March 31, 2026 • 7 mins
In this episode, we begin with a roundtable discussion exploring the critical importance of exit strategy planning for owners across the beauty and wellness space. From there, we dive into a conversation with Cameron Hemphill, founder of Growth 99 and the Medical Millionaire podcast, who unpacks why running your business like a private equity company can increase your value.
Last Client of the Day is presented by Boulevard. Follow and support below:
- https://www.instagram.com/lastclientpod
- https://www.tiktok.com/@lastclientpod
- https://www.facebook.com/lastclientpod
- https://www.youtube.com/@lastclientpod
- hello@lastclientpod.com
Content Strategy & Direction: Shanalie Wijesinghe
Creative Producer: Emily Badgley
Creative Direction & Copy: Jake Broselle
Edited: Stefanie Maegan
Sound & Music: Tristan Callaway and Servando "MAXXX" Moquette
S1 Sound & Music: Eric "Ric" Flores and Servando "MAXXX" Moquette
Camera Operator: Deborah Kim
Gaffer: Colin Shepard
S1 Pick Up Gaffer: Micah Goldfarb
Hair & Make Up: Z'dra Jaye
Hair & Make Up Assistant: Rhodela Castillo
Production Assistant: Alex Wiggins and Bence Talor
S1 Production Assistant: Drea Rodriguez
Boulevard offers the first and only client experience platform purpose-built for appointment-based, self-care businesses.
- https://www.joinblvd.com/podcast
- https://www.instagram.com/joinblvd
- https://www.facebook.com/joinblvd/
- https://www.tiktok.com/@joinblvd
- https://www.linkedin.com/company/boulevard
© 2025 Boulevard, Inc. All Rig...
Listen
Watch
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_03 (00:01):
Okay, I'm so excited for this episode because I feel
like this is such a big trend,especially for med spaws, is the
private equity and peopleprepping to sell their business
or potentially franchise or gomore corporate.
So I'm really excited to chatwith Cameron.
(00:22):
He has a wealth of knowledgejust in kind of setting up those
exit strategies and like whatKPIs and numbers you need to get
really solid and be able to showfor when you are getting ready
to sell.
So I think there's gonna be aton of good info on that.
SPEAKER_02 (00:37):
Yeah, I feel like there's gonna be a wealth of
knowledge because one thing thatwe've talked about kind of in
different conversations is thelack of business acumen that a
lot of business owners have.
So I feel like for businessowners who are looking to have
that exit strategy in place asthey're kind of preparing to
launch their business, this isgonna be a critical one for them
(00:57):
to listen to to gain thatinsight.
SPEAKER_01 (00:59):
Yeah, we did some great content last season too
with Randy, more on the hairsalon side of like what's your
end game, right?
Like, how are you getting out ofthis one day?
So I think folks get reallylooped in on launching,
sustaining, growing, those areall very important.
But how are you bringing this toa close?
Like, is someone gonna take overyour business?
(01:21):
Do you have someone that youwant to give this to when you're
ready to retire?
But what does that look like?
Right.
So I think this is a really coolone.
Like, and especially if you wantto scale, like, do you go the PE
route?
How does that work?
I think this is gonna be a goodone.
SPEAKER_00 (01:34):
Well, I feel like the majority of our
conversations when we'respeaking with owners of
different businesses, that ispart of the conversation.
Like, what is my exit strategy?
Am I going to start franchising?
What does it look like, youknow, to know that I'm ready to
even franchise or go to a secondor third location?
So I am excited about this, andit's something we're definitely
(01:54):
gonna be able to like learn fromourselves and then have that,
you know, content go to whowe're speaking with when we're
within our boulevard roles.
SPEAKER_03 (02:02):
Yeah, and I think it's really exciting even for
our other industries.
Like Shanali said, whetheryou're a salon, spa, med spa,
barbershop, you're not gonna bedoing it forever.
You're gonna get to the pointwhere, you know, it's a physical
job if you're a provider, it's astressful job if you're an
owner, manager.
So I think regardless of whatrole or kind of vertical you're
(02:24):
in, it really is applicable toall of the different facets that
we work with.
So really excited to dive in.
SPEAKER_01 (02:31):
We work in the beauty industry, so clunky
software is just not the vibe.
Boulevard is sleek, made forbeauty pros, and gets you
compliments, not complaints,from clients.
Podcast listeners get 10% offplus free guided setup.
So head over to join blvd.comslash podcast to claim the
special offer.
SPEAKER_03 (02:52):
Today's guest is a visionary entrepreneur and
leader in the medspaw andhealthcare space, empowering
businesses and providers toachieve success through
technology.
