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A Minute (Or Two) With Colin Receveur, Episode 51

- Some of the data around COVID-19, and of course, prior to this, the flu. has shown us that these viruses affect the vulnerable population at a disproportionate rate.

- The elderly, the sick, the immunocompromised, the ones that already have some pre-existing conditions are the ones that are more susceptible to the effects and the mortality rate of these viruses. 

- And this phenomenon, this outcome, is not unlike what's happened in business... businesses and dental practices that had pre existing conditions. 

- They had weak profits, they had poor cash flow, their labor was a little bit too big right there. 

- They had too many people, paying too much compensation on their team. They weren't managing their cash flow.

- Well, these pre -existing conditions: practices that went into the COVID crisis with preexisting conditions did not come out of them. 

- They came out greatly, greatly reduced or they didn't come out at all, unfortunately.

- And even figures and businesses that looked indestructible. Richard Branson is no longer a billionaire. He's currently trying to loan against his private Necker Island because it's the last unencumbered asset that he has. 

- The owner of the Houston Rockets, a guy worth $5 billion, one of the 400 richest Americans, is offering 15% interest and he's trying to raise 250 million dollars to make it through the next few months. 

- These huge titans and figureheads who looked too big and too successful to fail, we've seen how this storm can wipe them out. 

- And when the tide goes out, we see who's been swimming naked here, and it's there for the world to see. 

- So, how can we stabilize and secure our practices’ future to make sure when this next storm rolls in – whether it's a resurgence of the COVID-19 crisis or recession, a stock market crash, another AIDS scare like dentistry had in the 90s. 

- Maybe it's a SARS or MERS like we had 10 or 12 years ago. 

- These events are cyclical and they're going to happen again. 

- So what do we need to do in our practice today, right now, to ensure that the next time the tide goes out, we're not standing there naked.

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Colin CTA