Episode Transcript
[00:00:01] Speaker A: Hello. Welcome to the money adjustment. I'm your host, Doctor Mark Kramer, DC. I am a chiropractor who loves investing and trading. Are you interested in what's moving markets and your money? Great.
Let's get started. Today's special guest is unique in that a lot of the guests that I've interviewed before, I've had some form of relationship before I've initiated the interview, and in this case, my guest was introduced to me by a mutual friend. And our friend recognized that we have traits that are similar. We are both healthcare providers, we are both interested in business, and we are both interested in investing and trading. So it fits in very nicely in terms of what we're trying to do here on the money adjustment. Without further ado, I'd like to introduce my special guest today, Doctor Michael Neal. He is the founder of Buildmy team. That's going to be a jump off point for us today because the first question I have for Doctor Mike is, what prompted you to start your business? Build my team?
[00:01:06] Speaker B: Yeah. Well, first of all, thanks for having me today, Mark. I'm excited for this discussion. So what prompted me? Well, I was stuck in a very similar position to what so many healthcare professionals are. We had the revolving door for trying to get team members into the practice and, you know, staff, if you'll, if you'll use that term. And it was just one thing after another after another where we were hiring the wrong people for the positions. We had incredible turnover and very low productivity. I took a look at how other companies were doing their hiring, such as Disney, the four Seasons, some other companies, and realized we were hiring completely upside down. We were doing everything essentially the opposite way that we should have been doing, or that they were doing essentially.
[00:01:53] Speaker A: How so?
[00:01:54] Speaker B: Well, they. Glad you asked. I mean, the way we were doing things was basically posting a job ad and looking at resumes as they came in.
That approach is completely flawed because a resume does not tell you what a person's good at. It tells you their work history and arguably nowadays, a slightly imaginary version of a lot of people's work history. Not exactly accurate. So what we did instead was ended up building a very systematized approach to finding outstanding people for these positions based upon their natural strengths and talents. We were able to identify those natural strengths and talents and bring them in. Regardless of what the resume said or regardless of any experience. They learn incredibly quickly. They are extremely productive, and it's really the way that we've cracked the code to bring in a players and these b plus players into the roles. How do they find.
[00:02:55] Speaker A: Oh, sorry.
[00:02:56] Speaker B: Oh, yeah. How do we find them? Yeah.
[00:02:59] Speaker A: In terms of strengths, like when you say, so initially, you are receiving a resume though, correct? Or are you actually actively seeking through other forms?
[00:03:09] Speaker B: Well, the way that it works, there's a whole company built on this now, and we're operating throughout North America in ten different healthcare professions. So it's not, I'm an eye doctor, but it started out in eye care, but it's not eye care anymore. Just eye care, I should say. So the way that it works is our team members will write the job description for the practice owner, post them to over 20 different job boards, and all of the applicants that come in, within 5 seconds of their application, they get a text message asking them to go through an assessment process that we designed. And it's that assessment process that will isolate the candidates natural strengths and talents. The way our software, it's all automated. And the way our software works is at the end, if they have the natural strengths and talents for the position at the end of the assessment process, it'll literally give us a thumbs up. And that's when they move forward within our system.
[00:04:02] Speaker A: So is your company a software company then, in terms of build my team, do you license out the software to other providers?
[00:04:09] Speaker B: How does that work? Well, we have a model where providers can work with us on a one time hire or a membership option where we handle their hiring for the, for non licensed positions moving forward. That's what most people tend to choose. The, this completely. I mean, an average one of our clients can hire a position within their practice with about an hour's worth of work, believe it or not, using our approach. And what's an enormous time saver?
[00:04:39] Speaker A: What, what size practices you work with? Do you have a, any private practice?
[00:04:45] Speaker B: Okay, it doesn't matter. Chiropractic. We have, we're well represented there. Dental, extremely well represented. Same with eye care. And like I said, ten different healthcare professions. So it doesn't matter what type of private practice a person has. This solution works for what we found. All of them, the very larger practices.
Well, we've got, we've got practices with a whole bunch of doctors. I don't know off the top of my head exactly, exactly how many, but small practices, larger practices.
The larger ones look at us more for the time savings, the smaller ones look at us more for the solving that particular problem. So the doc doesn't have to. Because the doc's pulled in 12 million different directions. Right?