He is the founder of Growth99and the Medical Millionaire
Podcast.
I'm grateful to be catching upwith Cameron Hempill.
SPEAKER_04 (03:10):
In the next five years, I think that five, 10%,
even 15% could be owned by PEbecause they're attracted that
frequency.
But there's a there's a coupleof numbers that the practice
owner needs to understand if youguys want to sell.
Most people want to sell whenthey're at the million to a
million five range.
That's the average practicerevenue today in in the nation.
So they're not ready yet.
SPEAKER_03 (03:30):
Yeah.
SPEAKER_04 (03:31):
Right?
They're operating at 25, 30percent, hopefully, some of them
not even making any money.
And they're buying EBITDA.
They're not buying the revenue,they're buying the EBITDA.
And so it's so important tounderstand profits, right?
And so, and when they trade,they're trading at a certain
multiple of the EBITDA, not thetop line revenue.
Practice owners need tounderstand is as these guys come
in, some of them I think aretrying to sell too early and
(03:53):
they're leaving chips on thetable.
I agree.
Utilization rate is 50% onaverage, five zero.
It's like, and then they want togo open up location number two.
So that's like capacity for thefor the listeners, right?
So it's like, okay, if I havethis practice and I have like
six rooms, for example, and onlythree of them are filled and the
other ones are empty, and thenyou're gonna go open up practice
number two.
This is weird, right?
(04:14):
Like you should you gotta be getat full capacity first because
don't let a private equity firmcome in and buy you at 50%
utilization, you have okayretention, you're like right
below the threshold.
Like that's where you'reattractive to them.
They come in, they just put thesprinkle dust on, they align the
marketing correctly, the techstack correctly, get your
utilization rate up to 80, 90percent, and then flip out and
(04:34):
make more money than you didfrom your grinding hard work.
SPEAKER_03 (04:37):
Yeah, they come in and get that exponential return
just by tweaking a couplethings, investing in small
things, whether it be tech orstaffing, whatever it may be,
and then they see thatutilization pop up to 80, 85
percent.
SPEAKER_04 (04:52):
And then trade out there.
And I think that money should goback to the practice owner.
So for for the listeners outthere, I think if you guys are
looking to sell at some point,hey, look, there's always an
expiration date.
You're gonna sell to privateequity strategic, you're gonna
close your doors, or you'regonna pass it down, or whatever
is that like.
SPEAKER_03 (05:06):
There's a there's an end point.
SPEAKER_04 (05:07):
There's an endpoint, and I'm a firm believer that if
you're gonna put your hard work,you wake up every day, you grind
your ass off, and you have criedas an entrepreneur.
Like you have experienced likemoments in your life of like a
very dark environment.
I've been there.
I know what entrepreneurship'slike.
This is not easy.
There's a reason why you make asports car with two seats, it's
because it's lonely at the top.
(05:29):
It's lonely.
And uh I hate to see practiceowners sell too early and leave
chips on the table, and then avery, you know, good finance
person come in and acquire itand make more money than you.
When you sell your practice, youshould run it how a private
equity would run it.
Yep.
Makes you run it moreefficiently, and then when you
sell it, they'll actually buy itfor for more than you think.
(05:49):
You know, I just want you guysto make more money at the end of
the day.
And I think there's opportunityfor everybody and private
equity.
SPEAKER_03 (05:54):
I agree.
I think it's very hard for anentrepreneur who owns their own
business to transition to thatprivate equity mindset, but it's
important if that's your plan.
If you're gonna sell, likeyou've got to buckle up for
that.
I would say even like years inadvance of planning to sell
because you're right, there hasto be an end game.
Like, you can't, no one wants tobe doing that forever.
(06:15):
We eventually all want toretire, go play golf every day
in Florida.
Like, that's the goal, right?
SPEAKER_04 (06:20):
Try to.
SPEAKER_03 (06:21):
Yeah, that's the goal.
So I think that's that'ssomething really important for
businesses that that is theirend goal to be thinking about.
Anything else?
Any other exciting?
I know you talked to me a littlebit about perk.
That was something I haven'theard of, which is not usually I
feel like I know all thehappenings, so I'm excited to
hear about it.
SPEAKER_04 (06:39):
When I left day-to-day operations at Growth
Any, and this is quite recent,it's an interesting world to
live in.
Um, because you you worked onyour baby.
I worked on this for 10 years.
And when I left, it almost likeI was like, dude, where's my
identity?
I kind of lost it for a minute.
And and that'll you practiceowners and other people
listening in and that have solda business or a practice, you'll
go through that.
