By Dr. Ben Lerner, BN, MSPSY, DC, Doctoral Candidate in Business Administration
Catch the video below explaining more about Convergence Theory, Physician Health Thyself, building a Business within a Business, and how to create financial security as a chiropractor.
After a billionaire patient of mine developed some prime land near my office and sold it for 8 million dollars, I asked, “Can you show me how to do that?!”
We spent the next several weeks meeting with his main contractor and looking at potential pieces of property that were available. In our final meeting before signing the paper, the developer said to me, “Don’t do it.” He went on to tell me of all of the doctors that he helped build yogurt shops, bowling alleys, and flip houses who ended up losing money by investing in areas they knew nothing about. He said, “You’re good at being a doctor – why don’t you open up additional clinics or do something more inside of yours? Do more of what you know!”
I listened to his advice. I doubled down on my own practice and started opening up others. I bought a 10,000 sq. ft. building, developed businesses within that business, opened up 4 additional clinics, and then started a company that did licensing and franchising to over 400 clinics.
Years later, I used the money to invest in a real estate developer and the projects he was involved in. I let the experts make all of the right moves and stayed focused on what I knew – being a doctor. (Later I did go on to get a Masters and now working on my Doctorate in Business).
This is called, “Convergence Theory.” Convergence is when you invest further into your existing business and what you know to create the maximum amount of impact and capital with the least additional risk. That capital can be invested into other expert ventures like real estate, but you remain focused on your core.
Alternatively, you have “Divergence.” This would be doctors investing in yogurt shops, realtors investing in CBD, and teachers buying a restaurant or a bowling alley. These things famously add run-away stress and go belly-up.
For a doctor and ultimately any business, the most Convergent investment is in the existing location. In my example, I was an aggressively “straight” chiropractor practicing by myself, and thus making me a perfect candidate to convergently invest, grow, and develop a far better business model that could offer more value to the community.
The first, best step to converge is what I also call your BWB’s – business(s) within a business. While continuing to focus on the imitable, unmatched power of chiropractic as its own well-defined business, I developed a best-in-class testing and nutrition division, massage therapy, and added a chiropractor that would focus on additional needs like personal injury and sports. Ultimately, 3 BWBs made me a greater and greater resource for people and as a result; a more influential and effective health facility in my community. The profits and assets also grew exponentially.
My first big real estate investment was convergent in my own building. We utilized 33% for ourselves and rented out the rest where I could manage through staff who only had to walk next door or upstairs. Through the power of convergence, I repeated this process by owning the building in two more of my practices. I eventually was able to sell all of those practices and the real estate that came with them at a far greater value than either would have brought on their own.
Chiropractic offers an un-rivaled service to humanity. Today, in addition to helping doctors grow their chiropractic volume, much of my attention is in helping them add Well-Aligned; Functional Health, make sound real estate decisions, and work towards the kind of economic windfall that the best doctors on planet earth deserve.
To learn more about developing BWBs click: need help!
To experience the wonders of Well Aligned and what it can do for practices, patients, and your family we’ve got a training with our scientists, lab experts, and wellness protocol professionals May 14-16th. Click here for details: https://vitalleonutrition.com/
Have fun saving the world
Dr. Ben