[00:05:26] Speaker A: Sure. Oh, definitely. I'm wondering, I would think for, like, a smaller practice, if it's a hiring solution and you're successful at what you're trying to do, which is like, get in good hires, then if it's the smaller practice, they might not need, necessarily the ongoing service, as I'm imagining it, because I think that's why I asked them the practice size, because I'm imagining if you have a larger practice and there's more employees, then it makes more sense to do, like, a longer term arrangement.
[00:05:51] Speaker B: Yeah. Yeah. For a smaller practice with a handful of people, they might only need a couple employees a year or less. And that's great. We have a model for that that makes it nice and affordable for them. And if it's a larger practice, we also have a model for that makes it nice and affordable for them as well.
[00:06:05] Speaker A: Yeah, this is very interesting. And what are the metrics you use to determine the success rate in terms of a new hire? I mean, I could think of the obvious one on top of my head, like, how long does the person actually stay over? Like, what's the turnover rate?
[00:06:19] Speaker B: Yeah. So that is a fantastic metric. And of course, it's a little bit different for each practice, but the. The take home for a listener is when a person is working using their natural strengths and talents all day long. They don't really think of what they're doing is special. They're incredibly high performing. They're just not really sure why other people can't perform at that level either. They go to work, they do something that's very straightforward and easy to them, and they go home and they're getting, you know, being extremely well received and very productive. So that type of person, it's a natural fit. You're putting a round peg into a round hole. The other approach that we've all been taking for so long is to take somebody based upon what they say they're good at, which, if you've worked in a private practice for any length of time, you know, that's almost always different than what they're actually good at, let's face it. And the next move is to try and put a person into a position that they're not good at and train them, and it doesn't work. It just doesn't work. So the. The resume based model will get you a.
Get you a person, but it has nothing to do with finding somebody who's fantastic at the job.
[00:07:30] Speaker A: Excellent. How long have you been doing this for? Or how long has build my team been around?
[00:07:35] Speaker B: Yeah, 2018 is when we started.
[00:07:38] Speaker A: Oh, that's great.
[00:07:39] Speaker B: A little bit before then, but that's when we started with external clients. I was doing it for our practice and then started doing it for some friends as well, of course. And then that extrapolated to.
To ten. Well, now ten different healthcare professions throughout North America. Wow.
[00:07:55] Speaker A: So did you. So North America, the entire region. So national. United States, pretty much.
[00:08:04] Speaker B: US and Canada. Yeah.
[00:08:06] Speaker A: And are the US and Canada. I'm trying to remember. You're out of Canada, correct?
[00:08:11] Speaker B: No, we're out of Pennsylvania. Rural Pennsylvania.
I saw Canadian originally.
[00:08:17] Speaker A: I got you, I got you, I got you. So North America, so United States and Canada.
[00:08:21] Speaker B: You bet.
[00:08:22] Speaker A: Are your dominant markets and are you still growing within those markets? Is that.
Yeah. Cool.
[00:08:30] Speaker B: There's only a couple states we don't have clients in, and we're really excited to get clients in those states.
[00:08:35] Speaker A: Do you hire growing?
[00:08:36] Speaker B: Of course.
[00:08:37] Speaker A: Oh, yeah. That's like, I was wondering, do you hire remotely also, or is it just in or both, like in person remote? Both.
[00:08:46] Speaker B: Well, we specialize in in person positions. I believe that for the most part, of course, some exceptions, but for the most part, healthcare is an in person field. There are certain positions that can be done remotely, for example, remote billing, that type of thing. But even those positions benefit when they are done in person.
[00:09:04] Speaker A: Yeah, that makes sense. That's kind of a big debate. You hear on you did for a while at CNBC about having people in the office versus out of the office. And I think, sure.
[00:09:14] Speaker B: I mean, let's face it. Would you love to have a plus talent in your office where everybody shows up for work? Yes. But sometimes some compromises have to be made. We've all done it. Where your outstanding talent, perhaps in certain positions, can work from home, at least part time. Our goal with build my team is to find you the a players, the b plus players, the outstanding talent, and then you work with them however you want. It's your practice.
[00:09:42] Speaker A: That's great. That's really good. And so I'm going to, I like that background on building my team, and I'm going to kind of branch out because now we'll get into a little bit more of some fun conversations we were having the other day. So you have build my team going, let's say this is around 2018.