You think of there's this lightat the end of the tunnel, which
which there is from a financialstandpoint, but this baby of
(07:02):
yours, whether it's XYZ Med Spaor XYZ Tech Platform, you know,
there's a big identity behindit.
And so you got to be preparedfor that.
And when I was leaving, I justwas like doing research in the
industry.
I'm always curious.
I'm a curious person.
Like I was pretty in schoolbecause I was always like, well,
I was terrible.
Does it work this way?
Well, I would question things.
SPEAKER_03 (07:20):
Yep.
This was just a taste ofeverything covered in our full
episode.
Keep the conversation going onlast client of the day.
Now streaming wherever you getyour podcasts.
Okay, I'm so excited for this episode because I feel
like this is such a big trend,especially for med spaws, is the
private equity and peopleprepping to sell their business
or potentially franchise or gomore corporate.
So I'm really excited to chatwith Cameron.
(00:22):
He has a wealth of knowledgejust in kind of setting up those
exit strategies and like whatKPIs and numbers you need to get
really solid and be able to showfor when you are getting ready
to sell.
So I think there's gonna be aton of good info on that.
SPEAKER_02 (00:37):
Yeah, I feel like there's gonna be a wealth of
knowledge because one thing thatwe've talked about kind of in
different conversations is thelack of business acumen that a
lot of business owners have.
So I feel like for businessowners who are looking to have
that exit strategy in place asthey're kind of preparing to
launch their business, this isgonna be a critical one for them
(00:57):
to listen to to gain thatinsight.
SPEAKER_01 (00:59):
Yeah, we did some great content last season too
with Randy, more on the hairsalon side of like what's your
end game, right?
Like, how are you getting out ofthis one day?
So I think folks get reallylooped in on launching,
sustaining, growing, those areall very important.
But how are you bringing this toa close?
Like, is someone gonna take overyour business?
(01:21):
Do you have someone that youwant to give this to when you're
ready to retire?
But what does that look like?
Right.
So I think this is a really coolone.
Like, and especially if you wantto scale, like, do you go the PE
route?
How does that work?
I think this is gonna be a goodone.
SPEAKER_00 (01:34):
Well, I feel like the majority of our
conversations when we'respeaking with owners of
different businesses, that ispart of the conversation.
Like, what is my exit strategy?
Am I going to start franchising?
What does it look like, youknow, to know that I'm ready to
even franchise or go to a secondor third location?
So I am excited about this, andit's something we're definitely
(01:54):
gonna be able to like learn fromourselves and then have that,
you know, content go to whowe're speaking with when we're
within our boulevard roles.
SPEAKER_03 (02:02):
Yeah, and I think it's really exciting even for
our other industries.
Like Shanali said, whetheryou're a salon, spa, med spa,
barbershop, you're not gonna bedoing it forever.
You're gonna get to the pointwhere, you know, it's a physical
job if you're a provider, it's astressful job if you're an
owner, manager.
So I think regardless of whatrole or kind of vertical you're
(02:24):
in, it really is applicable toall of the different facets that
we work with.
So really excited to dive in.
SPEAKER_01 (02:31):
We work in the beauty industry, so clunky
software is just not the vibe.
Boulevard is sleek, made forbeauty pros, and gets you
compliments, not complaints,from clients.
Podcast listeners get 10% offplus free guided setup.
So head over to join blvd.comslash podcast to claim the
special offer.
SPEAKER_03 (02:52):
Today's guest is a visionary entrepreneur and
leader in the medspaw andhealthcare space, empowering
businesses and providers toachieve success through
technology.
He is the founder of Growth99and the Medical Millionaire
Podcast.
I'm grateful to be catching upwith Cameron Hempill.
SPEAKER_04 (03:10):
In the next five years, I think that five, 10%,
even 15% could be owned by PEbecause they're attracted that
frequency.
But there's a there's a coupleof numbers that the practice
owner needs to understand if youguys want to sell.
Most people want to sell whenthey're at the million to a
million five range.
That's the average practicerevenue today in in the nation.
So they're not ready yet.
SPEAKER_03 (03:30):
Yeah.
SPEAKER_04 (03:31):
Right?
They're operating at 25, 30percent, hopefully, some of them
not even making any money.
And they're buying EBITDA.
They're not buying the revenue,they're buying the EBITDA.
And so it's so important tounderstand profits, right?
And so, and when they trade,they're trading at a certain
multiple of the EBITDA, not thetop line revenue.
Practice owners need tounderstand is as these guys come
in, some of them I think aretrying to sell too early and
(03:53):
they're leaving chips on thetable.
I agree.
