As the leader of your clinic, your employees will often look to you to see how you handle stress. If you’re constantly overwhelmed and stressed, that will trickle down to your team. You have to be the calm in the storm.

While burnout may not be an option for business owners, Dr. Duncan warns that it is important to keep an eye out for burnout in employees, especially associate chiropractors. “Remember, W-2 employees didn’t sign up to own a chiropractic clinic or deal with the responsibilities that come with practice ownership,” she reminds listeners. Ensuring your employees feel supported and appreciated is key to maintaining a healthy work environment. You can also ensure having a strong team of staff by using a hiring funnel to weed out bad candidates and find the ones who will best fit your office.

The Rewards of Dedication and Sacrifice

While the challenges of practice ownership are significant, the rewards can be life-changing. Dr. Duncan speaks about the personal satisfaction that comes from building a thriving practice from the ground up. There is a deep sense of fulfillment in knowing that your hard work is creating jobs, helping patients, and contributing to your community.

Opening and managing a chiropractic clinic requires dedication, sacrifice, and a long-term perspective, but it can also offer unlimited growth potential. For those willing to put in the time and effort, the possibilities are endless.

In her advice to chiropractors considering opening their own practice, Dr. Duncan doesn’t sugarcoat the reality of ownership. “You’ll only be as successful as you are obsessed with your practice,” she warns. “You need to be willing to do the hard work for the first five to ten years if you want to see the benefits.”

The episode is a candid and encouraging conversation that highlights the unique challenges and rewards of practice ownership. Dr. Duncan’s message is clear: practice ownership isn’t for the faint of heart, but for those with passion and perseverance, the journey is well worth it.

For more insights on managing the challenges of practice ownership, listen to the full episode of Million Dollar Chiro: Carrying the Weight of Ownership and explore other episodes where Dr. Duncan shares her experiences and advice for growing a successful chiropractic business.

If you want to learn more about ways to elevate the experience in your chiropractic office, you can take Dr. Duncan’s inaugural online course Owning A Chiropractic Practice: Things Chiropractic School & Management Groups Do Not Teach You.