Were you interested in investing and trading prior to 2018, or did this evolve more recently?
[00:10:11] Speaker B: More recently, I would say.
And the thought process, I mean, I'm an entrepreneur who's also an eye doctor. And the main thing with the entrepreneur side of things is you tend to, as so many do, start companies. And the reason you start a company isn't to start a company, it's to solve a problem, to solve it incredibly well, incredibly thoroughly, and solve it in a way that other people want to solve it for them. Of course, a natural extension of that as a company. So that's, that's where build my team grew to where it's at today. It just, like I said, it started from solving an incredibly difficult, miserable problem for our practice.
[00:10:57] Speaker A: Sure. I've noticed this challenge in the interviews that I'm doing is that, like, even our mutual friend Andrew, he has a consulting business, but he also does day trading, but he doesn't do those two things simultaneously. And in fact, I know he's not day trading right now, but he has done it. So I know he, he incorporates it into his life in different ways. And, like, for my background, it was around back in 20, I'd always been interested in the stock. I shouldn't say I'd always been interested in the stock market. I had interest in the nineties, and then I did what a lot of people do, which is like, buy a stock and then get in, get out, and then if I made a little money, great. And then I, then I would not be actively engaged in the market. So it's kind of like inconsistently, passively engaged from time to time. But it was in, let's say, maybe 2014. I wanted to understand the market better because I would kind of see it from the outside. And you only really hear about the market in the mainstream when there's extreme highs or extreme lows, like the Dow lost 1000 points today, and then it makes the mainstream news. But otherwise, it's always having some kind of fluctuation that's going underneath the radar that probably most people aren't paying attention to. Then if you're one of those people that are interested in the market, then you start listening to the news and you start paying attention to things like NBC and like business news and Bloomberg and different investing business outlets. In 2020, when there was the obvious event that we had in 2020, in March of 2020, the market retraced five years. It went back five years. And it was like, in that moment was like a catalyst for me where I was all in, all of a sudden, I was like getting everything that I could and starting to put it into the market and trying to capitalize on this once in a lifetime opportunity, as they say.
[00:12:53] Speaker B: Absolutely.
[00:12:54] Speaker A: That has evolved to where it's at now, where I'm more actively, I'm more of a swing trader because I don't really have the time to sit at the computer and watch the charts and things like that.
[00:13:05] Speaker B: Of course.
[00:13:05] Speaker A: Yeah, yeah. But I know. And I was interested in this, and I want to get into, because one of the things that you sent me was the crypto cycle. Right. So that was one of the things that you found interesting. I had also been involved in the crypto market, but I haven't actively traded it in a while. And I know we're in the middle of a super cycle or bull cycle for bitcoin. And do you feel it's interesting because there's like these, again, like two worlds happening. We're both healthcare professionals. We both have. You're in practice. I do utilization review for comp cases. So my job is a little bit different. My job, I'm actually at a computer more regularly, so it's a little bit easier for me to follow the market. When did you get interested in, let's just say the crypto market, because I know you also do stocks as well.
[00:13:59] Speaker B: Yeah. So first of all, let's be clear. I'm an eye doctor and an entrepreneur, not registered financial advisor. So, you know, obligatory.
[00:14:09] Speaker A: That's like disclaimer. I could tell even, you know, because I could tell when we started this interview, I started with the business aspect, and usually I just like, I'll just do the business side. And I had a friend that was like this, too, where he does real estate on the side, but. But he's also actively in the job market, and he's on LinkedIn, and. And he's like, I don't want people to think I'm a crypto guy. I'm not trying to position myself, and I'm not trying to position myself that way either. So when I bring this up, I'm not saying that for sure. Neither one of us are financial professionals. I always say I'm not a financial professional. This is kind of the geek out end of, like, how do people like us that are rational individuals, we study the evidence, we do things in a methodical way, and then we find ourselves investing or interested in these alternative markets.
I get the sense of, like, how much do I want to geek out about this? But I want to give it context, too. Like, we're geeking out about it. We're not saying, like, oh, this is where you got to put your money. This is what I'm doing. Any of that kind of stuff. So if that helps, if not Tesla, which is also kind of, maybe we do both.
