Raymond Kooner
speaker
93 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Raymond Kooner’s voice in public audio — every appearance, attributed to the second.
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So hey Alex, my name is Raymond Kooner. I own ChiroFirst of Washington. So we're a chain of chiropractic clinics in the greater Seattle area. So just a little bit about my business. We currently have six brick and mortar locations in the greater Seattle area. Trailing 12 months revenue, 5.2 million. EBITDA of around roughly 1.2 million. And our net profit is about 23%.
Do you buy those or do you open up organic? So far, I've bought all of them. Oh, really? Okay. Yeah. But I think moving forward, we're going to change our strategy a little bit. Yeah. So who do you help specifically? So our key demographic that we help is 35 to 65-year-old men and women that have some kind of condition that we can help with, whether it's pain, discomfort, or loss of movement.
Yeah, they need to be employed. Insurance or cash? We're about 75% insurance. Oh, interesting. Okay, got it. So how do you help them? So the way we help them is when someone comes into our office, we'll design a custom treatment plan for them. That might be over a period of 60 to 90 days. It might include chiropractic, rehab, and spinal decompression.
So spinal decompression kind of differentiates us from a lot of our competitors because it's a niche service that we offer for people that have disc related injuries.
Yeah, exactly. Cool. Well, how do you make money? So basically on the front end, we offer a free consultation. So then when the patient comes in, our packages can range from $2,400 to $3,600 over a 60 to 90 day period. We're primarily a reoccurring revenue model. And roughly one out of every seven of our patients, they come in for a larger case value.
So like a car accident or a work injury might be worth up to $10,000. Okay. What's advertising? How do you find them? So for paid advertising, the two means of advertising are, number one is Facebook ads. So we spend about a thousand bucks per location on that. The second one is Google ads. So we're spending roughly 500 to a thousand per month on each location. Okay. So what's sales velocity?
How many do you sell per month? On average, we're getting about 35 leads per month. And out of the 35, we have 28 that show. Okay, that's pretty good. And so we have a show rate of about 80%. That's great. And our closing rate is about 71%. So total sales probably roughly around 20. Cool. Solid numbers. Okay. So what's the goal? My three year goal is to try to get to $5 million EBITDA.
I want to try to build a business that can run individually, but then I also want to entertain selling to institutional buyer. Okay. So this is very much up your alley what we talk about.
So if I were to prioritize my constraints, what I think they are, number one, I would say is probably lead flow. I think that we could do better in that department. It's not consistent. When I had one location, it was really easy to predict that and to change the outcome pretty quickly. But as we've scaled, I'm having a tougher and tougher time, you know, scale the marketing, right?
So I would say that's like a big one for us. Second one would be like our sales infrastructure. Because we are 75% insurance-based, there's so many different plans out there, right? So when the patient comes in, we have to determine what kind of insurance they have by verifying it and then make a customized plan based off of that.
So if there's a way to streamline that into one day, I think it would be much more effective for us. When I personally practiced, I was able to do it in one day, but I'm having a tough time training my doctors to be able to do that. Number three, scaling issues. So just centralizing the marketing has been a challenge for us. Limited employee pool, right?
So right now we're not expanding, but when we do expand, it's harder to find a doctor obviously than a regular person.
Yeah, and then I've got to put one of my guys in there. So the hiring pool is a lot smaller for me than it would be for other people. But that's not an issue right now. I don't think it's a pressing issue for us until we start expanding. Yeah, got it.
People operations, so obviously when I had one location, it was really easy to control the standard, right? But as we expand, it's harder and harder to have that same standard. So let's see the numbers. So going over the numbers again, so top line revenue, 5.2 million last 12 months, profit 1.2, net margin is about 23%. Our CAC is about 700. Our lifetime value is 3,400.
So that's 4.8 to 1 LTV to CAC ratio. Marketing spend, we're spending about 1,500 to 2,000 per location right now. The short rate's 80%, close rate's 71%, and our annual ad spend on marketing is about 110,000. Huh, okay.
I do. Okay, sweet. So this is our Facebook data. I was able to put together like our 12-month numbers for all the clinics for AFPEN. And then for as far as the challenge that we have is because we're insurance-based, we don't get paid for like 30, 60, 90 days after. So I had to go back and I picked Q2 for three clinics. So these are the numbers for those three clinics in quarter two.
Okay, so why is Kent so much better? Yeah, I don't know. That's what I want to replicate. That's where we don't have consistency. Is that your first location? That's our number one, yeah. It's not our first location. It's our third location, but it's probably our number one right now. Is the dock there different than the other docks? Is he good at sales? He's good, but he's about the same.
I would say that culture of that team is really good. I think that's one thing that stands out.
Yeah, great question. So Kent would have a higher proportion of those $10,000 cases I was talking about, because that's blue collar. And then Capitol Hill is white collar, so it's got less of those case averages that are really high. I would say that's one thing.
I would say Everett has more of those 10,000 cases than Kent does. Does that make sense? Interesting. So I didn't calculate that into the Facebook marketing and the Google audience. Oh, so you didn't include that. Okay.
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