Utilization rate is 50% onaverage, five zero.
It's like, and then they want togo open up location number two.
So that's like capacity for thefor the listeners, right?
So it's like, okay, if I havethis practice and I have like
six rooms, for example, and onlythree of them are filled and the
other ones are empty, and thenyou're gonna go open up practice
number two.
This is weird, right?
(04:14):
Like you should you gotta be getat full capacity first because
don't let a private equity firmcome in and buy you at 50%
utilization, you have okayretention, you're like right
below the threshold.
Like that's where you'reattractive to them.
They come in, they just put thesprinkle dust on, they align the
marketing correctly, the techstack correctly, get your
utilization rate up to 80, 90percent, and then flip out and
(04:34):
make more money than you didfrom your grinding hard work.
SPEAKER_03 (04:37):
Yeah, they come in and get that exponential return
just by tweaking a couplethings, investing in small
things, whether it be tech orstaffing, whatever it may be,
and then they see thatutilization pop up to 80, 85
percent.
SPEAKER_04 (04:52):
And then trade out there.
And I think that money should goback to the practice owner.
So for for the listeners outthere, I think if you guys are
looking to sell at some point,hey, look, there's always an
expiration date.
You're gonna sell to privateequity strategic, you're gonna
close your doors, or you'regonna pass it down, or whatever
is that like.
SPEAKER_03 (05:06):
There's a there's an end point.
SPEAKER_04 (05:07):
There's an endpoint, and I'm a firm believer that if
you're gonna put your hard work,you wake up every day, you grind
your ass off, and you have criedas an entrepreneur.
Like you have experienced likemoments in your life of like a
very dark environment.
I've been there.
I know what entrepreneurship'slike.
This is not easy.
There's a reason why you make asports car with two seats, it's
because it's lonely at the top.
(05:29):
It's lonely.
And uh I hate to see practiceowners sell too early and leave
chips on the table, and then avery, you know, good finance
person come in and acquire itand make more money than you.
When you sell your practice, youshould run it how a private
equity would run it.
Yep.
Makes you run it moreefficiently, and then when you
sell it, they'll actually buy itfor for more than you think.
(05:49):
You know, I just want you guysto make more money at the end of
the day.
And I think there's opportunityfor everybody and private
equity.
SPEAKER_03 (05:54):
I agree.
I think it's very hard for anentrepreneur who owns their own
business to transition to thatprivate equity mindset, but it's
important if that's your plan.
If you're gonna sell, likeyou've got to buckle up for
that.
I would say even like years inadvance of planning to sell
because you're right, there hasto be an end game.
Like, you can't, no one wants tobe doing that forever.
(06:15):
We eventually all want toretire, go play golf every day
in Florida.
Like, that's the goal, right?
SPEAKER_04 (06:20):
Try to.
SPEAKER_03 (06:21):
Yeah, that's the goal.
So I think that's that'ssomething really important for
businesses that that is theirend goal to be thinking about.
Anything else?
Any other exciting?
I know you talked to me a littlebit about perk.
That was something I haven'theard of, which is not usually I
feel like I know all thehappenings, so I'm excited to
hear about it.
SPEAKER_04 (06:39):
When I left day-to-day operations at Growth
Any, and this is quite recent,it's an interesting world to
live in.
Um, because you you worked onyour baby.
I worked on this for 10 years.
And when I left, it almost likeI was like, dude, where's my
identity?
I kind of lost it for a minute.
And and that'll you practiceowners and other people
listening in and that have solda business or a practice, you'll
go through that.
You think of there's this lightat the end of the tunnel, which
which there is from a financialstandpoint, but this baby of
(07:02):
yours, whether it's XYZ Med Spaor XYZ Tech Platform, you know,
there's a big identity behindit.
And so you got to be preparedfor that.
And when I was leaving, I justwas like doing research in the
industry.
I'm always curious.
I'm a curious person.
Like I was pretty in schoolbecause I was always like, well,
I was terrible.
Does it work this way?
Well, I would question things.
SPEAKER_03 (07:20):
Yep.
This was just a taste ofeverything covered in our full
episode.
Keep the conversation going onlast client of the day.
Now streaming wherever you getyour podcasts.
Popular Podcasts
Hey Jonas!
Hey Jonas! The official Jonas Brothers podcast. Hosted by Kevin, Joe, and Nick Jonas. It’s the Jonas Brothers you know... musicians, actors, and well, yes, brothers. Now, they’re sharing another side of themselves in the playful, intimate, and irreverent way only they can. Spend time with the Jonas Brothers here and stay a little bit longer for deep conversations like never before.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com