[00:15:26] Speaker B: Who knows?
[00:15:27] Speaker A: Yeah.
[00:15:27] Speaker B: But the investing, for me, only occurs when the businesses are not capital constrained growth wise. Because let's face it, I would much rather invest in my businesses, of course, and growing those than somebody else's. So right off the bat, but if there is the additional ability to invest, which I'm fortunate to have that ability, then what caught my eye with crypto in particular, and Tesla? Boy, how do I describe this?
Was a future, essentially. So, you know, as a, as a nerdy geek, I tend to live a lot in the future, like some of us are blessed with cursed by.
[00:16:14] Speaker A: Right.
[00:16:14] Speaker B: And you know, what caught my initially was ethereum. Now, time will only be the only way that we can tell if this is going to have legs or not. But, but when I took a look at the crypto space, there was all, it's just, it's the wild west. I mean, oh my goodness, you can lose your shirt in a heartbeat. You can also do incredibly well in a heartbeat. So, you know, let's, let's be crystal clear about that. What caught my eye about Ethereum is that all of these things that I'd heard about in crypto, these tokens, coins, nfts, whatever these magic words are, when I took a look at boiling them all down, they all seem to be based upon or host, not hosted on, but based upon this infrastructure piece, which was called Ethereum. I was like, well, what the heck's Ethereum? And took a look at the blockchain concept. How immutable recording on the blockchain. There's some really interesting properties to a blockchain. Now, which ones are best, which ones are worst, who knows? It all depends on use, cases, opinions, like you name it. But what the big but here is that so many things that were very popular several years ago in crypto were based upon and built upon a blockchain called Ethereum. And that really caught my attention because I love infrastructure plays. So, for example, shameless plug back to build my team, we have an infrastructure based solution on hiring a players. It's repeatable, it's expected, predictable.
We are supremely lucky that we're able to figure out an answer to that problem.
Now I don't have to think about it anymore. For my practice, when somebody leaves the practice, we just move forward on hiring somebody new. Well, that's an infrastructure piece that was added to our practice and to other people's practices as well. Going back to crypto and Ethereum, when all of these things are built on an Ethereum blockchain, that becomes, in my mind, in my opinion, infrastructure as well. So these other, I mean, you name it, there's all kinds of stuff in this ecosystem that are built on Ethereum. I don't necessarily want to own the thing that's built on Ethereum. I want to own the thing that all these things are being built upon. That's my investment thesis for that particular piece of the crypto puzzle right now.
[00:18:59] Speaker A: Ethereum, the way I interpret it, is the smart contract is how I think about it. Bitcoin is the play for even though they're trying to, to build on top of bitcoin. Now, some of it gets, a lot of it actually gets way beyond my understanding of it, but in terms of the broader perspective of it. So bitcoin is, for lack of argument or a store of value in a sense of like, gold. It's like the digital gold equivalent seems to be one of the easier narratives for people to digest. And then the alternative, the other big player in that, in the crypto space is ethereum. And ethereum, the smart contracts. So now, however many years that Ethereum has been running for of these base, like you said, and so you're kind of betting on the layer one, like people would call ethereum, a layer one cryptocurrency. And then there are things that are built on top of that layer, like polygon comes top of mind matic. So that builds on top of ethereum to make ethereum better, but you still need the foundation, which is ethereum. Ethereum is still the underlying asset. And I think there's so many contracts on it now, including like, non fungible tokens. And without getting too off, we're too, like, retail perspective, general population, kind of like two guys just hanging out talking about crypto, like I do with a lot of friends, which I. It's kind of the angle I'm going is I want to take some of that conversation and make it a little bit broader so people can get a little bit more comfortable talking about it instead of like, having a definitive, like, this is either B's or this is the. The messiah that's going to save us from our own destruction.
[00:20:51] Speaker B: Yeah. And, you know, on the bitcoin side of things, I found that to be very different than ethereum. I mean, one could argue that bitcoin and ethereum are the proverbial blue chips of crypto. Blue chips meaning, you know, stability and long term growth. I mean, you can't say for certain anything about crypto, well, any more than you can say about the financial markets. But bitcoin caught my eye simply, and I remember telling you this in our first conversation, in case I was wrong, simply put, in case I was wrong about ethereum.
