#141: Chet Czaplicka: Learn from Mistakes & Take Risks to Build a Business Empire

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Chet Czaplicka, President and CEO of Comprehensive Care Services (CCS). Chet explains what perfusion is and how CSS is becoming the largest perfusion company in the world. He also discusses the importance of learning from mistakes, taking risks and how to manage negotiations and acquisitions.   

 

EPISODE HIGHLIGHTS:

• A perfusionist provides services to heart surgery and lung transplant patients. They often operate extracorporeal circulation equipment like the heart-lung machine.
• Chet discusses how he built his perfusion business by learning from mistakes. 
• He also highlights his experiences taking on hospital systems and why it’s important to be a risk taker.
• As an entrepreneur, you’re often expected to take on different roles and responsibilities. Being aware of your ‘hats’ helps you get to a better place in life. 
• Acknowledging your strengths while admitting your weaknesses will allow you to improve yourself and your business. Always hire for your weaknesses. 
• When it comes to mergers and acquisitions, make sure your expectations are covered in the contract. If something isn’t there, there’s a possibility you won’t get what you need from the deal.
• Picking your business partners and employees is like dating - you have to understand what they’re doing and what their preferences are in order to get to know them.
• Across his career, Chet has acquired 14 companies. His key to success? Do your due diligence well.
• Chet believes in creating a personal relationship with your banker and learning what he/she is thinking. 
• Chet expands on and defines EBITDA (earnings before interest, taxes, depreciation and amortization) and why it’s important during small businesses acquisitions. 
• During negotiations, create win-win scenarios. Get to know who you’re negotiating with and what their needs are. 

 

3 KEY POINTS:

1. The healthcare industry is an untamed jungle. A lot of professions, like perfusionists, aren’t well known but have the same, if not a greater, impact as any other healthcare provider.
2. When creating a business, acquiring partners or making acquisitions, keep these two key factors in mind. Don’t be afraid to admit  your weaknesses and be sure to hire the right people.  
3. Based on his own success, Chet offers the following advice for entrepreneurs: Become  knowledgeable about accounting, get connected with your banker and hire both an internal and external consultant for your company.  

TWEETABLE QUOTES:

"SAP is the gorilla in the room when it comes to accounting programs." - Chet Czaplicka

 

"I was the marketing arm, I was HR, I was accounting, and of course I was upper management. And any entrepreneur starting a business, typically, will have those multitudes of hats on." - Chet Czaplicka

 

"Being an entrepreneur is like being in a self-therapy session. You always have to admit - Oh yeah, I'm not good at that but I'm better at this, maybe that's where I should concentrate my offers." - Chet Czaplicka

 

RESOURCES MENTIONED:

Comprehensive Care Services Website - https://ccsperfusion.com/

 

#HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #learnfrommistakes #takerisks #negotiationstrategy #mergers #acquisitions