Interestingly enough, what I didn't realize at the time is that bitcoin dominance seems to really sway everything else in the crypto space price wise.
There's a fellow, Benjamin Cowan, he's on X Twitter, whatever you want to call it. And interesting guy, he talks a lot. It's, I guess his handle is into the cryptoverse. I don't know him, never met him, never had any interaction with him. But he sure does a great job about talking about bitcoin dominance. And that's something that I would suggest that if a listener is considering having anything to do with crypto, that you start to take a look into some of those things. Because the price of everything else in the market, in the crypto market, can move up or down based upon nothing other than bitcoin dominance. And it's kind of a fascinating thing. You don't see, well, I guess you might see if Microsoft or Nvidia goes cuckoo price wise, it's going to move the market a little bit. But in crypto there's no such thing as a little bit.
It can move it wildly.
[00:22:35] Speaker A: Right. I hear you talking about this, and this is again where I think we had some commonality that when it comes to the crypto market, I definitely do not day trade the crypto market for me. I look at the macro cycle. And when you're talking about bitcoin dominance, I think, okay, at least the way that I perceive it and I've come to understand it, is bitcoin is the front runner, it's the leader, it's the one that people look at in the mainstream, and one mainstream falls in and out of love with that particular asset. So right now it's currently in a swoon phase for it. And we now have institutional players involved in the game which really takes it up to the next level because for such a long period of time, that was going to be the catalyst is the institutions finally getting in. And I think people saw the institutions get in and almost think like, okay, the catalyst is over now.
[00:23:27] Speaker B: Well, Blackrock is a great example of that. They have more assets under management perhaps than anybody. I mean, they're gigantic by any stretch of imagination. And now they're getting into crypto. They're into it already.
Why?
[00:23:43] Speaker A: I don't know.
[00:23:44] Speaker B: My guess is that they feel that there's money to be made or that clients required it, or since it's Wall street, probably a combination of both right, right.
[00:23:52] Speaker A: It's interesting, as you said that out loud, because I'm like, okay, Blackrock fidelity was one of the first bigger institutions to really jump on board. And kudos to fidelity because they made. They took a strong stance during the winter site. Like, they took a strong stance when bitcoin was trading around, was between 16 and 20. So they almost, to their credit, got in at the bottom of the most recent bear. But before you go into that next thought, there's still institutions that are not players. And JPM or JPMorgan Chase or Jamie Dimon of JP Morgan is one of those proponents of the traditional institutions that's very much against what's happening with bitcoin. And to the extent where I don't even think they have any plans in terms of incorporating, like, any, as far as I know. Do they? They don't have any kind of ETF or any kind of direct access for clients?
[00:24:52] Speaker B: Yeah, I don't know.
But keep in mind, there was a period of time not very long ago, I don't know what the time period was, but Larry Fink from Blockrock said the same thing. Right, right.
So you just. I don't know.
Adoption tends to be a different discussion when the price is just up, up and up.
[00:25:16] Speaker A: Right.
[00:25:17] Speaker B: And it's also a very different discussion when the price is down, down, down, right.
[00:25:21] Speaker A: That's right, that's right. I always think of that meme. There's like the two lines, and it says, like, bitcoin for 15,000 and bitcoin for 60,000. And the 15,000 line is empty. And the $60,000 everybody's lined up, which I find fascinating about the whole space, is it plays into psychology. So it kind of amplifies what happens in traditional markets in terms of the psychology of the market participants. So you get to see these extreme versions play out in the crypto space in terms of volatility of movement and psychology.
[00:25:57] Speaker B: Absolutely. And, you know, Fomo. Yeah, you're missing out.
There's a term in crypto face melting, Fomo. And I remember the, in the last cycle, etherium was up to, I don't know, what was it, $4,700 or something like that. And then bitcoin went up to, however, almost 50, if I recall correctly. And then, you know, next thing you know, people are pouring everything into this and they're buying at the top right now, it goes down dramatically. I think the whole market went, for the most part, might have dropped 70, 80%, maybe more depend. I mean, some of them dropped more than that. Some, a little less.
But where are the people buying at the bottom?
This is where a guy like Warren Buffett has it completely dialed in. They just sit on their cash piles that are larger than nation state treasuries and waits. He just waits.
Right?
Yeah. There was a guy, I can't remember who said it, but something like the biography of Buffet's life should be based upon. Could be described as just patience.
[00:27:04] Speaker A: Yeah. Really? When you think, like, the majority of his wealth, he didn't accrue until after he was. I don't remember the exact age. Like somewhere between 50 and 60. He was like 55.
[00:27:14] Speaker B: Oh, he was. He was. Retirement age. Yeah, absolutely.
[00:27:19] Speaker A: And I think it was, like, 2016. He didn't even get into apple until 2016. And that is his largest, at least at one point. It was his largest position. I think it still is. Even though he sold a lot recently.
[00:27:32] Speaker B: Yeah. The guy is nothing short of remarkable by any stretch of imagination. But the patience and the discipline as an investor are.
I've never met anybody who possesses anything close to that level of patience and discipline that he's got.
So that's fascinating.
Quick little pivot to Tesla. There's a company that goes. The stock goes up and down like a yo yo for a company that large, just like a yo yo, it's crazy.
It was down to 100 3120, and hardly anybody's buying. And now, as we're recording, it's about 255, 256. And people are buying like crazy. So it's fascinating. With crypto in particular.
One, again, not investment advice, but one strategy that I find incredibly straightforward and possibly lucrative, time will tell, is buying. When the entire industry is going out of business, people hate it. The number of YouTube videos about crypto is down to nothing.
Nobody's asking you at your family get togethers. So what's a bitcoin? Or, you know, your great uncle twice removed, is asking you those types of crypto questions. None of it is dead. So the professional people, they buy and they wait.
[00:28:59] Speaker A: Right?
[00:29:00] Speaker B: And they wait for the psychology to kick in. And it's a really fascinating approach.
[00:29:06] Speaker A: The whole space is mechanized in my mind, because to me, it's in line even now with the presidential cycles. And you can follow the larger macro presidential cycles that have clearer upsides, the historical trends or upside. Once there's resolution, doesn't matter which side wins that initial resolution feeling in the market, the stocks are generally up after that point. So our United States presidential cycles are four years, and the bitcoin cycles are four years. And there is now some kind of overlap that I see between the two cycles. So, like this recent year, I was very confident. I don't even watch the crypto space because I'm like, I don't feel like we're going to see any of the big moves until after November. So whatever happens until November, I'm not even really paying that much attention to that market because I'm playing the larger macro cycle because again, I feel like it's mechanized. And longer you've been in the crypto space, the more you are aware of this mechanization. And then the people that get newly introduced to it get introduced to the phases of the cycle. And so, like, there's the crypto winter, and then there's the bull run, and then there's the parabolic bull run. So there's like usually two types of highs. I think this last cycle we had the top tested twice. It was a little bit different.
[00:30:26] Speaker B: Well, I guess history is not a prediction necessarily of what's going to happen in the future. So who knows?
I did see something interesting the other day. A guy named Raul Powell, again on x real vision, builds himself out as a macro investor and such. And he was talking about how the m two money supply and bitcoin price have a correlation of over 80% more m two money supply bitcoin goes up.
I found that interesting. I don't know if that's accurate nor real. I don't have any idea about it.
[00:31:01] Speaker A: Because I do think that's interesting. And I've been thinking about m one and m two. If you're a technical analyst, you know that the longer timeframes are stronger predictors of movement. So if you're looking at support, some basic support resistance. If you look at support resistance over a longer timeframe, you have a higher probability of success in terms of something moving in your direction. So again, it goes into my thesis of like, just playing the larger macro cycles as opposed to like day trading or scalping or. I mean, all of that stuff in the end is nonsense. I shouldn't say it's nonsense. I'm building a lot of kind of my brand off of that. But it's the allocation of your portfolio that you should just have.
For me personally, it's the allocation of my portfolio where I put in all of my marketing market neuroses. Meaning like the fear of missing out the action of the trading, all of that excitement. I don't take my whole nest egg. I'm not one of those. I'm not a Michael Saylor. And going all in on any particular asset.
Yeah. Right. I know people now say he'll probably be, like, the richest man in the future if things play out the way that he speculates that they will.
[00:32:18] Speaker B: Could be.
[00:32:19] Speaker A: Yeah, could be. Who knows? I wanted to ask you because I feel a kindred spirit in that. We both are interested in a variety of different things, but we also have to manage these things. For example, I know you're a family man. You have two children, two boys. Two boys.
And you're also an ultra runner, or you're an aspiring ultra marathon runner, is that correct?
[00:32:44] Speaker B: I'll tell you, I'm running on Saturday, so I was very, very lucky enough to be accepted into the Boston marathon for this year.
[00:32:53] Speaker A: Congratulations.
[00:32:54] Speaker B: Really excited.
[00:32:56] Speaker A: Yeah, congratulations.
[00:32:57] Speaker B: Really excited about. Yeah, thanks. And then trying.
I'll be running a twelve hour race in six days.
[00:33:06] Speaker A: That's 1 hour race. Yeah, the ultra marathon. I had a patient that was an ultra marathon runner and she was doing 100 miles. Like, the races are like a hundred miles.
[00:33:17] Speaker B: I really. The goal is to surpass 50 for me and trying for 100k, which is 62 and change or 63 or something like that. Have you always been a runner?
March 2022, I started.
[00:33:31] Speaker A: Really.
That's really interesting to me because that's something I don't know. I've been around. I ran cross country and track in high school, and even now I don't want to do more than, like a six k or something.
[00:33:45] Speaker B: Yeah.
It's just a health thing. I mean, certainly there are some aches and pains that come along with it, but cardiovascular health, completely different now versus before everything. I mean, you'd be hard pressed to find a human body system that isn't impacted by the distance running.
So I'm really enjoying it. Terrific way to handle stress. And I've been able to, like, for example, now when I watch tv, it's in front of the treadmill.
[00:34:20] Speaker A: Yeah.
[00:34:20] Speaker B: So I'm able to do two things at once, which is a little bit of a time machine that I built. I know that sounds absolutely wacky, but YouTube videos, podcasts, learning, essentially, for me, has been combined with exercise, and it's really fun.
[00:34:36] Speaker A: Yeah, I love that. It's fun. It reminds me of our first call because you were on the treadmill on our first call. I remember.
[00:34:42] Speaker B: Don't give away all my secrets.
That was a testament to the Apple iPhone noise cancellation on the microphone.
[00:34:49] Speaker A: Oh, my gosh. Yeah, it was good. I could tell you there was like, a little bit of labor breathing in the beginning. I was like, I have a feeling he's running or something. I didn't know if it's on a treadmill or outside, but I'll.
[00:34:58] Speaker B: I did give you the heads up because that could be a little awkward. That's for sure.
[00:35:02] Speaker A: I really enjoyed talking with you. I want to say kind of when I was leading with. The last question is we're managing a lot of different aspects of our lives. So what's your strategy for compartmentalizing these different activities that you're engaged in?
[00:35:18] Speaker B: Easy, one word. Team.
[00:35:20] Speaker A: Team. I love that.
[00:35:21] Speaker B: My team, absolutely, positively.
They are fantastic.
And again, this self, this sounds a little self serving, but keep in mind I own a company that finds a players and fantastic team members. Where would I be if I didn't have an amazing team? So they are as much as possible working within their own strengths, their natural strengths and talents. And when we have team members on our team who can do that, you find out in a real hurry they're better than you are at it. Whatever it is, they're better. So my job is to make sure they have the resources that they need, keep up with them time wise and get the, you know, provide the vision of where I want them to go and put some guardrails on the road and then get out of the way and just make sure they're able to do what they can do.
[00:36:12] Speaker A: That's fantastic. I like that because that kind of brings us full circle because we started with build my team and then you really nailed it with the answer in terms of team is how you get to do more things in your life and you can engage in broader activities and not get overwhelmed by the day to day tasks that are involved in.
[00:36:32] Speaker B: Yeah, absolutely. And again, yeah, I mean, shameless plug. If you're having issues as a doc time wise, then, then a couple things to take a look at. Are you able to delegate these tasks? If you're not, how come? Is it because the person isn't somebody you would delegate to or is it the fact that you're not comfortable because you think they wouldn't do a good job of it? All those things our company bill, my team can help with.
[00:36:56] Speaker A: Yeah, that's very interesting. I'm going to have to, you know, it's interesting. This is a good pitch for you because I think I'm going to have to check it out. I am challenged in that respect in terms of I have a very, I shouldn't say have a hard time. I can manage. I've managed practices. I've had my own, I've managed practices for other doctors, but I haven't as of recent. And I've been taking on this podcast project, and I'm realizing it's adding like, 13 hours to my week. And I'm starting to see tasks, and I'm like, at some point, I'm going to have to delegate this task. I mean, I'm recording, I'm editing, I'm doing sound checks and doing a lot of things, and things get missed sometimes. So anybody's followed me along this far. Thank you for bearing with some of the challenges. But a service like build my team is valuable in that regard in terms of helping someone get past that rugged individualist mentality.
[00:37:51] Speaker B: Yeah. And once, you know, once you're able to delegate to team members, again with the proper guardrails on the proverbial road, the way I like to describe it is build my team. Got the right people on the bus for me, you know, got the right people in the right seats on the bus. That's something we always forget about. Gotta get them in the right seats on the bus.
[00:38:11] Speaker A: Good to gray.
[00:38:12] Speaker B: Get the right bus driver, and then give them a map or give them a destination. They're gonna create their own map on how to get there and how quickly to get there. Just put some guardrails on the road and then get out of their way. That's the.
You. You don't micromanage. You don't do those types of things. Give with an a player. You don't tell them how to do something. You give them the goal and get the heck out of the way. They're going to come up with a solution.
I see this all the time that you never even considered. So you get out of the way and let them do their job.
[00:38:44] Speaker A: Yeah, I think that's highly valuable information. Do you.
Excuse me, I want to give you the last word before we close this out. Do you have any.
You've already given a lot of, I think, advice for people.
Do you have any final thoughts in terms of what we're discussing?
[00:39:02] Speaker B: I think the best investment you can make as a. As a doc, if you're a doc listening to this, or a practice owner, or just a business owner in general, is invest in yourself. That pays off like crazy. Right? So if you're at a point where you are comfortable with your investment in yourself, then start taking a look at investing in your team, and that's how you build the wealth that you can invest into the markets, into crypto, into whatever, you know, whatever you want to do.
That's really where you see a jumping off point where, where folks can do that. So, you know, you're not going to find very many extremely wealthy people who did it themselves alone. It just doesn't work that way. In reality, you might, you might hear those stories. The one guy who did, you know what I mean, one person. But the reality is it's a far more tried and true method to build investable wealth by getting a team of people and having them grow a business, a practice, whatever. And so that's a focus I would ask people to consider.
[00:40:05] Speaker A: I love that. And that's definitely where my mind is moving. And it opened up my mind too in that regard of like I've used this word already, but that rugged individual mentality where you think I'm the only person that's going to be able to get this done and you eat away at your time, you limit your capacity for growth. There's so many reasons to move in the direction that you're saying and you're helping people overcome those challenges which are like you get worried about bringing in the right people and you don't want to spend too much time on every time you're retraining and people are turning over and the process starts over again and it's just very time consuming. So I can see why a service like yours would provide value and save people time and ultimately money.
So.
[00:40:51] Speaker B: Absolutely. Yep. It sure does. It does one thing exceptionally well and that's, that's finding a players over and over again.
[00:40:58] Speaker A: That's amazing. Thank you Doctor Michael Neil for being my guest this week. And I hope that our audience got some value out of it. I'm building a community of people like you and I because Andrew is part of my community and now I consider you part of my community and now, and I'm network with doctors. So like when people are listening to this, we're hearing what other professionals are doing and we're establishing. One of the reasons I'm doing the podcast is not because I'm trying to be the next Joe Rogan, because I'm definitely not trying to do that.
But it's about an opportunity, a casual way for people to get introduced to high level professionals that are trying to scale up and do big things. So I appreciate you being part of that community. I appreciate the audience. Yeah, thank you so much. And you know, I'll have you back sometime and we'll delve in deeper and see how things are progressing in either the market or your business.
You stay on. Yeah, you stay on. I'm going to say goodbye. To everybody. Goodbye, everyone. Michael, you can say goodbye to everybody, too. And thanks so much. We'll see you on the next episode of the Money Adjustment. Thank you all for listening.
Thank you for watching this episode of the Money Adjustment. If you want more, like comment and subscribe, you can follow me on X at Mark Kramer until the next episode, stay healthy and wealthy.
